BILD vs. BNO

Last updated Aug 2, 2026

BILD (Macquarie Global Listed Infrastructure ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - BILD is a Infrastructure Equities fund actively managed by Macquarie, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. BILD is actively managed, while BNO is passively managed. Over the past year, BILD returned 16.75% vs 62.83% for BNO. Their -0.10 correlation means they have often moved in opposite directions in the past. BILD charges 0.49%/yr vs 1.00%/yr for BNO.

Performance

BILD vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Macquarie Global Listed Infrastructure ETF (BILD) 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, BILD achieves a 10.49% return, which is significantly lower than BNO's 77.90% return.

BILD

• 1D: -0.47%
• 1M: 0.88%
• 6M: 6.26%
• YTD: 10.49%
• 1Y: 16.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.91%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BILD Macquarie Global Listed Infrastructure ETF	$632.99	$26.02K	$12.55K
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M

BILD vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BILD Macquarie Global Listed Infrastructure ETF	10.49%	21.08%	-2.68%	3.73%
BNO United States Brent Oil Fund LP	77.90%	-5.44%	9.67%	-5.47%

Correlation

The correlation between BILD and BNO is -0.14, 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.	-0.14
Correlation (All Time) Calculated using the full available price history since Nov 29, 2023	-0.10

Return for Risk

BILD vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BILD

BILD Risk / Return Rank: 70
BILD Sharpe Ratio Rank: 72
BILD Sortino Ratio Rank: 68
BILD Omega Ratio Rank: 70
BILD Calmar Ratio Rank: 82
BILD Martin Ratio Rank: 59

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BILD vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Macquarie Global Listed Infrastructure ETF (BILD) 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.

	BILD	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.32	+0.32
Sortino ratio: Return per unit of downside risk	2.24	1.90	+0.34
Omega ratio: Gain probability vs. loss probability	1.29	1.24	+0.05
Calmar ratio: Return relative to maximum drawdown	2.98	1.70	+1.28
Martin ratio: Return relative to average drawdown	7.11	5.15	+1.96

BILD vs. BNO - Sharpe Ratio Comparison

The current BILD Sharpe Ratio is 1.64, which is comparable to the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of BILD 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

BILD vs. BNO - Drawdown Comparison

The maximum BILD drawdown since its inception was -14.78%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for BILD and BNO.

Drawdown Indicators

	BILD	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-14.78%	-87.06%	+72.28%
Max Drawdown (1Y) Largest decline over 1 year	-6.05%	-34.46%	+28.41%
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 Drawdown Current decline from peak	-2.17%	-16.21%	+14.04%
Average Drawdown Average peak-to-trough decline	-3.68%	-39.99%	+36.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	11.86%	-9.33%

Volatility

BILD vs. BNO - Volatility Comparison

The current volatility for Macquarie Global Listed Infrastructure ETF (BILD) is 3.28%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that BILD 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

	BILD	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	17.47%	-14.19%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	40.96%	-31.88%
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	44.54%	-33.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.08%	36.41%	-23.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.08%	36.98%	-23.90%

BILD vs. BNO - Expense Ratio Comparison

BILD has a 0.49% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

BILD vs. BNO - Dividend Comparison

BILD's dividend yield for the trailing twelve months is around 4.67%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BILD Macquarie Global Listed Infrastructure ETF	4.67%	3.05%	5.53%	0.52%
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BILD and BNO in my portfolio?

BILD and BNO have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BILD or BNO?

BNO has higher volatility (17.47%) compared to BILD (3.28%). In terms of maximum drawdown, BILD dropped -14.78% vs BNO's -87.06%.

Which ETF is better, BILD or BNO?

On 1-year performance, BNO leads with 62.83% vs 16.75% for BILD. On fees, BILD is cheaper at 0.49% per year. On volatility, BILD has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BILD or BNO?

Over the 1-year period, BNO has performed better with a 62.83% return vs 16.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILD or BNO?

BILD is cheaper with a 0.49% expense ratio, compared with 1.00% for BNO.

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

BILD has the higher dividend yield at 4.67%, compared with 0.00% for BNO.

What is the main difference between BILD and BNO?

BILD is categorized as Infrastructure Equities, while BNO is Oil & Gas. They also come from different issuers: Macquarie and USCF. Their fees differ too: 0.49% for BILD and 1.00% for BNO.

Which has better risk-adjusted returns?

BILD currently has the higher Sharpe Ratio (1.64 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.