QHDG vs. BNO

Last updated Jun 24, 2026

QHDG (Innovator Hedged Nasdaq-100 ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - QHDG is a Equity Hedged fund actively managed by Innovator, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. QHDG is actively managed, while BNO is passively managed. Over the past year, QHDG returned 11.11% vs 38.79% for BNO. At a correlation of -0.04, they often move in opposite directions. QHDG charges 0.79%/yr vs 1.00%/yr for BNO.

Performance

QHDG vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Hedged Nasdaq-100 ETF (QHDG) 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, QHDG achieves a 1.38% return, which is significantly lower than BNO's 50.21% return.

QHDG

• 1D: 0.07%
• 1M: 0.47%
• YTD: 1.38%
• 6M: 0.17%
• 1Y: 11.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -1.35%
• 1M: -22.65%
• YTD: 50.21%
• 6M: 47.81%
• 1Y: 38.79%
• 3Y*: 19.32%
• 5Y*: 17.15%
• 10Y*: 11.25%

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

QHDG vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QHDG Innovator Hedged Nasdaq-100 ETF	1.38%	12.13%	6.11%
BNO United States Brent Oil Fund LP	50.21%	-5.44%	-0.20%

Correlation

The correlation between QHDG 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 Aug 20, 2024	-0.04

Return for Risk

QHDG vs. BNO — Risk / Return Rank

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

QHDG

QHDG Risk / Return Rank: 38
QHDG Sharpe Ratio Rank: 39
QHDG Sortino Ratio Rank: 36
QHDG Omega Ratio Rank: 42
QHDG Calmar Ratio Rank: 34
QHDG Martin Ratio Rank: 38

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 27
BNO Sortino Ratio Rank: 28
BNO Omega Ratio Rank: 29
BNO Calmar Ratio Rank: 28
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.

QHDG vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Hedged Nasdaq-100 ETF (QHDG) 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.

	QHDG	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.27	0.95	+0.32
Sortino ratio: Return per unit of downside risk	1.74	1.49	+0.25
Omega ratio: Gain probability vs. loss probability	1.25	1.19	+0.06
Calmar ratio: Return relative to maximum drawdown	1.60	1.33	+0.26
Martin ratio: Return relative to average drawdown	5.42	4.21	+1.21

QHDG vs. BNO - Sharpe Ratio Comparison

The current QHDG Sharpe Ratio is 1.27, which is higher than the BNO Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of QHDG 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

QHDG vs. BNO - Drawdown Comparison

The maximum QHDG drawdown since its inception was -15.29%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for QHDG and BNO.

Drawdown Indicators

	QHDG	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-15.29%	-87.06%	+71.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-29.25%	+22.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.25%	—
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	-0.66%	-29.25%	+28.59%
Average Drawdown Average peak-to-trough decline	-2.11%	-40.10%	+37.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	9.28%	-7.22%

Volatility

QHDG vs. BNO - Volatility Comparison

The current volatility for Innovator Hedged Nasdaq-100 ETF (QHDG) is 0.32%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that QHDG 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

	QHDG	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	10.92%	-10.60%
Volatility (6M) Calculated over the trailing 6-month period	5.89%	37.29%	-31.40%
Volatility (1Y) Calculated over the trailing 1-year period	8.77%	41.67%	-32.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.25%	35.65%	-23.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.25%	36.68%	-24.43%

QHDG vs. BNO - Expense Ratio Comparison

QHDG has a 0.79% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

QHDG vs. BNO - Dividend Comparison

Neither QHDG nor BNO has paid dividends to shareholders.

Position	TTM	2025	2024
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%
QHDG Innovator Hedged Nasdaq-100 ETF	0.00%	0.00%	0.02%

Frequently Asked Questions

Can I hold both QHDG and BNO in my portfolio?

QHDG 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, QHDG or BNO?

BNO has higher volatility (10.92%) compared to QHDG (0.32%). In terms of maximum drawdown, QHDG dropped -15.29% vs BNO's -87.06%.

Which ETF is better, QHDG or BNO?

On 1-year performance, BNO leads with 38.79% vs 11.11% for QHDG. On fees, QHDG is cheaper at 0.79% per year. On volatility, QHDG has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QHDG or BNO?

Over the 1-year period, BNO has performed better with a 38.79% return vs 11.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QHDG or BNO?

QHDG is cheaper with a 0.79% expense ratio, compared with 1.00% for BNO.

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

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

What is the main difference between QHDG and BNO?

QHDG is categorized as Equity Hedged, while BNO is Oil & Gas. They also come from different issuers: Innovator and USCF Investments. Their fees differ too: 0.79% for QHDG and 1.00% for BNO.

Which has better risk-adjusted returns?

QHDG currently has the higher Sharpe Ratio (1.27 vs 0.95), 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.