SNTH vs. BNO

Last updated Jun 4, 2026

SNTH (MRP SynthEquity ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SNTH is a Equity Hedged fund actively managed by MRP, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. SNTH is actively managed, while BNO is passively managed. Over the past year, SNTH returned 28.52% vs 91.89% for BNO. At a correlation of -0.17, they often move in opposite directions. SNTH charges 0.95%/yr vs 0.90%/yr for BNO.

Performance

SNTH vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MRP SynthEquity ETF (SNTH) 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, SNTH achieves a 10.28% return, which is significantly lower than BNO's 90.47% return.

SNTH

• 1D: -0.70%
• 1M: 5.21%
• YTD: 10.28%
• 6M: 9.02%
• 1Y: 28.52%
• 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%

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

SNTH vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
SNTH MRP SynthEquity ETF	10.28%	23.89%
BNO United States Brent Oil Fund LP	90.47%	-1.68%

Correlation

The correlation between SNTH and BNO is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025	-0.17

The correlation between SNTH and BNO shifts across timeframes, from -0.29 (1 year) to -0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SNTH vs. BNO — Risk / Return Rank

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

SNTH

SNTH Risk / Return Rank: 67
SNTH Sharpe Ratio Rank: 71
SNTH Sortino Ratio Rank: 71
SNTH Omega Ratio Rank: 66
SNTH Calmar Ratio Rank: 65
SNTH Martin Ratio Rank: 62

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

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.

SNTH vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MRP SynthEquity ETF (SNTH) 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.

	SNTH	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.23	+0.08
Sortino ratio: Return per unit of downside risk	3.18	2.73	+0.45
Omega ratio: Gain probability vs. loss probability	1.39	1.38	+0.01
Calmar ratio: Return relative to maximum drawdown	3.18	5.17	-1.98
Martin ratio: Return relative to average drawdown	11.05	9.76	+1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SNTH vs. BNO - Sharpe Ratio Comparison

The current SNTH Sharpe Ratio is 2.30, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of SNTH 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

	SNTH	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.23	+0.08
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	1.87	0.14	+1.73

Drawdowns

SNTH vs. BNO - Drawdown Comparison

The maximum SNTH drawdown since its inception was -9.79%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SNTH and BNO.

Drawdown Indicators

	SNTH	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-9.79%	-87.06%	+77.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-17.87%	+8.88%
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 Drawdown Current decline from peak	-0.70%	-10.29%	+9.59%
Average Drawdown Average peak-to-trough decline	-1.96%	-40.17%	+38.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	9.45%	-6.86%

Volatility

SNTH vs. BNO - Volatility Comparison

The current volatility for MRP SynthEquity ETF (SNTH) is 3.19%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that SNTH 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

	SNTH	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	14.22%	-11.03%
Volatility (6M) Calculated over the trailing 6-month period	8.41%	36.10%	-27.69%
Volatility (1Y) Calculated over the trailing 1-year period	12.47%	41.46%	-28.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.54%	35.38%	-19.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.54%	36.68%	-21.14%

SNTH vs. BNO - Expense Ratio Comparison

SNTH has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

SNTH vs. BNO - Dividend Comparison

SNTH's dividend yield for the trailing twelve months is around 10.91%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
SNTH MRP SynthEquity ETF	10.91%	11.55%

Frequently Asked Questions

Can I hold both SNTH and BNO in my portfolio?

SNTH and BNO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SNTH or BNO?

BNO has higher volatility (14.22%) compared to SNTH (3.19%). In terms of maximum drawdown, SNTH dropped -9.79% vs BNO's -87.06%.

Which ETF is better, SNTH or BNO?

On 1-year performance, BNO leads with 91.89% vs 28.52% for SNTH. On fees, BNO is cheaper at 0.90% per year. On volatility, SNTH has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SNTH or BNO?

Over the 1-year period, BNO has performed better with a 91.89% return vs 28.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SNTH or BNO?

BNO is cheaper with a 0.90% expense ratio, compared with 0.95% for SNTH.

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

SNTH has the higher dividend yield at 10.91%, compared with 0.00% for BNO.

What is the main difference between SNTH and BNO?

SNTH is categorized as Equity Hedged, while BNO is Oil & Gas. They also come from different issuers: MRP and Concierge Technologies. Their fees differ too: 0.95% for SNTH and 0.90% for BNO.

Which has better risk-adjusted returns?

SNTH currently has the higher Sharpe Ratio (2.30 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.