BNO vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about United States Brent Oil Fund LP (BNO) and Bitcoin (BTC-USD).

BNO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Brent Crude Oil. It was launched on Jun 2, 2010.

Performance

BNO vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Brent Oil Fund LP (BNO) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

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	77.72%	-5.44%	9.67%	-3.43%	35.25%	62.34%	-38.23%	36.01%	-15.30%	15.43%
BTC-USD Bitcoin	-21.63%	-6.27%	120.76%	155.82%	-64.23%	59.40%	304.57%	94.10%	-73.37%	1,324.24%

Returns By Period

In the year-to-date period, BNO achieves a 77.72% return, which is significantly higher than BTC-USD's -21.63% return. Over the past 10 years, BNO has underperformed BTC-USD with an annualized return of 15.62%, while BTC-USD has yielded a comparatively higher 66.45% annualized return.

BNO

• 1D: -3.23%
• 1M: 34.79%
• YTD: 77.72%
• 6M: 69.06%
• 1Y: 62.25%
• 3Y*: 23.72%
• 5Y*: 25.28%
• 10Y*: 15.62%

BTC-USD

• 1D: 0.51%
• 1M: -0.38%
• YTD: -21.63%
• 6M: -42.21%
• 1Y: -19.49%
• 3Y*: 34.49%
• 5Y*: 3.06%
• 10Y*: 66.45%

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

Return for Risk

BNO vs. BTC-USD — Risk / Return Rank

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

BNO

BNO Risk / Return Rank: 79
BNO Sharpe Ratio Rank: 84
BNO Sortino Ratio Rank: 85
BNO Omega Ratio Rank: 77
BNO Calmar Ratio Rank: 91
BNO Martin Ratio Rank: 59

BTC-USD

BTC-USD Risk / Return Rank: 43
BTC-USD Sharpe Ratio Rank: 61
BTC-USD Sortino Ratio Rank: 55
BTC-USD Omega Ratio Rank: 51
BTC-USD Calmar Ratio Rank: 43
BTC-USD 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. 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 ratio Return per unit of total volatility	1.70	-0.44	+2.14
Sortino ratio Return per unit of downside risk	2.33	-0.38	+2.71
Omega ratio Gain probability vs. loss probability	1.30	0.96	+0.34
Calmar ratio Return relative to maximum drawdown	3.34	-1.11	+4.45
Martin ratio Return relative to average drawdown	6.02	-1.99	+8.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNO vs. BTC-USD - Sharpe Ratio Comparison

The current BNO Sharpe Ratio is 1.70, which is higher than the BTC-USD Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of BNO and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BNO	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	-0.44	+2.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.05	+0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.97	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	1.19	-1.06

Correlation

The correlation between BNO and BTC-USD is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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.

Drawdown Indicators

	BNO	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-87.06%	-85.30%	-1.76%
Max Drawdown (1Y) Largest decline over 1 year	-18.48%	-49.65%	+31.17%
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 Drawdown Current decline from peak	-6.78%	-45.02%	+38.24%
Average Drawdown Average peak-to-trough decline	-40.52%	-41.99%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.26%	27.60%	-17.34%

Volatility

BNO vs. BTC-USD - Volatility Comparison

United States Brent Oil Fund LP (BNO) has a higher volatility of 20.48% compared to Bitcoin (BTC-USD) at 13.58%. 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.

Volatility by Period

	BNO	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.48%	13.58%	+6.90%
Volatility (6M) Calculated over the trailing 6-month period	27.96%	35.98%	-8.02%
Volatility (1Y) Calculated over the trailing 1-year period	36.84%	36.76%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.91%	46.90%	-12.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.11%	56.70%	-20.59%