SFEB vs. BNO

Last updated Aug 1, 2026

SFEB (FT Vest U.S. Small Cap Moderate Buffer ETF - February) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SFEB is a Defined Outcome fund actively managed by First Trust, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. SFEB is actively managed, while BNO is passively managed. Over the past year, SFEB returned 22.47% vs 62.83% for BNO. Their -0.09 correlation means they have often moved in opposite directions in the past. SFEB charges 0.90%/yr vs 1.00%/yr for BNO.

Performance

SFEB vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Small Cap Moderate Buffer ETF - February (SFEB) 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, SFEB achieves a 11.22% return, which is significantly lower than BNO's 77.90% return.

SFEB

• 1D: -0.10%
• 1M: -0.15%
• 6M: 8.03%
• YTD: 11.22%
• 1Y: 22.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.35%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
SFEB FT Vest U.S. Small Cap Moderate Buffer ETF - February	$158.86K	$157.36K	$135.84K

SFEB vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SFEB FT Vest U.S. Small Cap Moderate Buffer ETF - February	11.22%	9.24%	9.37%
BNO United States Brent Oil Fund LP	77.90%	-5.44%	0.07%

Correlation

The correlation between SFEB and BNO is -0.31, 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.	-0.31
Correlation (All Time) Calculated using the full available price history since Feb 20, 2024	-0.09

Over the past year, the inverse relationship between SFEB and BNO has strengthened: their correlation has moved from -0.09 to -0.31, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

SFEB vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SFEB

SFEB Risk / Return Rank: 91
SFEB Sharpe Ratio Rank: 91
SFEB Sortino Ratio Rank: 92
SFEB Omega Ratio Rank: 90
SFEB Calmar Ratio Rank: 91
SFEB Martin Ratio Rank: 93

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SFEB vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Small Cap Moderate Buffer ETF - February (SFEB) 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.

	SFEB	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.32	+0.99
Sortino ratio: Return per unit of downside risk	3.36	1.90	+1.46
Omega ratio: Gain probability vs. loss probability	1.43	1.24	+0.19
Calmar ratio: Return relative to maximum drawdown	4.09	1.70	+2.39
Martin ratio: Return relative to average drawdown	17.22	5.15	+12.07

SFEB vs. BNO - Sharpe Ratio Comparison

The current SFEB Sharpe Ratio is 2.30, which is higher than the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of SFEB 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

SFEB vs. BNO - Drawdown Comparison

The maximum SFEB drawdown since its inception was -16.67%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SFEB and BNO.

Drawdown Indicators

	SFEB	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-16.67%	-87.06%	+70.39%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-34.46%	+29.24%
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	-0.46%	-16.21%	+15.75%
Average Drawdown Average peak-to-trough decline	-2.37%	-39.99%	+37.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	11.86%	-10.62%

Volatility

SFEB vs. BNO - Volatility Comparison

The current volatility for FT Vest U.S. Small Cap Moderate Buffer ETF - February (SFEB) is 1.62%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that SFEB 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

	SFEB	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	17.47%	-15.85%
Volatility (6M) Calculated over the trailing 6-month period	6.73%	40.96%	-34.23%
Volatility (1Y) Calculated over the trailing 1-year period	9.30%	44.54%	-35.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.80%	36.41%	-24.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.80%	36.98%	-25.18%

SFEB vs. BNO - Expense Ratio Comparison

SFEB has a 0.90% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

SFEB vs. BNO - Dividend Comparison

Neither SFEB nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SFEB and BNO in my portfolio?

SFEB and BNO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFEB or BNO?

BNO has higher volatility (17.47%) compared to SFEB (1.62%). In terms of maximum drawdown, SFEB dropped -16.67% vs BNO's -87.06%.

Which ETF is better, SFEB or BNO?

On 1-year performance, BNO leads with 62.83% vs 22.47% for SFEB. On fees, SFEB is cheaper at 0.90% per year. On volatility, SFEB has been the lower-risk option at 1.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFEB or BNO?

Over the 1-year period, BNO has performed better with a 62.83% return vs 22.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFEB or BNO?

SFEB is cheaper with a 0.90% expense ratio, compared with 1.00% for BNO.

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

SFEB and BNO have nearly identical dividend yields, around 0.00%.

What is the main difference between SFEB and BNO?

SFEB is categorized as Defined Outcome, while BNO is Oil & Gas. They also come from different issuers: First Trust and USCF. Their fees differ too: 0.90% for SFEB and 1.00% for BNO.

Which has better risk-adjusted returns?

SFEB currently has the higher Sharpe Ratio (2.30 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.