SIXF vs. BNO

Last updated Jun 23, 2026

SIXF (Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SIXF is a Options Trading fund actively managed by Allianz, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. SIXF is actively managed, while BNO is passively managed. Over the past year, SIXF returned 17.25% vs 30.19% for BNO. At a correlation of -0.08, they often move in opposite directions. SIXF charges 0.74%/yr vs 1.00%/yr for BNO.

Performance

SIXF vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF (SIXF) 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, SIXF achieves a 6.42% return, which is significantly lower than BNO's 52.26% return.

SIXF

• 1D: -0.09%
• 1M: 0.68%
• YTD: 6.42%
• 6M: 6.62%
• 1Y: 17.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -1.73%
• 1M: -21.60%
• YTD: 52.26%
• 6M: 50.77%
• 1Y: 30.19%
• 3Y*: 19.86%
• 5Y*: 17.50%
• 10Y*: 11.40%

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

SIXF vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SIXF Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF	6.42%	13.14%	12.53%
BNO United States Brent Oil Fund LP	52.26%	-5.44%	3.81%

Correlation

The correlation between SIXF and BNO is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	-0.08

Over the past year, the inverse relationship between SIXF and BNO has strengthened: their correlation has moved from -0.08 to -0.29, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

SIXF vs. BNO — Risk / Return Rank

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

SIXF

SIXF Risk / Return Rank: 86
SIXF Sharpe Ratio Rank: 88
SIXF Sortino Ratio Rank: 91
SIXF Omega Ratio Rank: 90
SIXF Calmar Ratio Rank: 73
SIXF Martin Ratio Rank: 88

BNO

BNO Risk / Return Rank: 23
BNO Sharpe Ratio Rank: 21
BNO Sortino Ratio Rank: 22
BNO Omega Ratio Rank: 23
BNO Calmar Ratio Rank: 23
BNO Martin Ratio Rank: 25

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.

SIXF vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF (SIXF) 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.

	SIXF	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.78	0.73	+2.05
Sortino ratio: Return per unit of downside risk	4.06	1.23	+2.83
Omega ratio: Gain probability vs. loss probability	1.56	1.16	+0.40
Calmar ratio: Return relative to maximum drawdown	3.60	1.07	+2.52
Martin ratio: Return relative to average drawdown	18.63	3.33	+15.30

SIXF vs. BNO - Sharpe Ratio Comparison

The current SIXF Sharpe Ratio is 2.78, which is higher than the BNO Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of SIXF 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

SIXF vs. BNO - Drawdown Comparison

The maximum SIXF drawdown since its inception was -11.25%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SIXF and BNO.

Drawdown Indicators

	SIXF	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-11.25%	-87.06%	+75.81%
Max Drawdown (1Y) Largest decline over 1 year	-4.82%	-28.29%	+23.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-0.15%	-28.29%	+28.14%
Average Drawdown Average peak-to-trough decline	-0.79%	-40.10%	+39.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	10.51%	-9.58%

Volatility

SIXF vs. BNO - Volatility Comparison

The current volatility for Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF (SIXF) is 1.66%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.98%. This indicates that SIXF 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

	SIXF	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	10.98%	-9.32%
Volatility (6M) Calculated over the trailing 6-month period	4.97%	37.28%	-32.31%
Volatility (1Y) Calculated over the trailing 1-year period	6.24%	41.73%	-35.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.72%	35.65%	-26.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.72%	36.71%	-27.99%

SIXF vs. BNO - Expense Ratio Comparison

SIXF has a 0.74% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

SIXF vs. BNO - Dividend Comparison

Neither SIXF nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SIXF and BNO in my portfolio?

SIXF 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.

Which is riskier, SIXF or BNO?

BNO has higher volatility (10.98%) compared to SIXF (1.66%). In terms of maximum drawdown, SIXF dropped -11.25% vs BNO's -87.06%.

Which ETF is better, SIXF or BNO?

On 1-year performance, BNO leads with 30.19% vs 17.25% for SIXF. On fees, SIXF is cheaper at 0.74% per year. On volatility, SIXF has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIXF or BNO?

Over the 1-year period, BNO has performed better with a 30.19% return vs 17.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIXF or BNO?

SIXF is cheaper with a 0.74% expense ratio, compared with 1.00% for BNO.

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

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

What is the main difference between SIXF and BNO?

SIXF is categorized as Options Trading, while BNO is Oil & Gas. They also come from different issuers: Allianz and USCF Investments. Their fees differ too: 0.74% for SIXF and 1.00% for BNO.

Which has better risk-adjusted returns?

SIXF currently has the higher Sharpe Ratio (2.78 vs 0.73), 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.