VSMV vs. BNO
VSMV (VictoryShares US Multi-Factor Minimum Volatility ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - VSMV is a Volatility Hedged Equity fund tracking the Nasdaq Victory Multi-Factor Minimum Volatility Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, VSMV returned 11.41%/yr vs 23.48%/yr for BNO. At a 0.16 correlation, their price movements are largely independent. VSMV charges 0.35%/yr vs 0.90%/yr for BNO.
Performance
VSMV vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, VSMV achieves a 9.56% return, which is significantly lower than BNO's 85.31% return.
VSMV
- 1D
- 0.25%
- 1M
- 2.02%
- YTD
- 9.56%
- 6M
- 10.15%
- 1Y
- 25.22%
- 3Y*
- 16.90%
- 5Y*
- 11.41%
- 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%
VSMV vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF | 9.56% | 16.77% | 15.79% | 12.34% | -7.56% | 25.66% | 5.05% | 26.79% | -1.12% | 11.48% |
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% | 49.96% |
Correlation
The correlation between VSMV and BNO is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017 | 0.16 |
The correlation between VSMV and BNO shifts across timeframes, from -0.21 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VSMV vs. BNO — Risk / Return Rank
VSMV
BNO
VSMV vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) 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.
| VSMV | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.36 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 4.89 | 4.99 | -0.10 |
| Martin ratioReturn relative to average drawdown | 18.65 | 9.39 | +9.26 |
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
| VSMV | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 2.15 | +0.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | 0.67 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.14 | +0.69 |
Drawdowns
VSMV vs. BNO - Drawdown Comparison
The maximum VSMV drawdown since its inception was -31.33%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for VSMV and BNO.
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Drawdown Indicators
| VSMV | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.33% | -87.06% | +55.73% |
Max Drawdown (1Y)Largest decline over 1 year | -5.18% | -17.87% | +12.69% |
Max Drawdown (3Y)Largest decline over 3 years | -13.22% | -23.75% | +10.53% |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | -33.70% | +15.74% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.54% | -12.72% | +12.18% |
Average DrawdownAverage peak-to-trough decline | -3.41% | -40.16% | +36.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 9.48% | -8.12% |
Volatility
VSMV vs. BNO - Volatility Comparison
The current volatility for VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) is 2.25%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that VSMV 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
| VSMV | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 14.12% | -11.87% |
Volatility (6M)Calculated over the trailing 6-month period | 6.33% | 36.21% | -29.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.07% | 41.56% | -32.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.86% | 35.40% | -22.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.04% | 36.69% | -21.65% |
VSMV vs. BNO - Expense Ratio Comparison
VSMV has a 0.35% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
VSMV vs. BNO - Dividend Comparison
VSMV's dividend yield for the trailing twelve months is around 1.31%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF | 1.31% | 1.35% | 1.36% | 1.77% | 1.99% | 1.36% | 2.01% | 2.00% | 2.42% | 1.11% |
Frequently Asked Questions
VSMV and BNO have a correlation of -0.21, 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 VSMV (2.25%). In terms of maximum drawdown, VSMV dropped -31.33% vs BNO's -87.06%.
On 5-year performance, BNO leads with 23.48% vs 11.41% for VSMV. On fees, VSMV is cheaper at 0.35% per year. On volatility, VSMV has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 23.48% return vs 11.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VSMV is cheaper with a 0.35% expense ratio, compared with 0.90% for BNO.
VSMV has the higher dividend yield at 1.31%, compared with 0.00% for BNO.
VSMV is categorized as Volatility Hedged Equity, while BNO is Oil & Gas. VSMV tracks Nasdaq Victory Multi-Factor Minimum Volatility Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Crestview and Concierge Technologies. Their fees differ too: 0.35% for VSMV and 0.90% for BNO.
VSMV currently has the higher Sharpe Ratio (2.80 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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