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BNO vs. USO
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between BNO and USO is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.


-0.50.00.51.0
Correlation: 0.3

Performance

BNO vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Brent Oil Fund LP (BNO) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

-80.00%-60.00%-40.00%-20.00%0.00%20.00%40.00%NovemberDecember2025FebruaryMarchApril
9.03%
-74.46%
BNO
USO

Key characteristics

Sharpe Ratio

BNO:

-0.50

USO:

-0.46

Sortino Ratio

BNO:

-0.55

USO:

-0.47

Omega Ratio

BNO:

0.93

USO:

0.94

Calmar Ratio

BNO:

-0.31

USO:

-0.15

Martin Ratio

BNO:

-1.44

USO:

-1.33

Ulcer Index

BNO:

9.71%

USO:

10.29%

Daily Std Dev

BNO:

27.74%

USO:

29.87%

Max Drawdown

BNO:

-87.06%

USO:

-98.19%

Current Drawdown

BNO:

-39.94%

USO:

-92.66%

Returns By Period

In the year-to-date period, BNO achieves a -6.84% return, which is significantly higher than USO's -8.63% return. Over the past 10 years, BNO has outperformed USO with an annualized return of 1.73%, while USO has yielded a comparatively lower -7.89% annualized return.


BNO

YTD

-6.84%

1M

-8.31%

6M

-7.09%

1Y

-14.63%

5Y*

33.39%

10Y*

1.73%

USO

YTD

-8.63%

1M

-8.47%

6M

-7.01%

1Y

-14.18%

5Y*

27.48%

10Y*

-7.89%

*Annualized

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BNO vs. USO - Expense Ratio Comparison

BNO has a 0.90% expense ratio, which is higher than USO's 0.79% expense ratio.


Expense ratio chart for BNO: current value is 0.90%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
BNO: 0.90%
Expense ratio chart for USO: current value is 0.79%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
USO: 0.79%

Risk-Adjusted Performance

BNO vs. USO — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BNO
The Risk-Adjusted Performance Rank of BNO is 44
Overall Rank
The Sharpe Ratio Rank of BNO is 44
Sharpe Ratio Rank
The Sortino Ratio Rank of BNO is 44
Sortino Ratio Rank
The Omega Ratio Rank of BNO is 55
Omega Ratio Rank
The Calmar Ratio Rank of BNO is 66
Calmar Ratio Rank
The Martin Ratio Rank of BNO is 22
Martin Ratio Rank

USO
The Risk-Adjusted Performance Rank of USO is 66
Overall Rank
The Sharpe Ratio Rank of USO is 55
Sharpe Ratio Rank
The Sortino Ratio Rank of USO is 55
Sortino Ratio Rank
The Omega Ratio Rank of USO is 66
Omega Ratio Rank
The Calmar Ratio Rank of USO is 1010
Calmar Ratio Rank
The Martin Ratio Rank of USO is 33
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

BNO vs. USO - Risk-Adjusted Performance 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.


The chart of Sharpe ratio for BNO, currently valued at -0.50, compared to the broader market-1.000.001.002.003.004.00
BNO: -0.50
USO: -0.46
The chart of Sortino ratio for BNO, currently valued at -0.55, compared to the broader market-2.000.002.004.006.008.00
BNO: -0.55
USO: -0.47
The chart of Omega ratio for BNO, currently valued at 0.93, compared to the broader market0.501.001.502.002.50
BNO: 0.93
USO: 0.94
The chart of Calmar ratio for BNO, currently valued at -0.31, compared to the broader market0.002.004.006.008.0010.0012.00
BNO: -0.31
USO: -0.17
The chart of Martin ratio for BNO, currently valued at -1.44, compared to the broader market0.0020.0040.0060.00
BNO: -1.44
USO: -1.33

The current BNO Sharpe Ratio is -0.50, which is comparable to the USO Sharpe Ratio of -0.46. The chart below compares the historical Sharpe Ratios of BNO and USO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio-1.00-0.500.000.501.00NovemberDecember2025FebruaryMarchApril
-0.50
-0.46
BNO
USO

Dividends

BNO vs. USO - Dividend Comparison

Neither BNO nor USO has paid dividends to shareholders.


Tickers have no history of dividend payments

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. For additional features, visit the drawdowns tool.


-80.00%-70.00%-60.00%-50.00%-40.00%-30.00%NovemberDecember2025FebruaryMarchApril
-39.94%
-80.89%
BNO
USO

Volatility

BNO vs. USO - Volatility Comparison

The current volatility for United States Brent Oil Fund LP (BNO) is 13.34%, while United States Oil Fund LP (USO) has a volatility of 14.50%. 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.


4.00%6.00%8.00%10.00%12.00%14.00%NovemberDecember2025FebruaryMarchApril
13.34%
14.50%
BNO
USO