SMLL vs. BNO
SMLL (Harbor Active Small Cap ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SMLL is a Small Cap Blend Equities fund actively managed by Harbor, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. SMLL is actively managed, while BNO is passively managed. Over the past year, SMLL returned -1.64% vs 91.89% for BNO. At a correlation of -0.05, they often move in opposite directions. SMLL charges 0.80%/yr vs 0.90%/yr for BNO.
Performance
SMLL vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, SMLL achieves a 1.85% return, which is significantly lower than BNO's 90.47% return.
SMLL
- 1D
- -1.27%
- 1M
- 0.05%
- YTD
- 1.85%
- 6M
- 1.53%
- 1Y
- -1.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
SMLL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMLL Harbor Active Small Cap ETF | 1.85% | -6.31% | 10.75% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | -2.47% |
Correlation
The correlation between SMLL and BNO is -0.20, 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 | -0.20 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2024 | -0.05 |
The correlation between SMLL and BNO shifts across timeframes, from -0.20 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMLL vs. BNO — Risk / Return Rank
SMLL
BNO
SMLL vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harbor Active Small Cap ETF (SMLL) 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.
| SMLL | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -2.74 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.38 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 5.17 | -5.27 |
| Martin ratioReturn relative to average drawdown | -0.22 | 9.76 | -9.98 |
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
| SMLL | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.09 | 2.23 | -2.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.14 | +0.02 |
Drawdowns
SMLL vs. BNO - Drawdown Comparison
The maximum SMLL drawdown since its inception was -23.56%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SMLL and BNO.
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Drawdown Indicators
| SMLL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.56% | -87.06% | +63.50% |
Max Drawdown (1Y)Largest decline over 1 year | -15.53% | -17.87% | +2.34% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -11.47% | -10.29% | -1.18% |
Average DrawdownAverage peak-to-trough decline | -8.71% | -40.17% | +31.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.60% | 9.45% | -1.85% |
Volatility
SMLL vs. BNO - Volatility Comparison
The current volatility for Harbor Active Small Cap ETF (SMLL) is 4.26%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that SMLL 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
| SMLL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.26% | 14.22% | -9.96% |
Volatility (6M)Calculated over the trailing 6-month period | 11.80% | 36.10% | -24.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.46% | 41.46% | -24.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.39% | 35.38% | -14.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.39% | 36.68% | -16.29% |
SMLL vs. BNO - Expense Ratio Comparison
SMLL has a 0.80% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
SMLL vs. BNO - Dividend Comparison
SMLL's dividend yield for the trailing twelve months is around 2.33%, 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% |
SMLL Harbor Active Small Cap ETF | 2.33% | 2.37% | 0.52% |
Frequently Asked Questions
SMLL and BNO have a correlation of -0.20, 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 SMLL (4.26%). In terms of maximum drawdown, SMLL dropped -23.56% vs BNO's -87.06%.
On 1-year performance, BNO leads with 91.89% vs -1.64% for SMLL. On fees, SMLL is cheaper at 0.80% per year. On volatility, SMLL has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNO has performed better with a 91.89% return vs -1.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMLL is cheaper with a 0.80% expense ratio, compared with 0.90% for BNO.
SMLL has the higher dividend yield at 2.33%, compared with 0.00% for BNO.
SMLL is categorized as Small Cap Blend Equities, while BNO is Oil & Gas. They also come from different issuers: Harbor and Concierge Technologies. Their fees differ too: 0.80% for SMLL and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs -0.09), 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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