XAPR vs. BNO

Last updated Jun 3, 2026

XAPR (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - XAPR is a Options Trading fund actively managed by FT Vest, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. XAPR is actively managed, while BNO is passively managed. Over the past year, XAPR returned 8.98% vs 89.50% for BNO. At a correlation of -0.05, they often move in opposite directions. XAPR charges 0.85%/yr vs 0.90%/yr for BNO.

Performance

XAPR vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR) 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, XAPR achieves a 3.55% return, which is significantly lower than BNO's 86.76% return.

XAPR

• 1D: 0.01%
• 1M: 1.57%
• YTD: 3.55%
• 6M: 4.29%
• 1Y: 8.98%
• 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)

XAPR vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XAPR FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April	3.55%	12.57%	8.25%
BNO United States Brent Oil Fund LP	86.76%	-5.44%	-6.41%

Correlation

The correlation between XAPR and BNO is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Apr 23, 2024	-0.05

Over the past year, the inverse relationship between XAPR and BNO has strengthened: their correlation has moved from -0.05 to -0.28, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

XAPR vs. BNO — Risk / Return Rank

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

XAPR

XAPR Risk / Return Rank: 98
XAPR Sharpe Ratio Rank: 96
XAPR Sortino Ratio Rank: 98
XAPR Omega Ratio Rank: 98
XAPR Calmar Ratio Rank: 98
XAPR Martin Ratio Rank: 98

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.

XAPR vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR) 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.

	XAPR	BNO	Difference
Sharpe ratio Return per unit of total volatility	4.42	2.17	+2.25
Sortino ratio Return per unit of downside risk	7.52	2.68	+4.84
Omega ratio Gain probability vs. loss probability	2.11	1.37	+0.74
Calmar ratio Return relative to maximum drawdown	14.03	5.39	+8.64
Martin ratio Return relative to average drawdown	74.48	10.23	+64.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XAPR vs. BNO - Sharpe Ratio Comparison

The current XAPR Sharpe Ratio is 4.42, which is higher than the BNO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of XAPR 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

	XAPR	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.42	2.17	+2.25
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	1.90	0.14	+1.76

Drawdowns

XAPR vs. BNO - Drawdown Comparison

The maximum XAPR drawdown since its inception was -6.18%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for XAPR and BNO.

Drawdown Indicators

	XAPR	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-6.18%	-87.06%	+80.88%
Max Drawdown (1Y) Largest decline over 1 year	-0.66%	-17.87%	+17.21%
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	-0.00%	-12.04%	+12.04%
Average Drawdown Average peak-to-trough decline	-0.18%	-40.18%	+40.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	9.43%	-9.31%

Volatility

XAPR vs. BNO - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR) is 0.78%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.03%. This indicates that XAPR 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

	XAPR	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	15.03%	-14.25%
Volatility (6M) Calculated over the trailing 6-month period	1.30%	36.08%	-34.78%
Volatility (1Y) Calculated over the trailing 1-year period	2.05%	41.56%	-39.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.18%	35.37%	-29.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.18%	36.68%	-30.50%

XAPR vs. BNO - Expense Ratio Comparison

XAPR has a 0.85% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

XAPR vs. BNO - Dividend Comparison

Neither XAPR nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XAPR and BNO in my portfolio?

XAPR and BNO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XAPR or BNO?

BNO has higher volatility (15.03%) compared to XAPR (0.78%). In terms of maximum drawdown, XAPR dropped -6.18% vs BNO's -87.06%.

Which ETF is better, XAPR or BNO?

On 1-year performance, BNO leads with 89.50% vs 8.98% for XAPR. On fees, XAPR is cheaper at 0.85% per year. On volatility, XAPR has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XAPR or BNO?

Over the 1-year period, BNO has performed better with a 89.50% return vs 8.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XAPR or BNO?

XAPR is cheaper with a 0.85% expense ratio, compared with 0.90% for BNO.

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

XAPR and BNO have nearly identical dividend yields, around 0.00%.

What is the main difference between XAPR and BNO?

XAPR is categorized as Options Trading, while BNO is Oil & Gas. They also come from different issuers: FT Vest and Concierge Technologies. Their fees differ too: 0.85% for XAPR and 0.90% for BNO.

Which has better risk-adjusted returns?

XAPR currently has the higher Sharpe Ratio (4.42 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.