BNO vs. VDE
Compare and contrast key facts about United States Brent Oil Fund LP (BNO) and Vanguard Energy ETF (VDE).
BNO and VDE 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. VDE is a passively managed fund by Vanguard that tracks the performance of the MSCI US Investable Market Energy 25/50 Index. It was launched on Sep 23, 2004. Both BNO and VDE 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. VDE - Performance Comparison
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BNO vs. VDE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 77.72% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
VDE Vanguard Energy ETF | 33.23% | 7.11% | 6.75% | 0.03% | 62.89% | 56.31% | -33.02% | 9.28% | -19.95% | -2.50% |
Returns By Period
In the year-to-date period, BNO achieves a 77.72% return, which is significantly higher than VDE's 33.23% return. Over the past 10 years, BNO has outperformed VDE with an annualized return of 15.62%, while VDE has yielded a comparatively lower 10.83% annualized return.
BNO
- 1D
- -3.23%
- 1M
- 34.79%
- YTD
- 77.72%
- 6M
- 69.06%
- 1Y
- 62.25%
- 3Y*
- 23.72%
- 5Y*
- 25.28%
- 10Y*
- 15.62%
VDE
- 1D
- -3.61%
- 1M
- 4.27%
- YTD
- 33.23%
- 6M
- 34.21%
- 1Y
- 31.84%
- 3Y*
- 17.03%
- 5Y*
- 23.32%
- 10Y*
- 10.83%
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BNO vs. VDE - Expense Ratio Comparison
BNO has a 0.90% expense ratio, which is higher than VDE's 0.10% expense ratio.
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 | 1.70 | 1.27 | +0.43 |
Sortino ratioReturn per unit of downside risk | 2.33 | 1.67 | +0.66 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.25 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 3.34 | 1.72 | +1.62 |
Martin ratioReturn relative to average drawdown | 6.02 | 4.92 | +1.11 |
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 | VDE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.70 | 1.27 | +0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | 0.88 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 0.36 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 0.28 | -0.15 |
Correlation
The correlation between BNO and VDE is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
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 2.36%.
| 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 | 2.36% | 3.11% | 3.23% | 3.34% | 3.65% | 4.13% | 4.76% | 3.42% | 3.35% | 2.90% | 2.31% | 3.17% |
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.
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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 | -18.48% | -18.91% | +0.43% |
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 | -6.78% | -5.74% | -1.04% |
Average DrawdownAverage peak-to-trough decline | -40.52% | -20.06% | -20.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.26% | 6.61% | +3.65% |
Volatility
BNO vs. VDE - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 20.48% compared to Vanguard Energy ETF (VDE) at 6.29%. 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.
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Volatility by Period
| BNO | VDE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.48% | 6.29% | +14.19% |
Volatility (6M)Calculated over the trailing 6-month period | 27.96% | 14.31% | +13.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.84% | 25.19% | +11.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.91% | 26.53% | +7.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.11% | 29.88% | +6.23% |