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UMDD vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UMDD vs. BNO

Last updated Jun 5, 2026

UMDD (ProShares UltraPro MidCap400) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - UMDD is a Leveraged Equities fund tracking the S&P MidCap 400 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, UMDD returned 11.80%/yr vs 13.13%/yr for BNO. At a 0.26 correlation, their price movements are largely independent. UMDD charges 0.95%/yr vs 0.90%/yr for BNO.

Performance

UMDD vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro MidCap400 (UMDD) 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, UMDD achieves a 38.92% return, which is significantly lower than BNO's 85.31% return. Over the past 10 years, UMDD has underperformed BNO with an annualized return of 11.80%, while BNO has yielded a comparatively higher 13.13% annualized return.

UMDD

1D
0.96%
1M
7.76%
YTD
38.92%
6M
36.59%
1Y
68.09%
3Y*
27.72%
5Y*
2.53%
10Y*
11.80%

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

UMDD vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UMDD
ProShares UltraPro MidCap400		38.92%-2.57%19.68%27.21%-49.60%72.27%-17.30%78.90%-40.29%49.17%
BNO
United States Brent Oil Fund LP		85.31%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between UMDD and BNO is -0.25, 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

-0.25

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

-0.02

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

0.11

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

0.21

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

0.26

The correlation between UMDD and BNO shifts across timeframes, from -0.25 (1 year) to 0.26 (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 MidCap400

United States Brent Oil Fund LP

Often compared with UMDD:
UMDD vs. MIDUUMDD vs. SMDDUMDD vs. MVVUMDD vs. SAAUMDD vs. TQQQUMDD vs. MDYUMDD vs. UPRO
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. UNL

Return for Risk

UMDD vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UMDD
UMDD Risk / Return Rank: 4646
Overall Rank
UMDD Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
UMDD Sortino Ratio Rank: 4242
Sortino Ratio Rank
UMDD Omega Ratio Rank: 3939
Omega Ratio Rank
UMDD Calmar Ratio Rank: 5454
Calmar Ratio Rank
UMDD Martin Ratio Rank: 5252
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5757
Sortino Ratio Rank
BNO Omega Ratio Rank: 6161
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.

UMDD vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) 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.

UMDDBNODifference
Sharpe ratioReturn per unit of total volatility
1.47
2.15

-0.68

Sortino ratioReturn per unit of downside risk
2.08
2.65

-0.57

Omega ratioGain probability vs. loss probability

1.25

1.36

-0.11

Calmar ratioReturn relative to maximum drawdown

2.63

4.99

-2.36

Martin ratioReturn relative to average drawdown

8.80

9.39

-0.59

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

UMDD vs. BNO - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.47, which is lower than the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of UMDD 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

UMDDBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.47

2.15

-0.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.04

0.67

-0.62

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.36

-0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.14

+0.19

Drawdowns

UMDD vs. BNO - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for UMDD and BNO.

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Drawdown Indicators

UMDDBNODifference

Max Drawdown

Largest peak-to-trough decline

-86.24%

-87.06%

+0.82%

Max Drawdown (1Y)

Largest decline over 1 year

-26.04%

-17.87%

-8.17%

Max Drawdown (3Y)

Largest decline over 3 years

-60.33%

-23.75%

-36.58%

Max Drawdown (5Y)

Largest decline over 5 years

-64.61%

-33.70%

-30.91%

Max Drawdown (10Y)

Largest decline over 10 years

-86.24%

-75.18%

-11.06%

Current Drawdown

Current decline from peak

-4.86%

-12.72%

+7.86%

Average Drawdown

Average peak-to-trough decline

-23.61%

-40.16%

+16.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.76%

9.48%

-1.72%

Volatility

UMDD vs. BNO - Volatility Comparison

The current volatility for ProShares UltraPro MidCap400 (UMDD) is 13.04%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that UMDD 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

UMDDBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

13.04%

14.12%

-1.08%

Volatility (6M)

Calculated over the trailing 6-month period

34.22%

36.21%

-1.99%

Volatility (1Y)

Calculated over the trailing 1-year period

46.65%

41.56%

+5.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.91%

35.40%

+23.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.27%

36.69%

+25.58%

UMDD vs. BNO - Expense Ratio Comparison

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

Dividends

UMDD vs. BNO - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.75%, 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%
UMDD
ProShares UltraPro MidCap400		0.75%1.00%0.76%0.19%0.49%0.06%0.08%0.64%0.32%0.00%0.03%0.06%

Frequently Asked Questions

UMDD and BNO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (14.12%) compared to UMDD (13.04%). In terms of maximum drawdown, UMDD dropped -86.24% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.13% vs 11.80% for UMDD. On fees, BNO is cheaper at 0.90% per year. On volatility, UMDD has been the lower-risk option at 13.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BNO has performed better with a 13.13% return vs 11.80%. 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 UMDD.

UMDD has the higher dividend yield at 0.75%, compared with 0.00% for BNO.

UMDD is categorized as Leveraged Equities, while BNO is Oil & Gas. UMDD tracks S&P MidCap 400 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 UMDD and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.15 vs 1.47), 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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