BNO vs. BOIL
BNO (United States Brent Oil Fund LP) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both exchange-traded funds - BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil, while BOIL is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, BNO returned 12.62%/yr vs -57.27%/yr for BOIL. At a 0.12 correlation, their price movements are largely independent. BNO charges 0.90%/yr vs 1.31%/yr for BOIL.
Performance
BNO vs. BOIL - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 80.79% return, which is significantly higher than BOIL's -37.51% return. Over the past 10 years, BNO has outperformed BOIL with an annualized return of 12.62%, while BOIL has yielded a comparatively lower -57.27% annualized return.
BNO
- 1D
- -2.44%
- 1M
- -3.60%
- YTD
- 80.79%
- 6M
- 73.97%
- 1Y
- 79.52%
- 3Y*
- 25.89%
- 5Y*
- 22.87%
- 10Y*
- 12.62%
BOIL
- 1D
- -7.44%
- 1M
- 13.21%
- YTD
- -37.51%
- 6M
- -67.19%
- 1Y
- -75.27%
- 3Y*
- -61.76%
- 5Y*
- -64.71%
- 10Y*
- -57.27%
BNO vs. BOIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 80.79% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
BOIL ProShares Ultra Bloomberg Natural Gas | -37.51% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
Correlation
The correlation between BNO and BOIL is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011 | 0.12 |
The correlation between BNO and BOIL shifts across timeframes, from 0.12 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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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 | +2.65 | ||
| Sortino ratioReturn per unit of downside risk | +3.28 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.90 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 4.66 | -0.91 | +5.58 |
| Martin ratioReturn relative to average drawdown | 8.73 | -1.24 | +9.97 |
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 | 2.00 | -0.65 | +2.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | -0.55 | +1.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | -0.56 | +0.91 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | -0.61 | +0.74 |
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 | -17.87% | -80.85% | +62.98% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -96.86% | +73.11% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -99.91% | +66.21% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -99.99% | +24.81% |
Current DrawdownCurrent decline from peak | -14.85% | -100.00% | +85.15% |
Average DrawdownAverage peak-to-trough decline | -40.16% | -93.59% | +53.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.53% | 59.59% | -50.06% |
Volatility
BNO vs. BOIL - Volatility Comparison
The current volatility for United States Brent Oil Fund LP (BNO) is 11.71%, while ProShares Ultra Bloomberg Natural Gas (BOIL) has a volatility of 25.01%. 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 | 11.71% | 25.01% | -13.30% |
Volatility (6M)Calculated over the trailing 6-month period | 36.33% | 107.78% | -71.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.63% | 114.08% | -72.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.41% | 118.93% | -83.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.69% | 101.82% | -65.13% |
BNO vs. BOIL - Expense Ratio Comparison
BNO has a 0.90% expense ratio, which is lower than BOIL's 1.31% expense ratio.
Dividends
BNO vs. BOIL - Dividend Comparison
Neither BNO nor BOIL has paid dividends to shareholders.
Frequently Asked Questions
BNO and BOIL have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOIL has higher volatility (25.01%) compared to BNO (11.71%). In terms of maximum drawdown, BNO dropped -87.06% vs BOIL's -100.00%.
On 10-year performance, BNO leads with 12.62% vs -57.27% for BOIL. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 11.71%. 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 12.62% return vs -57.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 1.31% for BOIL.
BNO and BOIL have nearly identical dividend yields, around 0.00%.
BNO is categorized as Oil & Gas, while BOIL is Leveraged Commodities. BNO tracks Front Month Brent Crude Oil, while BOIL tracks Bloomberg Natural Gas Subindex. They also come from different issuers: Concierge Technologies and ProShares. Their fees differ too: 0.90% for BNO and 1.31% for BOIL.
BNO currently has the higher Sharpe Ratio (2.00 vs -0.65), 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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