BNO vs. BOIL
Compare and contrast key facts about United States Brent Oil Fund LP (BNO) and ProShares Ultra Bloomberg Natural Gas (BOIL).
BNO and BOIL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. BOIL is a passively managed fund by ProShares that tracks the performance of the Dow Jones-UBS Natural Gas Subindex (200%). It was launched on Oct 4, 2011. Both BNO and BOIL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
BNO vs. BOIL - Performance Comparison
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BNO vs. BOIL - 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% |
BOIL ProShares Ultra Bloomberg Natural Gas | -29.61% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
Returns By Period
In the year-to-date period, BNO achieves a 83.65% return, which is significantly higher than BOIL's -29.61% return. Over the past 10 years, BNO has outperformed BOIL with an annualized return of 16.00%, while BOIL has yielded a comparatively lower -55.56% 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%
BOIL
- 1D
- 0.75%
- 1M
- -1.95%
- YTD
- -29.61%
- 6M
- -46.25%
- 1Y
- -81.20%
- 3Y*
- -64.52%
- 5Y*
- -62.47%
- 10Y*
- -55.56%
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BNO vs. BOIL - Expense Ratio Comparison
BNO has a 0.90% expense ratio, which is lower than BOIL's 1.31% expense ratio.
Return for Risk
BNO vs. BOIL — Risk / Return Rank
BNO
BOIL
BNO vs. BOIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and ProShares Ultra Bloomberg Natural Gas (BOIL). 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 | BOIL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.84 | -0.68 | +2.52 |
Sortino ratioReturn per unit of downside risk | 2.48 | -1.00 | +3.48 |
Omega ratioGain probability vs. loss probability | 1.32 | 0.88 | +0.45 |
Calmar ratioReturn relative to maximum drawdown | 3.91 | -0.99 | +4.90 |
Martin ratioReturn relative to average drawdown | 7.06 | -1.33 | +8.39 |
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 | BOIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.84 | -0.68 | +2.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.77 | -0.53 | +1.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | -0.55 | +0.99 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | -0.61 | +0.75 |
Correlation
The correlation between BNO and BOIL is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
BNO vs. BOIL - Dividend Comparison
Neither BNO nor BOIL has paid dividends to shareholders.
Drawdowns
BNO vs. BOIL - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, smaller than the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BNO and BOIL.
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Drawdown Indicators
| BNO | BOIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -100.00% | +12.94% |
Max Drawdown (1Y)Largest decline over 1 year | -18.48% | -81.53% | +63.05% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -99.88% | +66.18% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -99.98% | +24.80% |
Current DrawdownCurrent decline from peak | -3.67% | -100.00% | +96.33% |
Average DrawdownAverage peak-to-trough decline | -40.53% | -93.51% | +52.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.25% | 60.91% | -50.66% |
Volatility
BNO vs. BOIL - Volatility Comparison
The current volatility for United States Brent Oil Fund LP (BNO) is 20.01%, while ProShares Ultra Bloomberg Natural Gas (BOIL) has a volatility of 29.44%. This indicates that BNO experiences smaller price fluctuations and is considered to be less risky than BOIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | BOIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.01% | 29.44% | -9.43% |
Volatility (6M)Calculated over the trailing 6-month period | 27.75% | 109.34% | -81.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.79% | 120.51% | -83.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.90% | 118.61% | -84.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.10% | 101.94% | -65.84% |