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QLC vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QLC vs. BNO

Last updated Jun 4, 2026

QLC (FlexShares US Quality Large Cap Index Fund) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - QLC is a Large Cap Blend Equities fund tracking the Northern Trust Quality Large Cap Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, QLC returned 14.83%/yr vs 13.60%/yr for BNO. At a 0.18 correlation, their price movements are largely independent. QLC charges 0.25%/yr vs 0.90%/yr for BNO.

Performance

QLC vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares US Quality Large Cap Index Fund (QLC) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QLC achieves a 11.39% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, QLC has outperformed BNO with an annualized return of 14.83%, while BNO has yielded a comparatively lower 13.60% annualized return.

QLC

1D
-0.74%
1M
5.38%
YTD
11.39%
6M
11.88%
1Y
33.09%
3Y*
25.39%
5Y*
15.29%
10Y*
14.83%

BNO

1D
1.99%
1M
-10.29%
YTD
90.47%
6M
86.00%
1Y
91.89%
3Y*
27.93%
5Y*
24.16%
10Y*
13.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QLC vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QLC
FlexShares US Quality Large Cap Index Fund		11.39%23.26%26.71%26.02%-17.21%28.46%13.64%24.51%-8.12%21.73%
BNO
United States Brent Oil Fund LP		90.47%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between QLC and BNO is -0.32, 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

-0.32

Correlation (3Y)
Calculated over the trailing 3-year period

-0.07

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (10Y)
Calculated over the trailing 10-year period

0.18

Correlation (All Time)
Calculated using the full available price history since Sep 25, 2015

0.18

The correlation between QLC and BNO shifts across timeframes, from -0.32 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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FlexShares US Quality Large Cap Index Fund

United States Brent Oil Fund LP

Often compared with QLC:
QLC vs. VOOQLC vs. QQQMQLC vs. SPHQQLC vs. BDGSQLC vs. ESMVQLC vs. JQUAQLC vs. AUSF
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

QLC vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QLC
QLC Risk / Return Rank: 8181
Overall Rank
QLC Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
QLC Sortino Ratio Rank: 8282
Sortino Ratio Rank
QLC Omega Ratio Rank: 8080
Omega Ratio Rank
QLC Calmar Ratio Rank: 7575
Calmar Ratio Rank
QLC Martin Ratio Rank: 8585
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

QLC vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares US Quality Large Cap Index Fund (QLC) 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.

QLCBNODifference
Sharpe ratioReturn per unit of total volatility
2.69
2.23

+0.46

Sortino ratioReturn per unit of downside risk
3.71
2.73

+0.98

Omega ratioGain probability vs. loss probability

1.48

1.38

+0.11

Calmar ratioReturn relative to maximum drawdown

3.76

5.17

-1.41

Martin ratioReturn relative to average drawdown

17.59

9.76

+7.83

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLC vs. BNO - Sharpe Ratio Comparison

The current QLC Sharpe Ratio is 2.69, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of QLC 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.

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Sharpe Ratios by Period

QLCBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.69

2.23

+0.46

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.91

0.69

+0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.81

0.37

+0.44

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

0.14

+0.66

Drawdowns

QLC vs. BNO - Drawdown Comparison

The maximum QLC drawdown since its inception was -35.86%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for QLC and BNO.

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Drawdown Indicators

QLCBNODifference

Max Drawdown

Largest peak-to-trough decline

-35.86%

-87.06%

+51.20%

Max Drawdown (1Y)

Largest decline over 1 year

-8.84%

-17.87%

+9.03%

Max Drawdown (3Y)

Largest decline over 3 years

-18.49%

-23.75%

+5.26%

Max Drawdown (5Y)

Largest decline over 5 years

-23.81%

-33.70%

+9.89%

Max Drawdown (10Y)

Largest decline over 10 years

-35.86%

-75.18%

+39.32%

Current Drawdown

Current decline from peak

-0.74%

-10.29%

+9.55%

Average Drawdown

Average peak-to-trough decline

-4.54%

-40.17%

+35.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

9.45%

-7.56%

Volatility

QLC vs. BNO - Volatility Comparison

The current volatility for FlexShares US Quality Large Cap Index Fund (QLC) is 2.94%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that QLC 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

QLCBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.94%

14.22%

-11.28%

Volatility (6M)

Calculated over the trailing 6-month period

9.51%

36.10%

-26.59%

Volatility (1Y)

Calculated over the trailing 1-year period

12.38%

41.46%

-29.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.82%

35.38%

-18.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.42%

36.68%

-18.26%

QLC vs. BNO - Expense Ratio Comparison

QLC has a 0.25% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

QLC vs. BNO - Dividend Comparison

QLC's dividend yield for the trailing twelve months is around 0.88%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
QLC
FlexShares US Quality Large Cap Index Fund		0.88%0.94%1.03%1.26%1.46%0.96%1.40%1.91%1.82%1.29%1.80%0.64%

Frequently Asked Questions

QLC and BNO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (14.22%) compared to QLC (2.94%). In terms of maximum drawdown, QLC dropped -35.86% vs BNO's -87.06%.

On 10-year performance, QLC leads with 14.83% vs 13.60% for BNO. On fees, QLC is cheaper at 0.25% per year. On volatility, QLC has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QLC has performed better with a 14.83% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QLC is cheaper with a 0.25% expense ratio, compared with 0.90% for BNO.

QLC has the higher dividend yield at 0.88%, compared with 0.00% for BNO.

QLC is categorized as Large Cap Blend Equities, while BNO is Oil & Gas. QLC tracks Northern Trust Quality Large Cap Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Northern Trust and Concierge Technologies. Their fees differ too: 0.25% for QLC and 0.90% for BNO.

QLC currently has the higher Sharpe Ratio (2.69 vs 2.23), 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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