TAXF vs. BNO
TAXF (American Century Diversified Municipal Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TAXF is a Municipal Bonds fund actively managed by American Century, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. TAXF is actively managed, while BNO is passively managed. Over the past 5 years, TAXF returned 0.68%/yr vs 20.89%/yr for BNO. Their -0.09 correlation means they have often moved in opposite directions in the past. TAXF charges 0.29%/yr vs 1.00%/yr for BNO.
Performance
TAXF vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, TAXF achieves a 0.84% return, which is significantly lower than BNO's 77.90% return.
TAXF
- 1D
- -0.12%
- 1M
- -1.76%
- 6M
- -0.01%
- YTD
- 0.84%
- 1Y
- 5.48%
- 3Y*
- 3.54%
- 5Y*
- 0.68%
- 10Y*
- —
- ALL TIME*
- 2.67%
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 | |
| $2.10M | $2.57M | $2.35M |
TAXF vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TAXF American Century Diversified Municipal Bond ETF | 0.84% | 4.30% | 1.74% | 7.33% | -9.64% | 2.72% | 5.55% | 8.75% | 0.60% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -30.76% |
Correlation
The correlation between TAXF and BNO is -0.28, 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. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2018 | -0.09 |
The correlation between TAXF and BNO shifts across timeframes, from -0.28 (1 year) to -0.08 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TAXF vs. BNO — Risk / Return Rank
TAXF
BNO
TAXF vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Century Diversified Municipal Bond ETF (TAXF) 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.
| TAXF | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.24 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 1.70 | +0.45 |
| Martin ratioReturn relative to average drawdown | 7.30 | 5.15 | +2.15 |
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Drawdowns
TAXF vs. BNO - Drawdown Comparison
The maximum TAXF drawdown since its inception was -13.93%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TAXF and BNO.
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Drawdown Indicators
| TAXF | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.93% | -87.06% | +73.13% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -34.46% | +31.53% |
Max Drawdown (3Y)Largest decline over 3 years | -5.53% | -34.46% | +28.93% |
Max Drawdown (5Y)Largest decline over 5 years | -13.87% | -34.46% | +20.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -1.80% | -16.21% | +14.41% |
Average DrawdownAverage peak-to-trough decline | -3.09% | -39.99% | +36.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 11.86% | -11.00% |
Volatility
TAXF vs. BNO - Volatility Comparison
The current volatility for American Century Diversified Municipal Bond ETF (TAXF) is 1.22%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that TAXF 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
| TAXF | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 17.47% | -16.25% |
Volatility (6M)Calculated over the trailing 6-month period | 2.53% | 40.96% | -38.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 44.54% | -41.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.24% | 36.41% | -32.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.63% | 36.98% | -32.35% |
TAXF vs. BNO - Expense Ratio Comparison
TAXF has a 0.29% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
TAXF vs. BNO - Dividend Comparison
TAXF's dividend yield for the trailing twelve months is around 3.84%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
TAXF American Century Diversified Municipal Bond ETF | 3.51% | 3.68% | 3.38% | 2.93% | 2.05% | 1.58% | 2.13% | 2.64% | 0.69% |
Frequently Asked Questions
TAXF and BNO have a correlation of -0.28, 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 TAXF (1.22%). In terms of maximum drawdown, TAXF dropped -13.93% vs BNO's -87.06%.
On 5-year performance, BNO leads with 20.89% vs 0.68% for TAXF. On fees, TAXF is cheaper at 0.29% per year. On volatility, TAXF has been the lower-risk option at 1.22%. 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 0.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TAXF is cheaper with a 0.29% expense ratio, compared with 1.00% for BNO.
TAXF has the higher dividend yield at 3.51%, compared with 0.00% for BNO.
TAXF is categorized as Municipal Bonds, while BNO is Oil & Gas. They also come from different issuers: American Century and USCF. Their fees differ too: 0.29% for TAXF and 1.00% for BNO.
TAXF currently has the higher Sharpe Ratio (2.01 vs 1.32), 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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