TSMU vs. BNO

Last updated Jun 3, 2026

TSMU (GraniteShares 2x Long TSM Daily ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TSMU is a Leveraged Equities fund actively managed by GraniteShares, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. TSMU is actively managed, while BNO is passively managed. Over the past year, TSMU returned 302.06% vs 89.50% for BNO. At a correlation of -0.04, they often move in opposite directions. TSMU charges 1.50%/yr vs 0.90%/yr for BNO.

Performance

TSMU vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long TSM Daily ETF (TSMU) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TSMU having a 90.07% return and BNO slightly lower at 86.76%.

TSMU

• 1D: 4.32%
• 1M: 22.68%
• YTD: 90.07%
• 6M: 102.38%
• 1Y: 302.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: 0.76%
• 1M: -7.65%
• YTD: 86.76%
• 6M: 83.45%
• 1Y: 89.50%
• 3Y*: 27.10%
• 5Y*: 23.77%
• 10Y*: 13.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TSMU vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMU GraniteShares 2x Long TSM Daily ETF	90.07%	74.83%	3.04%
BNO United States Brent Oil Fund LP	86.76%	-5.44%	4.76%

Correlation

The correlation between TSMU and BNO is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Nov 13, 2024	-0.04

The correlation between TSMU and BNO shifts across timeframes, from -0.19 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSMU vs. BNO — Risk / Return Rank

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

TSMU

TSMU Risk / Return Rank: 89
TSMU Sharpe Ratio Rank: 96
TSMU Sortino Ratio Rank: 84
TSMU Omega Ratio Rank: 76
TSMU Calmar Ratio Rank: 96
TSMU Martin Ratio Rank: 94

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 64
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 89
BNO Martin Ratio Rank: 57

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.

TSMU vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long TSM Daily ETF (TSMU) 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.

	TSMU	BNO	Difference
Sharpe ratio Return per unit of total volatility	4.28	2.17	+2.11
Sortino ratio Return per unit of downside risk	3.83	2.68	+1.15
Omega ratio Gain probability vs. loss probability	1.46	1.37	+0.09
Calmar ratio Return relative to maximum drawdown	8.85	5.39	+3.46
Martin ratio Return relative to average drawdown	28.75	10.23	+18.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSMU vs. BNO - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 4.28, which is higher than the BNO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of TSMU 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

	TSMU	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.28	2.17	+2.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	0.14	+1.39

Drawdowns

TSMU vs. BNO - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TSMU and BNO.

Drawdown Indicators

	TSMU	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-87.06%	+23.33%
Max Drawdown (1Y) Largest decline over 1 year	-35.18%	-17.87%	-17.31%
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	0.00%	-12.04%	+12.04%
Average Drawdown Average peak-to-trough decline	-16.04%	-40.18%	+24.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.83%	9.43%	+1.40%

Volatility

TSMU vs. BNO - Volatility Comparison

GraniteShares 2x Long TSM Daily ETF (TSMU) has a higher volatility of 22.07% compared to United States Brent Oil Fund LP (BNO) at 15.03%. This indicates that TSMU'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.

Volatility by Period

	TSMU	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.07%	15.03%	+7.04%
Volatility (6M) Calculated over the trailing 6-month period	54.04%	36.08%	+17.96%
Volatility (1Y) Calculated over the trailing 1-year period	71.13%	41.56%	+29.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.48%	35.37%	+45.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.48%	36.68%	+43.80%

TSMU vs. BNO - Expense Ratio Comparison

TSMU has a 1.50% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

TSMU vs. BNO - Dividend Comparison

Neither TSMU nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TSMU and BNO in my portfolio?

TSMU and BNO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMU or BNO?

TSMU has higher volatility (22.07%) compared to BNO (15.03%). In terms of maximum drawdown, TSMU dropped -63.73% vs BNO's -87.06%.

Which ETF is better, TSMU or BNO?

On 1-year performance, TSMU leads with 302.06% vs 89.50% for BNO. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 15.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMU or BNO?

Over the 1-year period, TSMU has performed better with a 302.06% return vs 89.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMU or BNO?

BNO is cheaper with a 0.90% expense ratio, compared with 1.50% for TSMU.

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

TSMU and BNO have nearly identical dividend yields, around 0.00%.

What is the main difference between TSMU and BNO?

TSMU is categorized as Leveraged Equities, while BNO is Oil & Gas. They also come from different issuers: GraniteShares and Concierge Technologies. Their fees differ too: 1.50% for TSMU and 0.90% for BNO.

Which has better risk-adjusted returns?

TSMU currently has the higher Sharpe Ratio (4.28 vs 2.17), 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.