BNO vs. USL
BNO (United States Brent Oil Fund LP) and USL (United States 12 Month Oil Fund LP) are both Oil & Gas funds from Concierge Technologies - BNO tracks the Front Month Brent Crude Oil while USL tracks the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, BNO returned 12.62%/yr vs 10.15%/yr for USL. Their correlation of 0.93 suggests significant overlap in exposure. BNO charges 0.90%/yr vs 0.88%/yr for USL.
Performance
BNO vs. USL - 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 USL's 57.21% return. Over the past 10 years, BNO has outperformed USL with an annualized return of 12.62%, while USL has yielded a comparatively lower 10.15% 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%
USL
- 1D
- -2.09%
- 1M
- 0.36%
- YTD
- 57.21%
- 6M
- 51.69%
- 1Y
- 51.21%
- 3Y*
- 17.22%
- 5Y*
- 16.56%
- 10Y*
- 10.15%
BNO vs. USL - 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% |
USL United States 12 Month Oil Fund LP | 57.21% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
Correlation
The correlation between BNO and USL is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.93 |
The correlation between BNO and USL has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
BNO vs. USL — Risk / Return Rank
BNO
USL
BNO vs. USL - 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 12 Month Oil Fund LP (USL). 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 | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.31 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.66 | 3.14 | +1.53 |
| Martin ratioReturn relative to average drawdown | 8.73 | 6.33 | +2.40 |
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 | USL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 1.84 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.55 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | 0.31 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 0.00 | +0.13 |
Drawdowns
BNO vs. USL - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, roughly equal to the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for BNO and USL.
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Drawdown Indicators
| BNO | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -89.06% | +2.00% |
Max Drawdown (1Y)Largest decline over 1 year | -17.87% | -16.76% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -23.33% | -0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -33.82% | +0.12% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -66.02% | -9.16% |
Current DrawdownCurrent decline from peak | -14.85% | -40.38% | +25.53% |
Average DrawdownAverage peak-to-trough decline | -40.16% | -61.45% | +21.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.53% | 8.29% | +1.24% |
Volatility
BNO vs. USL - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 11.71% compared to United States 12 Month Oil Fund LP (USL) at 8.50%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.71% | 8.50% | +3.21% |
Volatility (6M)Calculated over the trailing 6-month period | 36.33% | 23.47% | +12.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.63% | 28.66% | +12.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.41% | 30.09% | +5.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.69% | 32.35% | +4.34% |
BNO vs. USL - Expense Ratio Comparison
BNO has a 0.90% expense ratio, which is higher than USL's 0.88% expense ratio.
Dividends
BNO vs. USL - Dividend Comparison
Neither BNO nor USL has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, BNO and USL 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 (11.71%) compared to USL (8.50%). In terms of maximum drawdown, BNO dropped -87.06% vs USL's -89.06%.
On 10-year performance, BNO leads with 12.62% vs 10.15% for USL. On fees, USL is cheaper at 0.88% per year. On volatility, USL has been the lower-risk option at 8.50%. 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 10.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USL is cheaper with a 0.88% expense ratio, compared with 0.90% for BNO.
BNO and USL have nearly identical dividend yields, around 0.00%.
BNO tracks Front Month Brent Crude Oil, while USL tracks 12 Month Light Sweet Crude Oil. Their fees differ too: 0.90% for BNO and 0.88% for USL.
BNO currently has the higher Sharpe Ratio (2.00 vs 1.84), 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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