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TQQQ vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TQQQ vs. BNO

Last updated Jun 4, 2026

TQQQ (ProShares UltraPro QQQ) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, TQQQ returned 45.33%/yr vs 13.60%/yr for BNO. At a 0.18 correlation, their price movements are largely independent. TQQQ charges 0.95%/yr vs 0.90%/yr for BNO.

Performance

TQQQ vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TQQQ achieves a 64.46% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, TQQQ has outperformed BNO with an annualized return of 45.33%, while BNO has yielded a comparatively lower 13.60% annualized return.

TQQQ

1D
-0.76%
1M
33.35%
YTD
64.46%
6M
55.93%
1Y
137.89%
3Y*
69.49%
5Y*
28.37%
10Y*
45.33%

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)

TQQQ vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TQQQ
ProShares UltraPro QQQ		64.46%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%
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 TQQQ and BNO is -0.29, 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

-0.29

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

-0.07

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

0.03

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

0.12

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.18

The correlation between TQQQ and BNO shifts across timeframes, from -0.29 (1 year) to 0.18 (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.

ProShares UltraPro QQQ

United States Brent Oil Fund LP

Often compared with TQQQ:
TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. QLDTQQQ vs. SQQQTQQQ vs. SPXLTQQQ vs. UPROTQQQ vs. TECL
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

TQQQ vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TQQQ
TQQQ Risk / Return Rank: 7171
Overall Rank
TQQQ Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 6565
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 6565
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 7373
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 6666
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.

TQQQ vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) 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.

TQQQBNODifference
Sharpe ratioReturn per unit of total volatility
2.92
2.23

+0.69

Sortino ratioReturn per unit of downside risk
3.09
2.73

+0.36

Omega ratioGain probability vs. loss probability

1.40

1.38

+0.03

Calmar ratioReturn relative to maximum drawdown

3.75

5.17

-1.42

Martin ratioReturn relative to average drawdown

12.27

9.76

+2.51

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

TQQQ vs. BNO - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 2.92, which is higher than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of TQQQ 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.

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Sharpe Ratios by Period

TQQQBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.92

2.23

+0.69

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.69

-0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.69

0.37

+0.32

Sharpe Ratio (All Time)

Calculated using the full available price history

0.74

0.14

+0.60

Drawdowns

TQQQ vs. BNO - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TQQQ and BNO.

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Drawdown Indicators

TQQQBNODifference

Max Drawdown

Largest peak-to-trough decline

-81.66%

-87.06%

+5.40%

Max Drawdown (1Y)

Largest decline over 1 year

-36.97%

-17.87%

-19.10%

Max Drawdown (3Y)

Largest decline over 3 years

-58.04%

-23.75%

-34.29%

Max Drawdown (5Y)

Largest decline over 5 years

-81.66%

-33.70%

-47.96%

Max Drawdown (10Y)

Largest decline over 10 years

-81.66%

-75.18%

-6.48%

Current Drawdown

Current decline from peak

-0.76%

-10.29%

+9.53%

Average Drawdown

Average peak-to-trough decline

-18.52%

-40.17%

+21.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.28%

9.45%

+1.83%

Volatility

TQQQ vs. BNO - Volatility Comparison

The current volatility for ProShares UltraPro QQQ (TQQQ) is 13.29%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that TQQQ 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

TQQQBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

13.29%

14.22%

-0.93%

Volatility (6M)

Calculated over the trailing 6-month period

36.04%

36.10%

-0.06%

Volatility (1Y)

Calculated over the trailing 1-year period

47.60%

41.46%

+6.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

66.53%

35.38%

+31.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

65.96%

36.68%

+29.28%

TQQQ vs. BNO - Expense Ratio Comparison

TQQQ has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

TQQQ vs. BNO - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.36%, 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%
TQQQ
ProShares UltraPro QQQ		0.36%0.65%1.27%1.26%0.57%0.00%0.00%0.06%0.11%0.00%0.00%0.01%

Frequently Asked Questions

TQQQ and BNO have a correlation of -0.29, 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 TQQQ (13.29%). In terms of maximum drawdown, TQQQ dropped -81.66% vs BNO's -87.06%.

On 10-year performance, TQQQ leads with 45.33% vs 13.60% for BNO. On fees, BNO is cheaper at 0.90% per year. On volatility, TQQQ has been the lower-risk option at 13.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TQQQ has performed better with a 45.33% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BNO is cheaper with a 0.90% expense ratio, compared with 0.95% for TQQQ.

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

TQQQ is categorized as Leveraged Equities, while BNO is Oil & Gas. TQQQ tracks NASDAQ-100 Index (300%), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for TQQQ and 0.90% for BNO.

TQQQ currently has the higher Sharpe Ratio (2.92 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

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