TDSC vs. BNO
TDSC (Cabana Target Drawdown 10 ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TDSC is a Tactical Allocation fund actively managed by Exchange Traded Concepts, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. TDSC is actively managed, while BNO is passively managed. Over the past 5 years, TDSC returned 2.42%/yr vs 20.89%/yr for BNO. Their 0.09 correlation means their historical movements had little consistent relationship. TDSC charges 0.69%/yr vs 1.00%/yr for BNO.
Performance
TDSC vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, TDSC achieves a 9.77% return, which is significantly lower than BNO's 77.90% return.
TDSC
- 1D
- -0.09%
- 1M
- -0.14%
- 6M
- 6.11%
- YTD
- 9.77%
- 1Y
- 16.85%
- 3Y*
- 9.32%
- 5Y*
- 2.42%
- 10Y*
- —
- ALL TIME*
- 3.70%
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 | |
| $120.89K | $454.17K | $283.51K |
TDSC vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TDSC Cabana Target Drawdown 10 ETF | 9.77% | 6.56% | 7.10% | 7.63% | -19.67% | 14.81% | -0.50% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | 18.93% |
Correlation
The correlation between TDSC and BNO is -0.11, 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. | -0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.04 |
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 17, 2020 | 0.09 |
The correlation between TDSC and BNO shifts across timeframes, from -0.11 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TDSC vs. BNO — Risk / Return Rank
TDSC
BNO
TDSC vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cabana Target Drawdown 10 ETF (TDSC) 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.
| TDSC | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.24 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 1.70 | +1.32 |
| Martin ratioReturn relative to average drawdown | 10.78 | 5.15 | +5.63 |
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Drawdowns
TDSC vs. BNO - Drawdown Comparison
The maximum TDSC drawdown since its inception was -21.51%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TDSC and BNO.
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Drawdown Indicators
| TDSC | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.51% | -87.06% | +65.55% |
Max Drawdown (1Y)Largest decline over 1 year | -5.35% | -34.46% | +29.11% |
Max Drawdown (3Y)Largest decline over 3 years | -14.24% | -34.46% | +20.22% |
Max Drawdown (5Y)Largest decline over 5 years | -21.51% | -34.46% | +12.95% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -1.77% | -16.21% | +14.44% |
Average DrawdownAverage peak-to-trough decline | -9.17% | -39.99% | +30.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.50% | 11.86% | -10.36% |
Volatility
TDSC vs. BNO - Volatility Comparison
The current volatility for Cabana Target Drawdown 10 ETF (TDSC) is 2.16%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that TDSC 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
| TDSC | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.16% | 17.47% | -15.31% |
Volatility (6M)Calculated over the trailing 6-month period | 7.32% | 40.96% | -33.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.36% | 44.54% | -35.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.36% | 36.41% | -26.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.23% | 36.98% | -26.75% |
TDSC vs. BNO - Expense Ratio Comparison
TDSC has a 0.69% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
TDSC vs. BNO - Dividend Comparison
TDSC's dividend yield for the trailing twelve months is around 1.61%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TDSC Cabana Target Drawdown 10 ETF | 1.61% | 2.92% | 2.06% | 2.06% | 1.76% | 1.11% | 0.54% |
Frequently Asked Questions
TDSC and BNO have a correlation of -0.11, 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 TDSC (2.16%). In terms of maximum drawdown, TDSC dropped -21.51% vs BNO's -87.06%.
On 5-year performance, BNO leads with 20.89% vs 2.42% for TDSC. On fees, TDSC is cheaper at 0.69% per year. On volatility, TDSC has been the lower-risk option at 2.16%. 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 2.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TDSC is cheaper with a 0.69% expense ratio, compared with 1.00% for BNO.
TDSC has the higher dividend yield at 1.61%, compared with 0.00% for BNO.
TDSC is categorized as Tactical Allocation, while BNO is Oil & Gas. They also come from different issuers: Exchange Traded Concepts and USCF. Their fees differ too: 0.69% for TDSC and 1.00% for BNO.
TDSC currently has the higher Sharpe Ratio (1.73 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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