SXQG vs. BNO
SXQG (ETC 6 Meridian Quality Growth ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SXQG is a Quality Factor fund actively managed by Meridian, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. SXQG is actively managed, while BNO is passively managed. Over the past 5 years, SXQG returned 4.34%/yr vs 20.89%/yr for BNO. Their 0.02 correlation means their historical movements had little consistent relationship. Both charge a 1.00% expense ratio.
Performance
SXQG vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, SXQG achieves a -2.00% return, which is significantly lower than BNO's 77.90% return.
SXQG
- 1D
- 0.16%
- 1M
- -0.29%
- 6M
- 0.16%
- YTD
- -2.00%
- 1Y
- 0.85%
- 3Y*
- 9.57%
- 5Y*
- 4.34%
- 10Y*
- —
- ALL TIME*
- 5.71%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $62.10K | $170.59K | $108.05K |
SXQG vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SXQG ETC 6 Meridian Quality Growth ETF | -2.00% | 4.43% | 18.77% | 28.32% | -23.93% | 12.62% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 20.38% |
Correlation
The correlation between SXQG and BNO is -0.27, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.27 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 11, 2021 | 0.02 |
The correlation between SXQG and BNO shifts across timeframes, from -0.27 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SXQG vs. BNO — Risk / Return Rank
SXQG
BNO
SXQG vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETC 6 Meridian Quality Growth ETF (SXQG) 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.
| SXQG | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.24 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 1.70 | -1.73 |
| Martin ratioReturn relative to average drawdown | -0.08 | 5.15 | -5.23 |
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Drawdowns
SXQG vs. BNO - Drawdown Comparison
The maximum SXQG drawdown since its inception was -33.97%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SXQG and BNO.
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Drawdown Indicators
| SXQG | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.97% | -87.06% | +53.09% |
Max Drawdown (1Y)Largest decline over 1 year | -14.03% | -34.46% | +20.43% |
Max Drawdown (3Y)Largest decline over 3 years | -19.53% | -34.46% | +14.93% |
Max Drawdown (5Y)Largest decline over 5 years | -33.97% | -34.46% | +0.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -4.87% | -16.21% | +11.34% |
Average DrawdownAverage peak-to-trough decline | -9.99% | -39.99% | +30.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.49% | 11.86% | -6.37% |
Volatility
SXQG vs. BNO - Volatility Comparison
The current volatility for ETC 6 Meridian Quality Growth ETF (SXQG) is 3.80%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that SXQG 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
| SXQG | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.80% | 17.47% | -13.67% |
Volatility (6M)Calculated over the trailing 6-month period | 10.12% | 40.96% | -30.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.38% | 44.54% | -32.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.08% | 36.41% | -18.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.87% | 36.98% | -19.11% |
SXQG vs. BNO - Expense Ratio Comparison
Both SXQG and BNO have an expense ratio of 1.00%.
Dividends
SXQG vs. BNO - Dividend Comparison
SXQG's dividend yield for the trailing twelve months is around 0.01%, 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% |
SXQG ETC 6 Meridian Quality Growth ETF | 0.01% | 0.15% | 0.00% | 0.02% | 0.09% | 0.00% |
Frequently Asked Questions
SXQG and BNO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to SXQG (3.80%). In terms of maximum drawdown, SXQG dropped -33.97% vs BNO's -87.06%.
On 5-year performance, BNO leads with 20.89% vs 4.34% for SXQG. Both ETFs have the same 1.00% expense ratio. On volatility, SXQG has been the lower-risk option at 3.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 20.89% return vs 4.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SXQG and BNO have the same expense ratio: 1.00% per year.
SXQG has the higher dividend yield at 0.01%, compared with 0.00% for BNO.
SXQG is categorized as Quality Factor, while BNO is Oil & Gas. They also come from different issuers: Meridian and USCF.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.03), 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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