ZTEN vs. BNO

Last updated Jun 25, 2026

ZTEN (F/M 10-Year Investment Grade Corporate Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - ZTEN is a Long-Term Bond fund tracking the ICE 10-Year US Target Maturity Corporate Index - Benchmark TR Gross, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past year, ZTEN returned 5.79% vs 39.47% for BNO. At a correlation of -0.30, they often move in opposite directions. ZTEN charges 0.15%/yr vs 1.00%/yr for BNO.

Performance

ZTEN vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) 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, ZTEN achieves a 0.90% return, which is significantly lower than BNO's 43.86% return.

ZTEN

• 1D: 0.48%
• 1M: 1.30%
• YTD: 0.90%
• 6M: 0.68%
• 1Y: 5.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -4.23%
• 1M: -25.93%
• YTD: 43.86%
• 6M: 41.93%
• 1Y: 39.47%
• 3Y*: 17.61%
• 5Y*: 15.98%
• 10Y*: 10.77%

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

ZTEN vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF	0.90%	9.15%	0.29%
BNO United States Brent Oil Fund LP	43.86%	-5.44%	2.57%

Correlation

The correlation between ZTEN and BNO is -0.40, 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	-0.40
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	-0.30

Return for Risk

ZTEN vs. BNO — Risk / Return Rank

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

ZTEN

ZTEN Risk / Return Rank: 37
ZTEN Sharpe Ratio Rank: 36
ZTEN Sortino Ratio Rank: 37
ZTEN Omega Ratio Rank: 34
ZTEN Calmar Ratio Rank: 39
ZTEN Martin Ratio Rank: 39

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 29
BNO Sortino Ratio Rank: 30
BNO Omega Ratio Rank: 31
BNO Calmar Ratio Rank: 27
BNO Martin Ratio Rank: 31

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.

ZTEN vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) 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.

	ZTEN	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.17	0.97	+0.20
Sortino ratio: Return per unit of downside risk	1.72	1.51	+0.21
Omega ratio: Gain probability vs. loss probability	1.21	1.20	+0.01
Calmar ratio: Return relative to maximum drawdown	1.75	1.23	+0.52
Martin ratio: Return relative to average drawdown	5.44	4.18	+1.26

ZTEN vs. BNO - Sharpe Ratio Comparison

The current ZTEN Sharpe Ratio is 1.17, which is comparable to the BNO Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of ZTEN 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.

Drawdowns

ZTEN vs. BNO - Drawdown Comparison

The maximum ZTEN drawdown since its inception was -3.43%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for ZTEN and BNO.

Drawdown Indicators

	ZTEN	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-3.43%	-87.06%	+83.63%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-32.25%	+28.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.25%	—
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	-0.73%	-32.25%	+31.52%
Average Drawdown Average peak-to-trough decline	-0.80%	-40.10%	+39.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	9.47%	-8.40%

Volatility

ZTEN vs. BNO - Volatility Comparison

The current volatility for F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) is 1.46%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.33%. This indicates that ZTEN 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

	ZTEN	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	11.33%	-9.87%
Volatility (6M) Calculated over the trailing 6-month period	3.91%	37.57%	-33.66%
Volatility (1Y) Calculated over the trailing 1-year period	4.99%	41.20%	-36.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.78%	35.70%	-29.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.78%	36.70%	-30.92%

ZTEN vs. BNO - Expense Ratio Comparison

ZTEN has a 0.15% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

ZTEN vs. BNO - Dividend Comparison

ZTEN's dividend yield for the trailing twelve months is around 5.04%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF	5.04%	5.16%	0.44%

Frequently Asked Questions

Can I hold both ZTEN and BNO in my portfolio?

ZTEN and BNO have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZTEN or BNO?

BNO has higher volatility (11.33%) compared to ZTEN (1.46%). In terms of maximum drawdown, ZTEN dropped -3.43% vs BNO's -87.06%.

Which ETF is better, ZTEN or BNO?

On 1-year performance, BNO leads with 39.47% vs 5.79% for ZTEN. On fees, ZTEN is cheaper at 0.15% per year. On volatility, ZTEN has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZTEN or BNO?

Over the 1-year period, BNO has performed better with a 39.47% return vs 5.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTEN or BNO?

ZTEN is cheaper with a 0.15% expense ratio, compared with 1.00% for BNO.

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

ZTEN has the higher dividend yield at 5.04%, compared with 0.00% for BNO.

What is the main difference between ZTEN and BNO?

ZTEN is categorized as Long-Term Bond, while BNO is Oil & Gas. ZTEN tracks ICE 10-Year US Target Maturity Corporate Index - Benchmark TR Gross, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: F/m and USCF Investments. Their fees differ too: 0.15% for ZTEN and 1.00% for BNO.

Which has better risk-adjusted returns?

ZTEN currently has the higher Sharpe Ratio (1.17 vs 0.97), 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.