BNO vs. BZ=F

Last updated Jun 5, 2026

BNO (United States Brent Oil Fund LP) is Oil & Gas fund tracking the Front Month Brent Crude Oil, while BZ=F (Crude Oil Brent) is an asset. Over the past 10 years, BNO returned 13.13%/yr vs 6.53%/yr for BZ=F. Their correlation of 0.91 suggests significant overlap in exposure.

Performance

BNO vs. BZ=F - Performance Comparison

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

Returns By Period

In the year-to-date period, BNO achieves a 85.31% return, which is significantly higher than BZ=F's 56.35% return. Over the past 10 years, BNO has outperformed BZ=F with an annualized return of 13.13%, while BZ=F has yielded a comparatively lower 6.53% 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%

BZ=F

• 1D: -2.73%
• 1M: -13.41%
• YTD: 56.35%
• 6M: 50.40%
• 1Y: 46.69%
• 3Y*: 7.44%
• 5Y*: 5.76%
• 10Y*: 6.53%

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

BNO vs. BZ=F - 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%
BZ=F Crude Oil Brent	56.35%	-18.48%	-3.12%	-10.32%	10.45%	50.15%	-21.52%	22.68%	-19.55%	17.69%

Correlation

The correlation between BNO and BZ=F is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010	0.91

The correlation between BNO and BZ=F shifts across timeframes, from 0.78 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BNO vs. BZ=F — Risk / Return Rank

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

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 65
BNO Sortino Ratio Rank: 57
BNO Omega Ratio Rank: 61
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

BZ=F

BZ=F Risk / Return Rank: 29
BZ=F Sharpe Ratio Rank: 26
BZ=F Sortino Ratio Rank: 28
BZ=F Omega Ratio Rank: 20
BZ=F Calmar Ratio Rank: 37
BZ=F Martin Ratio Rank: 35

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. BZ=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and Crude Oil Brent (BZ=F). 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	BZ=F	Difference
Sharpe ratio: Return per unit of total volatility	2.15	0.86	+1.28
Sortino ratio: Return per unit of downside risk	2.65	1.32	+1.33
Omega ratio: Gain probability vs. loss probability	1.36	1.20	+0.16
Calmar ratio: Return relative to maximum drawdown	4.99	1.74	+3.25
Martin ratio: Return relative to average drawdown	9.39	2.92	+6.47
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. BZ=F - Sharpe Ratio Comparison

The current BNO Sharpe Ratio is 2.15, which is higher than the BZ=F Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of BNO and BZ=F, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BNO	BZ=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	0.86	+1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.15	+0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.16	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.13	0.00

Drawdowns

BNO vs. BZ=F - Drawdown Comparison

The maximum BNO drawdown since its inception was -87.06%, roughly equal to the maximum BZ=F drawdown of -86.77%. Use the drawdown chart below to compare losses from any high point for BNO and BZ=F.

Drawdown Indicators

	BNO	BZ=F	Difference
Max Drawdown Largest peak-to-trough decline	-87.06%	-86.77%	-0.29%
Max Drawdown (1Y) Largest decline over 1 year	-17.87%	-23.63%	+5.76%
Max Drawdown (3Y) Largest decline over 3 years	-23.75%	-38.97%	+15.22%
Max Drawdown (5Y) Largest decline over 5 years	-33.70%	-53.96%	+20.26%
Max Drawdown (10Y) Largest decline over 10 years	-75.18%	-77.60%	+2.42%
Current Drawdown Current decline from peak	-12.72%	-34.87%	+22.15%
Average Drawdown Average peak-to-trough decline	-40.16%	-40.98%	+0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.48%	11.46%	-1.98%

Volatility

BNO vs. BZ=F - Volatility Comparison

The current volatility for United States Brent Oil Fund LP (BNO) is 14.12%, while Crude Oil Brent (BZ=F) has a volatility of 15.08%. This indicates that BNO experiences smaller price fluctuations and is considered to be less risky than BZ=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNO	BZ=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.12%	15.08%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	36.21%	45.73%	-9.52%
Volatility (1Y) Calculated over the trailing 1-year period	41.56%	47.65%	-6.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.40%	37.44%	-2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.69%	39.20%	-2.51%

Frequently Asked Questions

Can I hold both BNO and BZ=F in my portfolio?

BNO and BZ=F have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNO or BZ=F?

BZ=F has higher volatility (15.08%) compared to BNO (14.12%). In terms of maximum drawdown, BNO dropped -87.06% vs BZ=F's -86.77%.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (2.15 vs 0.86), 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.