SSFI vs. BNO
SSFI (Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SSFI is a Nontraditional Bonds fund actively managed by Day Hagan, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. SSFI is actively managed, while BNO is passively managed. Over the past 3 years, SSFI returned 3.18%/yr vs 19.32%/yr for BNO. At a correlation of -0.13, they often move in opposite directions. SSFI charges 0.81%/yr vs 1.00%/yr for BNO.
Performance
SSFI vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, SSFI achieves a 0.53% return, which is significantly lower than BNO's 50.21% return.
SSFI
- 1D
- 0.04%
- 1M
- 0.89%
- YTD
- 0.53%
- 6M
- 0.58%
- 1Y
- 3.79%
- 3Y*
- 3.18%
- 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%
SSFI vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SSFI Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF | 0.53% | 6.62% | 1.10% | 4.26% | -12.82% | 0.51% |
BNO United States Brent Oil Fund LP | 50.21% | -5.44% | 9.67% | -3.43% | 35.25% | 1.95% |
Correlation
The correlation between SSFI and BNO is -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021 | -0.13 |
Over the past year, the inverse relationship between SSFI and BNO has strengthened: their correlation has moved from -0.13 to -0.41, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SSFI vs. BNO — Risk / Return Rank
SSFI
BNO
SSFI vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF (SSFI) 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.
| SSFI | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.19 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 1.33 | +0.11 |
| Martin ratioReturn relative to average drawdown | 4.41 | 4.21 | +0.21 |
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Drawdowns
SSFI vs. BNO - Drawdown Comparison
The maximum SSFI drawdown since its inception was -16.07%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SSFI and BNO.
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Drawdown Indicators
| SSFI | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.07% | -87.06% | +70.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.64% | -29.25% | +26.61% |
Max Drawdown (3Y)Largest decline over 3 years | -6.72% | -29.25% | +22.53% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -1.94% | -29.25% | +27.31% |
Average DrawdownAverage peak-to-trough decline | -7.51% | -40.10% | +32.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 9.28% | -8.42% |
Volatility
SSFI vs. BNO - Volatility Comparison
The current volatility for Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF (SSFI) is 1.20%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that SSFI 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
| SSFI | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 10.92% | -9.72% |
Volatility (6M)Calculated over the trailing 6-month period | 2.88% | 37.29% | -34.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.96% | 41.67% | -37.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.75% | 35.65% | -29.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.75% | 36.68% | -30.93% |
SSFI vs. BNO - Expense Ratio Comparison
SSFI has a 0.81% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
SSFI vs. BNO - Dividend Comparison
SSFI's dividend yield for the trailing twelve months is around 3.36%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SSFI Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF | 3.36% | 3.51% | 3.64% | 3.97% | 1.87% | 0.71% |
Frequently Asked Questions
SSFI and BNO have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (10.92%) compared to SSFI (1.20%). In terms of maximum drawdown, SSFI dropped -16.07% vs BNO's -87.06%.
On 3-year performance, BNO leads with 19.32% vs 3.18% for SSFI. On fees, SSFI is cheaper at 0.81% per year. On volatility, SSFI has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 19.32% return vs 3.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSFI is cheaper with a 0.81% expense ratio, compared with 1.00% for BNO.
SSFI has the higher dividend yield at 3.36%, compared with 0.00% for BNO.
SSFI is categorized as Nontraditional Bonds, while BNO is Oil & Gas. They also come from different issuers: Day Hagan and USCF Investments. Their fees differ too: 0.81% for SSFI and 1.00% for BNO.
SSFI currently has the higher Sharpe Ratio (0.96 vs 0.95), 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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