XSEP vs. BNO
XSEP (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - XSEP is a Options Trading fund actively managed by FT Vest, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. XSEP is actively managed, while BNO is passively managed. Over the past 3 years, XSEP returned 9.42%/yr vs 20.31%/yr for BNO. Their 0.01 correlation means their historical movements had little consistent relationship. XSEP charges 0.85%/yr vs 1.00%/yr for BNO.
Performance
XSEP vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, XSEP achieves a 5.50% return, which is significantly lower than BNO's 77.90% return.
XSEP
- 1D
- 0.15%
- 1M
- 0.71%
- 6M
- 4.92%
- YTD
- 5.50%
- 1Y
- 9.52%
- 3Y*
- 9.42%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.87%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $106.14K | $129.38K | $326.53K |
XSEP vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XSEP FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September | 5.50% | 8.94% | 8.41% | 16.07% | 2.93% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | -0.70% |
Correlation
The correlation between XSEP and BNO is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2022 | 0.01 |
The correlation between XSEP and BNO shifts across timeframes, from -0.24 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XSEP vs. BNO — Risk / Return Rank
XSEP
BNO
XSEP 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 - September (XSEP) 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.
| XSEP | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.24 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 1.70 | +0.90 |
| Martin ratioReturn relative to average drawdown | 13.83 | 5.15 | +8.68 |
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Drawdowns
XSEP vs. BNO - Drawdown Comparison
The maximum XSEP drawdown since its inception was -9.21%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for XSEP and BNO.
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Drawdown Indicators
| XSEP | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.21% | -87.06% | +77.85% |
Max Drawdown (1Y)Largest decline over 1 year | -3.51% | -34.46% | +30.95% |
Max Drawdown (3Y)Largest decline over 3 years | -9.21% | -34.46% | +25.25% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | 0.00% | -16.21% | +16.21% |
Average DrawdownAverage peak-to-trough decline | -0.53% | -39.99% | +39.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 11.86% | -11.20% |
Volatility
XSEP vs. BNO - Volatility Comparison
The current volatility for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September (XSEP) is 0.79%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that XSEP 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
| XSEP | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 17.47% | -16.68% |
Volatility (6M)Calculated over the trailing 6-month period | 3.80% | 40.96% | -37.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.86% | 44.54% | -39.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.91% | 36.41% | -29.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.91% | 36.98% | -30.07% |
XSEP vs. BNO - Expense Ratio Comparison
XSEP has a 0.85% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
XSEP vs. BNO - Dividend Comparison
Neither XSEP nor BNO has paid dividends to shareholders.
Frequently Asked Questions
XSEP and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to XSEP (0.79%). In terms of maximum drawdown, XSEP dropped -9.21% vs BNO's -87.06%.
On 3-year performance, BNO leads with 20.31% vs 9.42% for XSEP. On fees, XSEP is cheaper at 0.85% per year. On volatility, XSEP has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 20.31% return vs 9.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XSEP is cheaper with a 0.85% expense ratio, compared with 1.00% for BNO.
XSEP and BNO have nearly identical dividend yields, around 0.00%.
XSEP is categorized as Options Trading, while BNO is Oil & Gas. They also come from different issuers: FT Vest and USCF. Their fees differ too: 0.85% for XSEP and 1.00% for BNO.
XSEP currently has the higher Sharpe Ratio (1.88 vs 1.32), 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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