BNO vs. UNG
BNO (United States Brent Oil Fund LP) and UNG (United States Natural Gas Fund LP) are both Oil & Gas funds from Concierge Technologies - BNO tracks the Front Month Brent Crude Oil while UNG tracks the Front Month Natural Gas. Both are passively managed. Over the past 10 years, BNO returned 12.62%/yr vs -20.78%/yr for UNG. At a 0.11 correlation, their price movements are largely independent. BNO charges 0.90%/yr vs 1.28%/yr for UNG.
Performance
BNO vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 80.79% return, which is significantly higher than UNG's -4.81% return. Over the past 10 years, BNO has outperformed UNG with an annualized return of 12.62%, while UNG has yielded a comparatively lower -20.78% annualized return.
BNO
- 1D
- -2.44%
- 1M
- -3.60%
- YTD
- 80.79%
- 6M
- 73.97%
- 1Y
- 79.52%
- 3Y*
- 25.89%
- 5Y*
- 22.87%
- 10Y*
- 12.62%
UNG
- 1D
- -3.71%
- 1M
- 10.41%
- YTD
- -4.81%
- 6M
- -28.71%
- 1Y
- -32.07%
- 3Y*
- -22.26%
- 5Y*
- -23.16%
- 10Y*
- -20.78%
BNO vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 80.79% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
UNG United States Natural Gas Fund LP | -4.81% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between BNO and UNG is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.11 |
The correlation between BNO and UNG shifts across timeframes, from 0.11 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BNO vs. UNG — Risk / Return Rank
BNO
UNG
BNO vs. UNG - 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 Natural Gas Fund LP (UNG). 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 | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.50 | ||
| Sortino ratioReturn per unit of downside risk | +2.92 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.95 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 4.66 | -0.69 | +5.35 |
| Martin ratioReturn relative to average drawdown | 8.73 | -1.01 | +9.74 |
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 | UNG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | -0.50 | +2.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | -0.36 | +1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | -0.38 | +0.73 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | -0.57 | +0.70 |
Drawdowns
BNO vs. UNG - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for BNO and UNG.
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Drawdown Indicators
| BNO | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -99.88% | +12.82% |
Max Drawdown (1Y)Largest decline over 1 year | -17.87% | -43.86% | +25.99% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -68.16% | +44.41% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -92.49% | +58.79% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -93.55% | +18.37% |
Current DrawdownCurrent decline from peak | -14.85% | -99.86% | +85.01% |
Average DrawdownAverage peak-to-trough decline | -40.16% | -89.96% | +49.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.53% | 29.83% | -20.30% |
Volatility
BNO vs. UNG - Volatility Comparison
The current volatility for United States Brent Oil Fund LP (BNO) is 11.71%, while United States Natural Gas Fund LP (UNG) has a volatility of 13.52%. This indicates that BNO experiences smaller price fluctuations and is considered to be less risky than UNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.71% | 13.52% | -1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 36.33% | 53.06% | -16.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.63% | 60.69% | -19.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.41% | 64.11% | -28.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.69% | 54.79% | -18.10% |
BNO vs. UNG - Expense Ratio Comparison
BNO has a 0.90% expense ratio, which is lower than UNG's 1.28% expense ratio.
Dividends
BNO vs. UNG - Dividend Comparison
Neither BNO nor UNG has paid dividends to shareholders.
Frequently Asked Questions
BNO and UNG have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (13.52%) compared to BNO (11.71%). In terms of maximum drawdown, BNO dropped -87.06% vs UNG's -99.88%.
On 10-year performance, BNO leads with 12.62% vs -20.78% for UNG. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 11.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 12.62% return vs -20.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 1.28% for UNG.
BNO and UNG have nearly identical dividend yields, around 0.00%.
BNO tracks Front Month Brent Crude Oil, while UNG tracks Front Month Natural Gas. Their fees differ too: 0.90% for BNO and 1.28% for UNG.
BNO currently has the higher Sharpe Ratio (2.00 vs -0.50), 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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