APA vs. BNO

Last updated Jun 5, 2026

APA (Apache Corporation) is a stock, while BNO (United States Brent Oil Fund LP) is Oil & Gas fund tracking the Front Month Brent Crude Oil. Over the past 10 years, APA returned -1.22%/yr vs 13.13%/yr for BNO. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

APA vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Apache Corporation (APA) 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, APA achieves a 58.80% return, which is significantly lower than BNO's 85.31% return. Over the past 10 years, APA has underperformed BNO with an annualized return of -1.22%, while BNO has yielded a comparatively higher 13.13% annualized return.

APA

• 1D: -0.29%
• 1M: -7.86%
• YTD: 58.80%
• 6M: 45.42%
• 1Y: 122.16%
• 3Y*: 9.00%
• 5Y*: 13.55%
• 10Y*: -1.22%

BNO

• 1D: -2.71%
• 1M: -9.80%
• YTD: 85.31%
• 6M: 79.66%
• 1Y: 88.71%
• 3Y*: 26.74%
• 5Y*: 23.48%
• 10Y*: 13.13%

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

APA vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APA Apache Corporation	58.80%	11.54%	-33.44%	-21.24%	76.44%	90.76%	-43.71%	1.12%	-36.39%	-32.13%
BNO United States Brent Oil Fund LP	85.31%	-5.44%	9.67%	-3.43%	35.25%	62.34%	-38.23%	36.01%	-15.30%	15.43%

Correlation

The correlation between APA and BNO is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010	0.57

The correlation between APA and BNO has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.

Return for Risk

APA vs. BNO — Risk / Return Rank

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

APA

APA Risk / Return Rank: 91
APA Sharpe Ratio Rank: 93
APA Sortino Ratio Rank: 89
APA Omega Ratio Rank: 86
APA Calmar Ratio Rank: 94
APA Martin Ratio Rank: 93

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 65
BNO Sortino Ratio Rank: 57
BNO Omega Ratio Rank: 61
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

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.

APA vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Apache Corporation (APA) 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.

	APA	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.67	2.15	+0.53
Sortino ratio: Return per unit of downside risk	3.08	2.65	+0.43
Omega ratio: Gain probability vs. loss probability	1.38	1.36	+0.01
Calmar ratio: Return relative to maximum drawdown	6.31	4.99	+1.32
Martin ratio: Return relative to average drawdown	15.65	9.39	+6.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APA vs. BNO - Sharpe Ratio Comparison

The current APA Sharpe Ratio is 2.67, which is comparable to the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of APA 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.

Sharpe Ratios by Period

	APA	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	2.15	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.67	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.36	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.14	+0.03

Drawdowns

APA vs. BNO - Drawdown Comparison

The maximum APA drawdown since its inception was -96.73%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for APA and BNO.

Drawdown Indicators

	APA	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-96.73%	-87.06%	-9.67%
Max Drawdown (1Y) Largest decline over 1 year	-19.49%	-17.87%	-1.62%
Max Drawdown (3Y) Largest decline over 3 years	-67.45%	-23.75%	-43.70%
Max Drawdown (5Y) Largest decline over 5 years	-70.47%	-33.70%	-36.77%
Max Drawdown (10Y) Largest decline over 10 years	-93.49%	-75.18%	-18.31%
Current Drawdown Current decline from peak	-63.70%	-12.72%	-50.98%
Average Drawdown Average peak-to-trough decline	-40.33%	-40.16%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.84%	9.48%	-1.64%

Volatility

APA vs. BNO - Volatility Comparison

Apache Corporation (APA) and United States Brent Oil Fund LP (BNO) have volatilities of 14.41% and 14.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APA	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.41%	14.12%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	33.37%	36.21%	-2.84%
Volatility (1Y) Calculated over the trailing 1-year period	46.02%	41.56%	+4.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.48%	35.40%	+13.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.38%	36.69%	+21.69%

Dividends

APA vs. BNO - Dividend Comparison

APA's dividend yield for the trailing twelve months is around 2.62%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APA Apache Corporation	2.62%	4.09%	4.33%	2.79%	1.34%	0.51%	2.29%	3.91%	3.81%	2.37%	1.58%	2.25%
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%

Frequently Asked Questions

Can I hold both APA and BNO in my portfolio?

APA and BNO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APA or BNO?

APA has higher volatility (14.41%) compared to BNO (14.12%). In terms of maximum drawdown, APA dropped -96.73% vs BNO's -87.06%.

Which has better risk-adjusted returns?

APA currently has the higher Sharpe Ratio (2.67 vs 2.15), 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.