TMB vs. BNO

Last updated Jun 4, 2026

TMB (Thornburg Multi Sector Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TMB is a Multisector Bonds fund actively managed by Thornburg, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. TMB is actively managed, while BNO is passively managed. At a correlation of -0.89, they often move in opposite directions. TMB charges 0.55%/yr vs 0.90%/yr for BNO.

Performance

TMB vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Multi Sector Bond ETF (TMB) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TMB

• 1D: -0.23%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

TMB vs. BNO - Yearly Performance Comparison

	2026 (YTD)
TMB Thornburg Multi Sector Bond ETF	0.17%
BNO United States Brent Oil Fund LP	1.58%

Correlation

The correlation between TMB and BNO is -0.89, 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 (All Time) Calculated using the full available price history since May 27, 2026	-0.89

Return for Risk

TMB vs. BNO — Risk / Return Rank

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

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

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.

TMB vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Multi Sector Bond ETF (TMB) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TMB	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.23	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.18	0.14	+3.04

Drawdowns

TMB vs. BNO - Drawdown Comparison

The maximum TMB drawdown since its inception was -0.24%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TMB and BNO.

Drawdown Indicators

	TMB	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-0.24%	-87.06%	+86.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-17.87%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-23.75%	—
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	-0.24%	-10.29%	+10.05%
Average Drawdown Average peak-to-trough decline	-0.06%	-40.17%	+40.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.45%	—

Volatility

Volatility by Period

	TMB	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.52%	41.46%	-38.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.52%	35.38%	-32.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.52%	36.68%	-34.16%

TMB vs. BNO - Expense Ratio Comparison

TMB has a 0.55% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

TMB vs. BNO - Dividend Comparison

TMB's dividend yield for the trailing twelve months is around 0.36%, while BNO has not paid dividends to shareholders.

Position	TTM
BNO United States Brent Oil Fund LP	0.00%
TMB Thornburg Multi Sector Bond ETF	0.36%

Frequently Asked Questions

Can I hold both TMB and BNO in my portfolio?

TMB and BNO have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMB or BNO?

On fees, TMB is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMB or BNO?

TMB is cheaper with a 0.55% expense ratio, compared with 0.90% for BNO.

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

TMB has the higher dividend yield at 0.36%, compared with 0.00% for BNO.

What is the main difference between TMB and BNO?

TMB is categorized as Multisector Bonds, while BNO is Oil & Gas. They also come from different issuers: Thornburg and Concierge Technologies. Their fees differ too: 0.55% for TMB and 0.90% for BNO.