SIXZ vs. BNO

Last updated Jun 24, 2026

SIXZ (AllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SIXZ is a Defined Outcome fund actively managed by Allianz, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. SIXZ is actively managed, while BNO is passively managed. Over the past year, SIXZ returned 11.36% vs 38.79% for BNO. At a correlation of -0.06, they often move in opposite directions. SIXZ charges 0.74%/yr vs 1.00%/yr for BNO.

Performance

SIXZ vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF (SIXZ) 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, SIXZ achieves a 5.65% return, which is significantly lower than BNO's 50.21% return.

SIXZ

• 1D: -0.44%
• 1M: -0.06%
• YTD: 5.65%
• 6M: 5.24%
• 1Y: 11.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -1.35%
• 1M: -22.65%
• YTD: 50.21%
• 6M: 47.81%
• 1Y: 38.79%
• 3Y*: 19.32%
• 5Y*: 17.15%
• 10Y*: 11.25%

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

SIXZ vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SIXZ AllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF	5.65%	7.24%	10.31%
BNO United States Brent Oil Fund LP	50.21%	-5.44%	-6.32%

Correlation

The correlation between SIXZ and BNO is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since May 1, 2024	-0.06

Over the past year, the inverse relationship between SIXZ and BNO has strengthened: their correlation has moved from -0.06 to -0.26, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

SIXZ vs. BNO — Risk / Return Rank

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

SIXZ

SIXZ Risk / Return Rank: 64
SIXZ Sharpe Ratio Rank: 61
SIXZ Sortino Ratio Rank: 64
SIXZ Omega Ratio Rank: 69
SIXZ Calmar Ratio Rank: 57
SIXZ Martin Ratio Rank: 68

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 27
BNO Sortino Ratio Rank: 28
BNO Omega Ratio Rank: 29
BNO Calmar Ratio Rank: 28
BNO Martin Ratio Rank: 31

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.

SIXZ vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF (SIXZ) 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.

	SIXZ	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.83	0.95	+0.88
Sortino ratio: Return per unit of downside risk	2.66	1.49	+1.17
Omega ratio: Gain probability vs. loss probability	1.37	1.19	+0.18
Calmar ratio: Return relative to maximum drawdown	2.56	1.33	+1.23
Martin ratio: Return relative to average drawdown	11.31	4.21	+7.10

SIXZ vs. BNO - Sharpe Ratio Comparison

The current SIXZ Sharpe Ratio is 1.83, which is higher than the BNO Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of SIXZ 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

SIXZ vs. BNO - Drawdown Comparison

The maximum SIXZ drawdown since its inception was -10.27%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SIXZ and BNO.

Drawdown Indicators

	SIXZ	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-10.27%	-87.06%	+76.79%
Max Drawdown (1Y) Largest decline over 1 year	-4.45%	-29.25%	+24.80%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.25%	—
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	-0.86%	-29.25%	+28.39%
Average Drawdown Average peak-to-trough decline	-0.91%	-40.10%	+39.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	9.28%	-8.27%

Volatility

SIXZ vs. BNO - Volatility Comparison

The current volatility for AllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF (SIXZ) is 1.97%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that SIXZ 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

	SIXZ	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	10.92%	-8.95%
Volatility (6M) Calculated over the trailing 6-month period	5.33%	37.29%	-31.96%
Volatility (1Y) Calculated over the trailing 1-year period	6.24%	41.67%	-35.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.80%	35.65%	-27.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.80%	36.68%	-28.88%

SIXZ vs. BNO - Expense Ratio Comparison

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

Dividends

SIXZ vs. BNO - Dividend Comparison

Neither SIXZ nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SIXZ and BNO in my portfolio?

SIXZ 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.

Which is riskier, SIXZ or BNO?

BNO has higher volatility (10.92%) compared to SIXZ (1.97%). In terms of maximum drawdown, SIXZ dropped -10.27% vs BNO's -87.06%.

Which ETF is better, SIXZ or BNO?

On 1-year performance, BNO leads with 38.79% vs 11.36% for SIXZ. On fees, SIXZ is cheaper at 0.74% per year. On volatility, SIXZ has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIXZ or BNO?

Over the 1-year period, BNO has performed better with a 38.79% return vs 11.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIXZ or BNO?

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

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

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

What is the main difference between SIXZ and BNO?

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

Which has better risk-adjusted returns?

SIXZ currently has the higher Sharpe Ratio (1.83 vs 0.95), 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.