UPAR vs. BNO
UPAR (UPAR Ultra Risk Parity ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - UPAR is a Diversified Portfolio fund tracking the NONE, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 3 years, UPAR returned 10.72%/yr vs 27.93%/yr for BNO. At a 0.06 correlation, their price movements are largely independent. UPAR charges 0.65%/yr vs 0.90%/yr for BNO.
Performance
UPAR vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, UPAR achieves a 9.98% return, which is significantly lower than BNO's 90.47% return.
UPAR
- 1D
- -1.04%
- 1M
- 2.58%
- YTD
- 9.98%
- 6M
- 9.51%
- 1Y
- 28.64%
- 3Y*
- 10.72%
- 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%
UPAR vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UPAR UPAR Ultra Risk Parity ETF | 9.98% | 23.87% | -2.26% | 5.73% | -30.30% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 31.84% |
Correlation
The correlation between UPAR 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 | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2022 | 0.06 |
The correlation between UPAR and BNO shifts across timeframes, from -0.25 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UPAR vs. BNO — Risk / Return Rank
UPAR
BNO
UPAR vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UPAR Ultra Risk Parity ETF (UPAR) 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.
| UPAR | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.38 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 5.17 | -2.59 |
| Martin ratioReturn relative to average drawdown | 8.53 | 9.76 | -1.23 |
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
| UPAR | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.12 | 2.23 | -0.11 |
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 | -0.02 | 0.14 | -0.16 |
Drawdowns
UPAR vs. BNO - Drawdown Comparison
The maximum UPAR drawdown since its inception was -39.00%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for UPAR and BNO.
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Drawdown Indicators
| UPAR | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.00% | -87.06% | +48.06% |
Max Drawdown (1Y)Largest decline over 1 year | -11.13% | -17.87% | +6.74% |
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 | -3.99% | -10.29% | +6.30% |
Average DrawdownAverage peak-to-trough decline | -21.80% | -40.17% | +18.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 9.45% | -6.09% |
Volatility
UPAR vs. BNO - Volatility Comparison
The current volatility for UPAR Ultra Risk Parity ETF (UPAR) is 4.58%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that UPAR 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
| UPAR | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 14.22% | -9.64% |
Volatility (6M)Calculated over the trailing 6-month period | 11.44% | 36.10% | -24.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.60% | 41.46% | -27.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.04% | 35.38% | -17.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 36.68% | -18.64% |
UPAR vs. BNO - Expense Ratio Comparison
UPAR has a 0.65% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
UPAR vs. BNO - Dividend Comparison
UPAR's dividend yield for the trailing twelve months is around 2.63%, 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% |
UPAR UPAR Ultra Risk Parity ETF | 2.63% | 3.28% | 3.32% | 3.04% | 4.73% |
Frequently Asked Questions
UPAR 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 (14.22%) compared to UPAR (4.58%). In terms of maximum drawdown, UPAR dropped -39.00% vs BNO's -87.06%.
On 3-year performance, BNO leads with 27.93% vs 10.72% for UPAR. On fees, UPAR is cheaper at 0.65% per year. On volatility, UPAR has been the lower-risk option at 4.58%. 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 27.93% return vs 10.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPAR is cheaper with a 0.65% expense ratio, compared with 0.90% for BNO.
UPAR has the higher dividend yield at 2.63%, compared with 0.00% for BNO.
UPAR is categorized as Diversified Portfolio, while BNO is Oil & Gas. UPAR tracks NONE, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: RPAR and Concierge Technologies. Their fees differ too: 0.65% for UPAR and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 2.12), 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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