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 11.27%/yr vs 56.92%/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 47.88% return, which is significantly higher than BTC-USD's -31.91% return. Over the past 10 years, BNO has underperformed BTC-USD with an annualized return of 11.27%, while BTC-USD has yielded a comparatively higher 56.92% annualized return.
BNO
- 1D
- 2.80%
- 1M
- -21.13%
- YTD
- 47.88%
- 6M
- 45.90%
- 1Y
- 43.47%
- 3Y*
- 18.48%
- 5Y*
- 16.63%
- 10Y*
- 11.27%
BTC-USD
- 1D
- -2.31%
- 1M
- -21.43%
- YTD
- -31.91%
- 6M
- -31.66%
- 1Y
- -44.53%
- 3Y*
- 25.32%
- 5Y*
- 13.04%
- 10Y*
- 56.92%
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 | 47.88% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
BTC-USD Bitcoin | -31.91% | -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 Oct 10, 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 | +2.10 | ||
| Sortino ratioReturn per unit of downside risk | +3.16 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.84 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | -0.85 | +2.21 |
| Martin ratioReturn relative to average drawdown | 4.51 | -1.45 | +5.96 |
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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 | -32.25% | -52.23% | +19.98% |
Max Drawdown (3Y)Largest decline over 3 years | -32.25% | -52.23% | +19.98% |
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 | -30.35% | -52.23% | +21.88% |
Average DrawdownAverage peak-to-trough decline | -40.09% | -42.42% | +2.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.66% | 31.57% | -21.91% |
Volatility
BNO vs. BTC-USD - Volatility Comparison
United States Brent Oil Fund LP (BNO) and Bitcoin (BTC-USD) have volatilities of 11.84% and 12.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 11.84% | 12.44% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 37.59% | 34.75% | +2.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.00% | 35.63% | +5.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.72% | 44.15% | -8.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.70% | 56.40% | -19.70% |
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.
BTC-USD has higher volatility (12.44%) compared to BNO (11.84%). In terms of maximum drawdown, BNO dropped -87.06% vs BTC-USD's -85.30%.
BNO currently has the higher Sharpe Ratio (1.07 vs -1.04), 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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