SNAV vs. BNO

Last updated Aug 2, 2026

SNAV (Mohr Sector Nav ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SNAV is a Large Cap Blend Equities fund actively managed by Mohr, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. SNAV is actively managed, while BNO is passively managed. Over the past 3 years, SNAV returned 12.65%/yr vs 20.31%/yr for BNO. Their -0.00 correlation means they have often moved in opposite directions in the past. SNAV charges 1.30%/yr vs 1.00%/yr for BNO.

Performance

SNAV vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mohr Sector Nav ETF (SNAV) 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, SNAV achieves a 8.92% return, which is significantly lower than BNO's 77.90% return.

SNAV

• 1D: 0.15%
• 1M: -1.57%
• 6M: 7.11%
• YTD: 8.92%
• 1Y: 17.50%
• 3Y*: 12.65%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.55%

BNO

• 1D: 1.45%
• 1M: 27.00%
• 6M: 52.90%
• YTD: 77.90%
• 1Y: 62.83%
• 3Y*: 20.31%
• 5Y*: 20.89%
• 10Y*: 15.06%
• ALL TIME*: 4.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
SNAV Mohr Sector Nav ETF	$183.13K	$120.87K	$128.55K

SNAV vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SNAV Mohr Sector Nav ETF	8.92%	15.54%	11.11%	12.29%
BNO United States Brent Oil Fund LP	77.90%	-5.44%	9.67%	3.80%

Correlation

The correlation between SNAV and BNO is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.23
Correlation (3Y) Balances recent behavior with more history.	-0.07
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023	-0.00

Over the past year, the inverse relationship between SNAV and BNO has strengthened: their correlation has moved from -0.00 to -0.23, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

SNAV vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SNAV

SNAV Risk / Return Rank: 58
SNAV Sharpe Ratio Rank: 56
SNAV Sortino Ratio Rank: 51
SNAV Omega Ratio Rank: 54
SNAV Calmar Ratio Rank: 68
SNAV Martin Ratio Rank: 61

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SNAV vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mohr Sector Nav ETF (SNAV) 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.

	SNAV	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.32	+0.04
Sortino ratio: Return per unit of downside risk	1.84	1.90	-0.06
Omega ratio: Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	2.41	1.70	+0.71
Martin ratio: Return relative to average drawdown	7.56	5.15	+2.41

SNAV vs. BNO - Sharpe Ratio Comparison

The current SNAV Sharpe Ratio is 1.36, which is comparable to the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of SNAV 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

SNAV vs. BNO - Drawdown Comparison

The maximum SNAV drawdown since its inception was -16.61%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SNAV and BNO.

Drawdown Indicators

	SNAV	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-16.61%	-87.06%	+70.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.45%	-34.46%	+28.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.61%	-34.46%	+17.85%
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	-3.03%	-16.21%	+13.18%
Average Drawdown Average peak-to-trough decline	-2.51%	-39.99%	+37.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	11.86%	-9.80%

Volatility

SNAV vs. BNO - Volatility Comparison

The current volatility for Mohr Sector Nav ETF (SNAV) is 2.87%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that SNAV 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

	SNAV	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	17.47%	-14.60%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	40.96%	-32.66%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	44.54%	-33.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.61%	36.41%	-22.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.61%	36.98%	-23.37%

SNAV vs. BNO - Expense Ratio Comparison

SNAV has a 1.30% expense ratio, which is higher than BNO's 1.00% expense ratio.

Dividends

SNAV vs. BNO - Dividend Comparison

Neither SNAV nor BNO has paid dividends to shareholders.

Position	TTM	2025	2024	2023
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%	0.00%
SNAV Mohr Sector Nav ETF	0.00%	0.00%	0.94%	3.29%

Frequently Asked Questions

Can I hold both SNAV and BNO in my portfolio?

SNAV and BNO have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SNAV or BNO?

BNO has higher volatility (17.47%) compared to SNAV (2.87%). In terms of maximum drawdown, SNAV dropped -16.61% vs BNO's -87.06%.

Which ETF is better, SNAV or BNO?

On 3-year performance, BNO leads with 20.31% vs 12.65% for SNAV. On fees, BNO is cheaper at 1.00% per year. On volatility, SNAV has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SNAV or BNO?

Over the 3-year period, BNO has performed better with a 20.31% return vs 12.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SNAV or BNO?

BNO is cheaper with a 1.00% expense ratio, compared with 1.30% for SNAV.

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

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

What is the main difference between SNAV and BNO?

SNAV is categorized as Large Cap Blend Equities, while BNO is Oil & Gas. They also come from different issuers: Mohr and USCF. Their fees differ too: 1.30% for SNAV and 1.00% for BNO.

Which has better risk-adjusted returns?

SNAV currently has the higher Sharpe Ratio (1.36 vs 1.32), 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.