PYPG vs. BNO

Last updated Aug 2, 2026

PYPG (Leverage Shares 2X Long PYPL Daily ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PYPG is a Leveraged Equities fund actively managed by Leverage Shares, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. PYPG is actively managed, while BNO is passively managed. Over the past year, PYPG returned -46.57% vs 62.83% for BNO. Their -0.10 correlation means they have often moved in opposite directions in the past. PYPG charges 0.75%/yr vs 1.00%/yr for BNO.

Performance

PYPG vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long PYPL Daily ETF (PYPG) 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, PYPG achieves a -22.38% return, which is significantly lower than BNO's 77.90% return.

PYPG

• 1D: 0.29%
• 1M: 52.64%
• 6M: -3.30%
• YTD: -22.38%
• 1Y: -46.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -30.38%

BNO

• 1D: 1.45%
• 1M: 27.00%
• 6M: 52.90%
• YTD: 77.90%
• 1Y: 62.83%
• 3Y*: 20.31%
• 5Y*: 20.89%
• 10Y*: 15.06%
• ALL TIME*: 4.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
PYPG Leverage Shares 2X Long PYPL Daily ETF	$3.78M	$5.69M	$4.44M

PYPG vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
PYPG Leverage Shares 2X Long PYPL Daily ETF	-22.38%	-20.19%
BNO United States Brent Oil Fund LP	77.90%	-2.81%

Correlation

The correlation between PYPG and BNO is -0.11, 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.	-0.11
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	-0.10

Return for Risk

PYPG vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PYPG

PYPG Risk / Return Rank: 5
PYPG Sharpe Ratio Rank: 4
PYPG Sortino Ratio Rank: 6
PYPG Omega Ratio Rank: 5
PYPG Calmar Ratio Rank: 4
PYPG Martin Ratio Rank: 5

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PYPG vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long PYPL Daily ETF (PYPG) 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.

	PYPG	BNO	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	1.32	-1.90
Sortino ratio: Return per unit of downside risk	-0.48	1.90	-2.39
Omega ratio: Gain probability vs. loss probability	0.93	1.24	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.64	1.70	-2.34
Martin ratio: Return relative to average drawdown	-0.92	5.15	-6.07

PYPG vs. BNO - Sharpe Ratio Comparison

The current PYPG Sharpe Ratio is -0.59, which is lower than the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of PYPG 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

PYPG vs. BNO - Drawdown Comparison

The maximum PYPG drawdown since its inception was -79.52%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PYPG and BNO.

Drawdown Indicators

	PYPG	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-79.52%	-87.06%	+7.54%
Max Drawdown (1Y) Largest decline over 1 year	-77.14%	-34.46%	-42.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-61.21%	-16.21%	-45.00%
Average Drawdown Average peak-to-trough decline	-41.99%	-39.99%	-2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.30%	11.86%	+41.44%

Volatility

PYPG vs. BNO - Volatility Comparison

Leverage Shares 2X Long PYPL Daily ETF (PYPG) has a higher volatility of 33.09% compared to United States Brent Oil Fund LP (BNO) at 17.47%. This indicates that PYPG's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYPG	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.09%	17.47%	+15.62%
Volatility (6M) Calculated over the trailing 6-month period	76.97%	40.96%	+36.01%
Volatility (1Y) Calculated over the trailing 1-year period	83.92%	44.54%	+39.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.50%	36.41%	+46.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.50%	36.98%	+45.52%

PYPG vs. BNO - Expense Ratio Comparison

PYPG has a 0.75% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

PYPG vs. BNO - Dividend Comparison

Neither PYPG nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PYPG and BNO in my portfolio?

PYPG and BNO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYPG or BNO?

PYPG has higher volatility (33.09%) compared to BNO (17.47%). In terms of maximum drawdown, PYPG dropped -79.52% vs BNO's -87.06%.

Which ETF is better, PYPG or BNO?

On 1-year performance, BNO leads with 62.83% vs -46.57% for PYPG. On fees, PYPG is cheaper at 0.75% per year. On volatility, BNO has been the lower-risk option at 17.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYPG or BNO?

Over the 1-year period, BNO has performed better with a 62.83% return vs -46.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYPG or BNO?

PYPG is cheaper with a 0.75% expense ratio, compared with 1.00% for BNO.

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

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

What is the main difference between PYPG and BNO?

PYPG is categorized as Leveraged Equities, while BNO is Oil & Gas. They also come from different issuers: Leverage Shares and USCF. Their fees differ too: 0.75% for PYPG and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (1.32 vs -0.59), 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.