BNO vs. EMB
BNO (United States Brent Oil Fund LP) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both exchange-traded funds - BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures, while EMB is a Emerging Markets Bonds fund tracking the J.P. Morgan EMBI Global Core Index. Both are passively managed. Over the past 10 years, BNO returned 13.80%/yr vs 2.84%/yr for EMB. Their 0.13 correlation means their historical movements had little consistent relationship. BNO charges 1.00%/yr vs 0.39%/yr for EMB.
Performance
BNO vs. EMB - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 68.89% return, which is significantly higher than EMB's 1.44% return. Over the past 10 years, BNO has outperformed EMB with an annualized return of 13.80%, while EMB has yielded a comparatively lower 2.84% annualized return.
BNO
- 1D
- -5.06%
- 1M
- 20.57%
- 6M
- 52.91%
- YTD
- 68.89%
- 1Y
- 54.59%
- 3Y*
- 17.84%
- 5Y*
- 21.29%
- 10Y*
- 13.80%
- ALL TIME*
- 3.97%
EMB
- 1D
- 0.53%
- 1M
- -1.08%
- 6M
- 1.15%
- YTD
- 1.44%
- 1Y
- 7.53%
- 3Y*
- 8.73%
- 5Y*
- 1.55%
- 10Y*
- 2.84%
- ALL TIME*
- 4.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $109.23M | $101.30M | $143.17M | |
| $587.25M | $554.34M | $591.84M |
BNO vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 68.89% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 1.44% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
Correlation
The correlation between BNO and EMB is -0.45, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.45 |
Correlation (3Y) Balances recent behavior with more history. | -0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.13 |
The correlation between BNO and EMB shifts across timeframes, from -0.45 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BNO vs. EMB — Risk / Return Rank
BNO
EMB
BNO vs. EMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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 | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 1.68 | -0.08 |
| Martin ratioReturn relative to average drawdown | 4.81 | 6.82 | -2.01 |
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Drawdowns
BNO vs. EMB - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, which is greater than EMB's maximum drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for BNO and EMB.
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Drawdown Indicators
| BNO | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -34.70% | -52.36% |
Max Drawdown (1Y)Largest decline over 1 year | -34.46% | -4.51% | -29.95% |
Max Drawdown (3Y)Largest decline over 3 years | -34.46% | -6.91% | -27.55% |
Max Drawdown (5Y)Largest decline over 5 years | -34.46% | -28.74% | -5.72% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -28.74% | -46.44% |
Current DrawdownCurrent decline from peak | -20.46% | -1.30% | -19.16% |
Average DrawdownAverage peak-to-trough decline | -39.99% | -5.02% | -34.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.41% | 1.11% | +10.30% |
Volatility
BNO vs. EMB - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 18.59% compared to iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) at 1.51%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.59% | 1.51% | +17.08% |
Volatility (6M)Calculated over the trailing 6-month period | 41.33% | 4.80% | +36.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.80% | 5.70% | +39.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.47% | 9.77% | +26.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.01% | 9.95% | +27.06% |
BNO vs. EMB - Expense Ratio Comparison
BNO has a 1.00% expense ratio, which is higher than EMB's 0.39% expense ratio.
Dividends
BNO vs. EMB - Dividend Comparison
BNO has not paid dividends to shareholders, while EMB's dividend yield for the trailing twelve months is around 5.14%.
| 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% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.14% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
Frequently Asked Questions
BNO and EMB have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (18.59%) compared to EMB (1.51%). In terms of maximum drawdown, BNO dropped -87.06% vs EMB's -34.70%.
On 10-year performance, BNO leads with 13.80% vs 2.84% for EMB. On fees, EMB is cheaper at 0.39% per year. On volatility, EMB has been the lower-risk option at 1.51%. 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 13.80% return vs 2.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMB is cheaper with a 0.39% expense ratio, compared with 1.00% for BNO.
EMB has the higher dividend yield at 5.14%, compared with 0.00% for BNO.
BNO is categorized as Oil & Gas, while EMB is Emerging Markets Bonds. BNO tracks Crude Oil Brent ICE Near Term Futures, while EMB tracks J.P. Morgan EMBI Global Core Index. They also come from different issuers: USCF and iShares. Their fees differ too: 1.00% for BNO and 0.39% for EMB.
EMB currently has the higher Sharpe Ratio (1.33 vs 1.23), 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.
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