BNO vs. OILU
BNO (United States Brent Oil Fund LP) and OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) are both exchange-traded funds - BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures, while OILU is a Leveraged Equities fund tracking the Solactive MicroSectors Oil & Gas Exploration & Production Index. Both are passively managed. Over the past 3 years, BNO returned 17.84%/yr vs 0.08%/yr for OILU. Their 0.64 correlation means they have sometimes moved together and sometimes differently. BNO charges 1.00%/yr vs 0.95%/yr for OILU.
Performance
BNO vs. OILU - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 68.89% return, which is significantly lower than OILU's 87.02% 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%
OILU
- 1D
- -4.14%
- 1M
- 32.93%
- 6M
- 40.98%
- YTD
- 87.02%
- 1Y
- 99.31%
- 3Y*
- 0.08%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $109.23M | $101.30M | $143.17M | |
| $8.15M | $7.77M | $7.91M |
BNO vs. OILU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 68.89% | -5.44% | 9.67% | -3.43% | 35.25% | -5.90% |
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN | 87.02% | -16.50% | -21.65% | -32.50% | 151.08% | -16.79% |
Correlation
The correlation between BNO and OILU is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | 0.64 |
The correlation between BNO and OILU has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.
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Return for Risk
BNO vs. OILU — Risk / Return Rank
BNO
OILU
BNO vs. OILU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). 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 | OILU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 2.15 | -0.56 |
| Martin ratioReturn relative to average drawdown | 4.81 | 5.28 | -0.47 |
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Drawdowns
BNO vs. OILU - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, which is greater than OILU's maximum drawdown of -81.00%. Use the drawdown chart below to compare losses from any high point for BNO and OILU.
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Drawdown Indicators
| BNO | OILU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -81.00% | -6.06% |
Max Drawdown (1Y)Largest decline over 1 year | -34.46% | -46.49% | +12.03% |
Max Drawdown (3Y)Largest decline over 3 years | -34.46% | -69.09% | +34.63% |
Max Drawdown (5Y)Largest decline over 5 years | -34.46% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | — | — |
Current DrawdownCurrent decline from peak | -20.46% | -49.70% | +29.24% |
Average DrawdownAverage peak-to-trough decline | -39.99% | -50.69% | +10.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.41% | 18.87% | -7.46% |
Volatility
BNO vs. OILU - Volatility Comparison
The current volatility for United States Brent Oil Fund LP (BNO) is 18.59%, while MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a volatility of 20.09%. This indicates that BNO experiences smaller price fluctuations and is considered to be less risky than OILU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | OILU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.59% | 20.09% | -1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 41.33% | 52.12% | -10.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.80% | 64.31% | -19.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.47% | 80.79% | -44.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.01% | 80.79% | -43.78% |
BNO vs. OILU - Expense Ratio Comparison
BNO has a 1.00% expense ratio, which is higher than OILU's 0.95% expense ratio.
Dividends
BNO vs. OILU - Dividend Comparison
Neither BNO nor OILU has paid dividends to shareholders.
Frequently Asked Questions
BNO and OILU have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILU has higher volatility (20.09%) compared to BNO (18.59%). In terms of maximum drawdown, BNO dropped -87.06% vs OILU's -81.00%.
On 3-year performance, BNO leads with 17.84% vs 0.08% for OILU. On fees, OILU is cheaper at 0.95% per year. On volatility, BNO has been the lower-risk option at 18.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 17.84% return vs 0.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILU is cheaper with a 0.95% expense ratio, compared with 1.00% for BNO.
BNO and OILU have nearly identical dividend yields, around 0.00%.
BNO is categorized as Oil & Gas, while OILU is Leveraged Equities. BNO tracks Crude Oil Brent ICE Near Term Futures, while OILU tracks Solactive MicroSectors Oil & Gas Exploration & Production Index. They also come from different issuers: USCF and BMO. Their fees differ too: 1.00% for BNO and 0.95% for OILU.
OILU currently has the higher Sharpe Ratio (1.56 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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