BAB vs. BNO
BAB (Invesco Taxable Municipal Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - BAB is a Municipal Bonds fund tracking the BofA Merrill Lynch Build America Bond Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, BAB returned 2.24%/yr vs 13.60%/yr for BNO. At a correlation of -0.17, they often move in opposite directions. BAB charges 0.28%/yr vs 0.90%/yr for BNO.
Performance
BAB vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, BAB achieves a 0.12% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, BAB has underperformed BNO with an annualized return of 2.24%, while BNO has yielded a comparatively higher 13.60% annualized return.
BAB
- 1D
- 0.00%
- 1M
- 0.33%
- YTD
- 0.12%
- 6M
- -0.01%
- 1Y
- 7.16%
- 3Y*
- 4.42%
- 5Y*
- -0.38%
- 10Y*
- 2.24%
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
BAB vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BAB Invesco Taxable Municipal Bond ETF | 0.12% | 8.30% | 1.03% | 8.67% | -19.50% | 1.00% | 9.11% | 10.85% | 0.93% | 9.87% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between BAB and BNO is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | -0.17 |
The correlation between BAB and BNO shifts across timeframes, from -0.29 (1 year) to -0.14 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BAB vs. BNO — Risk / Return Rank
BAB
BNO
BAB vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Taxable Municipal Bond ETF (BAB) 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.
| BAB | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.38 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 5.17 | -3.43 |
| Martin ratioReturn relative to average drawdown | 4.93 | 9.76 | -4.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BAB | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 2.23 | -0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.05 | 0.69 | -0.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.37 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.14 | +0.37 |
Drawdowns
BAB vs. BNO - Drawdown Comparison
The maximum BAB drawdown since its inception was -27.80%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for BAB and BNO.
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Drawdown Indicators
| BAB | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.80% | -87.06% | +59.26% |
Max Drawdown (1Y)Largest decline over 1 year | -4.15% | -17.87% | +13.72% |
Max Drawdown (3Y)Largest decline over 3 years | -7.57% | -23.75% | +16.18% |
Max Drawdown (5Y)Largest decline over 5 years | -24.95% | -33.70% | +8.75% |
Max Drawdown (10Y)Largest decline over 10 years | -27.80% | -75.18% | +47.38% |
Current DrawdownCurrent decline from peak | -5.64% | -10.29% | +4.65% |
Average DrawdownAverage peak-to-trough decline | -5.31% | -40.17% | +34.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 9.45% | -7.99% |
Volatility
BAB vs. BNO - Volatility Comparison
The current volatility for Invesco Taxable Municipal Bond ETF (BAB) is 1.72%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that BAB 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
| BAB | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 14.22% | -12.50% |
Volatility (6M)Calculated over the trailing 6-month period | 3.78% | 36.10% | -32.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.80% | 41.46% | -35.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 35.38% | -27.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.69% | 36.68% | -26.99% |
BAB vs. BNO - Expense Ratio Comparison
BAB has a 0.28% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
BAB vs. BNO - Dividend Comparison
BAB's dividend yield for the trailing twelve months is around 4.10%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BAB Invesco Taxable Municipal Bond ETF | 4.10% | 3.96% | 3.97% | 3.65% | 3.40% | 2.63% | 2.96% | 3.77% | 4.20% | 3.96% | 4.26% | 4.71% |
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
BAB and BNO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to BAB (1.72%). In terms of maximum drawdown, BAB dropped -27.80% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.60% vs 2.24% for BAB. On fees, BAB is cheaper at 0.28% per year. On volatility, BAB has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 13.60% return vs 2.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BAB is cheaper with a 0.28% expense ratio, compared with 0.90% for BNO.
BAB has the higher dividend yield at 4.10%, compared with 0.00% for BNO.
BAB is categorized as Municipal Bonds, while BNO is Oil & Gas. BAB tracks BofA Merrill Lynch Build America Bond Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.28% for BAB and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 1.24), 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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