SAA vs. BNO
SAA (ProShares Ultra SmallCap600) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%), while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, SAA returned 11.77%/yr vs 15.06%/yr for BNO. Their 0.24 correlation means their historical movements had little consistent relationship. SAA charges 0.95%/yr vs 1.00%/yr for BNO.
Performance
SAA vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SAA achieves a 40.60% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, SAA has underperformed BNO with an annualized return of 11.77%, while BNO has yielded a comparatively higher 15.06% annualized return.
SAA
- 1D
- -0.46%
- 1M
- -1.90%
- 6M
- 26.90%
- YTD
- 40.60%
- 1Y
- 69.35%
- 3Y*
- 15.75%
- 5Y*
- 4.55%
- 10Y*
- 11.77%
- ALL TIME*
- 9.32%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $74.40K | $123.70K | $201.98K |
SAA vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SAA ProShares Ultra SmallCap600 | 40.60% | 0.29% | 5.60% | 21.32% | -36.17% | 51.77% | -1.79% | 42.39% | -23.00% | 23.94% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between SAA and BNO is -0.29, 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. | -0.29 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.24 |
The correlation between SAA and BNO shifts across timeframes, from -0.29 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SAA vs. BNO — Risk / Return Rank
SAA
BNO
SAA vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) 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.
| SAA | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.24 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 1.70 | +1.86 |
| Martin ratioReturn relative to average drawdown | 11.78 | 5.15 | +6.63 |
Loading charts...
Drawdowns
SAA vs. BNO - Drawdown Comparison
The maximum SAA drawdown since its inception was -87.39%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SAA and BNO.
Loading charts...
Drawdown Indicators
| SAA | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.39% | -87.06% | -0.33% |
Max Drawdown (1Y)Largest decline over 1 year | -18.21% | -34.46% | +16.25% |
Max Drawdown (3Y)Largest decline over 3 years | -50.84% | -34.46% | -16.38% |
Max Drawdown (5Y)Largest decline over 5 years | -55.37% | -34.46% | -20.91% |
Max Drawdown (10Y)Largest decline over 10 years | -74.54% | -75.18% | +0.64% |
Current DrawdownCurrent decline from peak | -4.60% | -16.21% | +11.61% |
Average DrawdownAverage peak-to-trough decline | -27.22% | -39.99% | +12.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.50% | 11.86% | -6.36% |
Volatility
SAA vs. BNO - Volatility Comparison
The current volatility for ProShares Ultra SmallCap600 (SAA) is 6.98%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that SAA 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.
Loading charts...
Volatility by Period
| SAA | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.98% | 17.47% | -10.49% |
Volatility (6M)Calculated over the trailing 6-month period | 23.54% | 40.96% | -17.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.44% | 44.54% | -9.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 36.41% | +6.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.01% | 36.98% | +9.03% |
SAA vs. BNO - Expense Ratio Comparison
SAA has a 0.95% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
SAA vs. BNO - Dividend Comparison
SAA's dividend yield for the trailing twelve months is around 0.77%, 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% |
SAA ProShares Ultra SmallCap600 | 0.77% | 1.05% | 1.36% | 0.88% | 0.46% | 0.00% | 0.03% | 0.35% | 0.27% | 0.00% | 0.14% |
Frequently Asked Questions
SAA and BNO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to SAA (6.98%). In terms of maximum drawdown, SAA dropped -87.39% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs 11.77% for SAA. On fees, SAA is cheaper at 0.95% per year. On volatility, SAA has been the lower-risk option at 6.98%. 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 15.06% return vs 11.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SAA is cheaper with a 0.95% expense ratio, compared with 1.00% for BNO.
SAA has the higher dividend yield at 0.77%, compared with 0.00% for BNO.
SAA is categorized as Leveraged Equities, while BNO is Oil & Gas. SAA tracks S&P SmallCap 600 Index (200%), while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for SAA and 1.00% for BNO.
SAA currently has the higher Sharpe Ratio (1.84 vs 1.32), 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.
Find the right allocation for SAA and BNO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer