BNO vs. BOIL

Last updated Jun 28, 2026

BNO (United States Brent Oil Fund LP) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both Oil & Gas funds - BNO tracks the Crude Oil Brent ICE Near Term Futures while BOIL tracks the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, BNO returned 10.59%/yr vs -58.12%/yr for BOIL. At a 0.11 correlation, their price movements are largely independent. BNO charges 1.00%/yr vs 1.31%/yr for BOIL.

Performance

BNO vs. BOIL - Performance Comparison

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

Returns By Period

In the year-to-date period, BNO achieves a 42.34% return, which is significantly higher than BOIL's -37.42% return. Over the past 10 years, BNO has outperformed BOIL with an annualized return of 10.59%, while BOIL has yielded a comparatively lower -58.12% annualized return.

BNO

• 1D: -3.75%
• 1M: -20.32%
• YTD: 42.34%
• 6M: 43.50%
• 1Y: 38.47%
• 3Y*: 18.02%
• 5Y*: 15.74%
• 10Y*: 10.59%

BOIL

• 1D: 1.81%
• 1M: -4.56%
• YTD: -37.42%
• 6M: -43.11%
• 1Y: -73.36%
• 3Y*: -65.47%
• 5Y*: -66.33%
• 10Y*: -58.12%

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

BNO vs. BOIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BNO United States Brent Oil Fund LP	42.34%	-5.44%	9.67%	-3.43%	35.25%	62.34%	-38.23%	36.01%	-15.30%	15.43%
BOIL ProShares Ultra Bloomberg Natural Gas	-37.42%	-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 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.12
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 6, 2011	0.11

Return for Risk

BNO vs. BOIL — Risk / Return Rank

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

BNO

BNO Risk / Return Rank: 27
BNO Sharpe Ratio Rank: 26
BNO Sortino Ratio Rank: 28
BNO Omega Ratio Rank: 28
BNO Calmar Ratio Rank: 25
BNO Martin Ratio Rank: 29

BOIL

BOIL Risk / Return Rank: 4
BOIL Sharpe Ratio Rank: 5
BOIL Sortino Ratio Rank: 5
BOIL Omega Ratio Rank: 5
BOIL Calmar Ratio Rank: 1
BOIL Martin Ratio Rank: 4

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. 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BNO	BOIL	Difference
Sharpe ratio: Return per unit of total volatility	0.92	-0.63	+1.54
Sortino ratio: Return per unit of downside risk	1.45	-0.64	+2.09
Omega ratio: Gain probability vs. loss probability	1.19	0.92	+0.27
Calmar ratio: Return relative to maximum drawdown	1.14	-0.91	+2.06
Martin ratio: Return relative to average drawdown	3.81	-1.25	+5.06

BNO vs. BOIL - Sharpe Ratio Comparison

The current BNO Sharpe Ratio is 0.92, which is higher than the BOIL Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of BNO and BOIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	BNO	BOIL	Difference
Max Drawdown Largest peak-to-trough decline	-87.06%	-100.00%	+12.94%
Max Drawdown (1Y) Largest decline over 1 year	-32.96%	-77.43%	+44.47%
Max Drawdown (3Y) Largest decline over 3 years	-32.96%	-96.86%	+63.90%
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 Drawdown Current decline from peak	-32.96%	-100.00%	+67.04%
Average Drawdown Average peak-to-trough decline	-40.09%	-93.59%	+53.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.88%	56.33%	-46.45%

Volatility

BNO vs. BOIL - Volatility Comparison

The current volatility for United States Brent Oil Fund LP (BNO) is 11.86%, while ProShares Ultra Bloomberg Natural Gas (BOIL) has a volatility of 22.41%. 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.

Volatility by Period

	BNO	BOIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.86%	22.41%	-10.55%
Volatility (6M) Calculated over the trailing 6-month period	37.82%	103.24%	-65.42%
Volatility (1Y) Calculated over the trailing 1-year period	41.19%	112.98%	-71.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.75%	118.89%	-83.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.72%	101.80%	-65.08%

BNO vs. BOIL - Expense Ratio Comparison

BNO has a 1.00% 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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BNO and BOIL in my portfolio?

BNO and BOIL have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNO or BOIL?

BOIL has higher volatility (22.41%) compared to BNO (11.86%). In terms of maximum drawdown, BNO dropped -87.06% vs BOIL's -100.00%.

Which ETF is better, BNO or BOIL?

On 10-year performance, BNO leads with 10.59% vs -58.12% for BOIL. On fees, BNO is cheaper at 1.00% per year. On volatility, BNO has been the lower-risk option at 11.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNO or BOIL?

Over the 10-year period, BNO has performed better with a 10.59% return vs -58.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNO or BOIL?

BNO is cheaper with a 1.00% expense ratio, compared with 1.31% for BOIL.

Which ETF pays a higher dividend yield, BNO or BOIL?

BNO and BOIL have nearly identical dividend yields, around 0.00%.

What is the main difference between BNO and BOIL?

BNO tracks Crude Oil Brent ICE Near Term Futures, while BOIL tracks Bloomberg Natural Gas Subindex. They also come from different issuers: USCF Investments and ProShares. Their fees differ too: 1.00% for BNO and 1.31% for BOIL.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (0.92 vs -0.63), 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.