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SPMD vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMD vs. BNO

Last updated Jun 6, 2026

SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, SPMD returned 11.15%/yr vs 12.62%/yr for BNO. At a 0.25 correlation, their price movements are largely independent. SPMD charges 0.05%/yr vs 0.90%/yr for BNO.

Performance

SPMD vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) 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, SPMD achieves a 12.33% return, which is significantly lower than BNO's 80.79% return. Over the past 10 years, SPMD has underperformed BNO with an annualized return of 11.15%, while BNO has yielded a comparatively higher 12.62% annualized return.

SPMD

1D
-1.94%
1M
-0.89%
YTD
12.33%
6M
11.99%
1Y
23.91%
3Y*
15.12%
5Y*
7.85%
10Y*
11.15%

BNO

1D
-2.44%
1M
-4.35%
YTD
80.79%
6M
73.97%
1Y
82.92%
3Y*
25.89%
5Y*
22.87%
10Y*
12.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMD vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		12.33%7.44%13.91%16.48%-13.13%24.76%13.46%25.19%-10.34%15.12%
BNO
United States Brent Oil Fund LP		80.79%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between SPMD and BNO is -0.24, 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

-0.24

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

-0.01

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

0.12

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

0.20

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

0.25

The correlation between SPMD and BNO shifts across timeframes, from -0.24 (1 year) to 0.25 (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.

SPDR Portfolio S&P 400 Mid Cap ETF

United States Brent Oil Fund LP

Often compared with SPMD:
SPMD vs. MDYSPMD vs. VOSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. IMCBSPMD vs. SWMCX
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. UNL

Return for Risk

SPMD vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPMD
SPMD Risk / Return Rank: 5050
Overall Rank
SPMD Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
SPMD Sortino Ratio Rank: 4747
Sortino Ratio Rank
SPMD Omega Ratio Rank: 4444
Omega Ratio Rank
SPMD Calmar Ratio Rank: 5656
Calmar Ratio Rank
SPMD Martin Ratio Rank: 5858
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6262
Overall Rank
BNO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5454
Sortino Ratio Rank
BNO Omega Ratio Rank: 5757
Omega Ratio Rank
BNO Calmar Ratio Rank: 8686
Calmar Ratio Rank
BNO Martin Ratio Rank: 5353
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.

SPMD vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) 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.

SPMDBNODifference
Sharpe ratioReturn per unit of total volatility
1.53
2.00

-0.47

Sortino ratioReturn per unit of downside risk
2.24
2.53

-0.29

Omega ratioGain probability vs. loss probability

1.27

1.34

-0.07

Calmar ratioReturn relative to maximum drawdown

2.71

4.66

-1.95

Martin ratioReturn relative to average drawdown

9.94

8.73

+1.21

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

SPMD vs. BNO - Sharpe Ratio Comparison

The current SPMD Sharpe Ratio is 1.53, which is comparable to the BNO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of SPMD 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

SPMDBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.53

2.00

-0.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.40

0.65

-0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.35

+0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.13

+0.32

Drawdowns

SPMD vs. BNO - Drawdown Comparison

The maximum SPMD drawdown since its inception was -57.62%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SPMD and BNO.

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Drawdown Indicators

SPMDBNODifference

Max Drawdown

Largest peak-to-trough decline

-57.62%

-87.06%

+29.44%

Max Drawdown (1Y)

Largest decline over 1 year

-8.86%

-17.87%

+9.01%

Max Drawdown (3Y)

Largest decline over 3 years

-24.08%

-23.75%

-0.33%

Max Drawdown (5Y)

Largest decline over 5 years

-24.08%

-33.70%

+9.62%

Max Drawdown (10Y)

Largest decline over 10 years

-41.86%

-75.18%

+33.32%

Current Drawdown

Current decline from peak

-1.94%

-14.85%

+12.91%

Average Drawdown

Average peak-to-trough decline

-8.12%

-40.16%

+32.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.41%

9.53%

-7.12%

Volatility

SPMD vs. BNO - Volatility Comparison

The current volatility for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is 4.35%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.71%. This indicates that SPMD 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

SPMDBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.35%

11.71%

-7.36%

Volatility (6M)

Calculated over the trailing 6-month period

11.53%

36.33%

-24.80%

Volatility (1Y)

Calculated over the trailing 1-year period

15.66%

41.63%

-25.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.71%

35.41%

-15.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.18%

36.69%

-15.51%

SPMD vs. BNO - Expense Ratio Comparison

SPMD has a 0.05% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

SPMD vs. BNO - Dividend Comparison

SPMD's dividend yield for the trailing twelve months is around 1.25%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		1.25%1.39%1.42%1.47%1.64%1.24%1.30%1.57%1.85%1.97%2.13%5.33%

Frequently Asked Questions

SPMD and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (11.71%) compared to SPMD (4.35%). In terms of maximum drawdown, SPMD dropped -57.62% vs BNO's -87.06%.

On 10-year performance, BNO leads with 12.62% vs 11.15% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BNO has performed better with a 12.62% return vs 11.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPMD is cheaper with a 0.05% expense ratio, compared with 0.90% for BNO.

SPMD has the higher dividend yield at 1.25%, compared with 0.00% for BNO.

SPMD is categorized as Mid Cap Blend Equities, while BNO is Oil & Gas. SPMD tracks S&P MidCap 400 Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.05% for SPMD and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.00 vs 1.53), 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.

Portfolio Optimizer

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