BNO vs. PBR

Last updated Jun 4, 2026

BNO (United States Brent Oil Fund LP) is Oil & Gas fund tracking the Front Month Brent Crude Oil, while PBR (Petróleo Brasileiro S.A. - Petrobras) is a stock. Over the past 10 years, BNO returned 13.60%/yr vs 23.48%/yr for PBR. At a 0.42 correlation, their price movements are largely independent.

Performance

BNO vs. PBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Brent Oil Fund LP (BNO) and Petróleo Brasileiro S.A. - Petrobras (PBR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNO achieves a 90.47% return, which is significantly higher than PBR's 55.59% return. Over the past 10 years, BNO has underperformed PBR with an annualized return of 13.60%, while PBR has yielded a comparatively higher 23.48% annualized 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%

PBR

• 1D: -2.09%
• 1M: -16.72%
• YTD: 55.59%
• 6M: 47.06%
• 1Y: 67.38%
• 3Y*: 26.07%
• 5Y*: 32.16%
• 10Y*: 23.48%

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

BNO vs. PBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BNO United States Brent Oil Fund LP	90.47%	-5.44%	9.67%	-3.43%	35.25%	62.34%	-38.23%	36.01%	-15.30%	15.43%
PBR Petróleo Brasileiro S.A. - Petrobras	55.59%	-1.01%	-8.38%	71.48%	47.76%	20.44%	-28.83%	24.65%	27.68%	1.78%

Correlation

The correlation between BNO and PBR is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010	0.42

Return for Risk

BNO vs. PBR — Risk / Return Rank

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

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

PBR

PBR Risk / Return Rank: 86
PBR Sharpe Ratio Rank: 88
PBR Sortino Ratio Rank: 85
PBR Omega Ratio Rank: 84
PBR Calmar Ratio Rank: 87
PBR Martin Ratio Rank: 87

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. PBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and Petróleo Brasileiro S.A. - Petrobras (PBR). 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	PBR	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.14	+0.09
Sortino ratio: Return per unit of downside risk	2.73	2.76	-0.04
Omega ratio: Gain probability vs. loss probability	1.38	1.36	+0.02
Calmar ratio: Return relative to maximum drawdown	5.17	4.03	+1.14
Martin ratio: Return relative to average drawdown	9.76	9.92	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNO vs. PBR - Sharpe Ratio Comparison

The current BNO Sharpe Ratio is 2.23, which is comparable to the PBR Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of BNO and PBR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BNO	PBR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.14	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.85	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.50	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.20	-0.06

Drawdowns

BNO vs. PBR - Drawdown Comparison

The maximum BNO drawdown since its inception was -87.06%, smaller than the maximum PBR drawdown of -95.62%. Use the drawdown chart below to compare losses from any high point for BNO and PBR.

Drawdown Indicators

	BNO	PBR	Difference
Max Drawdown Largest peak-to-trough decline	-87.06%	-95.62%	+8.56%
Max Drawdown (1Y) Largest decline over 1 year	-17.87%	-16.80%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-23.75%	-28.24%	+4.49%
Max Drawdown (5Y) Largest decline over 5 years	-33.70%	-39.62%	+5.92%
Max Drawdown (10Y) Largest decline over 10 years	-75.18%	-75.13%	-0.05%
Current Drawdown Current decline from peak	-10.29%	-24.20%	+13.91%
Average Drawdown Average peak-to-trough decline	-40.17%	-52.73%	+12.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.45%	6.82%	+2.63%

Volatility

BNO vs. PBR - Volatility Comparison

United States Brent Oil Fund LP (BNO) has a higher volatility of 14.22% compared to Petróleo Brasileiro S.A. - Petrobras (PBR) at 9.15%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than PBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNO	PBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.22%	9.15%	+5.07%
Volatility (6M) Calculated over the trailing 6-month period	36.10%	25.11%	+10.99%
Volatility (1Y) Calculated over the trailing 1-year period	41.46%	31.70%	+9.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.38%	37.91%	-2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.68%	47.10%	-10.42%

Dividends

BNO vs. PBR - Dividend Comparison

BNO has not paid dividends to shareholders, while PBR's dividend yield for the trailing twelve months is around 5.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
PBR Petróleo Brasileiro S.A. - Petrobras	5.38%	7.10%	14.73%	10.91%	55.64%	18.95%	0.84%	1.59%	1.03%

Frequently Asked Questions

Can I hold both BNO and PBR in my portfolio?

BNO and PBR 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.

Which is riskier, BNO or PBR?

BNO has higher volatility (14.22%) compared to PBR (9.15%). In terms of maximum drawdown, BNO dropped -87.06% vs PBR's -95.62%.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (2.23 vs 2.14), 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.