BNO vs. USO
BNO (United States Brent Oil Fund LP) and USO (United States Oil Fund LP) are both Oil & Gas funds - BNO tracks the Front Month Brent Crude Oil while USO tracks the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, BNO returned 12.62%/yr vs 3.13%/yr for USO. Their correlation of 0.92 suggests significant overlap in exposure. BNO charges 0.90%/yr vs 0.86%/yr for USO.
Performance
BNO vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 80.79% return, which is significantly lower than USO's 92.34% return. Over the past 10 years, BNO has outperformed USO with an annualized return of 12.62%, while USO has yielded a comparatively lower 3.13% 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%
USO
- 1D
- -2.72%
- 1M
- -0.43%
- YTD
- 92.34%
- 6M
- 84.96%
- 1Y
- 86.35%
- 3Y*
- 27.76%
- 5Y*
- 22.99%
- 10Y*
- 3.13%
BNO vs. USO - 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% |
USO United States Oil Fund LP | 92.34% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between BNO and USO is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
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 | 0.92 |
The correlation between BNO and USO has been stable across timeframes, ranging from 0.92 to 0.99 - a consistent structural relationship.
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Return for Risk
BNO vs. USO — Risk / Return Rank
BNO
USO
BNO vs. USO - 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 Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.35 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 4.66 | 4.45 | +0.22 |
| Martin ratioReturn relative to average drawdown | 8.73 | 8.33 | +0.41 |
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 | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 2.04 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.64 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | 0.08 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | -0.18 | +0.31 |
Drawdowns
BNO vs. USO - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for BNO and USO.
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Drawdown Indicators
| BNO | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -98.19% | +11.13% |
Max Drawdown (1Y)Largest decline over 1 year | -17.87% | -20.39% | +2.52% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -26.05% | +2.30% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -36.23% | +2.53% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -86.75% | +11.57% |
Current DrawdownCurrent decline from peak | -14.85% | -85.85% | +71.00% |
Average DrawdownAverage peak-to-trough decline | -40.16% | -75.30% | +35.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.53% | 10.87% | -1.34% |
Volatility
BNO vs. USO - Volatility Comparison
The current volatility for United States Brent Oil Fund LP (BNO) is 11.71%, while United States Oil Fund LP (USO) has a volatility of 13.30%. This indicates that BNO experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.71% | 13.30% | -1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 36.33% | 38.49% | -2.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.63% | 44.41% | -2.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.41% | 36.09% | -0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.69% | 39.01% | -2.32% |
BNO vs. USO - Expense Ratio Comparison
BNO has a 0.90% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
BNO vs. USO - Dividend Comparison
Neither BNO nor USO has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, BNO and USO 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.
USO has higher volatility (13.30%) compared to BNO (11.71%). In terms of maximum drawdown, BNO dropped -87.06% vs USO's -98.19%.
On 10-year performance, BNO leads with 12.62% vs 3.13% for USO. On fees, USO is cheaper at 0.86% 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 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.90% for BNO.
BNO and USO have nearly identical dividend yields, around 0.00%.
BNO tracks Front Month Brent Crude Oil, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Concierge Technologies and USCF. Their fees differ too: 0.90% for BNO and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.04 vs 2.00), 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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