ZTRE vs. BNO
ZTRE (F/M 3-Year Investment Grade Corporate Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - ZTRE is a Short-Term Bond fund tracking the ICE 3-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, ZTRE returned 3.03% vs 62.83% for BNO. Their -0.31 correlation means they have often moved in opposite directions in the past. ZTRE charges 0.15%/yr vs 1.00%/yr for BNO.
Performance
ZTRE vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, ZTRE achieves a 0.80% return, which is significantly lower than BNO's 77.90% return.
ZTRE
- 1D
- -0.04%
- 1M
- -0.06%
- 6M
- 0.41%
- YTD
- 0.80%
- 1Y
- 3.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.76%
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 | |
| $361.74K | $257.68K | $173.89K |
ZTRE vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZTRE F/M 3-Year Investment Grade Corporate Bond ETF | 0.80% | 6.60% | 0.32% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 2.57% |
Correlation
The correlation between ZTRE and BNO is -0.40, 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. | -0.40 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024 | -0.31 |
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Return for Risk
ZTRE vs. BNO — Risk / Return Rank
ZTRE
BNO
ZTRE vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/M 3-Year Investment Grade Corporate Bond ETF (ZTRE) 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.
| ZTRE | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.24 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 1.70 | +0.77 |
| Martin ratioReturn relative to average drawdown | 9.68 | 5.15 | +4.53 |
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Drawdowns
ZTRE vs. BNO - Drawdown Comparison
The maximum ZTRE drawdown since its inception was -1.45%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for ZTRE and BNO.
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Drawdown Indicators
| ZTRE | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.45% | -87.06% | +85.61% |
Max Drawdown (1Y)Largest decline over 1 year | -1.45% | -34.46% | +33.01% |
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 DrawdownCurrent decline from peak | -0.10% | -16.21% | +16.11% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -39.99% | +39.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 11.86% | -11.49% |
Volatility
ZTRE vs. BNO - Volatility Comparison
The current volatility for F/M 3-Year Investment Grade Corporate Bond ETF (ZTRE) is 0.65%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that ZTRE 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
| ZTRE | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 17.47% | -16.82% |
Volatility (6M)Calculated over the trailing 6-month period | 1.58% | 40.96% | -39.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.93% | 44.54% | -42.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.10% | 36.41% | -34.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.10% | 36.98% | -34.88% |
ZTRE vs. BNO - Expense Ratio Comparison
ZTRE has a 0.15% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
ZTRE vs. BNO - Dividend Comparison
ZTRE's dividend yield for the trailing twelve months is around 4.56%, 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% |
ZTRE F/M 3-Year Investment Grade Corporate Bond ETF | 4.23% | 4.37% | 0.39% |
Frequently Asked Questions
ZTRE 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.
BNO has higher volatility (17.47%) compared to ZTRE (0.65%). In terms of maximum drawdown, ZTRE dropped -1.45% vs BNO's -87.06%.
On 1-year performance, BNO leads with 62.83% vs 3.03% for ZTRE. On fees, ZTRE is cheaper at 0.15% per year. On volatility, ZTRE has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNO has performed better with a 62.83% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZTRE is cheaper with a 0.15% expense ratio, compared with 1.00% for BNO.
ZTRE has the higher dividend yield at 4.23%, compared with 0.00% for BNO.
ZTRE is categorized as Short-Term Bond, while BNO is Oil & Gas. ZTRE tracks ICE 3-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. Their fees differ too: 0.15% for ZTRE and 1.00% for BNO.
ZTRE currently has the higher Sharpe Ratio (1.86 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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