QXQ vs. BNO

Last updated Jul 15, 2026

QXQ (SGI Enhanced Nasdaq-100 ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - QXQ is a Nasdaq-100 fund actively managed by Summit Global Investments, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. QXQ is actively managed, while BNO is passively managed. Over the past year, QXQ returned 31.41% vs 55.87% for BNO. At a correlation of -0.06, they often move in opposite directions. QXQ charges 0.98%/yr vs 1.00%/yr for BNO.

Performance

QXQ vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SGI Enhanced Nasdaq-100 ETF (QXQ) 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, QXQ achieves a 16.79% return, which is significantly lower than BNO's 66.98% return.

QXQ

• 1D: 1.02%
• 1M: -0.23%
• 6M: 14.73%
• YTD: 16.79%
• 1Y: 31.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: 2.80%
• 1M: -1.11%
• 6M: 55.35%
• YTD: 66.98%
• 1Y: 55.87%
• 3Y*: 20.56%
• 5Y*: 20.16%
• 10Y*: 12.76%

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

QXQ vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QXQ SGI Enhanced Nasdaq-100 ETF	16.79%	19.78%	9.70%
BNO United States Brent Oil Fund LP	66.98%	-5.44%	-2.82%

Correlation

The correlation between QXQ and BNO is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	-0.06

The correlation between QXQ and BNO shifts across timeframes, from -0.19 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QXQ vs. BNO — Risk / Return Rank

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

QXQ

QXQ Risk / Return Rank: 64
QXQ Sharpe Ratio Rank: 66
QXQ Sortino Ratio Rank: 62
QXQ Omega Ratio Rank: 61
QXQ Calmar Ratio Rank: 65
QXQ Martin Ratio Rank: 66

BNO

BNO Risk / Return Rank: 44
BNO Sharpe Ratio Rank: 47
BNO Sortino Ratio Rank: 47
BNO Omega Ratio Rank: 47
BNO Calmar Ratio Rank: 40
BNO Martin Ratio Rank: 38

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.

QXQ vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SGI Enhanced Nasdaq-100 ETF (QXQ) 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.

	QXQ	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.31	+0.41
Sortino ratio: Return per unit of downside risk	2.31	1.91	+0.40
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.05
Calmar ratio: Return relative to maximum drawdown	2.59	1.63	+0.96
Martin ratio: Return relative to average drawdown	9.57	4.78	+4.78

QXQ vs. BNO - Sharpe Ratio Comparison

The current QXQ Sharpe Ratio is 1.72, which is higher than the BNO Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of QXQ 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

QXQ vs. BNO - Drawdown Comparison

The maximum QXQ drawdown since its inception was -22.53%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for QXQ and BNO.

Drawdown Indicators

	QXQ	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-87.06%	+64.53%
Max Drawdown (1Y) Largest decline over 1 year	-12.20%	-34.46%	+22.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-3.66%	-21.35%	+17.69%
Average Drawdown Average peak-to-trough decline	-3.61%	-40.06%	+36.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	11.71%	-8.42%

Volatility

QXQ vs. BNO - Volatility Comparison

The current volatility for SGI Enhanced Nasdaq-100 ETF (QXQ) is 7.70%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.79%. This indicates that QXQ 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

	QXQ	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.70%	15.79%	-8.09%
Volatility (6M) Calculated over the trailing 6-month period	15.08%	39.17%	-24.09%
Volatility (1Y) Calculated over the trailing 1-year period	18.34%	42.76%	-24.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.17%	36.11%	-13.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.17%	36.78%	-14.61%

QXQ vs. BNO - Expense Ratio Comparison

QXQ has a 0.98% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

QXQ vs. BNO - Dividend Comparison

QXQ's dividend yield for the trailing twelve months is around 15.35%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%
QXQ SGI Enhanced Nasdaq-100 ETF	15.35%	18.21%	1.97%

Frequently Asked Questions

Can I hold both QXQ and BNO in my portfolio?

QXQ and BNO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QXQ or BNO?

BNO has higher volatility (15.79%) compared to QXQ (7.70%). In terms of maximum drawdown, QXQ dropped -22.53% vs BNO's -87.06%.

Which ETF is better, QXQ or BNO?

On 1-year performance, BNO leads with 55.87% vs 31.41% for QXQ. On fees, QXQ is cheaper at 0.98% per year. On volatility, QXQ has been the lower-risk option at 7.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QXQ or BNO?

Over the 1-year period, BNO has performed better with a 55.87% return vs 31.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QXQ or BNO?

QXQ is cheaper with a 0.98% expense ratio, compared with 1.00% for BNO.

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

QXQ has the higher dividend yield at 15.35%, compared with 0.00% for BNO.

What is the main difference between QXQ and BNO?

QXQ is categorized as Nasdaq-100, while BNO is Oil & Gas. They also come from different issuers: Summit Global Investments and USCF Investments. Their fees differ too: 0.98% for QXQ and 1.00% for BNO.

Which has better risk-adjusted returns?

QXQ currently has the higher Sharpe Ratio (1.72 vs 1.31), 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.