QULL vs. BNO
QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - QULL is a Leveraged Equities fund tracking the MSCI USA Sector Neutral Quality Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, QULL returned 16.17%/yr vs 23.48%/yr for BNO. At a 0.05 correlation, their price movements are largely independent. QULL charges 0.95%/yr vs 0.90%/yr for BNO.
Performance
QULL vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, QULL achieves a 14.91% return, which is significantly lower than BNO's 85.31% return.
QULL
- 1D
- 0.09%
- 1M
- 7.35%
- YTD
- 14.91%
- 6M
- 14.62%
- 1Y
- 37.35%
- 3Y*
- 32.72%
- 5Y*
- 16.17%
- 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%
QULL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 14.91% | 17.61% | 38.03% | 57.07% | -42.00% | 51.36% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 35.25% | 41.19% |
Correlation
The correlation between QULL and BNO is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.05 |
The correlation between QULL and BNO shifts across timeframes, from -0.33 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
QULL vs. BNO — Risk / Return Rank
QULL
BNO
QULL vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) 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.
| QULL | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.36 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 4.99 | -2.95 |
| Martin ratioReturn relative to average drawdown | 9.01 | 9.39 | -0.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QULL | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 2.15 | -0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | 0.67 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.14 | +0.42 |
Drawdowns
QULL vs. BNO - Drawdown Comparison
The maximum QULL drawdown since its inception was -51.83%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for QULL and BNO.
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Drawdown Indicators
| QULL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.83% | -87.06% | +35.23% |
Max Drawdown (1Y)Largest decline over 1 year | -18.43% | -17.87% | -0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -36.82% | -23.75% | -13.07% |
Max Drawdown (5Y)Largest decline over 5 years | -51.83% | -33.70% | -18.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.30% | -12.72% | +12.42% |
Average DrawdownAverage peak-to-trough decline | -14.05% | -40.16% | +26.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.15% | 9.48% | -5.33% |
Volatility
QULL vs. BNO - Volatility Comparison
The current volatility for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) is 4.58%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that QULL 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
| QULL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 14.12% | -9.54% |
Volatility (6M)Calculated over the trailing 6-month period | 18.76% | 36.21% | -17.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.43% | 41.56% | -17.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.61% | 35.40% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.13% | 36.69% | -1.56% |
QULL vs. BNO - Expense Ratio Comparison
QULL has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
QULL vs. BNO - Dividend Comparison
Neither QULL nor BNO has paid dividends to shareholders.
Frequently Asked Questions
QULL and BNO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to QULL (4.58%). In terms of maximum drawdown, QULL dropped -51.83% vs BNO's -87.06%.
On 5-year performance, BNO leads with 23.48% vs 16.17% for QULL. On fees, BNO is cheaper at 0.90% per year. On volatility, QULL has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 23.48% return vs 16.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 0.95% for QULL.
QULL and BNO have nearly identical dividend yields, around 0.00%.
QULL is categorized as Leveraged Equities, while BNO is Oil & Gas. QULL tracks MSCI USA Sector Neutral Quality Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: UBS and Concierge Technologies. Their fees differ too: 0.95% for QULL and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs 1.54), 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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