PFFL vs. BNO
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PFFL is a Leveraged Bonds fund tracking the Solactive Preferred Stock ETF Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 5 years, PFFL returned -6.94%/yr vs 21.29%/yr for BNO. Their 0.11 correlation means their historical movements had little consistent relationship. PFFL charges 0.85%/yr vs 1.00%/yr for BNO.
Performance
PFFL vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -2.41% return, which is significantly lower than BNO's 68.89% return.
PFFL
- 1D
- 1.44%
- 1M
- 0.14%
- 6M
- -5.93%
- YTD
- -2.41%
- 1Y
- -0.58%
- 3Y*
- 3.20%
- 5Y*
- -6.94%
- 10Y*
- —
- ALL TIME*
- -3.94%
BNO
- 1D
- -5.06%
- 1M
- 20.57%
- 6M
- 52.91%
- YTD
- 68.89%
- 1Y
- 54.59%
- 3Y*
- 17.84%
- 5Y*
- 21.29%
- 10Y*
- 13.80%
- ALL TIME*
- 3.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $109.23M | $101.30M | $143.17M | |
| $14.02K | $14.94K | $17.61K |
PFFL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -2.41% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
BNO United States Brent Oil Fund LP | 68.89% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -32.91% |
Correlation
The correlation between PFFL and BNO is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.22 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.11 |
The correlation between PFFL and BNO shifts across timeframes, from -0.21 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PFFL vs. BNO — Risk / Return Rank
PFFL
BNO
PFFL vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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.
| PFFL | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -1.75 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.23 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 1.59 | -1.64 |
| Martin ratioReturn relative to average drawdown | -0.10 | 4.81 | -4.90 |
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Drawdowns
PFFL vs. BNO - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PFFL and BNO.
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Drawdown Indicators
| PFFL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -87.06% | +6.38% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -34.46% | +22.54% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -34.46% | +10.71% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -34.46% | -14.05% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -39.88% | -20.46% | -19.42% |
Average DrawdownAverage peak-to-trough decline | -28.76% | -39.99% | +11.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.08% | 11.41% | -5.33% |
Volatility
PFFL vs. BNO - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.68%, while United States Brent Oil Fund LP (BNO) has a volatility of 18.59%. This indicates that PFFL 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.
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Volatility by Period
| PFFL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 18.59% | -13.91% |
Volatility (6M)Calculated over the trailing 6-month period | 11.38% | 41.33% | -29.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.72% | 44.80% | -29.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.74% | 36.47% | -12.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 37.01% | +17.79% |
PFFL vs. BNO - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
PFFL vs. BNO - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.61%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.61% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
Frequently Asked Questions
PFFL and BNO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (18.59%) compared to PFFL (4.68%). In terms of maximum drawdown, PFFL dropped -80.68% vs BNO's -87.06%.
On 5-year performance, BNO leads with 21.29% vs -6.94% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 21.29% return vs -6.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 1.00% for BNO.
PFFL has the higher dividend yield at 12.61%, compared with 0.00% for BNO.
PFFL is categorized as Leveraged Bonds, while BNO is Oil & Gas. PFFL tracks Solactive Preferred Stock ETF Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: UBS and USCF. Their fees differ too: 0.85% for PFFL and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.23 vs -0.04), 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.
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