TARK vs. BNO
TARK (Tradr 2X Long Innovation ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TARK is a Leveraged Equities fund actively managed by AXS, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. TARK is actively managed, while BNO is passively managed. Over the past 3 years, TARK returned 1.19%/yr vs 20.31%/yr for BNO. Their 0.01 correlation means their historical movements had little consistent relationship. TARK charges 1.15%/yr vs 1.00%/yr for BNO.
Performance
TARK vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, TARK achieves a -24.46% return, which is significantly lower than BNO's 77.90% return.
TARK
- 1D
- -4.73%
- 1M
- -24.19%
- 6M
- -18.59%
- YTD
- -24.46%
- 1Y
- -18.26%
- 3Y*
- 1.19%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -9.86%
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 | |
| $604.81K | $641.97K | $710.94K |
TARK vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TARK Tradr 2X Long Innovation ETF | -24.46% | 41.00% | -4.85% | 121.37% | -71.31% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | -7.43% |
Correlation
The correlation between TARK and BNO is -0.22, 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. | -0.22 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (All Time) Calculated using the full available price history since May 2, 2022 | 0.01 |
The correlation between TARK and BNO shifts across timeframes, from -0.22 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TARK vs. BNO — Risk / Return Rank
TARK
BNO
TARK vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long Innovation ETF (TARK) 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.
| TARK | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -2.03 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.24 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 1.70 | -2.19 |
| Martin ratioReturn relative to average drawdown | -0.84 | 5.15 | -5.99 |
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Drawdowns
TARK vs. BNO - Drawdown Comparison
The maximum TARK drawdown since its inception was -77.82%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TARK and BNO.
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Drawdown Indicators
| TARK | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.82% | -87.06% | +9.24% |
Max Drawdown (1Y)Largest decline over 1 year | -57.57% | -34.46% | -23.11% |
Max Drawdown (3Y)Largest decline over 3 years | -65.55% | -34.46% | -31.09% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -50.30% | -16.21% | -34.09% |
Average DrawdownAverage peak-to-trough decline | -50.55% | -39.99% | -10.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.47% | 11.86% | +21.61% |
Volatility
TARK vs. BNO - Volatility Comparison
Tradr 2X Long Innovation ETF (TARK) has a higher volatility of 20.33% compared to United States Brent Oil Fund LP (BNO) at 17.47%. This indicates that TARK'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
| TARK | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.33% | 17.47% | +2.86% |
Volatility (6M)Calculated over the trailing 6-month period | 55.18% | 40.96% | +14.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 72.66% | 44.54% | +28.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 90.17% | 36.41% | +53.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 90.17% | 36.98% | +53.19% |
TARK vs. BNO - Expense Ratio Comparison
TARK has a 1.15% expense ratio, which is higher than BNO's 1.00% expense ratio.
Dividends
TARK vs. BNO - Dividend Comparison
TARK's dividend yield for the trailing twelve months is around 39.71%, 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% |
TARK Tradr 2X Long Innovation ETF | 39.71% | 30.00% | 0.59% |
Frequently Asked Questions
TARK and BNO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TARK has higher volatility (20.33%) compared to BNO (17.47%). In terms of maximum drawdown, TARK dropped -77.82% vs BNO's -87.06%.
On 3-year performance, BNO leads with 20.31% vs 1.19% for TARK. On fees, BNO is cheaper at 1.00% per year. On volatility, BNO has been the lower-risk option at 17.47%. 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 20.31% return vs 1.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 1.00% expense ratio, compared with 1.15% for TARK.
TARK has the higher dividend yield at 39.71%, compared with 0.00% for BNO.
TARK is categorized as Leveraged Equities, while BNO is Oil & Gas. They also come from different issuers: AXS and USCF. Their fees differ too: 1.15% for TARK and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.39), 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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