BNO vs. VDE
BNO (United States Brent Oil Fund LP) and VDE (Vanguard Energy ETF) are both exchange-traded funds - BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil, while VDE is a Energy Equities fund tracking the MSCI US Investable Market Energy 25/50 Index. Both are passively managed. Over the past 10 years, BNO returned 13.60%/yr vs 9.70%/yr for VDE. A 0.62 correlation means they provide meaningful diversification when combined. BNO charges 0.90%/yr vs 0.09%/yr for VDE.
Performance
BNO vs. VDE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BNO achieves a 90.47% return, which is significantly higher than VDE's 32.24% return. Over the past 10 years, BNO has outperformed VDE with an annualized return of 13.60%, while VDE has yielded a comparatively lower 9.70% annualized return.
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
VDE
- 1D
- 1.13%
- 1M
- -2.17%
- YTD
- 32.24%
- 6M
- 29.32%
- 1Y
- 45.53%
- 3Y*
- 17.97%
- 5Y*
- 20.43%
- 10Y*
- 9.70%
BNO vs. VDE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
VDE Vanguard Energy ETF | 32.24% | 7.11% | 6.75% | 0.03% | 62.89% | 56.31% | -33.02% | 9.28% | -19.95% | -2.50% |
Correlation
The correlation between BNO and VDE is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.62 |
The correlation between BNO and VDE has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BNO vs. VDE — Risk / Return Rank
BNO
VDE
BNO vs. VDE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and Vanguard Energy ETF (VDE). 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 | VDE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.36 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 5.17 | 3.88 | +1.29 |
| Martin ratioReturn relative to average drawdown | 9.76 | 11.42 | -1.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BNO | VDE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | 2.25 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 0.78 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.33 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.28 | -0.14 |
Drawdowns
BNO vs. VDE - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, which is greater than VDE's maximum drawdown of -74.20%. Use the drawdown chart below to compare losses from any high point for BNO and VDE.
Loading charts...
Drawdown Indicators
| BNO | VDE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -74.20% | -12.86% |
Max Drawdown (1Y)Largest decline over 1 year | -17.87% | -11.80% | -6.07% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -21.41% | -2.34% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -26.58% | -7.12% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -69.29% | -5.89% |
Current DrawdownCurrent decline from peak | -10.29% | -6.43% | -3.86% |
Average DrawdownAverage peak-to-trough decline | -40.17% | -19.96% | -20.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.45% | 4.00% | +5.45% |
Volatility
BNO vs. VDE - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 14.22% compared to Vanguard Energy ETF (VDE) at 7.99%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than VDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BNO | VDE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.22% | 7.99% | +6.23% |
Volatility (6M)Calculated over the trailing 6-month period | 36.10% | 16.33% | +19.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.46% | 20.38% | +21.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 26.40% | +8.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.68% | 29.93% | +6.75% |
BNO vs. VDE - Expense Ratio Comparison
BNO has a 0.90% expense ratio, which is higher than VDE's 0.09% expense ratio.
Dividends
BNO vs. VDE - Dividend Comparison
BNO has not paid dividends to shareholders, while VDE's dividend yield for the trailing twelve months is around 2.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VDE Vanguard Energy ETF | 2.37% | 3.11% | 3.23% | 3.34% | 3.65% | 4.13% | 4.76% | 3.42% | 3.35% | 2.90% | 2.31% | 3.17% |
Frequently Asked Questions
BNO and VDE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to VDE (7.99%). In terms of maximum drawdown, BNO dropped -87.06% vs VDE's -74.20%.
On 10-year performance, BNO leads with 13.60% vs 9.70% for VDE. On fees, VDE is cheaper at 0.09% per year. On volatility, VDE has been the lower-risk option at 7.99%. 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 13.60% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VDE is cheaper with a 0.09% expense ratio, compared with 0.90% for BNO.
VDE has the higher dividend yield at 2.37%, compared with 0.00% for BNO.
BNO is categorized as Oil & Gas, while VDE is Energy Equities. BNO tracks Front Month Brent Crude Oil, while VDE tracks MSCI US Investable Market Energy 25/50 Index. They also come from different issuers: Concierge Technologies and Vanguard. Their fees differ too: 0.90% for BNO and 0.09% for VDE.
VDE currently has the higher Sharpe Ratio (2.25 vs 2.23), 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.
Find the right allocation for BNO and VDE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer