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BNO vs. EWZ
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between BNO and EWZ is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.


-0.50.00.51.0
Correlation: 0.3

Performance

BNO vs. EWZ - Performance Comparison

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

-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%NovemberDecember2025FebruaryMarchApril
9.03%
-20.79%
BNO
EWZ

Key characteristics

Sharpe Ratio

BNO:

-0.50

EWZ:

-0.26

Sortino Ratio

BNO:

-0.55

EWZ:

-0.20

Omega Ratio

BNO:

0.93

EWZ:

0.98

Calmar Ratio

BNO:

-0.31

EWZ:

-0.12

Martin Ratio

BNO:

-1.44

EWZ:

-0.48

Ulcer Index

BNO:

9.71%

EWZ:

13.59%

Daily Std Dev

BNO:

27.74%

EWZ:

24.89%

Max Drawdown

BNO:

-87.06%

EWZ:

-77.25%

Current Drawdown

BNO:

-39.94%

EWZ:

-43.99%

Returns By Period

In the year-to-date period, BNO achieves a -6.84% return, which is significantly lower than EWZ's 19.68% return. Both investments have delivered pretty close results over the past 10 years, with BNO having a 1.73% annualized return and EWZ not far ahead at 1.78%.


BNO

YTD

-6.84%

1M

-8.31%

6M

-7.09%

1Y

-14.63%

5Y*

33.39%

10Y*

1.73%

EWZ

YTD

19.68%

1M

2.43%

6M

0.20%

1Y

-5.50%

5Y*

11.82%

10Y*

1.78%

*Annualized

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BNO vs. EWZ - Expense Ratio Comparison

BNO has a 0.90% expense ratio, which is higher than EWZ's 0.59% expense ratio.


Expense ratio chart for BNO: current value is 0.90%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
BNO: 0.90%
Expense ratio chart for EWZ: current value is 0.59%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
EWZ: 0.59%

Risk-Adjusted Performance

BNO vs. EWZ — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BNO
The Risk-Adjusted Performance Rank of BNO is 44
Overall Rank
The Sharpe Ratio Rank of BNO is 44
Sharpe Ratio Rank
The Sortino Ratio Rank of BNO is 44
Sortino Ratio Rank
The Omega Ratio Rank of BNO is 55
Omega Ratio Rank
The Calmar Ratio Rank of BNO is 66
Calmar Ratio Rank
The Martin Ratio Rank of BNO is 22
Martin Ratio Rank

EWZ
The Risk-Adjusted Performance Rank of EWZ is 1010
Overall Rank
The Sharpe Ratio Rank of EWZ is 99
Sharpe Ratio Rank
The Sortino Ratio Rank of EWZ is 99
Sortino Ratio Rank
The Omega Ratio Rank of EWZ is 99
Omega Ratio Rank
The Calmar Ratio Rank of EWZ is 1212
Calmar Ratio Rank
The Martin Ratio Rank of EWZ is 1111
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

BNO vs. EWZ - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and iShares MSCI Brazil ETF (EWZ). 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.


The chart of Sharpe ratio for BNO, currently valued at -0.50, compared to the broader market-1.000.001.002.003.004.00
BNO: -0.50
EWZ: -0.26
The chart of Sortino ratio for BNO, currently valued at -0.55, compared to the broader market-2.000.002.004.006.008.00
BNO: -0.55
EWZ: -0.20
The chart of Omega ratio for BNO, currently valued at 0.93, compared to the broader market0.501.001.502.00
BNO: 0.93
EWZ: 0.98
The chart of Calmar ratio for BNO, currently valued at -0.31, compared to the broader market0.002.004.006.008.0010.0012.00
BNO: -0.31
EWZ: -0.14
The chart of Martin ratio for BNO, currently valued at -1.44, compared to the broader market0.0020.0040.0060.00
BNO: -1.44
EWZ: -0.48

The current BNO Sharpe Ratio is -0.50, which is lower than the EWZ Sharpe Ratio of -0.26. The chart below compares the historical Sharpe Ratios of BNO and EWZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio-1.50-1.00-0.500.000.50NovemberDecember2025FebruaryMarchApril
-0.50
-0.26
BNO
EWZ

Dividends

BNO vs. EWZ - Dividend Comparison

BNO has not paid dividends to shareholders, while EWZ's dividend yield for the trailing twelve months is around 7.45%.


TTM20242023202220212020201920182017201620152014
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%
EWZ
iShares MSCI Brazil ETF
7.45%8.91%5.66%12.59%9.87%1.71%2.54%2.89%1.71%1.81%4.08%3.78%

Drawdowns

BNO vs. EWZ - Drawdown Comparison

The maximum BNO drawdown since its inception was -87.06%, which is greater than EWZ's maximum drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for BNO and EWZ. For additional features, visit the drawdowns tool.


-50.00%-45.00%-40.00%-35.00%-30.00%NovemberDecember2025FebruaryMarchApril
-39.94%
-38.11%
BNO
EWZ

Volatility

BNO vs. EWZ - Volatility Comparison

United States Brent Oil Fund LP (BNO) has a higher volatility of 13.34% compared to iShares MSCI Brazil ETF (EWZ) at 11.22%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


4.00%6.00%8.00%10.00%12.00%14.00%NovemberDecember2025FebruaryMarchApril
13.34%
11.22%
BNO
EWZ