BNO vs. BNDI
BNO (United States Brent Oil Fund LP) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both exchange-traded funds - BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil, while BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos. BNO is passively managed, while BNDI is actively managed. Over the past 3 years, BNO returned 27.93%/yr vs 4.83%/yr for BNDI. At a correlation of -0.16, they often move in opposite directions. BNO charges 0.90%/yr vs 0.58%/yr for BNDI.
Performance
BNO vs. BNDI - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 90.47% return, which is significantly higher than BNDI's 1.29% return.
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%
BNDI
- 1D
- -0.21%
- 1M
- 0.36%
- YTD
- 1.29%
- 6M
- 1.22%
- 1Y
- 7.00%
- 3Y*
- 4.83%
- 5Y*
- —
- 10Y*
- —
BNO vs. BNDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | -8.72% |
BNDI Neos Enhanced Income Aggregate Bond ETF | 1.29% | 7.95% | 1.74% | 6.89% | -2.60% |
Correlation
The correlation between BNO and BNDI is -0.44, 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 | -0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022 | -0.16 |
Over the past year, the inverse relationship between BNO and BNDI has strengthened: their correlation has moved from -0.16 to -0.44, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BNO vs. BNDI — Risk / Return Rank
BNO
BNDI
BNO vs. BNDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and Neos Enhanced Income Aggregate Bond ETF (BNDI). 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 | BNDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.30 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 5.17 | 2.56 | +2.61 |
| Martin ratioReturn relative to average drawdown | 9.76 | 9.12 | +0.64 |
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
| BNO | BNDI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | 1.69 | +0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.65 | -0.51 |
Drawdowns
BNO vs. BNDI - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, which is greater than BNDI's maximum drawdown of -6.98%. Use the drawdown chart below to compare losses from any high point for BNO and BNDI.
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Drawdown Indicators
| BNO | BNDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -6.98% | -80.08% |
Max Drawdown (1Y)Largest decline over 1 year | -17.87% | -2.75% | -15.12% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -5.83% | -17.92% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | — | — |
Current DrawdownCurrent decline from peak | -10.29% | -0.84% | -9.45% |
Average DrawdownAverage peak-to-trough decline | -40.17% | -1.71% | -38.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.45% | 0.77% | +8.68% |
Volatility
BNO vs. BNDI - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 14.22% compared to Neos Enhanced Income Aggregate Bond ETF (BNDI) at 1.38%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than BNDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | BNDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.22% | 1.38% | +12.84% |
Volatility (6M)Calculated over the trailing 6-month period | 36.10% | 3.08% | +33.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.46% | 4.17% | +37.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 6.19% | +29.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.68% | 6.19% | +30.49% |
BNO vs. BNDI - Expense Ratio Comparison
BNO has a 0.90% expense ratio, which is higher than BNDI's 0.58% expense ratio.
Dividends
BNO vs. BNDI - Dividend Comparison
BNO has not paid dividends to shareholders, while BNDI's dividend yield for the trailing twelve months is around 5.80%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BNDI Neos Enhanced Income Aggregate Bond ETF | 5.80% | 5.69% | 5.54% | 5.17% | 1.68% |
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BNO and BNDI have a correlation of -0.44, 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 BNDI (1.38%). In terms of maximum drawdown, BNO dropped -87.06% vs BNDI's -6.98%.
On 3-year performance, BNO leads with 27.93% vs 4.83% for BNDI. On fees, BNDI is cheaper at 0.58% per year. On volatility, BNDI has been the lower-risk option at 1.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 27.93% return vs 4.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDI is cheaper with a 0.58% expense ratio, compared with 0.90% for BNO.
BNDI has the higher dividend yield at 5.80%, compared with 0.00% for BNO.
BNO is categorized as Oil & Gas, while BNDI is Intermediate Core-Plus Bond. They also come from different issuers: Concierge Technologies and Neos. Their fees differ too: 0.90% for BNO and 0.58% for BNDI.
BNO currently has the higher Sharpe Ratio (2.23 vs 1.69), 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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