TAX vs. BNO

Last updated Jun 4, 2026

TAX (Cambria Tax Aware ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TAX is a Large Cap Value Equities fund actively managed by Cambria, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. TAX is actively managed, while BNO is passively managed. Over the past year, TAX returned 23.75% vs 91.89% for BNO. At a correlation of -0.12, they often move in opposite directions. TAX charges 0.49%/yr vs 0.90%/yr for BNO.

Performance

TAX vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Tax Aware ETF (TAX) 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, TAX achieves a 8.40% return, which is significantly lower than BNO's 90.47% return.

TAX

• 1D: -0.47%
• 1M: 4.58%
• YTD: 8.40%
• 6M: 8.40%
• 1Y: 23.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: 1.99%
• 1M: -10.29%
• YTD: 90.47%
• 6M: 86.00%
• 1Y: 91.89%
• 3Y*: 27.93%
• 5Y*: 24.16%
• 10Y*: 13.60%

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

TAX vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAX Cambria Tax Aware ETF	8.40%	16.72%	0.25%
BNO United States Brent Oil Fund LP	90.47%	-5.44%	2.57%

Correlation

The correlation between TAX and BNO is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	-0.12

The correlation between TAX and BNO shifts across timeframes, from -0.29 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TAX vs. BNO — Risk / Return Rank

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

TAX

TAX Risk / Return Rank: 45
TAX Sharpe Ratio Rank: 44
TAX Sortino Ratio Rank: 45
TAX Omega Ratio Rank: 41
TAX Calmar Ratio Rank: 45
TAX Martin Ratio Rank: 50

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

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.

TAX vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tax Aware ETF (TAX) 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.

	TAX	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.23	-0.71
Sortino ratio: Return per unit of downside risk	2.23	2.73	-0.49
Omega ratio: Gain probability vs. loss probability	1.27	1.38	-0.11
Calmar ratio: Return relative to maximum drawdown	2.18	5.17	-2.99
Martin ratio: Return relative to average drawdown	8.34	9.76	-1.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAX vs. BNO - Sharpe Ratio Comparison

The current TAX Sharpe Ratio is 1.52, which is lower than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of TAX 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.

Sharpe Ratios by Period

	TAX	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	2.23	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.14	+0.82

Drawdowns

TAX vs. BNO - Drawdown Comparison

The maximum TAX drawdown since its inception was -18.85%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TAX and BNO.

Drawdown Indicators

	TAX	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-18.85%	-87.06%	+68.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-17.87%	+6.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.75%	—
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	-0.47%	-10.29%	+9.82%
Average Drawdown Average peak-to-trough decline	-3.00%	-40.17%	+37.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	9.45%	-6.59%

Volatility

TAX vs. BNO - Volatility Comparison

The current volatility for Cambria Tax Aware ETF (TAX) is 4.93%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that TAX 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.

Volatility by Period

	TAX	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	14.22%	-9.29%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	36.10%	-23.87%
Volatility (1Y) Calculated over the trailing 1-year period	15.75%	41.46%	-25.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.77%	35.38%	-16.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.77%	36.68%	-17.91%

TAX vs. BNO - Expense Ratio Comparison

TAX has a 0.49% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

TAX vs. BNO - Dividend Comparison

TAX's dividend yield for the trailing twelve months is around 0.32%, 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%
TAX Cambria Tax Aware ETF	0.32%	0.34%	0.23%

Frequently Asked Questions

Can I hold both TAX and BNO in my portfolio?

TAX and BNO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAX or BNO?

BNO has higher volatility (14.22%) compared to TAX (4.93%). In terms of maximum drawdown, TAX dropped -18.85% vs BNO's -87.06%.

Which ETF is better, TAX or BNO?

On 1-year performance, BNO leads with 91.89% vs 23.75% for TAX. On fees, TAX is cheaper at 0.49% per year. On volatility, TAX has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAX or BNO?

Over the 1-year period, BNO has performed better with a 91.89% return vs 23.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAX or BNO?

TAX is cheaper with a 0.49% expense ratio, compared with 0.90% for BNO.

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

TAX has the higher dividend yield at 0.32%, compared with 0.00% for BNO.

What is the main difference between TAX and BNO?

TAX is categorized as Large Cap Value Equities, while BNO is Oil & Gas. They also come from different issuers: Cambria and Concierge Technologies. Their fees differ too: 0.49% for TAX and 0.90% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (2.23 vs 1.52), 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.