BNO vs. DBA
BNO (United States Brent Oil Fund LP) and DBA (Invesco DB Agriculture Fund) are both exchange-traded funds - BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil, while DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index TR. Both are passively managed. Over the past 10 years, BNO returned 13.60%/yr vs 3.54%/yr for DBA. At a 0.25 correlation, their price movements are largely independent. BNO charges 0.90%/yr vs 0.94%/yr for DBA.
Performance
BNO vs. DBA - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 90.47% return, which is significantly higher than DBA's 5.25% return. Over the past 10 years, BNO has outperformed DBA with an annualized return of 13.60%, while DBA has yielded a comparatively lower 3.54% annualized return.
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
DBA
- 1D
- -0.96%
- 1M
- -5.05%
- YTD
- 5.25%
- 6M
- 5.49%
- 1Y
- 4.23%
- 3Y*
- 13.20%
- 5Y*
- 9.87%
- 10Y*
- 3.54%
BNO vs. DBA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
DBA Invesco DB Agriculture Fund | 5.25% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
Correlation
The correlation between BNO and DBA is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.25 |
The correlation between BNO and DBA shifts across timeframes, from 0.14 (3 years) to 0.25 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BNO vs. DBA — Risk / Return Rank
BNO
DBA
BNO vs. DBA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and Invesco DB Agriculture Fund (DBA). 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 | DBA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.07 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 5.17 | 0.53 | +4.64 |
| Martin ratioReturn relative to average drawdown | 9.76 | 1.04 | +8.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BNO | DBA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | 0.39 | +1.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 0.71 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.27 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.08 | +0.06 |
Drawdowns
BNO vs. DBA - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, which is greater than DBA's maximum drawdown of -67.97%. Use the drawdown chart below to compare losses from any high point for BNO and DBA.
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Drawdown Indicators
| BNO | DBA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -67.97% | -19.09% |
Max Drawdown (1Y)Largest decline over 1 year | -17.87% | -7.99% | -9.88% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -12.36% | -11.39% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -15.94% | -17.76% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -41.16% | -34.02% |
Current DrawdownCurrent decline from peak | -10.29% | -25.90% | +15.61% |
Average DrawdownAverage peak-to-trough decline | -40.17% | -41.11% | +0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.45% | 4.07% | +5.38% |
Volatility
BNO vs. DBA - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 14.22% compared to Invesco DB Agriculture Fund (DBA) at 4.17%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than DBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | DBA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.22% | 4.17% | +10.05% |
Volatility (6M)Calculated over the trailing 6-month period | 36.10% | 6.46% | +29.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.46% | 10.77% | +30.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 14.10% | +21.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.68% | 13.09% | +23.59% |
BNO vs. DBA - Expense Ratio Comparison
BNO has a 0.90% expense ratio, which is lower than DBA's 0.94% expense ratio.
Dividends
BNO vs. DBA - Dividend Comparison
BNO has not paid dividends to shareholders, while DBA's dividend yield for the trailing twelve months is around 3.40%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
DBA Invesco DB Agriculture Fund | 3.40% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
Frequently Asked Questions
BNO and DBA have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to DBA (4.17%). In terms of maximum drawdown, BNO dropped -87.06% vs DBA's -67.97%.
On 10-year performance, BNO leads with 13.60% vs 3.54% for DBA. On fees, BNO is cheaper at 0.90% per year. On volatility, DBA has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 13.60% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 0.94% for DBA.
DBA has the higher dividend yield at 3.40%, compared with 0.00% for BNO.
BNO is categorized as Oil & Gas, while DBA is Agricultural Commodities. BNO tracks Front Month Brent Crude Oil, while DBA tracks DBIQ Diversified Agriculture Index TR. They also come from different issuers: Concierge Technologies and Invesco. Their fees differ too: 0.90% for BNO and 0.94% for DBA.
BNO currently has the higher Sharpe Ratio (2.23 vs 0.39), 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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