SMAY vs. BNO

Last updated Jun 6, 2026

SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SMAY is a Defined Outcome fund actively managed by First Trust, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. SMAY is actively managed, while BNO is passively managed. Over the past 3 years, SMAY returned 10.07%/yr vs 25.89%/yr for BNO. At a 0.01 correlation, their price movements are largely independent. Both charge a 0.90% expense ratio.

Performance

SMAY 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 - May (SMAY) 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, SMAY achieves a 5.63% return, which is significantly lower than BNO's 80.79% return.

SMAY

• 1D: -1.69%
• 1M: 1.06%
• YTD: 5.63%
• 6M: 6.31%
• 1Y: 17.21%
• 3Y*: 10.07%
• 5Y*: —
• 10Y*: —

BNO

• 1D: -2.44%
• 1M: -4.35%
• YTD: 80.79%
• 6M: 73.97%
• 1Y: 82.92%
• 3Y*: 25.89%
• 5Y*: 22.87%
• 10Y*: 12.62%

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

SMAY vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	5.63%	4.75%	12.60%	8.94%
BNO United States Brent Oil Fund LP	80.79%	-5.44%	9.67%	6.85%

Correlation

The correlation between SMAY and BNO is -0.24, 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	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since May 23, 2023	0.01

The correlation between SMAY and BNO shifts across timeframes, from -0.24 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMAY vs. BNO — Risk / Return Rank

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

SMAY

SMAY Risk / Return Rank: 85
SMAY Sharpe Ratio Rank: 77
SMAY Sortino Ratio Rank: 81
SMAY Omega Ratio Rank: 81
SMAY Calmar Ratio Rank: 92
SMAY Martin Ratio Rank: 93

BNO

BNO Risk / Return Rank: 62
BNO Sharpe Ratio Rank: 62
BNO Sortino Ratio Rank: 54
BNO Omega Ratio Rank: 57
BNO Calmar Ratio Rank: 86
BNO Martin Ratio Rank: 53

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.

SMAY 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 - May (SMAY) 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.

	SMAY	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.00	+0.30
Sortino ratio: Return per unit of downside risk	3.39	2.53	+0.86
Omega ratio: Gain probability vs. loss probability	1.45	1.34	+0.10
Calmar ratio: Return relative to maximum drawdown	5.76	4.66	+1.09
Martin ratio: Return relative to average drawdown	23.19	8.73	+14.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMAY vs. BNO - Sharpe Ratio Comparison

The current SMAY Sharpe Ratio is 2.30, which is comparable to the BNO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of SMAY 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.

Sharpe Ratios by Period

	SMAY	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.00	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.13	+0.91

Drawdowns

SMAY vs. BNO - Drawdown Comparison

The maximum SMAY drawdown since its inception was -14.44%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SMAY and BNO.

Drawdown Indicators

	SMAY	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-14.44%	-87.06%	+72.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.00%	-17.87%	+14.87%
Max Drawdown (3Y) Largest decline over 3 years	-14.44%	-23.75%	+9.31%
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	-1.69%	-14.85%	+13.16%
Average Drawdown Average peak-to-trough decline	-2.54%	-40.16%	+37.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	9.53%	-8.79%

Volatility

SMAY vs. BNO - Volatility Comparison

The current volatility for FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) is 2.81%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.71%. This indicates that SMAY 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

	SMAY	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	11.71%	-8.90%
Volatility (6M) Calculated over the trailing 6-month period	4.81%	36.33%	-31.52%
Volatility (1Y) Calculated over the trailing 1-year period	7.52%	41.63%	-34.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.22%	35.41%	-25.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.22%	36.69%	-26.47%

SMAY vs. BNO - Expense Ratio Comparison

Both SMAY and BNO have an expense ratio of 0.90%.

Dividends

SMAY vs. BNO - Dividend Comparison

Neither SMAY nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMAY and BNO in my portfolio?

SMAY and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMAY or BNO?

BNO has higher volatility (11.71%) compared to SMAY (2.81%). In terms of maximum drawdown, SMAY dropped -14.44% vs BNO's -87.06%.

Which ETF is better, SMAY or BNO?

On 3-year performance, BNO leads with 25.89% vs 10.07% for SMAY. Both ETFs have the same 0.90% expense ratio. On volatility, SMAY has been the lower-risk option at 2.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMAY or BNO?

Over the 3-year period, BNO has performed better with a 25.89% return vs 10.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAY or BNO?

SMAY and BNO have the same expense ratio: 0.90% per year.

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

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

What is the main difference between SMAY and BNO?

SMAY is categorized as Defined Outcome, while BNO is Oil & Gas. They also come from different issuers: First Trust and Concierge Technologies.

Which has better risk-adjusted returns?

SMAY currently has the higher Sharpe Ratio (2.30 vs 2.00), 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.