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XMPT vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMPT vs. BNO

Last updated Jun 4, 2026

XMPT (VanEck CEF Municipal Income ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - XMPT is a High Yield Muni fund tracking the S-Network Municipal Bond Closed-End Fund Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, XMPT returned 1.94%/yr vs 13.60%/yr for BNO. At a 0.01 correlation, their price movements are largely independent. XMPT charges 1.97%/yr vs 0.90%/yr for BNO.

Performance

XMPT vs. BNO - Performance Comparison

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

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Returns By Period

In the year-to-date period, XMPT achieves a 2.34% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, XMPT has underperformed BNO with an annualized return of 1.94%, while BNO has yielded a comparatively higher 13.60% annualized return.

XMPT

1D
-0.37%
1M
1.78%
YTD
2.34%
6M
2.46%
1Y
11.93%
3Y*
7.25%
5Y*
-1.17%
10Y*
1.94%

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

XMPT vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMPT
VanEck CEF Municipal Income ETF		2.34%8.01%7.01%2.55%-24.02%7.94%7.70%20.36%-5.85%8.28%
BNO
United States Brent Oil Fund LP		90.47%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between XMPT 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 (3Y)
Calculated over the trailing 3-year period

-0.09

Correlation (5Y)
Calculated over the trailing 5-year period

-0.02

Correlation (10Y)
Calculated over the trailing 10-year period

0.00

Correlation (All Time)
Calculated using the full available price history since Jul 14, 2011

0.01

The correlation between XMPT and BNO shifts across timeframes, from -0.28 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck CEF Municipal Income ETF

United States Brent Oil Fund LP

Often compared with XMPT:
XMPT vs. FMHIXMPT vs. FLMIXMPT vs. FCEFXMPT vs. LDSFXMPT vs. MUSTXMPT vs. SPYXMPT vs. VOO
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

XMPT vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMPT
XMPT Risk / Return Rank: 4747
Overall Rank
XMPT Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XMPT Sortino Ratio Rank: 5050
Sortino Ratio Rank
XMPT Omega Ratio Rank: 5353
Omega Ratio Rank
XMPT Calmar Ratio Rank: 3737
Calmar Ratio Rank
XMPT Martin Ratio Rank: 4545
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

XMPT vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CEF Municipal Income ETF (XMPT) 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.

XMPTBNODifference
Sharpe ratioReturn per unit of total volatility
1.66
2.23

-0.57

Sortino ratioReturn per unit of downside risk
2.46
2.73

-0.26

Omega ratioGain probability vs. loss probability

1.33

1.38

-0.04

Calmar ratioReturn relative to maximum drawdown

1.82

5.17

-3.35

Martin ratioReturn relative to average drawdown

7.45

9.76

-2.31

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMPT vs. BNO - Sharpe Ratio Comparison

The current XMPT Sharpe Ratio is 1.66, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of XMPT 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.

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Sharpe Ratios by Period

XMPTBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.66

2.23

-0.57

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.13

0.69

-0.81

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.37

-0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.14

+0.28

Drawdowns

XMPT vs. BNO - Drawdown Comparison

The maximum XMPT drawdown since its inception was -35.24%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for XMPT and BNO.

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Drawdown Indicators

XMPTBNODifference

Max Drawdown

Largest peak-to-trough decline

-35.24%

-87.06%

+51.82%

Max Drawdown (1Y)

Largest decline over 1 year

-6.57%

-17.87%

+11.30%

Max Drawdown (3Y)

Largest decline over 3 years

-15.04%

-23.75%

+8.71%

Max Drawdown (5Y)

Largest decline over 5 years

-35.24%

-33.70%

-1.54%

Max Drawdown (10Y)

Largest decline over 10 years

-35.24%

-75.18%

+39.94%

Current Drawdown

Current decline from peak

-8.94%

-10.29%

+1.35%

Average Drawdown

Average peak-to-trough decline

-8.82%

-40.17%

+31.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.60%

9.45%

-7.85%

Volatility

XMPT vs. BNO - Volatility Comparison

The current volatility for VanEck CEF Municipal Income ETF (XMPT) is 2.69%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that XMPT 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

XMPTBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.69%

14.22%

-11.53%

Volatility (6M)

Calculated over the trailing 6-month period

6.03%

36.10%

-30.07%

Volatility (1Y)

Calculated over the trailing 1-year period

7.21%

41.46%

-34.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.35%

35.38%

-26.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.36%

36.68%

-26.32%

XMPT vs. BNO - Expense Ratio Comparison

XMPT has a 1.97% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

XMPT vs. BNO - Dividend Comparison

XMPT's dividend yield for the trailing twelve months is around 6.34%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
XMPT
VanEck CEF Municipal Income ETF		6.34%5.87%5.35%3.81%5.12%3.74%3.79%4.08%5.05%4.84%5.35%5.24%

Frequently Asked Questions

XMPT 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.

BNO has higher volatility (14.22%) compared to XMPT (2.69%). In terms of maximum drawdown, XMPT dropped -35.24% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.60% vs 1.94% for XMPT. On fees, BNO is cheaper at 0.90% per year. On volatility, XMPT has been the lower-risk option at 2.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BNO has performed better with a 13.60% return vs 1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BNO is cheaper with a 0.90% expense ratio, compared with 1.97% for XMPT.

XMPT has the higher dividend yield at 6.34%, compared with 0.00% for BNO.

XMPT is categorized as High Yield Muni, while BNO is Oil & Gas. XMPT tracks S-Network Municipal Bond Closed-End Fund Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: VanEck and Concierge Technologies. Their fees differ too: 1.97% for XMPT and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.23 vs 1.66), 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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