QETH vs. BNO

Last updated Jun 25, 2026

QETH (Invesco Galaxy Ethereum ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - QETH is a Cryptocurrency fund actively managed by Invesco, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. QETH is actively managed, while BNO is passively managed. Over the past year, QETH returned -35.24% vs 39.47% for BNO. At a 0.00 correlation, their price movements are largely independent. QETH charges 0.25%/yr vs 1.00%/yr for BNO.

Performance

QETH vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Galaxy Ethereum ETF (QETH) 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, QETH achieves a -46.74% return, which is significantly lower than BNO's 43.86% return.

QETH

• 1D: -4.60%
• 1M: -23.32%
• YTD: -46.74%
• 6M: -46.14%
• 1Y: -35.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -4.23%
• 1M: -25.93%
• YTD: 43.86%
• 6M: 41.93%
• 1Y: 39.47%
• 3Y*: 17.61%
• 5Y*: 15.98%
• 10Y*: 10.77%

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

QETH vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QETH Invesco Galaxy Ethereum ETF	-46.74%	-11.44%	-5.03%
BNO United States Brent Oil Fund LP	43.86%	-5.44%	-4.22%

Correlation

The correlation between QETH and BNO is -0.04, 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	-0.04
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.00

Return for Risk

QETH vs. BNO — Risk / Return Rank

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

QETH

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

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 29
BNO Sortino Ratio Rank: 30
BNO Omega Ratio Rank: 31
BNO Calmar Ratio Rank: 27
BNO Martin Ratio Rank: 31

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.

QETH vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Ethereum ETF (QETH) 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.

	QETH	BNO	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	0.97	-1.48
Sortino ratio: Return per unit of downside risk	-0.41	1.51	-1.92
Omega ratio: Gain probability vs. loss probability	0.95	1.20	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.52	1.23	-1.75
Martin ratio: Return relative to average drawdown	-0.87	4.18	-5.05

QETH vs. BNO - Sharpe Ratio Comparison

The current QETH Sharpe Ratio is -0.51, which is lower than the BNO Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of QETH 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

QETH vs. BNO - Drawdown Comparison

The maximum QETH drawdown since its inception was -67.51%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for QETH and BNO.

Drawdown Indicators

	QETH	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-67.51%	-87.06%	+19.55%
Max Drawdown (1Y) Largest decline over 1 year	-67.51%	-32.25%	-35.26%
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	-67.36%	-32.25%	-35.11%
Average Drawdown Average peak-to-trough decline	-33.78%	-40.10%	+6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.63%	9.47%	+31.16%

Volatility

QETH vs. BNO - Volatility Comparison

Invesco Galaxy Ethereum ETF (QETH) has a higher volatility of 19.78% compared to United States Brent Oil Fund LP (BNO) at 11.33%. This indicates that QETH'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

	QETH	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.78%	11.33%	+8.45%
Volatility (6M) Calculated over the trailing 6-month period	46.49%	37.57%	+8.92%
Volatility (1Y) Calculated over the trailing 1-year period	69.13%	41.20%	+27.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.39%	35.70%	+36.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.39%	36.70%	+35.69%

QETH vs. BNO - Expense Ratio Comparison

QETH has a 0.25% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

QETH vs. BNO - Dividend Comparison

Neither QETH nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QETH and BNO in my portfolio?

QETH and BNO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QETH or BNO?

QETH has higher volatility (19.78%) compared to BNO (11.33%). In terms of maximum drawdown, QETH dropped -67.51% vs BNO's -87.06%.

Which ETF is better, QETH or BNO?

On 1-year performance, BNO leads with 39.47% vs -35.24% for QETH. On fees, QETH is cheaper at 0.25% per year. On volatility, BNO has been the lower-risk option at 11.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QETH or BNO?

Over the 1-year period, BNO has performed better with a 39.47% return vs -35.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QETH or BNO?

QETH is cheaper with a 0.25% expense ratio, compared with 1.00% for BNO.

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

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

What is the main difference between QETH and BNO?

QETH is categorized as Cryptocurrency, while BNO is Oil & Gas. They also come from different issuers: Invesco and USCF Investments. Their fees differ too: 0.25% for QETH and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (0.97 vs -0.51), 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.