BNO vs. USOI

Last updated Jun 25, 2026

BNO (United States Brent Oil Fund LP) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Oil & Gas funds - BNO tracks the Crude Oil Brent ICE Near Term Futures while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, BNO returned 39.47% vs 21.77% for USOI. Their correlation of 0.93 suggests significant overlap in exposure. BNO charges 1.00%/yr vs 0.85%/yr for USOI.

Performance

BNO vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Brent Oil Fund LP (BNO) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNO achieves a 43.86% return, which is significantly higher than USOI's 21.35% return.

BNO

• 1D: -4.23%
• 1M: -25.93%
• YTD: 43.86%
• 6M: 41.93%
• 1Y: 39.47%
• 3Y*: 17.61%
• 5Y*: 15.98%
• 10Y*: 10.77%

USOI

• 1D: -4.24%
• 1M: -17.61%
• YTD: 21.35%
• 6M: 20.14%
• 1Y: 21.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BNO vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BNO United States Brent Oil Fund LP	43.86%	-5.44%	-1.55%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	21.35%	-8.78%	3.24%

Correlation

The correlation between BNO and USOI is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.93

The correlation between BNO and USOI has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

BNO vs. USOI — Risk / Return Rank

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

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 29
BNO Sortino Ratio Rank: 30
BNO Omega Ratio Rank: 31
BNO Calmar Ratio Rank: 27
BNO Martin Ratio Rank: 31

USOI

USOI Risk / Return Rank: 26
USOI Sharpe Ratio Rank: 27
USOI Sortino Ratio Rank: 26
USOI Omega Ratio Rank: 26
USOI Calmar Ratio Rank: 23
USOI Martin Ratio Rank: 28

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BNO vs. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BNO	USOI	Difference
Sharpe ratio: Return per unit of total volatility	0.97	0.92	+0.05
Sortino ratio: Return per unit of downside risk	1.51	1.34	+0.17
Omega ratio: Gain probability vs. loss probability	1.20	1.17	+0.03
Calmar ratio: Return relative to maximum drawdown	1.23	1.00	+0.23
Martin ratio: Return relative to average drawdown	4.18	3.65	+0.53

BNO vs. USOI - Sharpe Ratio Comparison

The current BNO Sharpe Ratio is 0.97, which is comparable to the USOI Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of BNO and USOI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BNO vs. USOI - Drawdown Comparison

The maximum BNO drawdown since its inception was -87.06%, which is greater than USOI's maximum drawdown of -21.86%. Use the drawdown chart below to compare losses from any high point for BNO and USOI.

Drawdown Indicators

	BNO	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-87.06%	-21.86%	-65.20%
Max Drawdown (1Y) Largest decline over 1 year	-32.25%	-21.86%	-10.39%
Max Drawdown (3Y) Largest decline over 3 years	-32.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.70%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-75.18%	—	—
Current Drawdown Current decline from peak	-32.25%	-21.86%	-10.39%
Average Drawdown Average peak-to-trough decline	-40.10%	-7.35%	-32.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.47%	5.97%	+3.50%

Volatility

BNO vs. USOI - Volatility Comparison

United States Brent Oil Fund LP (BNO) has a higher volatility of 11.33% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 9.75%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNO	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.33%	9.75%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	37.57%	19.74%	+17.83%
Volatility (1Y) Calculated over the trailing 1-year period	41.20%	23.82%	+17.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.70%	23.17%	+12.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.70%	23.17%	+13.53%

BNO vs. USOI - Expense Ratio Comparison

BNO has a 1.00% expense ratio, which is higher than USOI's 0.85% expense ratio.

Dividends

BNO vs. USOI - Dividend Comparison

BNO has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 49.36%.

Position	TTM	2025	2024
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	49.36%	27.21%	12.54%

Frequently Asked Questions

Can I hold both BNO and USOI in my portfolio?

With a correlation of 0.92, BNO and USOI 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.

Which is riskier, BNO or USOI?

BNO has higher volatility (11.33%) compared to USOI (9.75%). In terms of maximum drawdown, BNO dropped -87.06% vs USOI's -21.86%.

Which ETF is better, BNO or USOI?

On 1-year performance, BNO leads with 39.47% vs 21.77% for USOI. On fees, USOI is cheaper at 0.85% per year. On volatility, USOI has been the lower-risk option at 9.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNO or USOI?

Over the 1-year period, BNO has performed better with a 39.47% return vs 21.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNO or USOI?

USOI is cheaper with a 0.85% expense ratio, compared with 1.00% for BNO.

Which ETF pays a higher dividend yield, BNO or USOI?

USOI has the higher dividend yield at 49.36%, compared with 0.00% for BNO.

What is the main difference between BNO and USOI?

BNO tracks Crude Oil Brent ICE Near Term Futures, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: USCF Investments and Credit Suisse. Their fees differ too: 1.00% for BNO and 0.85% for USOI.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (0.97 vs 0.92), 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.