VOLT vs. BNO

Last updated Jun 3, 2026

VOLT (Tema Electrification ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - VOLT is a Energy Equities fund actively managed by Tema, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. VOLT is actively managed, while BNO is passively managed. Over the past year, VOLT returned 67.54% vs 89.50% for BNO. At a correlation of -0.06, they often move in opposite directions. VOLT charges 0.75%/yr vs 0.90%/yr for BNO.

Performance

VOLT vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Electrification ETF (VOLT) 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, VOLT achieves a 37.01% return, which is significantly lower than BNO's 86.76% return.

VOLT

• 1D: 2.94%
• 1M: -2.63%
• YTD: 37.01%
• 6M: 34.39%
• 1Y: 67.54%
• 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)

VOLT vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VOLT Tema Electrification ETF	37.01%	25.92%	-8.86%
BNO United States Brent Oil Fund LP	86.76%	-5.44%	3.06%

Correlation

The correlation between VOLT 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 Dec 5, 2024	-0.06

The correlation between VOLT and BNO shifts across timeframes, from -0.19 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VOLT vs. BNO — Risk / Return Rank

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

VOLT

VOLT Risk / Return Rank: 90
VOLT Sharpe Ratio Rank: 92
VOLT Sortino Ratio Rank: 89
VOLT Omega Ratio Rank: 87
VOLT Calmar Ratio Rank: 94
VOLT Martin Ratio Rank: 90

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.

VOLT vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Electrification ETF (VOLT) 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.

	VOLT	BNO	Difference
Sharpe ratio Return per unit of total volatility	3.33	2.17	+1.16
Sortino ratio Return per unit of downside risk	4.15	2.68	+1.47
Omega ratio Gain probability vs. loss probability	1.54	1.37	+0.17
Calmar ratio Return relative to maximum drawdown	7.51	5.39	+2.12
Martin ratio Return relative to average drawdown	21.04	10.23	+10.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOLT vs. BNO - Sharpe Ratio Comparison

The current VOLT Sharpe Ratio is 3.33, which is higher than the BNO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of VOLT 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

	VOLT	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.33	2.17	+1.16
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	1.49	0.14	+1.35

Drawdowns

VOLT vs. BNO - Drawdown Comparison

The maximum VOLT drawdown since its inception was -23.40%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for VOLT and BNO.

Drawdown Indicators

	VOLT	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-23.40%	-87.06%	+63.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-17.87%	+8.91%
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	-4.28%	-12.04%	+7.76%
Average Drawdown Average peak-to-trough decline	-5.18%	-40.18%	+35.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	9.43%	-6.23%

Volatility

VOLT vs. BNO - Volatility Comparison

The current volatility for Tema Electrification ETF (VOLT) is 7.84%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.03%. This indicates that VOLT 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

	VOLT	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.84%	15.03%	-7.19%
Volatility (6M) Calculated over the trailing 6-month period	17.21%	36.08%	-18.87%
Volatility (1Y) Calculated over the trailing 1-year period	20.39%	41.56%	-21.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.14%	35.37%	-11.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.14%	36.68%	-12.54%

VOLT vs. BNO - Expense Ratio Comparison

VOLT has a 0.75% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

VOLT vs. BNO - Dividend Comparison

VOLT's dividend yield for the trailing twelve months is around 0.33%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%
VOLT Tema Electrification ETF	0.33%	0.46%	0.01%

Frequently Asked Questions

Can I hold both VOLT and BNO in my portfolio?

VOLT 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, VOLT or BNO?

BNO has higher volatility (15.03%) compared to VOLT (7.84%). In terms of maximum drawdown, VOLT dropped -23.40% vs BNO's -87.06%.

Which ETF is better, VOLT or BNO?

On 1-year performance, BNO leads with 89.50% vs 67.54% for VOLT. On fees, VOLT is cheaper at 0.75% per year. On volatility, VOLT has been the lower-risk option at 7.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOLT or BNO?

Over the 1-year period, BNO has performed better with a 89.50% return vs 67.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOLT or BNO?

VOLT is cheaper with a 0.75% expense ratio, compared with 0.90% for BNO.

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

VOLT has the higher dividend yield at 0.33%, compared with 0.00% for BNO.

What is the main difference between VOLT and BNO?

VOLT is categorized as Energy Equities, while BNO is Oil & Gas. They also come from different issuers: Tema and Concierge Technologies. Their fees differ too: 0.75% for VOLT and 0.90% for BNO.

Which has better risk-adjusted returns?

VOLT currently has the higher Sharpe Ratio (3.33 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.