BNO vs. APA

Last updated Apr 1, 2026

Compare and contrast key facts about United States Brent Oil Fund LP (BNO) and Apache Corporation (APA).

BNO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Brent Crude Oil. It was launched on Jun 2, 2010.

Performance

BNO vs. APA - Performance Comparison

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

BNO vs. APA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BNO United States Brent Oil Fund LP	83.65%	-5.44%	9.67%	-3.43%	35.25%	62.34%	-38.23%	36.01%	-15.30%	15.43%
APA Apache Corporation	75.16%	11.54%	-33.44%	-21.24%	76.44%	90.76%	-43.71%	1.12%	-36.39%	-32.13%

Returns By Period

In the year-to-date period, BNO achieves a 83.65% return, which is significantly higher than APA's 75.16% return. Over the past 10 years, BNO has outperformed APA with an annualized return of 16.00%, while APA has yielded a comparatively lower 1.38% annualized return.

BNO

• 1D: -3.67%
• 1M: 49.41%
• YTD: 83.65%
• 6M: 73.08%
• 1Y: 67.18%
• 3Y*: 25.08%
• 5Y*: 26.10%
• 10Y*: 16.00%

APA

• 1D: -2.97%
• 1M: 39.74%
• YTD: 75.16%
• 6M: 78.43%
• 1Y: 112.34%
• 3Y*: 9.66%
• 5Y*: 20.98%
• 10Y*: 1.38%

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

Return for Risk

BNO vs. APA — Risk / Return Rank

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

BNO

BNO Risk / Return Rank: 86
BNO Sharpe Ratio Rank: 89
BNO Sortino Ratio Rank: 90
BNO Omega Ratio Rank: 84
BNO Calmar Ratio Rank: 95
BNO Martin Ratio Rank: 72

APA

APA Risk / Return Rank: 88
APA Sharpe Ratio Rank: 91
APA Sortino Ratio Rank: 86
APA Omega Ratio Rank: 86
APA Calmar Ratio Rank: 88
APA Martin Ratio Rank: 90

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.

BNO vs. APA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and Apache Corporation (APA). 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.

	BNO	APA	Difference
Sharpe ratio Return per unit of total volatility	1.84	2.06	-0.22
Sortino ratio Return per unit of downside risk	2.48	2.48	0.00
Omega ratio Gain probability vs. loss probability	1.32	1.34	-0.02
Calmar ratio Return relative to maximum drawdown	3.91	3.34	+0.57
Martin ratio Return relative to average drawdown	7.06	10.49	-3.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNO vs. APA - Sharpe Ratio Comparison

The current BNO Sharpe Ratio is 1.84, which is comparable to the APA Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of BNO and APA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BNO	APA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	2.06	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.43	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.02	+0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.17	-0.03

Correlation

The correlation between BNO and APA is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BNO vs. APA - Dividend Comparison

BNO has not paid dividends to shareholders, while APA's dividend yield for the trailing twelve months is around 2.36%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
APA Apache Corporation	2.36%	4.09%	4.33%	2.79%	1.34%	0.51%	2.29%	3.91%	3.81%	2.37%	1.58%	2.25%

Drawdowns

BNO vs. APA - Drawdown Comparison

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

Drawdown Indicators

	BNO	APA	Difference
Max Drawdown Largest peak-to-trough decline	-87.06%	-96.73%	+9.67%
Max Drawdown (1Y) Largest decline over 1 year	-18.48%	-33.95%	+15.47%
Max Drawdown (5Y) Largest decline over 5 years	-33.70%	-70.47%	+36.77%
Max Drawdown (10Y) Largest decline over 10 years	-75.18%	-93.49%	+18.31%
Current Drawdown Current decline from peak	-3.67%	-59.96%	+56.29%
Average Drawdown Average peak-to-trough decline	-40.53%	-40.25%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.25%	10.80%	-0.55%

Volatility

BNO vs. APA - Volatility Comparison

United States Brent Oil Fund LP (BNO) has a higher volatility of 20.01% compared to Apache Corporation (APA) at 10.75%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than APA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNO	APA	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.01%	10.75%	+9.26%
Volatility (6M) Calculated over the trailing 6-month period	27.75%	31.47%	-3.72%
Volatility (1Y) Calculated over the trailing 1-year period	36.79%	54.92%	-18.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.90%	48.56%	-14.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.10%	58.24%	-22.14%