QVAL vs. BNO
QVAL (Alpha Architect U.S. Quantitative Value ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - QVAL is a Mid Cap Value Equities fund actively managed by Alpha Architect, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. QVAL is actively managed, while BNO is passively managed. Over the past 10 years, QVAL returned 11.78%/yr vs 13.80%/yr for BNO. Their 0.25 correlation means their historical movements had little consistent relationship. QVAL charges 0.28%/yr vs 1.00%/yr for BNO.
Performance
QVAL vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, QVAL achieves a 22.29% return, which is significantly lower than BNO's 68.89% return. Over the past 10 years, QVAL has underperformed BNO with an annualized return of 11.78%, while BNO has yielded a comparatively higher 13.80% annualized return.
QVAL
- 1D
- 1.30%
- 1M
- 5.12%
- 6M
- 15.08%
- YTD
- 22.29%
- 1Y
- 41.27%
- 3Y*
- 19.25%
- 5Y*
- 13.21%
- 10Y*
- 11.78%
- ALL TIME*
- 11.66%
BNO
- 1D
- -5.06%
- 1M
- 20.57%
- 6M
- 52.91%
- YTD
- 68.89%
- 1Y
- 54.59%
- 3Y*
- 17.84%
- 5Y*
- 21.29%
- 10Y*
- 13.80%
- ALL TIME*
- 3.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $109.23M | $101.30M | $143.17M | |
| $1.37M | $1.75M | $1.47M |
QVAL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QVAL Alpha Architect U.S. Quantitative Value ETF | 22.29% | 10.98% | 12.21% | 28.40% | -11.80% | 34.40% | -5.93% | 24.06% | -17.28% | 25.59% |
BNO United States Brent Oil Fund LP | 68.89% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between QVAL and BNO is -0.26, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.25 |
The correlation between QVAL and BNO shifts across timeframes, from -0.26 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QVAL vs. BNO — Risk / Return Rank
QVAL
BNO
QVAL vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alpha Architect U.S. Quantitative Value ETF (QVAL) 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.
| QVAL | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | +2.56 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.23 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 6.87 | 1.59 | +5.28 |
| Martin ratioReturn relative to average drawdown | 21.28 | 4.81 | +16.47 |
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Drawdowns
QVAL vs. BNO - Drawdown Comparison
The maximum QVAL drawdown since its inception was -51.49%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for QVAL and BNO.
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Drawdown Indicators
| QVAL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.49% | -87.06% | +35.57% |
Max Drawdown (1Y)Largest decline over 1 year | -6.04% | -34.46% | +28.42% |
Max Drawdown (3Y)Largest decline over 3 years | -21.41% | -34.46% | +13.05% |
Max Drawdown (5Y)Largest decline over 5 years | -27.17% | -34.46% | +7.29% |
Max Drawdown (10Y)Largest decline over 10 years | -51.49% | -75.18% | +23.69% |
Current DrawdownCurrent decline from peak | 0.00% | -20.46% | +20.46% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -39.99% | +32.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 11.41% | -9.46% |
Volatility
QVAL vs. BNO - Volatility Comparison
The current volatility for Alpha Architect U.S. Quantitative Value ETF (QVAL) is 3.51%, while United States Brent Oil Fund LP (BNO) has a volatility of 18.59%. This indicates that QVAL 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
| QVAL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.51% | 18.59% | -15.08% |
Volatility (6M)Calculated over the trailing 6-month period | 10.27% | 41.33% | -31.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.29% | 44.80% | -30.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.57% | 36.47% | -14.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.71% | 37.01% | -14.30% |
QVAL vs. BNO - Expense Ratio Comparison
QVAL has a 0.28% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
QVAL vs. BNO - Dividend Comparison
QVAL's dividend yield for the trailing twelve months is around 1.40%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
QVAL Alpha Architect U.S. Quantitative Value ETF | 1.40% | 1.44% | 1.72% | 1.76% | 2.00% | 1.23% | 1.86% | 1.99% | 1.64% | 1.08% | 1.30% |
Frequently Asked Questions
QVAL and BNO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (18.59%) compared to QVAL (3.51%). In terms of maximum drawdown, QVAL dropped -51.49% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.80% vs 11.78% for QVAL. On fees, QVAL is cheaper at 0.28% per year. On volatility, QVAL has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 13.80% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QVAL is cheaper with a 0.28% expense ratio, compared with 1.00% for BNO.
QVAL has the higher dividend yield at 1.40%, compared with 0.00% for BNO.
QVAL is categorized as Mid Cap Value Equities, while BNO is Oil & Gas. They also come from different issuers: Alpha Architect and USCF. Their fees differ too: 0.28% for QVAL and 1.00% for BNO.
QVAL currently has the higher Sharpe Ratio (2.91 vs 1.23), 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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