XBCI vs. BNO

Last updated Aug 2, 2026

XBCI (NEOS Boosted Bitcoin High Income ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - XBCI is a Cryptocurrency fund actively managed by Neos, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. XBCI is actively managed, while BNO is passively managed. Their -0.21 correlation means they have often moved in opposite directions in the past. XBCI charges 0.98%/yr vs 1.00%/yr for BNO.

Performance

XBCI vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Boosted Bitcoin High Income ETF (XBCI) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XBCI

• 1D: -3.22%
• 1M: 3.82%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BNO

• 1D: 1.45%
• 1M: 27.00%
• 6M: 52.90%
• YTD: 77.90%
• 1Y: 62.83%
• 3Y*: 20.31%
• 5Y*: 20.89%
• 10Y*: 15.06%
• ALL TIME*: 4.31%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
XBCI NEOS Boosted Bitcoin High Income ETF	$3.48M	$3.42M	$5.46M

XBCI vs. BNO - Yearly Performance Comparison

	2026 (YTD)
XBCI NEOS Boosted Bitcoin High Income ETF	-22.94%
BNO United States Brent Oil Fund LP	61.06%

Correlation

The correlation between XBCI and BNO is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 3, 2026	-0.21

Return for Risk

XBCI vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XBCI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XBCI vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Boosted Bitcoin High Income ETF (XBCI) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XBCI	BNO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.32	—
Sortino ratio: Return per unit of downside risk	—	1.90	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	1.70	—
Martin ratio: Return relative to average drawdown	—	5.15	—

Drawdowns

XBCI vs. BNO - Drawdown Comparison

The maximum XBCI drawdown since its inception was -37.31%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for XBCI and BNO.

Drawdown Indicators

	XBCI	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-37.31%	-87.06%	+49.75%
Max Drawdown (1Y) Largest decline over 1 year	—	-34.46%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-30.97%	-16.21%	-14.76%
Average Drawdown Average peak-to-trough decline	-15.82%	-39.99%	+24.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.86%	—

Volatility

Volatility by Period

	XBCI	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	40.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	62.61%	44.54%	+18.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.61%	36.41%	+26.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.61%	36.98%	+25.63%

XBCI vs. BNO - Expense Ratio Comparison

XBCI has a 0.98% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

XBCI vs. BNO - Dividend Comparison

XBCI's dividend yield for the trailing twelve months is around 26.04%, while BNO has not paid dividends to shareholders.

Position	TTM
BNO United States Brent Oil Fund LP	0.00%
XBCI NEOS Boosted Bitcoin High Income ETF	26.04%

Frequently Asked Questions

Can I hold both XBCI and BNO in my portfolio?

XBCI 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.

Which ETF is better, XBCI or BNO?

On fees, XBCI is cheaper at 0.98% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XBCI or BNO?

XBCI is cheaper with a 0.98% expense ratio, compared with 1.00% for BNO.

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

XBCI has the higher dividend yield at 26.04%, compared with 0.00% for BNO.

What is the main difference between XBCI and BNO?

XBCI is categorized as Cryptocurrency, while BNO is Oil & Gas. They also come from different issuers: Neos and USCF. Their fees differ too: 0.98% for XBCI and 1.00% for BNO.