SPAM vs. BNO

Last updated Jun 24, 2026

SPAM (Themes Cybersecurity ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SPAM is a Technology Equities fund tracking the Solactive Cyber Security Index - Benchmark TR Net, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past year, SPAM returned 18.17% vs 38.79% for BNO. At a correlation of -0.04, they often move in opposite directions. SPAM charges 0.35%/yr vs 1.00%/yr for BNO.

Performance

SPAM vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Cybersecurity ETF (SPAM) 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, SPAM achieves a 24.10% return, which is significantly lower than BNO's 50.21% return.

SPAM

• 1D: 0.76%
• 1M: -0.84%
• YTD: 24.10%
• 6M: 20.96%
• 1Y: 18.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -1.35%
• 1M: -22.65%
• YTD: 50.21%
• 6M: 47.81%
• 1Y: 38.79%
• 3Y*: 19.32%
• 5Y*: 17.15%
• 10Y*: 11.25%

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

SPAM vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPAM Themes Cybersecurity ETF	24.10%	4.86%	10.58%	6.74%
BNO United States Brent Oil Fund LP	50.21%	-5.44%	9.67%	3.17%

Correlation

The correlation between SPAM and BNO is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Dec 8, 2023	-0.04

Return for Risk

SPAM vs. BNO — Risk / Return Rank

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

SPAM

SPAM Risk / Return Rank: 19
SPAM Sharpe Ratio Rank: 20
SPAM Sortino Ratio Rank: 20
SPAM Omega Ratio Rank: 20
SPAM Calmar Ratio Rank: 18
SPAM Martin Ratio Rank: 17

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 27
BNO Sortino Ratio Rank: 28
BNO Omega Ratio Rank: 29
BNO Calmar Ratio Rank: 28
BNO Martin Ratio Rank: 31

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.

SPAM vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Cybersecurity ETF (SPAM) 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.

	SPAM	BNO	Difference
Sharpe ratio: Return per unit of total volatility	0.67	0.95	-0.28
Sortino ratio: Return per unit of downside risk	1.07	1.49	-0.43
Omega ratio: Gain probability vs. loss probability	1.13	1.19	-0.06
Calmar ratio: Return relative to maximum drawdown	0.76	1.33	-0.57
Martin ratio: Return relative to average drawdown	1.67	4.21	-2.54

SPAM vs. BNO - Sharpe Ratio Comparison

The current SPAM Sharpe Ratio is 0.67, which is comparable to the BNO Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of SPAM 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

SPAM vs. BNO - Drawdown Comparison

The maximum SPAM drawdown since its inception was -24.02%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SPAM and BNO.

Drawdown Indicators

	SPAM	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-24.02%	-87.06%	+63.04%
Max Drawdown (1Y) Largest decline over 1 year	-24.02%	-29.25%	+5.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.25%	—
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	-10.85%	-29.25%	+18.40%
Average Drawdown Average peak-to-trough decline	-6.58%	-40.10%	+33.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.92%	9.28%	+1.64%

Volatility

SPAM vs. BNO - Volatility Comparison

Themes Cybersecurity ETF (SPAM) has a higher volatility of 12.02% compared to United States Brent Oil Fund LP (BNO) at 10.92%. This indicates that SPAM'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.

Volatility by Period

	SPAM	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.02%	10.92%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	22.85%	37.29%	-14.44%
Volatility (1Y) Calculated over the trailing 1-year period	27.40%	41.67%	-14.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.74%	35.65%	-10.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.74%	36.68%	-11.94%

SPAM vs. BNO - Expense Ratio Comparison

SPAM has a 0.35% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

SPAM vs. BNO - Dividend Comparison

SPAM's dividend yield for the trailing twelve months is around 0.39%, 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%
SPAM Themes Cybersecurity ETF	0.39%	0.49%	0.13%

Frequently Asked Questions

Can I hold both SPAM and BNO in my portfolio?

SPAM and BNO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPAM or BNO?

SPAM has higher volatility (12.02%) compared to BNO (10.92%). In terms of maximum drawdown, SPAM dropped -24.02% vs BNO's -87.06%.

Which ETF is better, SPAM or BNO?

On 1-year performance, BNO leads with 38.79% vs 18.17% for SPAM. On fees, SPAM is cheaper at 0.35% per year. On volatility, BNO has been the lower-risk option at 10.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPAM or BNO?

Over the 1-year period, BNO has performed better with a 38.79% return vs 18.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPAM or BNO?

SPAM is cheaper with a 0.35% expense ratio, compared with 1.00% for BNO.

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

SPAM has the higher dividend yield at 0.39%, compared with 0.00% for BNO.

What is the main difference between SPAM and BNO?

SPAM is categorized as Technology Equities, while BNO is Oil & Gas. SPAM tracks Solactive Cyber Security Index - Benchmark TR Net, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Themes and USCF Investments. Their fees differ too: 0.35% for SPAM and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (0.95 vs 0.67), 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.