BNO vs. NCPB

Last updated Jun 27, 2026

BNO (United States Brent Oil Fund LP) and NCPB (Nuveen Core Plus Bond ETF) are both exchange-traded funds - BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures, while NCPB is a Intermediate Core-Plus Bond fund actively managed by Nuveen. BNO is passively managed, while NCPB is actively managed. Over the past year, BNO returned 37.53% vs 5.43% for NCPB. At a correlation of -0.27, they often move in opposite directions. BNO charges 1.00%/yr vs 0.30%/yr for NCPB.

Performance

BNO vs. NCPB - Performance Comparison

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

Returns By Period

In the year-to-date period, BNO achieves a 42.34% return, which is significantly higher than NCPB's 1.40% return.

BNO

• 1D: -3.75%
• 1M: -21.18%
• YTD: 42.34%
• 6M: 43.50%
• 1Y: 37.53%
• 3Y*: 18.02%
• 5Y*: 15.74%
• 10Y*: 10.59%

NCPB

• 1D: -0.04%
• 1M: 1.03%
• YTD: 1.40%
• 6M: 1.29%
• 1Y: 5.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNO vs. NCPB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BNO United States Brent Oil Fund LP	42.34%	-5.44%	0.40%
NCPB Nuveen Core Plus Bond ETF	1.40%	7.69%	3.53%

Correlation

The correlation between BNO and NCPB is -0.43, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.43
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024	-0.27

The correlation between BNO and NCPB shifts across timeframes, from -0.43 (1 year) to -0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BNO vs. NCPB — Risk / Return Rank

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

BNO

BNO Risk / Return Rank: 27
BNO Sharpe Ratio Rank: 26
BNO Sortino Ratio Rank: 28
BNO Omega Ratio Rank: 28
BNO Calmar Ratio Rank: 25
BNO Martin Ratio Rank: 29

NCPB

NCPB Risk / Return Rank: 48
NCPB Sharpe Ratio Rank: 52
NCPB Sortino Ratio Rank: 55
NCPB Omega Ratio Rank: 51
NCPB Calmar Ratio Rank: 43
NCPB Martin Ratio Rank: 40

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. NCPB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and Nuveen Core Plus Bond ETF (NCPB). 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	NCPB	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.55	-0.64
Sortino ratio: Return per unit of downside risk	1.45	2.31	-0.86
Omega ratio: Gain probability vs. loss probability	1.19	1.28	-0.10
Calmar ratio: Return relative to maximum drawdown	1.14	1.89	-0.75
Martin ratio: Return relative to average drawdown	3.81	5.74	-1.93

BNO vs. NCPB - Sharpe Ratio Comparison

The current BNO Sharpe Ratio is 0.92, which is lower than the NCPB Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of BNO and NCPB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BNO vs. NCPB - Drawdown Comparison

The maximum BNO drawdown since its inception was -87.06%, which is greater than NCPB's maximum drawdown of -3.59%. Use the drawdown chart below to compare losses from any high point for BNO and NCPB.

Drawdown Indicators

	BNO	NCPB	Difference
Max Drawdown Largest peak-to-trough decline	-87.06%	-3.59%	-83.47%
Max Drawdown (1Y) Largest decline over 1 year	-32.96%	-2.88%	-30.08%
Max Drawdown (3Y) Largest decline over 3 years	-32.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.70%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-75.18%	—	—
Current Drawdown Current decline from peak	-32.96%	-0.45%	-32.51%
Average Drawdown Average peak-to-trough decline	-40.09%	-0.93%	-39.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.88%	0.95%	+8.93%

Volatility

BNO vs. NCPB - Volatility Comparison

United States Brent Oil Fund LP (BNO) has a higher volatility of 11.86% compared to Nuveen Core Plus Bond ETF (NCPB) at 0.99%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than NCPB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNO	NCPB	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.86%	0.99%	+10.87%
Volatility (6M) Calculated over the trailing 6-month period	37.82%	2.73%	+35.09%
Volatility (1Y) Calculated over the trailing 1-year period	41.19%	3.52%	+37.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.75%	4.32%	+31.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.72%	4.32%	+32.40%

BNO vs. NCPB - Expense Ratio Comparison

BNO has a 1.00% expense ratio, which is higher than NCPB's 0.30% expense ratio.

Dividends

BNO vs. NCPB - Dividend Comparison

BNO has not paid dividends to shareholders, while NCPB's dividend yield for the trailing twelve months is around 5.17%.

Position	TTM	2025	2024
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%
NCPB Nuveen Core Plus Bond ETF	5.17%	5.21%	5.14%

Frequently Asked Questions

Can I hold both BNO and NCPB in my portfolio?

BNO and NCPB have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNO or NCPB?

BNO has higher volatility (11.86%) compared to NCPB (0.99%). In terms of maximum drawdown, BNO dropped -87.06% vs NCPB's -3.59%.

Which ETF is better, BNO or NCPB?

On 1-year performance, BNO leads with 37.53% vs 5.43% for NCPB. On fees, NCPB is cheaper at 0.30% per year. On volatility, NCPB has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNO or NCPB?

Over the 1-year period, BNO has performed better with a 37.53% return vs 5.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNO or NCPB?

NCPB is cheaper with a 0.30% expense ratio, compared with 1.00% for BNO.

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

NCPB has the higher dividend yield at 5.17%, compared with 0.00% for BNO.

What is the main difference between BNO and NCPB?

BNO is categorized as Oil & Gas, while NCPB is Intermediate Core-Plus Bond. They also come from different issuers: USCF Investments and Nuveen. Their fees differ too: 1.00% for BNO and 0.30% for NCPB.

Which has better risk-adjusted returns?

NCPB currently has the higher Sharpe Ratio (1.55 vs 0.92), 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.