BNO vs. DBO

Last updated Jun 4, 2026

BNO (United States Brent Oil Fund LP) and DBO (Invesco DB Oil Fund) are both Oil & Gas funds - BNO tracks the Front Month Brent Crude Oil while DBO tracks the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, BNO returned 13.60%/yr vs 11.37%/yr for DBO. Their correlation of 0.92 suggests significant overlap in exposure. BNO charges 0.90%/yr vs 0.78%/yr for DBO.

Performance

BNO vs. DBO - Performance Comparison

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

Returns By Period

In the year-to-date period, BNO achieves a 90.47% return, which is significantly higher than DBO's 84.75% return. Over the past 10 years, BNO has outperformed DBO with an annualized return of 13.60%, while DBO has yielded a comparatively lower 11.37% 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%

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

BNO vs. DBO - 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%
DBO Invesco DB Oil Fund	84.75%	-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 3, 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.

Return for Risk

BNO vs. DBO — 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: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

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. 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.

	BNO	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.34	-0.11
Sortino ratio: Return per unit of downside risk	2.73	2.94	-0.21
Omega ratio: Gain probability vs. loss probability	1.38	1.38	0.00
Calmar ratio: Return relative to maximum drawdown	5.17	4.44	+0.73
Martin ratio: Return relative to average drawdown	9.76	9.02	+0.74
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. DBO - Sharpe Ratio Comparison

The current BNO Sharpe Ratio is 2.23, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of BNO and DBO, 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	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.34	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.50	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.36	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.02	+0.12

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.

Drawdown Indicators

	BNO	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-87.06%	-90.18%	+3.12%
Max Drawdown (1Y) Largest decline over 1 year	-17.87%	-18.19%	+0.32%
Max Drawdown (3Y) Largest decline over 3 years	-23.75%	-28.20%	+4.45%
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 Drawdown Current decline from peak	-10.29%	-51.38%	+41.09%
Average Drawdown Average peak-to-trough decline	-40.17%	-62.25%	+22.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.45%	8.92%	+0.53%

Volatility

BNO vs. DBO - Volatility Comparison

United States Brent Oil Fund LP (BNO) has a higher volatility of 14.22% compared to Invesco DB Oil Fund (DBO) at 12.61%. 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.

Volatility by Period

	BNO	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.22%	12.61%	+1.61%
Volatility (6M) Calculated over the trailing 6-month period	36.10%	28.20%	+7.90%
Volatility (1Y) Calculated over the trailing 1-year period	41.46%	34.46%	+7.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.38%	32.29%	+3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.68%	31.78%	+4.90%

BNO vs. DBO - Expense Ratio Comparison

BNO has a 0.90% 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 1.90%.

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	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%

Frequently Asked Questions

Can I hold both BNO and DBO in my portfolio?

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.

Which is riskier, BNO or DBO?

BNO has higher volatility (14.22%) compared to DBO (12.61%). In terms of maximum drawdown, BNO dropped -87.06% vs DBO's -90.18%.

Which ETF is better, BNO or DBO?

On 10-year performance, BNO leads with 13.60% vs 11.37% for DBO. On fees, DBO is cheaper at 0.78% per year. On volatility, DBO has been the lower-risk option at 12.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNO or DBO?

Over the 10-year period, BNO has performed better with a 13.60% return vs 11.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNO or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.90% for BNO.

Which ETF pays a higher dividend yield, BNO or DBO?

DBO has the higher dividend yield at 1.90%, compared with 0.00% for BNO.

What is the main difference between BNO and DBO?

BNO tracks Front Month Brent Crude Oil, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Concierge Technologies and Invesco. Their fees differ too: 0.90% for BNO and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (2.34 vs 2.23), 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.