PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
TILT vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TILT vs. BNO

Last updated Jun 4, 2026

TILT (FlexShares Morningstar US Market Factor Tilt Index Fund) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TILT is a Large Cap Blend Equities fund tracking the Morningstar US Market Factor Tilt Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, TILT returned 13.96%/yr vs 13.60%/yr for BNO. At a 0.26 correlation, their price movements are largely independent. TILT charges 0.25%/yr vs 0.90%/yr for BNO.

Performance

TILT vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, TILT achieves a 10.68% return, which is significantly lower than BNO's 90.47% return. Both investments have delivered pretty close results over the past 10 years, with TILT having a 13.96% annualized return and BNO not far behind at 13.60%.

TILT

1D
-0.67%
1M
4.39%
YTD
10.68%
6M
10.81%
1Y
28.46%
3Y*
20.80%
5Y*
11.59%
10Y*
13.96%

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)

TILT vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TILT
FlexShares Morningstar US Market Factor Tilt Index Fund		10.68%16.59%19.88%24.70%-17.25%27.61%16.05%29.01%-8.93%18.33%
BNO
United States Brent Oil Fund LP		90.47%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between TILT and BNO is -0.30, 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

-0.30

Correlation (3Y)
Calculated over the trailing 3-year period

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.11

Correlation (10Y)
Calculated over the trailing 10-year period

0.22

Correlation (All Time)
Calculated using the full available price history since Sep 23, 2011

0.26

The correlation between TILT and BNO shifts across timeframes, from -0.30 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

FlexShares Morningstar US Market Factor Tilt Index Fund

United States Brent Oil Fund LP

Often compared with TILT:
TILT vs. VTITILT vs. VOOTILT vs. SPYTILT vs. FVTILT vs. AVUVTILT vs. SPYVTILT vs. QYLD
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

TILT vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TILT
TILT Risk / Return Rank: 7171
Overall Rank
TILT Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
TILT Sortino Ratio Rank: 7070
Sortino Ratio Rank
TILT Omega Ratio Rank: 7070
Omega Ratio Rank
TILT Calmar Ratio Rank: 6868
Calmar Ratio Rank
TILT Martin Ratio Rank: 7777
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

TILT vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) 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.

TILTBNODifference
Sharpe ratioReturn per unit of total volatility
2.33
2.23

+0.10

Sortino ratioReturn per unit of downside risk
3.22
2.73

+0.50

Omega ratioGain probability vs. loss probability

1.42

1.38

+0.04

Calmar ratioReturn relative to maximum drawdown

3.36

5.17

-1.81

Martin ratioReturn relative to average drawdown

14.71

9.76

+4.95

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TILT vs. BNO - Sharpe Ratio Comparison

The current TILT Sharpe Ratio is 2.33, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of TILT 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.

Loading charts...

Sharpe Ratios by Period

TILTBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.33

2.23

+0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.69

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

0.37

+0.38

Sharpe Ratio (All Time)

Calculated using the full available price history

0.83

0.14

+0.69

Drawdowns

TILT vs. BNO - Drawdown Comparison

The maximum TILT drawdown since its inception was -38.46%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TILT and BNO.

Loading charts...

Drawdown Indicators

TILTBNODifference

Max Drawdown

Largest peak-to-trough decline

-38.46%

-87.06%

+48.60%

Max Drawdown (1Y)

Largest decline over 1 year

-8.51%

-17.87%

+9.36%

Max Drawdown (3Y)

Largest decline over 3 years

-19.85%

-23.75%

+3.90%

Max Drawdown (5Y)

Largest decline over 5 years

-24.12%

-33.70%

+9.58%

Max Drawdown (10Y)

Largest decline over 10 years

-38.46%

-75.18%

+36.72%

Current Drawdown

Current decline from peak

-0.67%

-10.29%

+9.62%

Average Drawdown

Average peak-to-trough decline

-4.23%

-40.17%

+35.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.94%

9.45%

-7.51%

Volatility

TILT vs. BNO - Volatility Comparison

The current volatility for FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) is 3.04%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that TILT 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.

Loading charts...

Volatility by Period

TILTBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.04%

14.22%

-11.18%

Volatility (6M)

Calculated over the trailing 6-month period

8.95%

36.10%

-27.15%

Volatility (1Y)

Calculated over the trailing 1-year period

12.29%

41.46%

-29.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.39%

35.38%

-17.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.75%

36.68%

-17.93%

TILT vs. BNO - Expense Ratio Comparison

TILT has a 0.25% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

TILT vs. BNO - Dividend Comparison

TILT's dividend yield for the trailing twelve months is around 1.07%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
TILT
FlexShares Morningstar US Market Factor Tilt Index Fund		1.07%1.15%1.23%1.44%1.60%1.16%1.49%1.54%1.97%1.55%1.60%1.98%

Frequently Asked Questions

TILT and BNO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (14.22%) compared to TILT (3.04%). In terms of maximum drawdown, TILT dropped -38.46% vs BNO's -87.06%.

On 10-year performance, TILT leads with 13.96% vs 13.60% for BNO. On fees, TILT is cheaper at 0.25% per year. On volatility, TILT has been the lower-risk option at 3.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TILT has performed better with a 13.96% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TILT is cheaper with a 0.25% expense ratio, compared with 0.90% for BNO.

TILT has the higher dividend yield at 1.07%, compared with 0.00% for BNO.

TILT is categorized as Large Cap Blend Equities, while BNO is Oil & Gas. TILT tracks Morningstar US Market Factor Tilt Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: FlexShares and Concierge Technologies. Their fees differ too: 0.25% for TILT and 0.90% for BNO.

TILT currently has the higher Sharpe Ratio (2.33 vs 2.23), 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.

Portfolio Optimizer

Find the right allocation for TILT and BNO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer