TEMT vs. BNO

Last updated Jun 26, 2026

TEMT (Tradr 2X Long TEM Daily ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TEMT is a Leveraged Equities fund actively managed by Tradr, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. TEMT is actively managed, while BNO is passively managed. Over the past year, TEMT returned -60.64% vs 43.47% for BNO. At a correlation of -0.08, they often move in opposite directions. TEMT charges 1.30%/yr vs 1.00%/yr for BNO.

Performance

TEMT vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long TEM Daily ETF (TEMT) 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, TEMT achieves a -35.84% return, which is significantly lower than BNO's 47.88% return.

TEMT

• 1D: 11.14%
• 1M: 27.18%
• YTD: -35.84%
• 6M: -46.30%
• 1Y: -60.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: 2.80%
• 1M: -21.13%
• YTD: 47.88%
• 6M: 45.90%
• 1Y: 43.47%
• 3Y*: 18.48%
• 5Y*: 16.63%
• 10Y*: 11.27%

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

TEMT vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
TEMT Tradr 2X Long TEM Daily ETF	-35.84%	-49.34%
BNO United States Brent Oil Fund LP	47.88%	3.06%

Correlation

The correlation between TEMT and BNO is -0.12, 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	-0.12
Correlation (All Time) Calculated using the full available price history since May 13, 2025	-0.08

Return for Risk

TEMT vs. BNO — Risk / Return Rank

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

TEMT

TEMT Risk / Return Rank: 6
TEMT Sharpe Ratio Rank: 6
TEMT Sortino Ratio Rank: 7
TEMT Omega Ratio Rank: 7
TEMT Calmar Ratio Rank: 4
TEMT Martin Ratio Rank: 5

BNO

BNO Risk / Return Rank: 33
BNO Sharpe Ratio Rank: 33
BNO Sortino Ratio Rank: 33
BNO Omega Ratio Rank: 34
BNO Calmar Ratio Rank: 30
BNO Martin Ratio Rank: 33

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.

TEMT vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long TEM Daily ETF (TEMT) 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.

	TEMT	BNO	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	1.07	-1.53
Sortino ratio: Return per unit of downside risk	-0.12	1.62	-1.73
Omega ratio: Gain probability vs. loss probability	0.99	1.21	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.70	1.35	-2.05
Martin ratio: Return relative to average drawdown	-1.01	4.51	-5.52

TEMT vs. BNO - Sharpe Ratio Comparison

The current TEMT Sharpe Ratio is -0.47, which is lower than the BNO Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of TEMT 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.

Drawdowns

TEMT vs. BNO - Drawdown Comparison

The maximum TEMT drawdown since its inception was -87.10%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TEMT and BNO.

Drawdown Indicators

	TEMT	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-87.10%	-87.06%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-87.10%	-32.25%	-54.85%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.25%	—
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	-81.24%	-30.35%	-50.89%
Average Drawdown Average peak-to-trough decline	-50.59%	-40.09%	-10.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.18%	9.66%	+50.52%

Volatility

TEMT vs. BNO - Volatility Comparison

Tradr 2X Long TEM Daily ETF (TEMT) has a higher volatility of 51.87% compared to United States Brent Oil Fund LP (BNO) at 11.84%. This indicates that TEMT'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.

Volatility by Period

	TEMT	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	51.87%	11.84%	+40.03%
Volatility (6M) Calculated over the trailing 6-month period	94.08%	37.59%	+56.49%
Volatility (1Y) Calculated over the trailing 1-year period	130.25%	41.00%	+89.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	137.06%	35.72%	+101.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	137.06%	36.70%	+100.36%

TEMT vs. BNO - Expense Ratio Comparison

TEMT has a 1.30% expense ratio, which is higher than BNO's 1.00% expense ratio.

Dividends

TEMT vs. BNO - Dividend Comparison

TEMT's dividend yield for the trailing twelve months is around 52.37%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
TEMT Tradr 2X Long TEM Daily ETF	52.37%	33.60%

Frequently Asked Questions

Can I hold both TEMT and BNO in my portfolio?

TEMT and BNO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEMT or BNO?

TEMT has higher volatility (51.87%) compared to BNO (11.84%). In terms of maximum drawdown, TEMT dropped -87.10% vs BNO's -87.06%.

Which ETF is better, TEMT or BNO?

On 1-year performance, BNO leads with 43.47% vs -60.64% for TEMT. On fees, BNO is cheaper at 1.00% per year. On volatility, BNO has been the lower-risk option at 11.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TEMT or BNO?

Over the 1-year period, BNO has performed better with a 43.47% return vs -60.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TEMT or BNO?

BNO is cheaper with a 1.00% expense ratio, compared with 1.30% for TEMT.

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

TEMT has the higher dividend yield at 52.37%, compared with 0.00% for BNO.

What is the main difference between TEMT and BNO?

TEMT is categorized as Leveraged Equities, while BNO is Oil & Gas. They also come from different issuers: Tradr and USCF Investments. Their fees differ too: 1.30% for TEMT and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (1.07 vs -0.47), 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.