SMH vs. BNO
SMH (VanEck Semiconductor ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, SMH returned 37.68%/yr vs 13.60%/yr for BNO. At a 0.17 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 0.90%/yr for BNO.
Performance
SMH vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, SMH achieves a 77.13% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, SMH has outperformed BNO with an annualized return of 37.68%, while BNO has yielded a comparatively lower 13.60% annualized return.
SMH
- 1D
- 0.90%
- 1M
- 25.87%
- YTD
- 77.13%
- 6M
- 75.61%
- 1Y
- 157.20%
- 3Y*
- 64.17%
- 5Y*
- 39.21%
- 10Y*
- 37.68%
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
SMH vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 77.13% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between SMH and BNO is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.18 |
The correlation between SMH and BNO shifts across timeframes, from -0.22 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMH vs. BNO — Risk / Return Rank
SMH
BNO
SMH vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) 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.
| SMH | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.96 | ||
| Sortino ratioReturn per unit of downside risk | +2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.38 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 10.59 | 5.17 | +5.42 |
| Martin ratioReturn relative to average drawdown | 40.63 | 9.76 | +30.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMH | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.19 | 2.23 | +2.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.13 | 0.69 | +0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.16 | 0.37 | +0.79 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.14 | +0.20 |
Drawdowns
SMH vs. BNO - Drawdown Comparison
The maximum SMH drawdown since its inception was -84.96%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SMH and BNO.
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Drawdown Indicators
| SMH | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.96% | -87.06% | +2.10% |
Max Drawdown (1Y)Largest decline over 1 year | -14.93% | -17.87% | +2.94% |
Max Drawdown (3Y)Largest decline over 3 years | -35.74% | -23.75% | -11.99% |
Max Drawdown (5Y)Largest decline over 5 years | -45.30% | -33.70% | -11.60% |
Max Drawdown (10Y)Largest decline over 10 years | -45.30% | -75.18% | +29.88% |
Current DrawdownCurrent decline from peak | 0.00% | -10.29% | +10.29% |
Average DrawdownAverage peak-to-trough decline | -41.09% | -40.17% | -0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 9.45% | -5.56% |
Volatility
SMH vs. BNO - Volatility Comparison
The current volatility for VanEck Semiconductor ETF (SMH) is 11.47%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that SMH 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.
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Volatility by Period
| SMH | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.47% | 14.22% | -2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 24.29% | 36.10% | -11.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.56% | 41.46% | -10.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.01% | 35.38% | -0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.57% | 36.68% | -4.11% |
SMH vs. BNO - Expense Ratio Comparison
SMH has a 0.35% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
SMH vs. BNO - Dividend Comparison
SMH's dividend yield for the trailing twelve months is around 0.17%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMH VanEck Semiconductor ETF | 0.17% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
SMH and BNO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to SMH (11.47%). In terms of maximum drawdown, SMH dropped -84.96% vs BNO's -87.06%.
On 10-year performance, SMH leads with 37.68% vs 13.60% for BNO. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 11.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMH has performed better with a 37.68% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 0.90% for BNO.
SMH has the higher dividend yield at 0.17%, compared with 0.00% for BNO.
SMH is categorized as Semiconductors, while BNO is Oil & Gas. SMH tracks MVIS US Listed Semiconductor 25 Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: VanEck and Concierge Technologies. Their fees differ too: 0.35% for SMH and 0.90% for BNO.
SMH currently has the higher Sharpe Ratio (5.19 vs 2.23), 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.
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