BNO vs. BPH

Last updated Aug 4, 2026

BNO (United States Brent Oil Fund LP) and BPH (BP p.l.c. ADRhedged ETF) are both exchange-traded funds - BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures, while BPH is a Energy Equities fund actively managed by Precidian. BNO is passively managed, while BPH is actively managed. Their 0.79 correlation means they have sometimes moved together and sometimes differently. BNO charges 1.00%/yr vs 0.19%/yr for BPH.

Performance

BNO vs. BPH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Brent Oil Fund LP (BNO) and BP p.l.c. ADRhedged ETF (BPH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BNO

• 1D: -5.06%
• 1M: 20.57%
• 6M: 52.91%
• YTD: 68.89%
• 1Y: 54.59%
• 3Y*: 17.84%
• 5Y*: 21.29%
• 10Y*: 13.80%
• ALL TIME*: 3.97%

BPH

• 1D: -1.57%
• 1M: 16.97%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$109.23M	$101.30M	$143.17M
BPH BP p.l.c. ADRhedged ETF	$48.44K	$52.11K	$50.96K

BNO vs. BPH - Yearly Performance Comparison

	2026 (YTD)
BNO United States Brent Oil Fund LP	-13.04%
BPH BP p.l.c. ADRhedged ETF	4.01%

Correlation

The correlation between BNO and BPH is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 26, 2026	0.79

Return for Risk

BNO vs. BPH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BNO

BNO Risk / Return Rank: 47
BNO Sharpe Ratio Rank: 48
BNO Sortino Ratio Rank: 49
BNO Omega Ratio Rank: 49
BNO Calmar Ratio Rank: 44
BNO Martin Ratio Rank: 43

BPH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BNO vs. BPH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and BP p.l.c. ADRhedged ETF (BPH). 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	BPH	Difference
Sharpe ratio: Return per unit of total volatility	1.23	—	—
Sortino ratio: Return per unit of downside risk	1.81	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.59	—	—
Martin ratio: Return relative to average drawdown	4.81	—	—

Drawdowns

BNO vs. BPH - Drawdown Comparison

The maximum BNO drawdown since its inception was -87.06%, which is greater than BPH's maximum drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for BNO and BPH.

Drawdown Indicators

	BNO	BPH	Difference
Max Drawdown Largest peak-to-trough decline	-87.06%	-15.58%	-71.48%
Max Drawdown (1Y) Largest decline over 1 year	-34.46%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-34.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.46%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-75.18%	—	—
Current Drawdown Current decline from peak	-20.46%	-1.57%	-18.89%
Average Drawdown Average peak-to-trough decline	-39.99%	-5.55%	-34.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.41%	—	—

Volatility

Volatility by Period

	BNO	BPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.59%	—	—
Volatility (6M) Calculated over the trailing 6-month period	41.33%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	44.80%	28.54%	+16.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.47%	28.54%	+7.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.01%	28.54%	+8.47%

BNO vs. BPH - Expense Ratio Comparison

BNO has a 1.00% expense ratio, which is higher than BPH's 0.19% expense ratio.

Dividends

BNO vs. BPH - Dividend Comparison

BNO has not paid dividends to shareholders, while BPH's dividend yield for the trailing twelve months is around 0.48%.

Position	TTM
BNO United States Brent Oil Fund LP	0.00%
BPH BP p.l.c. ADRhedged ETF	0.48%

Frequently Asked Questions

Can I hold both BNO and BPH in my portfolio?

BNO and BPH have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BNO or BPH?

On fees, BPH is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BNO or BPH?

BPH is cheaper with a 0.19% expense ratio, compared with 1.00% for BNO.

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

BPH has the higher dividend yield at 0.48%, compared with 0.00% for BNO.

What is the main difference between BNO and BPH?

BNO is categorized as Oil & Gas, while BPH is Energy Equities. They also come from different issuers: USCF and Precidian. Their fees differ too: 1.00% for BNO and 0.19% for BPH.