BNO vs. BTC-USD
BNO (United States Brent Oil Fund LP) is Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, BNO returned 13.32%/yr vs 57.64%/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 71.96% return, which is significantly higher than BTC-USD's -27.00% return. Over the past 10 years, BNO has underperformed BTC-USD with an annualized return of 13.32%, while BTC-USD has yielded a comparatively higher 57.64% annualized return.
BNO
- 1D
- 4.10%
- 1M
- 11.98%
- 6M
- 63.20%
- YTD
- 71.96%
- 1Y
- 59.57%
- 3Y*
- 21.74%
- 5Y*
- 20.87%
- 10Y*
- 13.32%
BTC-USD
- 1D
- 0.16%
- 1M
- -0.89%
- 6M
- -33.12%
- YTD
- -27.00%
- 1Y
- -46.45%
- 3Y*
- 28.84%
- 5Y*
- 14.98%
- 10Y*
- 57.64%
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 | 71.96% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
BTC-USD Bitcoin | -27.00% | -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 -0.06, 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 | -0.06 |
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 Nov 1, 2012 | 0.01 |
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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.
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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.48 | ||
| Sortino ratioReturn per unit of downside risk | +3.63 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.83 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | -0.88 | +2.61 |
| Martin ratioReturn relative to average drawdown | 5.01 | -1.41 | +6.41 |
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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 | -34.46% | -53.08% | +18.62% |
Max Drawdown (3Y)Largest decline over 3 years | -34.46% | -53.08% | +18.62% |
Max Drawdown (5Y)Largest decline over 5 years | -34.46% | -76.67% | +42.21% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -83.80% | +8.62% |
Current DrawdownCurrent decline from peak | -19.01% | -48.79% | +29.78% |
Average DrawdownAverage peak-to-trough decline | -40.05% | -42.59% | +2.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.93% | 29.41% | -17.48% |
Volatility
BNO vs. BTC-USD - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 14.78% compared to Bitcoin (BTC-USD) at 9.63%. 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 | 14.78% | 9.63% | +5.15% |
Volatility (6M)Calculated over the trailing 6-month period | 39.30% | 34.90% | +4.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.92% | 35.73% | +7.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.14% | 43.96% | -7.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.79% | 56.33% | -19.54% |
Frequently Asked Questions
BNO and BTC-USD have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.78%) compared to BTC-USD (9.63%). In terms of maximum drawdown, BNO dropped -87.06% vs BTC-USD's -85.30%.
BNO currently has the higher Sharpe Ratio (1.40 vs -1.08), 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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