THLV vs. BNO
THLV (THOR Equal Weight Low Volatility ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - THLV is a Large Cap Blend Equities fund tracking the THOR Equal Weight Low Volatility Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 3 years, THLV returned 12.88%/yr vs 26.74%/yr for BNO. At a 0.07 correlation, their price movements are largely independent. THLV charges 0.64%/yr vs 0.90%/yr for BNO.
Performance
THLV vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, THLV achieves a 10.12% return, which is significantly lower than BNO's 85.31% return.
THLV
- 1D
- 0.58%
- 1M
- 2.10%
- YTD
- 10.12%
- 6M
- 10.27%
- 1Y
- 19.42%
- 3Y*
- 12.88%
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
THLV vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
THLV THOR Equal Weight Low Volatility ETF | 10.12% | 10.50% | 9.52% | 5.88% | 2.55% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | -4.04% |
Correlation
The correlation between THLV and BNO is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2022 | 0.07 |
The correlation between THLV and BNO shifts across timeframes, from -0.14 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
THLV vs. BNO — Risk / Return Rank
THLV
BNO
THLV vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for THOR Equal Weight Low Volatility ETF (THLV) 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.
| THLV | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.36 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 4.99 | -2.06 |
| Martin ratioReturn relative to average drawdown | 8.89 | 9.39 | -0.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| THLV | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 2.15 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | 0.14 | +0.76 |
Drawdowns
THLV vs. BNO - Drawdown Comparison
The maximum THLV drawdown since its inception was -13.15%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for THLV and BNO.
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Drawdown Indicators
| THLV | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.15% | -87.06% | +73.91% |
Max Drawdown (1Y)Largest decline over 1 year | -6.66% | -17.87% | +11.21% |
Max Drawdown (3Y)Largest decline over 3 years | -13.15% | -23.75% | +10.60% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -1.42% | -12.72% | +11.30% |
Average DrawdownAverage peak-to-trough decline | -3.74% | -40.16% | +36.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.19% | 9.48% | -7.29% |
Volatility
THLV vs. BNO - Volatility Comparison
The current volatility for THOR Equal Weight Low Volatility ETF (THLV) is 3.42%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that THLV 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
| THLV | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 14.12% | -10.70% |
Volatility (6M)Calculated over the trailing 6-month period | 7.49% | 36.21% | -28.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.84% | 41.56% | -31.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.73% | 35.40% | -23.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.73% | 36.69% | -24.96% |
THLV vs. BNO - Expense Ratio Comparison
THLV has a 0.64% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
THLV vs. BNO - Dividend Comparison
THLV'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 |
|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
THLV THOR Equal Weight Low Volatility ETF | 1.61% | 1.77% | 1.25% | 2.72% | 0.62% |
Frequently Asked Questions
THLV and BNO have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to THLV (3.42%). In terms of maximum drawdown, THLV dropped -13.15% vs BNO's -87.06%.
On 3-year performance, BNO leads with 26.74% vs 12.88% for THLV. On fees, THLV is cheaper at 0.64% per year. On volatility, THLV has been the lower-risk option at 3.42%. 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 26.74% return vs 12.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
THLV is cheaper with a 0.64% expense ratio, compared with 0.90% for BNO.
THLV has the higher dividend yield at 1.61%, compared with 0.00% for BNO.
THLV is categorized as Large Cap Blend Equities, while BNO is Oil & Gas. THLV tracks THOR Equal Weight Low Volatility Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: THOR and Concierge Technologies. Their fees differ too: 0.64% for THLV and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs 1.98), 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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