TSL vs. BNO
TSL (GraniteShares 1.25x Long Tsla Daily ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TSL is a Leveraged Equities fund actively managed by GraniteShares, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. TSL is actively managed, while BNO is passively managed. Over the past 3 years, TSL returned 18.86%/yr vs 26.74%/yr for BNO. At a 0.03 correlation, their price movements are largely independent. TSL charges 1.15%/yr vs 0.90%/yr for BNO.
Performance
TSL vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, TSL achieves a -10.75% return, which is significantly lower than BNO's 85.31% return.
TSL
- 1D
- -1.48%
- 1M
- 8.87%
- YTD
- -10.75%
- 6M
- -12.30%
- 1Y
- 24.18%
- 3Y*
- 18.86%
- 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%
TSL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSL GraniteShares 1.25x Long Tsla Daily ETF | -10.75% | 3.49% | 64.12% | 113.79% | -66.58% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | -6.14% |
Correlation
The correlation between TSL and BNO is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | 0.03 |
The correlation between TSL and BNO shifts across timeframes, from -0.15 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TSL vs. BNO — Risk / Return Rank
TSL
BNO
TSL vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 1.25x Long Tsla Daily ETF (TSL) 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.
| TSL | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.36 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 4.99 | -4.33 |
| Martin ratioReturn relative to average drawdown | 1.49 | 9.39 | -7.90 |
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
| TSL | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.42 | 2.15 | -1.73 |
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 | 0.03 | 0.14 | -0.11 |
Drawdowns
TSL vs. BNO - Drawdown Comparison
The maximum TSL drawdown since its inception was -74.52%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TSL and BNO.
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Drawdown Indicators
| TSL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.52% | -87.06% | +12.54% |
Max Drawdown (1Y)Largest decline over 1 year | -36.98% | -17.87% | -19.11% |
Max Drawdown (3Y)Largest decline over 3 years | -63.30% | -23.75% | -39.55% |
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 | -26.02% | -12.72% | -13.30% |
Average DrawdownAverage peak-to-trough decline | -38.70% | -40.16% | +1.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.33% | 9.48% | +6.85% |
Volatility
TSL vs. BNO - Volatility Comparison
GraniteShares 1.25x Long Tsla Daily ETF (TSL) has a higher volatility of 15.30% compared to United States Brent Oil Fund LP (BNO) at 14.12%. This indicates that TSL's price experiences larger fluctuations and is considered to be riskier 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
| TSL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.30% | 14.12% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 34.15% | 36.21% | -2.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.96% | 41.56% | +16.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.15% | 35.40% | +37.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.15% | 36.69% | +36.46% |
TSL vs. BNO - Expense Ratio Comparison
TSL has a 1.15% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
TSL vs. BNO - Dividend Comparison
Neither TSL nor BNO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
TSL GraniteShares 1.25x Long Tsla Daily ETF | 0.00% | 0.00% | 0.00% | 60.47% |
Frequently Asked Questions
TSL and BNO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSL has higher volatility (15.30%) compared to BNO (14.12%). In terms of maximum drawdown, TSL dropped -74.52% vs BNO's -87.06%.
On 3-year performance, BNO leads with 26.74% vs 18.86% for TSL. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 14.12%. 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 18.86%. 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 1.15% for TSL.
TSL and BNO have nearly identical dividend yields, around 0.00%.
TSL is categorized as Leveraged Equities, while BNO is Oil & Gas. They also come from different issuers: GraniteShares and Concierge Technologies. Their fees differ too: 1.15% for TSL and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs 0.42), 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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