BNO vs. DBO
BNO (United States Brent Oil Fund LP) and DBO (Invesco DB Oil Fund) are both Oil & Gas funds - BNO tracks the Crude Oil Brent ICE Near Term Futures while DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, BNO returned 10.77%/yr vs 8.76%/yr for DBO. Their correlation of 0.92 suggests significant overlap in exposure. BNO charges 1.00%/yr vs 0.78%/yr for DBO.
Performance
BNO vs. DBO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BNO having a 43.86% return and DBO slightly higher at 43.93%. Over the past 10 years, BNO has outperformed DBO with an annualized return of 10.77%, while DBO has yielded a comparatively lower 8.76% 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%
DBO
- 1D
- -4.15%
- 1M
- -21.96%
- YTD
- 43.93%
- 6M
- 41.96%
- 1Y
- 37.25%
- 3Y*
- 12.72%
- 5Y*
- 9.10%
- 10Y*
- 8.76%
BNO vs. DBO - 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% |
DBO Invesco DB Oil Fund | 43.93% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between BNO and DBO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.92 |
The correlation between BNO and DBO has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.
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Return for Risk
BNO vs. DBO — Risk / Return Rank
BNO
DBO
BNO vs. DBO - 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 Oil Fund (DBO). 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 | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.20 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.43 | -0.20 |
| Martin ratioReturn relative to average drawdown | 4.18 | 4.33 | -0.15 |
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Drawdowns
BNO vs. DBO - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, roughly equal to the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for BNO and DBO.
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Drawdown Indicators
| BNO | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -90.18% | +3.12% |
Max Drawdown (1Y)Largest decline over 1 year | -32.25% | -26.22% | -6.03% |
Max Drawdown (3Y)Largest decline over 3 years | -32.25% | -28.20% | -4.05% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -37.68% | +3.98% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -61.69% | -13.49% |
Current DrawdownCurrent decline from peak | -32.25% | -62.12% | +29.87% |
Average DrawdownAverage peak-to-trough decline | -40.10% | -62.22% | +22.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.47% | 8.63% | +0.84% |
Volatility
BNO vs. DBO - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 11.33% compared to Invesco DB Oil Fund (DBO) at 10.78%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.33% | 10.78% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 37.57% | 29.70% | +7.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.20% | 34.63% | +6.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.70% | 32.59% | +3.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.70% | 31.84% | +4.86% |
BNO vs. DBO - Expense Ratio Comparison
BNO has a 1.00% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
BNO vs. DBO - Dividend Comparison
BNO has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.44%.
| 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% |
DBO Invesco DB Oil Fund | 2.44% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
Frequently Asked Questions
With a correlation of 0.96, BNO and DBO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BNO has higher volatility (11.33%) compared to DBO (10.78%). In terms of maximum drawdown, BNO dropped -87.06% vs DBO's -90.18%.
On 10-year performance, BNO leads with 10.77% vs 8.76% for DBO. On fees, DBO is cheaper at 0.78% per year. On volatility, DBO has been the lower-risk option at 10.78%. 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 10.77% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBO is cheaper with a 0.78% expense ratio, compared with 1.00% for BNO.
DBO has the higher dividend yield at 2.44%, compared with 0.00% for BNO.
BNO tracks Crude Oil Brent ICE Near Term Futures, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: USCF Investments and Invesco. Their fees differ too: 1.00% for BNO and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.09 vs 0.97), 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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