PYPG vs. BNO

Last updated Jun 5, 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 Front Month Brent Crude Oil. PYPG is actively managed, while BNO is passively managed. Over the past year, PYPG returned -74.35% vs 88.71% for BNO. At a correlation of -0.07, they often move in opposite directions. PYPG charges 0.75%/yr vs 0.90%/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 -54.04% return, which is significantly lower than BNO's 85.31% return.

PYPG

• 1D: 1.38%
• 1M: -16.19%
• YTD: -54.04%
• 6M: -59.26%
• 1Y: -74.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -2.71%
• 1M: -9.80%
• YTD: 85.31%
• 6M: 79.66%
• 1Y: 88.71%
• 3Y*: 26.74%
• 5Y*: 23.48%
• 10Y*: 13.13%

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

PYPG vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
PYPG Leverage Shares 2X Long PYPL Daily ETF	-54.04%	-16.47%
BNO United States Brent Oil Fund LP	85.31%	2.61%

Correlation

The correlation between PYPG and BNO is -0.12, 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	-0.12
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	-0.07

Return for Risk

PYPG vs. BNO — Risk / Return Rank

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

PYPG

PYPG Risk / Return Rank: 1
PYPG Sharpe Ratio Rank: 2
PYPG Sortino Ratio Rank: 1
PYPG Omega Ratio Rank: 1
PYPG Calmar Ratio Rank: 1
PYPG Martin Ratio Rank: 1

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 65
BNO Sortino Ratio Rank: 57
BNO Omega Ratio Rank: 61
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.

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.

	PYPG	BNO	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	2.15	-3.10
Sortino ratio: Return per unit of downside risk	-1.56	2.65	-4.22
Omega ratio: Gain probability vs. loss probability	0.78	1.36	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.94	4.99	-5.93
Martin ratio: Return relative to average drawdown	-1.48	9.39	-10.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYPG vs. BNO - Sharpe Ratio Comparison

The current PYPG Sharpe Ratio is -0.96, which is lower than the BNO Sharpe Ratio of 2.15. 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.

Sharpe Ratios by Period

	PYPG	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	2.15	-3.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.72	0.14	-0.85

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	-79.52%	-17.87%	-61.65%
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	-77.03%	-12.72%	-64.31%
Average Drawdown Average peak-to-trough decline	-38.13%	-40.16%	+2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.39%	9.48%	+40.91%

Volatility

PYPG vs. BNO - Volatility Comparison

The current volatility for Leverage Shares 2X Long PYPL Daily ETF (PYPG) is 12.24%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that PYPG 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

	PYPG	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.24%	14.12%	-1.88%
Volatility (6M) Calculated over the trailing 6-month period	68.29%	36.21%	+32.08%
Volatility (1Y) Calculated over the trailing 1-year period	77.89%	41.56%	+36.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.39%	35.40%	+42.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.39%	36.69%	+41.70%

PYPG vs. BNO - Expense Ratio Comparison

PYPG has a 0.75% expense ratio, which is lower than BNO's 0.90% 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 -0.12, 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?

BNO has higher volatility (14.12%) compared to PYPG (12.24%). 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 88.71% vs -74.35% for PYPG. On fees, PYPG is cheaper at 0.75% per year. On volatility, PYPG has been the lower-risk option at 12.24%. 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 88.71% return vs -74.35%. 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 0.90% 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 Concierge Technologies. Their fees differ too: 0.75% for PYPG and 0.90% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (2.15 vs -0.96), 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.