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SOXL vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SOXL vs. BNO

Last updated Jun 5, 2026

SOXL (Direxion Daily Semiconductor Bull 3X ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, SOXL returned 64.43%/yr vs 13.13%/yr for BNO. At a 0.18 correlation, their price movements are largely independent. SOXL charges 0.75%/yr vs 0.90%/yr for BNO.

Performance

SOXL vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductor Bull 3X ETF (SOXL) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SOXL achieves a 525.03% return, which is significantly higher than BNO's 85.31% return. Over the past 10 years, SOXL has outperformed BNO with an annualized return of 64.43%, while BNO has yielded a comparatively lower 13.13% annualized return.

SOXL

1D
-6.36%
1M
82.23%
YTD
525.03%
6M
481.71%
1Y
1,280.87%
3Y*
133.82%
5Y*
46.78%
10Y*
64.43%

BNO

1D
-2.71%
1M
-9.80%
YTD
85.31%
6M
79.66%
1Y
88.71%
3Y*
26.74%
5Y*
23.48%
10Y*
13.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SOXL vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SOXL
Direxion Daily Semiconductor Bull 3X ETF		525.03%54.91%-12.31%226.98%-85.66%118.84%70.04%231.83%-39.07%141.71%
BNO
United States Brent Oil Fund LP		85.31%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between SOXL and BNO is -0.18, 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

-0.18

Correlation (3Y)
Calculated over the trailing 3-year period

-0.02

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (10Y)
Calculated over the trailing 10-year period

0.13

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.18

The correlation between SOXL and BNO shifts across timeframes, from -0.18 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Semiconductor Bull 3X ETF

United States Brent Oil Fund LP

Often compared with SOXL:
SOXL vs. TQQQSOXL vs. SOXXSOXL vs. SOXSSOXL vs. USDSOXL vs. TECLSOXL vs. NVDLSOXL vs. SPY
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

SOXL vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SOXL
SOXL Risk / Return Rank: 9797
Overall Rank
SOXL Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
SOXL Sortino Ratio Rank: 9595
Sortino Ratio Rank
SOXL Omega Ratio Rank: 9494
Omega Ratio Rank
SOXL Calmar Ratio Rank: 9999
Calmar Ratio Rank
SOXL Martin Ratio Rank: 9999
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5757
Sortino Ratio Rank
BNO Omega Ratio Rank: 6161
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

SOXL vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bull 3X ETF (SOXL) 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.

SOXLBNODifference
Sharpe ratioReturn per unit of total volatility
12.69
2.15

+10.54

Sortino ratioReturn per unit of downside risk
4.98
2.65

+2.32

Omega ratioGain probability vs. loss probability

1.69

1.36

+0.32

Calmar ratioReturn relative to maximum drawdown

29.80

4.99

+24.81

Martin ratioReturn relative to average drawdown

102.14

9.39

+92.75

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOXL vs. BNO - Sharpe Ratio Comparison

The current SOXL Sharpe Ratio is 12.69, which is higher than the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of SOXL 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.

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Sharpe Ratios by Period

SOXLBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

12.69

2.15

+10.54

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.44

0.67

-0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

0.36

+0.29

Sharpe Ratio (All Time)

Calculated using the full available price history

0.51

0.14

+0.37

Drawdowns

SOXL vs. BNO - Drawdown Comparison

The maximum SOXL drawdown since its inception was -90.46%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SOXL and BNO.

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Drawdown Indicators

SOXLBNODifference

Max Drawdown

Largest peak-to-trough decline

-90.46%

-87.06%

-3.40%

Max Drawdown (1Y)

Largest decline over 1 year

-43.47%

-17.87%

-25.60%

Max Drawdown (3Y)

Largest decline over 3 years

-87.88%

-23.75%

-64.13%

Max Drawdown (5Y)

Largest decline over 5 years

-90.46%

-33.70%

-56.76%

Max Drawdown (10Y)

Largest decline over 10 years

-90.46%

-75.18%

-15.28%

Current Drawdown

Current decline from peak

-6.36%

-12.72%

+6.36%

Average Drawdown

Average peak-to-trough decline

-35.01%

-40.16%

+5.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.66%

9.48%

+3.18%

Volatility

SOXL vs. BNO - Volatility Comparison

Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a higher volatility of 41.05% compared to United States Brent Oil Fund LP (BNO) at 14.12%. This indicates that SOXL's price experiences larger fluctuations and is considered to be riskier 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

SOXLBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

41.05%

14.12%

+26.93%

Volatility (6M)

Calculated over the trailing 6-month period

81.57%

36.21%

+45.36%

Volatility (1Y)

Calculated over the trailing 1-year period

102.16%

41.56%

+60.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

107.25%

35.40%

+71.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

99.05%

36.69%

+62.36%

SOXL vs. BNO - Expense Ratio Comparison

SOXL has a 0.75% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

SOXL vs. BNO - Dividend Comparison

SOXL's dividend yield for the trailing twelve months is around 0.03%, while BNO has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
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%
SOXL
Direxion Daily Semiconductor Bull 3X ETF		0.03%0.34%1.18%0.51%1.07%0.04%0.05%0.38%1.30%0.09%4.84%

Frequently Asked Questions

SOXL and BNO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SOXL has higher volatility (41.05%) compared to BNO (14.12%). In terms of maximum drawdown, SOXL dropped -90.46% vs BNO's -87.06%.

On 10-year performance, SOXL leads with 64.43% vs 13.13% for BNO. On fees, SOXL is cheaper at 0.75% per year. On volatility, BNO has been the lower-risk option at 14.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SOXL has performed better with a 64.43% return vs 13.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SOXL is cheaper with a 0.75% expense ratio, compared with 0.90% for BNO.

SOXL has the higher dividend yield at 0.03%, compared with 0.00% for BNO.

SOXL is categorized as Leveraged Equities, while BNO is Oil & Gas. SOXL tracks ICE Semiconductor Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 0.75% for SOXL and 0.90% for BNO.

SOXL currently has the higher Sharpe Ratio (12.69 vs 2.15), 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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