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BIZD vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BIZD vs. BNO

Last updated Jun 4, 2026

BIZD (VanEck BDC Income ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - BIZD is a Financials Equities fund tracking the MVIS US Business Development Companies Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, BIZD returned 7.77%/yr vs 13.60%/yr for BNO. At a 0.21 correlation, their price movements are largely independent. BIZD charges 0.42%/yr vs 0.90%/yr for BNO.

Performance

BIZD vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck BDC Income ETF (BIZD) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BIZD achieves a -8.99% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, BIZD has underperformed BNO with an annualized return of 7.77%, while BNO has yielded a comparatively higher 13.60% annualized return.

BIZD

1D
-2.28%
1M
-6.62%
YTD
-8.99%
6M
-10.20%
1Y
-12.94%
3Y*
5.27%
5Y*
4.03%
10Y*
7.77%

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

BIZD vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BIZD
VanEck BDC Income ETF		-8.99%-4.96%15.63%27.02%-8.51%36.25%-7.12%30.87%-6.88%0.36%
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 BIZD and BNO is -0.12, 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

-0.12

Correlation (3Y)
Calculated over the trailing 3-year period

0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.13

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Feb 13, 2013

0.21

The correlation between BIZD and BNO shifts across timeframes, from -0.12 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck BDC Income ETF

United States Brent Oil Fund LP

Often compared with BIZD:
BIZD vs. PBDCBIZD vs. ARCCBIZD vs. CEFSBIZD vs. PSPBIZD vs. PEXBIZD vs. PFLTBIZD vs. SCHD
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

BIZD vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BIZD
BIZD Risk / Return Rank: 33
Overall Rank
BIZD Sharpe Ratio Rank: 33
Sharpe Ratio Rank
BIZD Sortino Ratio Rank: 33
Sortino Ratio Rank
BIZD Omega Ratio Rank: 33
Omega Ratio Rank
BIZD Calmar Ratio Rank: 44
Calmar Ratio Rank
BIZD Martin Ratio Rank: 44
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

BIZD vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck BDC Income ETF (BIZD) 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.

BIZDBNODifference

Sharpe ratio

Return per unit of total volatility

-0.72

2.23

-2.95

Sortino ratio

Return per unit of downside risk

-0.93

2.73

-3.66

Omega ratio

Gain probability vs. loss probability

0.90

1.38

-0.48

Calmar ratio

Return relative to maximum drawdown

-0.58

5.17

-5.75

Martin ratio

Return relative to average drawdown

-1.03

9.76

-10.79

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIZD vs. BNO - Sharpe Ratio Comparison

The current BIZD Sharpe Ratio is -0.72, which is lower than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of BIZD 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.

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Sharpe Ratios by Period

BIZDBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.72

2.23

-2.95

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.23

0.69

-0.45

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

0.37

-0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.14

+0.16

Drawdowns

BIZD vs. BNO - Drawdown Comparison

The maximum BIZD drawdown since its inception was -55.44%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for BIZD and BNO.

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Drawdown Indicators

BIZDBNODifference

Max Drawdown

Largest peak-to-trough decline

-55.44%

-87.06%

+31.62%

Max Drawdown (1Y)

Largest decline over 1 year

-22.22%

-17.87%

-4.35%

Max Drawdown (3Y)

Largest decline over 3 years

-22.56%

-23.75%

+1.19%

Max Drawdown (5Y)

Largest decline over 5 years

-22.91%

-33.70%

+10.79%

Max Drawdown (10Y)

Largest decline over 10 years

-55.44%

-75.18%

+19.74%

Current Drawdown

Current decline from peak

-19.27%

-10.29%

-8.98%

Average Drawdown

Average peak-to-trough decline

-6.72%

-40.17%

+33.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.63%

9.45%

+3.18%

Volatility

BIZD vs. BNO - Volatility Comparison

The current volatility for VanEck BDC Income ETF (BIZD) is 4.79%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that BIZD 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

BIZDBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.79%

14.22%

-9.43%

Volatility (6M)

Calculated over the trailing 6-month period

14.77%

36.10%

-21.33%

Volatility (1Y)

Calculated over the trailing 1-year period

18.11%

41.46%

-23.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.40%

35.38%

-17.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.74%

36.68%

-14.94%

BIZD vs. BNO - Expense Ratio Comparison

BIZD has a 0.42% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

BIZD vs. BNO - Dividend Comparison

BIZD's dividend yield for the trailing twelve months is around 13.87%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
BIZD
VanEck BDC Income ETF		13.87%11.78%10.94%10.96%11.21%8.14%10.39%9.13%10.88%9.13%8.51%9.12%
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

BIZD and BNO have a correlation of -0.12, 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 BIZD (4.79%). In terms of maximum drawdown, BIZD dropped -55.44% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.60% vs 7.77% for BIZD. On fees, BIZD is cheaper at 0.42% per year. On volatility, BIZD has been the lower-risk option at 4.79%. 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 7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BIZD is cheaper with a 0.42% expense ratio, compared with 0.90% for BNO.

BIZD has the higher dividend yield at 13.87%, compared with 0.00% for BNO.

BIZD is categorized as Financials Equities, while BNO is Oil & Gas. BIZD tracks MVIS US Business Development Companies Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: VanEck and Concierge Technologies. Their fees differ too: 0.42% for BIZD and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.23 vs -0.72), 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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