BNO vs. PBOG
BNO (United States Brent Oil Fund LP) and PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) are both Oil & Gas funds - BNO tracks the Front Month Brent Crude Oil while PBOG tracks the BITA Global Oil & Gas Select Index. Both are passively managed. A 0.71 correlation means they provide meaningful diversification when combined. BNO charges 0.90%/yr vs 0.13%/yr for PBOG.
Performance
BNO vs. PBOG - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 90.47% return, which is significantly higher than PBOG's 32.22% 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%
PBOG
- 1D
- 1.23%
- 1M
- -2.32%
- YTD
- 32.22%
- 6M
- 29.70%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO vs. PBOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BNO United States Brent Oil Fund LP | 90.47% | -0.70% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 32.22% | 1.62% |
Correlation
The correlation between BNO and PBOG is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025 | 0.71 |
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Return for Risk
BNO vs. PBOG — Risk / Return Rank
BNO
PBOG
BNO vs. PBOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). 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 | PBOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.38 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 5.17 | — | — |
| Martin ratioReturn relative to average drawdown | 9.76 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BNO | PBOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 3.31 | -3.17 |
Drawdowns
BNO vs. PBOG - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, which is greater than PBOG's maximum drawdown of -11.45%. Use the drawdown chart below to compare losses from any high point for BNO and PBOG.
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Drawdown Indicators
| BNO | PBOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -11.45% | -75.61% |
Max Drawdown (1Y)Largest decline over 1 year | -17.87% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | — | — |
Current DrawdownCurrent decline from peak | -10.29% | -6.81% | -3.48% |
Average DrawdownAverage peak-to-trough decline | -40.17% | -3.10% | -37.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.45% | — | — |
Volatility
BNO vs. PBOG - Volatility Comparison
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Volatility by Period
| BNO | PBOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.22% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 36.10% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 41.46% | 23.67% | +17.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 23.67% | +11.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.68% | 23.67% | +13.01% |
BNO vs. PBOG - Expense Ratio Comparison
BNO has a 0.90% expense ratio, which is higher than PBOG's 0.13% expense ratio.
Dividends
BNO vs. PBOG - Dividend Comparison
BNO has not paid dividends to shareholders, while PBOG's dividend yield for the trailing twelve months is around 0.13%.
| Position | TTM | 2025 |
|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 0.13% | 0.17% |
Frequently Asked Questions
BNO and PBOG have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PBOG is cheaper with a 0.13% expense ratio, compared with 0.90% for BNO.
PBOG has the higher dividend yield at 0.13%, compared with 0.00% for BNO.
BNO tracks Front Month Brent Crude Oil, while PBOG tracks BITA Global Oil & Gas Select Index. They also come from different issuers: Concierge Technologies and Portfolio Building Blocks. Their fees differ too: 0.90% for BNO and 0.13% for PBOG.
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