- ISIN
- US91167Q1004
- CUSIP
- 91167Q100
- Issuer
- Concierge Technologies
- Inception Date
- Jun 2, 2010
- Category
- Oil & Gas
- Leveraged
- 1x (No leverage)
- Index Tracked
- Front Month Brent Crude Oil
- Distribution Policy
- Accumulating
- Asset Class
- Commodity
- Assets Under Management
- $883M
Share Price Chart
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Performance
BNO Performance Chart
United States Brent Oil Fund LP (BNO) is up 55.0% since the beginning of the year. BNO is currently trading at $44 per share. Investors who bought $1,000 worth of BNO shares 5 years ago would now be looking at an investment worth $2,355.
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Returns By Period
United States Brent Oil Fund LP (BNO) has returned 54.98% so far this year and 40.22% over the past 12 months. Over the last ten years, BNO has returned 11.39% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.
United States Brent Oil Fund LP
- 1D
- -4.69%
- 1M
- -23.92%
- YTD
- 54.98%
- 6M
- 61.36%
- 1Y
- 40.22%
- 3Y*
- 19.30%
- 5Y*
- 18.69%
- 10Y*
- 11.39%
Benchmark (S&P 500 Index)
- 1D
- -0.57%
- 1M
- 1.39%
- YTD
- 9.73%
- 6M
- 10.46%
- 1Y
- 24.50%
- 3Y*
- 19.43%
- 5Y*
- 12.21%
- 10Y*
- 13.75%
BNO Monthly Returns History
Based on dividend-adjusted daily data since Jun 2, 2010, BNO's average daily return is +0.04%, while the average monthly return is +0.80%. At this rate, an investment would double in approximately 7.2 years.
Historically, 56% of months were positive and 44% were negative. The best month was Mar 2026 with a return of +49.4%, while the worst month was Mar 2020 at -51.2%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 7 months.
On a daily basis, BNO closed higher 51% of trading days. The best single day was Apr 2, 2020 with a return of +18.9%, while the worst single day was Mar 9, 2020 at -21.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 16.35% | 5.64% | 49.41% | 12.54% | -13.57% | -13.24% | 54.98% | ||||||
| 2025 | 4.11% | -3.27% | 3.15% | -16.97% | 4.26% | 8.39% | 9.08% | -4.77% | -0.89% | -1.60% | -1.35% | -2.91% | -5.44% |
| 2024 | 5.64% | 3.05% | 7.33% | 0.19% | -4.85% | 5.69% | -2.64% | -4.31% | -5.48% | 4.17% | -1.66% | 3.28% | 9.67% |
| 2023 | -0.42% | -2.20% | -3.49% | 1.35% | -9.47% | 4.43% | 14.02% | 2.34% | 7.91% | -5.83% | -5.86% | -3.94% | -3.43% |
| 2022 | 15.73% | 12.23% | 10.20% | 2.07% | 11.10% | -3.54% | -1.10% | -7.47% | -8.81% | 10.51% | -5.03% | -1.36% | 35.25% |
| 2021 | 6.68% | 17.90% | -1.98% | 6.80% | 3.83% | 9.31% | 1.35% | -4.20% | 10.43% | 7.80% | -15.96% | 11.82% | 62.34% |
Benchmark Metrics
United States Brent Oil Fund LP has an annualized alpha of 1.25%, beta of 0.59, and R2 of 0.09 versus S&P 500 Index. Calculated based on daily prices since June 02, 2010.
- This ETF participated in 114.66% of S&P 500 Index downside but only 72.91% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.59 may look defensive, but with R2 of 0.09 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.09 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.25%
- Beta
- 0.59
- R²
- 0.09
- Upside Capture
- 72.91%
- Downside Capture
- 114.66%
Expense Ratio
BNO has an expense ratio of 0.90%, placing it in the medium range.
Return for Risk
Risk / Return Rank
BNO ranks 29 for risk / return — below 29% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and compare them to S&P 500 Index.
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.
| BNO | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.36 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 2.71 | -1.21 |
| Martin ratioReturn relative to average drawdown | 4.01 | 12.15 | -8.15 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the United States Brent Oil Fund LP. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the United States Brent Oil Fund LP was 87.06%, occurring on Apr 28, 2020. Recovery took 1475 trading sessions.
The current United States Brent Oil Fund LP drawdown is 27.01%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -87.06%Apr 2020 | 5y 10mo | 5y 10mo | 11y 8moJun 2014 - Mar 2026 |
2012 bear market2012 | -28.37%Jun 2012 | 3mo 21d | 7mo 27d | 11mo 18dMar 2012 - Feb 2013 |
2026 bear market2026 | -27.01%Jun 2026 | 1mo 12d | — | 1mo 13dMay 2026 - now |
2011 correction2011 | -19.87%Oct 2011 | 5mo 25d | 4mo 21d | 10mo 16dApr 2011 - Feb 2012 |
2026 correction2026 | -16.83%Apr 2026 | 10d | 11d | 21dApr 2026 - Apr 2026 |
Drawdown Indicators
| BNO | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -56.78% | -30.28% |
Max Drawdown (1Y)Largest decline over 1 year | -27.01% | -9.10% | -17.91% |
Max Drawdown (3Y)Largest decline over 3 years | -27.01% | -18.90% | -8.11% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -25.43% | -8.27% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -33.92% | -41.26% |
Current DrawdownCurrent decline from peak | -27.01% | -1.29% | -25.72% |
Average DrawdownAverage peak-to-trough decline | -40.11% | -10.72% | -29.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.07% | 2.02% | +8.05% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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