NVOH vs. BNO

Last updated Jun 26, 2026

NVOH (Novo Nordisk A/S (B Shares) ADRhedged ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - NVOH is a Foreign Large Cap Equities fund actively managed by Precidian, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. NVOH is actively managed, while BNO is passively managed. Over the past year, NVOH returned -22.77% vs 43.47% for BNO. At a correlation of -0.10, they often move in opposite directions. NVOH charges 0.19%/yr vs 1.00%/yr for BNO.

Performance

NVOH vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) 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, NVOH achieves a -0.97% return, which is significantly lower than BNO's 47.88% return.

NVOH

• 1D: 0.00%
• 1M: 9.60%
• YTD: -0.97%
• 6M: -3.24%
• 1Y: -22.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: 2.80%
• 1M: -21.13%
• YTD: 47.88%
• 6M: 45.90%
• 1Y: 43.47%
• 3Y*: 18.48%
• 5Y*: 16.63%
• 10Y*: 11.27%

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

NVOH vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	-0.97%	-43.79%
BNO United States Brent Oil Fund LP	47.88%	-7.99%

Correlation

The correlation between NVOH and BNO is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	-0.10

Return for Risk

NVOH vs. BNO — Risk / Return Rank

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

NVOH

NVOH Risk / Return Rank: 6
NVOH Sharpe Ratio Rank: 6
NVOH Sortino Ratio Rank: 6
NVOH Omega Ratio Rank: 6
NVOH Calmar Ratio Rank: 5
NVOH Martin Ratio Rank: 6

BNO

BNO Risk / Return Rank: 33
BNO Sharpe Ratio Rank: 33
BNO Sortino Ratio Rank: 33
BNO Omega Ratio Rank: 34
BNO Calmar Ratio Rank: 30
BNO Martin Ratio Rank: 33

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.

NVOH vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NVOH	BNO	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	1.07	-1.53
Sortino ratio: Return per unit of downside risk	-0.35	1.62	-1.96
Omega ratio: Gain probability vs. loss probability	0.95	1.21	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.49	1.35	-1.85
Martin ratio: Return relative to average drawdown	-0.78	4.51	-5.29

NVOH vs. BNO - Sharpe Ratio Comparison

The current NVOH Sharpe Ratio is -0.47, which is lower than the BNO Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of NVOH 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.

Drawdowns

NVOH vs. BNO - Drawdown Comparison

The maximum NVOH drawdown since its inception was -61.60%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for NVOH and BNO.

Drawdown Indicators

	NVOH	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-61.60%	-87.06%	+25.46%
Max Drawdown (1Y) Largest decline over 1 year	-46.22%	-32.25%	-13.97%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.25%	—
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	-47.89%	-30.35%	-17.54%
Average Drawdown Average peak-to-trough decline	-38.76%	-40.09%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.21%	9.66%	+19.55%

Volatility

NVOH vs. BNO - Volatility Comparison

The current volatility for Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) is 11.15%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.84%. This indicates that NVOH 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

	NVOH	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.15%	11.84%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	36.97%	37.59%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	49.38%	41.00%	+8.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.74%	35.72%	+13.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.74%	36.70%	+12.04%

NVOH vs. BNO - Expense Ratio Comparison

NVOH has a 0.19% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

NVOH vs. BNO - Dividend Comparison

NVOH's dividend yield for the trailing twelve months is around 6.53%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	6.53%	2.38%

Frequently Asked Questions

Can I hold both NVOH and BNO in my portfolio?

NVOH and BNO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVOH or BNO?

BNO has higher volatility (11.84%) compared to NVOH (11.15%). In terms of maximum drawdown, NVOH dropped -61.60% vs BNO's -87.06%.

Which ETF is better, NVOH or BNO?

On 1-year performance, BNO leads with 43.47% vs -22.77% for NVOH. On fees, NVOH is cheaper at 0.19% per year. On volatility, NVOH has been the lower-risk option at 11.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVOH or BNO?

Over the 1-year period, BNO has performed better with a 43.47% return vs -22.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVOH or BNO?

NVOH is cheaper with a 0.19% expense ratio, compared with 1.00% for BNO.

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

NVOH has the higher dividend yield at 6.53%, compared with 0.00% for BNO.

What is the main difference between NVOH and BNO?

NVOH is categorized as Foreign Large Cap Equities, while BNO is Oil & Gas. They also come from different issuers: Precidian and USCF Investments. Their fees differ too: 0.19% for NVOH and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (1.07 vs -0.47), 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.