BNO vs. UGA
BNO (United States Brent Oil Fund LP) and UGA (United States Gasoline Fund LP) are both Oil & Gas funds from Concierge Technologies - BNO tracks the Front Month Brent Crude Oil while UGA tracks the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, BNO returned 13.60%/yr vs 14.43%/yr for UGA. Their correlation of 0.83 suggests significant overlap in exposure. BNO charges 0.90%/yr vs 0.75%/yr for UGA.
Performance
BNO vs. UGA - 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 UGA's 75.49% return. Over the past 10 years, BNO has underperformed UGA with an annualized return of 13.60%, while UGA has yielded a comparatively higher 14.43% 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%
UGA
- 1D
- -0.19%
- 1M
- -12.35%
- YTD
- 75.49%
- 6M
- 64.35%
- 1Y
- 80.94%
- 3Y*
- 22.21%
- 5Y*
- 25.10%
- 10Y*
- 14.43%
BNO vs. UGA - 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% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between BNO and UGA is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.84 |
The correlation between BNO and UGA has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.
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Return for Risk
BNO vs. UGA — Risk / Return Rank
BNO
UGA
BNO vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.37 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 5.17 | 5.47 | -0.30 |
| Martin ratioReturn relative to average drawdown | 9.76 | 13.25 | -3.49 |
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 | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | 2.32 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 0.73 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.39 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.12 | +0.02 |
Drawdowns
BNO vs. UGA - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BNO and UGA.
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Drawdown Indicators
| BNO | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -86.59% | -0.47% |
Max Drawdown (1Y)Largest decline over 1 year | -17.87% | -14.88% | -2.99% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -26.68% | +2.93% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -38.11% | +4.41% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -75.89% | +0.71% |
Current DrawdownCurrent decline from peak | -10.29% | -12.35% | +2.06% |
Average DrawdownAverage peak-to-trough decline | -40.17% | -36.76% | -3.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.45% | 6.13% | +3.32% |
Volatility
BNO vs. UGA - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 14.22% compared to United States Gasoline Fund LP (UGA) at 11.66%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.22% | 11.66% | +2.56% |
Volatility (6M)Calculated over the trailing 6-month period | 36.10% | 30.41% | +5.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.46% | 35.14% | +6.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 34.38% | +1.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.68% | 37.27% | -0.59% |
BNO vs. UGA - Expense Ratio Comparison
BNO has a 0.90% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
BNO vs. UGA - Dividend Comparison
Neither BNO nor UGA has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, BNO and UGA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BNO has higher volatility (14.22%) compared to UGA (11.66%). In terms of maximum drawdown, BNO dropped -87.06% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.43% vs 13.60% for BNO. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 11.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.43% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.90% for BNO.
BNO and UGA have nearly identical dividend yields, around 0.00%.
BNO tracks Front Month Brent Crude Oil, while UGA tracks Front Month Unleaded Gasoline. Their fees differ too: 0.90% for BNO and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs 2.23), 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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