BNO vs. BTC-USD
BNO (United States Brent Oil Fund LP) is Oil & Gas fund tracking the Front Month Brent Crude Oil, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, BNO returned 13.13%/yr vs 59.71%/yr for BTC-USD. At a 0.01 correlation, their price movements are largely independent.
Performance
BNO vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 85.31% return, which is significantly higher than BTC-USD's -27.60% return. Over the past 10 years, BNO has underperformed BTC-USD with an annualized return of 13.13%, while BTC-USD has yielded a comparatively higher 59.71% annualized return.
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
BTC-USD
- 1D
- -1.08%
- 1M
- -21.71%
- YTD
- -27.60%
- 6M
- -31.22%
- 1Y
- -39.53%
- 3Y*
- 35.01%
- 5Y*
- 12.25%
- 10Y*
- 59.71%
BNO vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
BTC-USD Bitcoin | -27.60% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
Correlation
The correlation between BNO and BTC-USD is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2012 | 0.01 |
The correlation between BNO and BTC-USD shifts across timeframes, from -0.08 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BNO vs. BTC-USD — Risk / Return Rank
BNO
BTC-USD
BNO vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.07 | ||
| Sortino ratioReturn per unit of downside risk | +3.95 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.87 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 4.99 | -0.80 | +5.79 |
| Martin ratioReturn relative to average drawdown | 9.39 | -1.39 | +10.78 |
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 | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.15 | -0.92 | +3.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.23 | +0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 0.88 | -0.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 1.13 | -0.99 |
Drawdowns
BNO vs. BTC-USD - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, roughly equal to the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BNO and BTC-USD.
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Drawdown Indicators
| BNO | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -85.30% | -1.76% |
Max Drawdown (1Y)Largest decline over 1 year | -17.87% | -49.65% | +31.78% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -49.65% | +25.90% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -76.67% | +42.97% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -83.80% | +8.62% |
Current DrawdownCurrent decline from peak | -12.72% | -49.21% | +36.49% |
Average DrawdownAverage peak-to-trough decline | -40.16% | -42.28% | +2.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.48% | 33.87% | -24.39% |
Volatility
BNO vs. BTC-USD - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 14.12% compared to Bitcoin (BTC-USD) at 10.14%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.12% | 10.14% | +3.98% |
Volatility (6M)Calculated over the trailing 6-month period | 36.21% | 34.17% | +2.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.56% | 35.51% | +6.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.40% | 44.98% | -9.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.69% | 56.69% | -20.00% |
Frequently Asked Questions
BNO and BTC-USD have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to BTC-USD (10.14%). In terms of maximum drawdown, BNO dropped -87.06% vs BTC-USD's -85.30%.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.92), 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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