SMAP vs. BNO

Last updated Jul 21, 2026

SMAP (Amplify Small-Mid Cap Equity ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SMAP is a Small Cap Blend Equities fund managed by Amplify, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. At a correlation of -0.06, they often move in opposite directions. SMAP charges 0.60%/yr vs 1.00%/yr for BNO.

Performance

SMAP vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Small-Mid Cap Equity ETF (SMAP) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMAP

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BNO

• 1D: 1.27%
• 1M: 12.40%
• 6M: 65.28%
• YTD: 74.15%
• 1Y: 62.24%
• 3Y*: 21.67%
• 5Y*: 21.55%
• 10Y*: 13.73%
• ALL TIME*: 4.18%

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

SMAP vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMAP Amplify Small-Mid Cap Equity ETF	7.23%	3.63%	-2.93%
BNO United States Brent Oil Fund LP	74.15%	-5.44%	1.56%

Correlation

The correlation between SMAP 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 Nov 1, 2024	-0.06

The correlation between SMAP 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

SMAP vs. BNO — Risk / Return Rank

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

SMAP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 58
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 56
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 43

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.

SMAP vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Small-Mid Cap Equity ETF (SMAP) 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.

	SMAP	BNO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.46	—
Sortino ratio: Return per unit of downside risk	—	2.05	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	1.82	—
Martin ratio: Return relative to average drawdown	—	5.21	—

Drawdowns

Drawdown Indicators

	SMAP	BNO	Difference
Max Drawdown Largest peak-to-trough decline	—	-87.06%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-34.46%	—
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	—	-17.98%	—
Average Drawdown Average peak-to-trough decline	—	-40.04%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.98%	—

Volatility

Volatility by Period

	SMAP	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.72%	—
Volatility (6M) Calculated over the trailing 6-month period	—	39.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	43.00%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	36.03%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	36.80%	—

SMAP vs. BNO - Expense Ratio Comparison

SMAP has a 0.60% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

SMAP vs. BNO - Dividend Comparison

SMAP's dividend yield for the trailing twelve months is around 0.32%, 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%
SMAP Amplify Small-Mid Cap Equity ETF	0.32%	0.48%	0.14%

Frequently Asked Questions

Can I hold both SMAP and BNO in my portfolio?

SMAP 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 ETF is better, SMAP or BNO?

On fees, SMAP is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMAP or BNO?

SMAP is cheaper with a 0.60% expense ratio, compared with 1.00% for BNO.

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

SMAP has the higher dividend yield at 0.32%, compared with 0.00% for BNO.

What is the main difference between SMAP and BNO?

SMAP is categorized as Small Cap Blend Equities, while BNO is Oil & Gas. They also come from different issuers: Amplify and USCF Investments. Their fees differ too: 0.60% for SMAP and 1.00% for BNO.