NCIQ vs. BNO

Last updated Jun 4, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - NCIQ is a Cryptocurrency fund tracking the Nasdaq Crypto US Settlement Price™ Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past year, NCIQ returned -40.00% vs 91.89% for BNO. At a 0.01 correlation, their price movements are largely independent. NCIQ charges 0.25%/yr vs 0.90%/yr for BNO.

Performance

NCIQ vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCIQ achieves a -28.25% return, which is significantly lower than BNO's 90.47% return.

NCIQ

• 1D: -2.92%
• 1M: -18.28%
• YTD: -28.25%
• 6M: -33.10%
• 1Y: -40.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: 1.99%
• 1M: -10.29%
• YTD: 90.47%
• 6M: 86.00%
• 1Y: 91.89%
• 3Y*: 27.93%
• 5Y*: 24.16%
• 10Y*: 13.60%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NCIQ vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-28.25%	-10.21%
BNO United States Brent Oil Fund LP	90.47%	-7.57%

Correlation

The correlation between NCIQ and BNO is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.01

Return for Risk

NCIQ vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NCIQ

NCIQ Risk / Return Rank: 3
NCIQ Sharpe Ratio Rank: 2
NCIQ Sortino Ratio Rank: 3
NCIQ Omega Ratio Rank: 3
NCIQ Calmar Ratio Rank: 3
NCIQ Martin Ratio Rank: 3

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NCIQ vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) and United States Brent Oil Fund LP (BNO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NCIQ	BNO	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	2.23	-3.08
Sortino ratio: Return per unit of downside risk	-1.15	2.73	-3.88
Omega ratio: Gain probability vs. loss probability	0.87	1.38	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.76	5.17	-5.93
Martin ratio: Return relative to average drawdown	-1.29	9.76	-11.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCIQ vs. BNO - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -0.85, which is lower than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of NCIQ and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NCIQ	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	2.23	-3.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	0.14	-0.75

Drawdowns

NCIQ vs. BNO - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -52.90%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for NCIQ and BNO.

Drawdown Indicators

	NCIQ	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-52.90%	-87.06%	+34.16%
Max Drawdown (1Y) Largest decline over 1 year	-52.90%	-17.87%	-35.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-52.01%	-10.29%	-41.72%
Average Drawdown Average peak-to-trough decline	-21.86%	-40.17%	+18.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.94%	9.45%	+21.49%

Volatility

NCIQ vs. BNO - Volatility Comparison

The current volatility for Hashdex Nasdaq Crypto Index US ETF (NCIQ) is 9.56%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that NCIQ experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCIQ	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	14.22%	-4.66%
Volatility (6M) Calculated over the trailing 6-month period	36.46%	36.10%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	47.21%	41.46%	+5.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.80%	35.38%	+12.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.80%	36.68%	+11.12%

NCIQ vs. BNO - Expense Ratio Comparison

NCIQ has a 0.25% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

NCIQ vs. BNO - Dividend Comparison

Neither NCIQ nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NCIQ and BNO in my portfolio?

NCIQ and BNO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCIQ or BNO?

BNO has higher volatility (14.22%) compared to NCIQ (9.56%). In terms of maximum drawdown, NCIQ dropped -52.90% vs BNO's -87.06%.

Which ETF is better, NCIQ or BNO?

On 1-year performance, BNO leads with 91.89% vs -40.00% for NCIQ. On fees, NCIQ is cheaper at 0.25% per year. On volatility, NCIQ has been the lower-risk option at 9.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCIQ or BNO?

Over the 1-year period, BNO has performed better with a 91.89% return vs -40.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCIQ or BNO?

NCIQ is cheaper with a 0.25% expense ratio, compared with 0.90% for BNO.

Which ETF pays a higher dividend yield, NCIQ or BNO?

NCIQ and BNO have nearly identical dividend yields, around 0.00%.

What is the main difference between NCIQ and BNO?

NCIQ is categorized as Cryptocurrency, while BNO is Oil & Gas. NCIQ tracks Nasdaq Crypto US Settlement Price™ Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Hashdex and Concierge Technologies. Their fees differ too: 0.25% for NCIQ and 0.90% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (2.23 vs -0.85), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.