BNO vs. COP
BNO (United States Brent Oil Fund LP) is Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures, while COP (ConocoPhillips Company) is a stock. Over the past 10 years, BNO returned 10.77%/yr vs 12.94%/yr for COP. A 0.59 correlation means they provide meaningful diversification when combined.
Performance
BNO vs. COP - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 43.86% return, which is significantly higher than COP's 15.96% return. Over the past 10 years, BNO has underperformed COP with an annualized return of 10.77%, while COP has yielded a comparatively higher 12.94% annualized return.
BNO
- 1D
- -4.23%
- 1M
- -25.93%
- YTD
- 43.86%
- 6M
- 41.93%
- 1Y
- 39.47%
- 3Y*
- 17.61%
- 5Y*
- 15.98%
- 10Y*
- 10.77%
COP
- 1D
- -2.77%
- 1M
- -11.24%
- YTD
- 15.96%
- 6M
- 18.25%
- 1Y
- 23.58%
- 3Y*
- 5.52%
- 5Y*
- 15.86%
- 10Y*
- 12.94%
BNO vs. COP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 43.86% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
COP ConocoPhillips Company | 15.96% | -2.34% | -12.02% | 1.98% | 71.69% | 86.60% | -36.04% | 6.63% | 15.63% | 11.95% |
Correlation
The correlation between BNO and COP is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.59 |
The correlation between BNO and COP has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.
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Return for Risk
BNO vs. COP — Risk / Return Rank
BNO
COP
BNO vs. COP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and ConocoPhillips Company (COP). 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 | COP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.15 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.21 | +0.02 |
| Martin ratioReturn relative to average drawdown | 4.18 | 3.26 | +0.92 |
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Drawdowns
BNO vs. COP - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, roughly equal to the maximum COP drawdown of -84.55%. Use the drawdown chart below to compare losses from any high point for BNO and COP.
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Drawdown Indicators
| BNO | COP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -84.55% | -2.51% |
Max Drawdown (1Y)Largest decline over 1 year | -32.25% | -19.50% | -12.75% |
Max Drawdown (3Y)Largest decline over 3 years | -32.25% | -36.19% | +3.94% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -36.19% | +2.49% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -70.66% | -4.52% |
Current DrawdownCurrent decline from peak | -32.25% | -19.50% | -12.75% |
Average DrawdownAverage peak-to-trough decline | -40.10% | -25.48% | -14.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.47% | 7.26% | +2.21% |
Volatility
BNO vs. COP - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 11.33% compared to ConocoPhillips Company (COP) at 9.41%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than COP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | COP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.33% | 9.41% | +1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 37.57% | 22.89% | +14.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.20% | 29.55% | +11.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.70% | 32.80% | +2.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.70% | 37.63% | -0.93% |
Dividends
BNO vs. COP - Dividend Comparison
BNO has not paid dividends to shareholders, while COP's dividend yield for the trailing twelve months is around 3.09%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
COP ConocoPhillips Company | 3.09% | 3.40% | 3.35% | 3.37% | 4.23% | 2.70% | 4.23% | 2.05% | 1.86% | 1.93% | 1.99% | 6.30% |
Frequently Asked Questions
BNO and COP have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (11.33%) compared to COP (9.41%). In terms of maximum drawdown, BNO dropped -87.06% vs COP's -84.55%.
BNO currently has the higher Sharpe Ratio (0.97 vs 0.80), 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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