UMMA vs. BNO
UMMA (Wahed Dow Jones Islamic World ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - UMMA is a Foreign Large Cap Equities fund tracking the Dow Jones Islamic Market International Titans 100 Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 3 years, UMMA returned 22.81%/yr vs 26.74%/yr for BNO. At a 0.03 correlation, their price movements are largely independent. UMMA charges 0.65%/yr vs 0.90%/yr for BNO.
Performance
UMMA vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, UMMA achieves a 32.32% return, which is significantly lower than BNO's 85.31% return.
UMMA
- 1D
- -0.13%
- 1M
- 12.11%
- YTD
- 32.32%
- 6M
- 35.20%
- 1Y
- 51.77%
- 3Y*
- 22.81%
- 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%
UMMA vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UMMA Wahed Dow Jones Islamic World ETF | 32.32% | 26.65% | 4.67% | 18.84% | -21.62% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 28.78% |
Correlation
The correlation between UMMA and BNO is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jan 10, 2022 | 0.03 |
The correlation between UMMA and BNO shifts across timeframes, from -0.33 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UMMA vs. BNO — Risk / Return Rank
UMMA
BNO
UMMA vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Wahed Dow Jones Islamic World ETF (UMMA) 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.
| UMMA | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.36 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 4.99 | -1.51 |
| Martin ratioReturn relative to average drawdown | 13.60 | 9.39 | +4.21 |
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
| UMMA | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.59 | 2.15 | +0.44 |
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 | 0.58 | 0.14 | +0.44 |
Drawdowns
UMMA vs. BNO - Drawdown Comparison
The maximum UMMA drawdown since its inception was -34.17%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for UMMA and BNO.
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Drawdown Indicators
| UMMA | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.17% | -87.06% | +52.89% |
Max Drawdown (1Y)Largest decline over 1 year | -14.93% | -17.87% | +2.94% |
Max Drawdown (3Y)Largest decline over 3 years | -18.73% | -23.75% | +5.02% |
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 | -0.90% | -12.72% | +11.82% |
Average DrawdownAverage peak-to-trough decline | -9.81% | -40.16% | +30.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.82% | 9.48% | -5.66% |
Volatility
UMMA vs. BNO - Volatility Comparison
The current volatility for Wahed Dow Jones Islamic World ETF (UMMA) is 7.54%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that UMMA 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
| UMMA | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.54% | 14.12% | -6.58% |
Volatility (6M)Calculated over the trailing 6-month period | 17.26% | 36.21% | -18.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.11% | 41.56% | -21.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.55% | 35.40% | -14.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.55% | 36.69% | -16.14% |
UMMA vs. BNO - Expense Ratio Comparison
UMMA has a 0.65% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
UMMA vs. BNO - Dividend Comparison
UMMA's dividend yield for the trailing twelve months is around 0.93%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UMMA Wahed Dow Jones Islamic World ETF | 0.93% | 1.02% | 0.91% | 1.09% | 1.77% |
Frequently Asked Questions
UMMA and BNO have a correlation of -0.33, 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 UMMA (7.54%). In terms of maximum drawdown, UMMA dropped -34.17% vs BNO's -87.06%.
On 3-year performance, BNO leads with 26.74% vs 22.81% for UMMA. On fees, UMMA is cheaper at 0.65% per year. On volatility, UMMA has been the lower-risk option at 7.54%. 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 22.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UMMA is cheaper with a 0.65% expense ratio, compared with 0.90% for BNO.
UMMA has the higher dividend yield at 0.93%, compared with 0.00% for BNO.
UMMA is categorized as Foreign Large Cap Equities, while BNO is Oil & Gas. UMMA tracks Dow Jones Islamic Market International Titans 100 Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Wahed and Concierge Technologies. Their fees differ too: 0.65% for UMMA and 0.90% for BNO.
UMMA currently has the higher Sharpe Ratio (2.59 vs 2.15), 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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