TRIO vs. BNO

Last updated Jun 4, 2026

TRIO (MC Trio Equity Buffered ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TRIO is a Equity Hedged fund actively managed by ETF Architect, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. TRIO is actively managed, while BNO is passively managed. Over the past year, TRIO returned 14.67% vs 91.89% for BNO. At a correlation of -0.14, they often move in opposite directions. TRIO charges 0.70%/yr vs 0.90%/yr for BNO.

Performance

TRIO vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MC Trio Equity Buffered ETF (TRIO) 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, TRIO achieves a 5.46% return, which is significantly lower than BNO's 90.47% return.

TRIO

• 1D: -0.17%
• 1M: 1.73%
• YTD: 5.46%
• 6M: 6.09%
• 1Y: 14.67%
• 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)

TRIO vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
TRIO MC Trio Equity Buffered ETF	5.46%	11.99%
BNO United States Brent Oil Fund LP	90.47%	-1.05%

Correlation

The correlation between TRIO and BNO is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	-0.14

The correlation between TRIO and BNO shifts across timeframes, from -0.32 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TRIO vs. BNO — Risk / Return Rank

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

TRIO

TRIO Risk / Return Rank: 77
TRIO Sharpe Ratio Rank: 75
TRIO Sortino Ratio Rank: 80
TRIO Omega Ratio Rank: 81
TRIO Calmar Ratio Rank: 67
TRIO Martin Ratio Rank: 83

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.

TRIO vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MC Trio Equity Buffered ETF (TRIO) 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.

	TRIO	BNO	Difference
Sharpe ratio Return per unit of total volatility	2.40	2.23	+0.17
Sortino ratio Return per unit of downside risk	3.54	2.73	+0.81
Omega ratio Gain probability vs. loss probability	1.48	1.38	+0.11
Calmar ratio Return relative to maximum drawdown	3.30	5.17	-1.87
Martin ratio Return relative to average drawdown	16.55	9.76	+6.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRIO vs. BNO - Sharpe Ratio Comparison

The current TRIO Sharpe Ratio is 2.40, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of TRIO 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.

Sharpe Ratios by Period

	TRIO	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.23	+0.17
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	1.35	0.14	+1.21

Drawdowns

TRIO vs. BNO - Drawdown Comparison

The maximum TRIO drawdown since its inception was -9.88%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TRIO and BNO.

Drawdown Indicators

	TRIO	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-9.88%	-87.06%	+77.18%
Max Drawdown (1Y) Largest decline over 1 year	-4.47%	-17.87%	+13.40%
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	-0.17%	-10.29%	+10.12%
Average Drawdown Average peak-to-trough decline	-0.79%	-40.17%	+39.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	9.45%	-8.56%

Volatility

TRIO vs. BNO - Volatility Comparison

The current volatility for MC Trio Equity Buffered ETF (TRIO) is 1.01%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that TRIO 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.

Volatility by Period

	TRIO	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	14.22%	-13.21%
Volatility (6M) Calculated over the trailing 6-month period	4.77%	36.10%	-31.33%
Volatility (1Y) Calculated over the trailing 1-year period	6.14%	41.46%	-35.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.71%	35.38%	-24.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.71%	36.68%	-25.97%

TRIO vs. BNO - Expense Ratio Comparison

TRIO has a 0.70% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

TRIO vs. BNO - Dividend Comparison

TRIO's dividend yield for the trailing twelve months is around 8.54%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
TRIO MC Trio Equity Buffered ETF	8.54%	9.01%

Frequently Asked Questions

Can I hold both TRIO and BNO in my portfolio?

TRIO and BNO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRIO or BNO?

BNO has higher volatility (14.22%) compared to TRIO (1.01%). In terms of maximum drawdown, TRIO dropped -9.88% vs BNO's -87.06%.

Which ETF is better, TRIO or BNO?

On 1-year performance, BNO leads with 91.89% vs 14.67% for TRIO. On fees, TRIO is cheaper at 0.70% per year. On volatility, TRIO has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TRIO or BNO?

Over the 1-year period, BNO has performed better with a 91.89% return vs 14.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TRIO or BNO?

TRIO is cheaper with a 0.70% expense ratio, compared with 0.90% for BNO.

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

TRIO has the higher dividend yield at 8.54%, compared with 0.00% for BNO.

What is the main difference between TRIO and BNO?

TRIO is categorized as Equity Hedged, while BNO is Oil & Gas. They also come from different issuers: ETF Architect and Concierge Technologies. Their fees differ too: 0.70% for TRIO and 0.90% for BNO.

Which has better risk-adjusted returns?

TRIO currently has the higher Sharpe Ratio (2.40 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.