TUSB vs. BNO

Last updated Jun 4, 2026

TUSB (Thrivent Ultra Short Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TUSB is a Ultrashort Bond fund actively managed by Thrivent, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. TUSB is actively managed, while BNO is passively managed. Over the past year, TUSB returned 4.62% vs 91.89% for BNO. At a correlation of -0.05, they often move in opposite directions. TUSB charges 0.20%/yr vs 0.90%/yr for BNO.

Performance

TUSB vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Ultra Short Bond ETF (TUSB) 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, TUSB achieves a 1.78% return, which is significantly lower than BNO's 90.47% return.

TUSB

• 1D: -0.10%
• 1M: 0.44%
• YTD: 1.78%
• 6M: 2.09%
• 1Y: 4.62%
• 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)

TUSB vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
TUSB Thrivent Ultra Short Bond ETF	1.78%	4.14%
BNO United States Brent Oil Fund LP	90.47%	-9.29%

Correlation

The correlation between TUSB and BNO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.05

Return for Risk

TUSB vs. BNO — Risk / Return Rank

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

TUSB

TUSB Risk / Return Rank: 98
TUSB Sharpe Ratio Rank: 98
TUSB Sortino Ratio Rank: 98
TUSB Omega Ratio Rank: 98
TUSB Calmar Ratio Rank: 98
TUSB Martin Ratio Rank: 98

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.

TUSB vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Ultra Short Bond ETF (TUSB) 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.

	TUSB	BNO	Difference
Sharpe ratio: Return per unit of total volatility	5.03	2.23	+2.80
Sortino ratio: Return per unit of downside risk	8.97	2.73	+6.24
Omega ratio: Gain probability vs. loss probability	2.24	1.38	+0.87
Calmar ratio: Return relative to maximum drawdown	18.74	5.17	+13.57
Martin ratio: Return relative to average drawdown	79.65	9.76	+69.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TUSB vs. BNO - Sharpe Ratio Comparison

The current TUSB Sharpe Ratio is 5.03, which is higher than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of TUSB 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

	TUSB	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.03	2.23	+2.80
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	3.73	0.14	+3.59

Drawdowns

TUSB vs. BNO - Drawdown Comparison

The maximum TUSB drawdown since its inception was -0.51%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TUSB and BNO.

Drawdown Indicators

	TUSB	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-0.51%	-87.06%	+86.55%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-17.87%	+17.62%
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	-0.13%	-10.29%	+10.16%
Average Drawdown Average peak-to-trough decline	-0.06%	-40.17%	+40.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	9.45%	-9.39%

Volatility

TUSB vs. BNO - Volatility Comparison

The current volatility for Thrivent Ultra Short Bond ETF (TUSB) is 0.33%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that TUSB 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

	TUSB	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	14.22%	-13.89%
Volatility (6M) Calculated over the trailing 6-month period	0.66%	36.10%	-35.44%
Volatility (1Y) Calculated over the trailing 1-year period	0.92%	41.46%	-40.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.25%	35.38%	-34.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.25%	36.68%	-35.43%

TUSB vs. BNO - Expense Ratio Comparison

TUSB has a 0.20% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

TUSB vs. BNO - Dividend Comparison

TUSB's dividend yield for the trailing twelve months is around 4.26%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
TUSB Thrivent Ultra Short Bond ETF	4.26%	3.62%

Frequently Asked Questions

Can I hold both TUSB and BNO in my portfolio?

TUSB and BNO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TUSB or BNO?

BNO has higher volatility (14.22%) compared to TUSB (0.33%). In terms of maximum drawdown, TUSB dropped -0.51% vs BNO's -87.06%.

Which ETF is better, TUSB or BNO?

On 1-year performance, BNO leads with 91.89% vs 4.62% for TUSB. On fees, TUSB is cheaper at 0.20% per year. On volatility, TUSB has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TUSB or BNO?

Over the 1-year period, BNO has performed better with a 91.89% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUSB or BNO?

TUSB is cheaper with a 0.20% expense ratio, compared with 0.90% for BNO.

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

TUSB has the higher dividend yield at 4.26%, compared with 0.00% for BNO.

What is the main difference between TUSB and BNO?

TUSB is categorized as Ultrashort Bond, while BNO is Oil & Gas. They also come from different issuers: Thrivent and Concierge Technologies. Their fees differ too: 0.20% for TUSB and 0.90% for BNO.

Which has better risk-adjusted returns?

TUSB currently has the higher Sharpe Ratio (5.03 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.