BNO vs. USL
Compare and contrast key facts about United States Brent Oil Fund LP (BNO) and United States 12 Month Oil Fund LP (USL).
BNO and USL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BNO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Brent Crude Oil. It was launched on Jun 2, 2010. USL is a passively managed fund by Concierge Technologies that tracks the performance of the 12 Month Light Sweet Crude Oil. It was launched on Dec 6, 2007. Both BNO and USL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
BNO vs. USL - Performance Comparison
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BNO vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 83.65% | -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 | 44.67% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
Returns By Period
In the year-to-date period, BNO achieves a 83.65% return, which is significantly higher than USL's 44.67% return. Over the past 10 years, BNO has outperformed USL with an annualized return of 16.00%, while USL has yielded a comparatively lower 11.83% annualized return.
BNO
- 1D
- -3.67%
- 1M
- 49.41%
- YTD
- 83.65%
- 6M
- 73.08%
- 1Y
- 67.18%
- 3Y*
- 25.08%
- 5Y*
- 26.10%
- 10Y*
- 16.00%
USL
- 1D
- -4.21%
- 1M
- 25.68%
- YTD
- 44.67%
- 6M
- 35.39%
- 1Y
- 26.16%
- 3Y*
- 12.64%
- 5Y*
- 17.35%
- 10Y*
- 11.83%
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BNO vs. USL - Expense Ratio Comparison
BNO has a 0.90% expense ratio, which is higher than USL's 0.88% expense ratio.
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 | 1.84 | 0.92 | +0.92 |
Sortino ratioReturn per unit of downside risk | 2.48 | 1.37 | +1.11 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.17 | +0.15 |
Calmar ratioReturn relative to maximum drawdown | 3.91 | 1.72 | +2.19 |
Martin ratioReturn relative to average drawdown | 7.06 | 3.06 | +4.00 |
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 | 1.84 | 0.92 | +0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.77 | 0.59 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.37 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | -0.01 | +0.15 |
Correlation
The correlation between BNO and USL is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
BNO vs. USL - Dividend Comparison
Neither BNO nor USL has paid dividends to shareholders.
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 | -18.48% | -17.26% | -1.22% |
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 | -3.67% | -45.13% | +41.46% |
Average DrawdownAverage peak-to-trough decline | -40.53% | -61.65% | +21.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.25% | 9.70% | +0.55% |
Volatility
BNO vs. USL - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 20.01% compared to United States 12 Month Oil Fund LP (USL) at 12.82%. 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 | 20.01% | 12.82% | +7.19% |
Volatility (6M)Calculated over the trailing 6-month period | 27.75% | 20.34% | +7.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.79% | 28.76% | +8.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.90% | 29.77% | +4.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.10% | 32.24% | +3.86% |