BNO vs. VWOB
BNO (United States Brent Oil Fund LP) and VWOB (Vanguard Emerging Markets Government Bond ETF) are both exchange-traded funds - BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures, while VWOB is a Emerging Markets Bonds fund tracking the Bloomberg USD Emerging Markets Government RIC Capped Index. Both are passively managed. Over the past 10 years, BNO returned 11.14%/yr vs 3.56%/yr for VWOB. At a 0.08 correlation, their price movements are largely independent. BNO charges 1.00%/yr vs 0.15%/yr for VWOB.
Performance
BNO vs. VWOB - Performance Comparison
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Returns By Period
In the year-to-date period, BNO achieves a 54.94% return, which is significantly higher than VWOB's 2.47% return. Over the past 10 years, BNO has outperformed VWOB with an annualized return of 11.14%, while VWOB has yielded a comparatively lower 3.56% annualized return.
BNO
- 1D
- 0.90%
- 1M
- -20.22%
- YTD
- 54.94%
- 6M
- 57.11%
- 1Y
- 32.49%
- 3Y*
- 19.29%
- 5Y*
- 18.57%
- 10Y*
- 11.14%
VWOB
- 1D
- 0.48%
- 1M
- 2.19%
- YTD
- 2.47%
- 6M
- 2.52%
- 1Y
- 10.98%
- 3Y*
- 9.28%
- 5Y*
- 2.18%
- 10Y*
- 3.56%
BNO vs. VWOB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 54.94% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
VWOB Vanguard Emerging Markets Government Bond ETF | 2.47% | 13.49% | 5.20% | 10.68% | -17.39% | -1.80% | 5.65% | 14.46% | -2.92% | 8.41% |
Correlation
The correlation between BNO and VWOB is -0.43, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.08 |
The correlation between BNO and VWOB shifts across timeframes, from -0.43 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BNO vs. VWOB — Risk / Return Rank
BNO
VWOB
BNO vs. VWOB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and Vanguard Emerging Markets Government Bond ETF (VWOB). 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 | VWOB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.30 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.41 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | 2.50 | -1.26 |
| Martin ratioReturn relative to average drawdown | 3.29 | 10.52 | -7.23 |
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Drawdowns
BNO vs. VWOB - Drawdown Comparison
The maximum BNO drawdown since its inception was -87.06%, which is greater than VWOB's maximum drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for BNO and VWOB.
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Drawdown Indicators
| BNO | VWOB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.06% | -26.98% | -60.08% |
Max Drawdown (1Y)Largest decline over 1 year | -27.67% | -4.48% | -23.19% |
Max Drawdown (3Y)Largest decline over 3 years | -27.67% | -7.71% | -19.96% |
Max Drawdown (5Y)Largest decline over 5 years | -33.70% | -26.98% | -6.72% |
Max Drawdown (10Y)Largest decline over 10 years | -75.18% | -26.98% | -48.20% |
Current DrawdownCurrent decline from peak | -27.02% | 0.00% | -27.02% |
Average DrawdownAverage peak-to-trough decline | -40.10% | -4.79% | -35.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.36% | 1.06% | +9.30% |
Volatility
BNO vs. VWOB - Volatility Comparison
United States Brent Oil Fund LP (BNO) has a higher volatility of 11.79% compared to Vanguard Emerging Markets Government Bond ETF (VWOB) at 1.73%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than VWOB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNO | VWOB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.79% | 1.73% | +10.06% |
Volatility (6M)Calculated over the trailing 6-month period | 37.29% | 4.35% | +32.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.62% | 5.27% | +36.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.63% | 9.18% | +26.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.72% | 9.35% | +27.37% |
BNO vs. VWOB - Expense Ratio Comparison
BNO has a 1.00% expense ratio, which is higher than VWOB's 0.15% expense ratio.
Dividends
BNO vs. VWOB - Dividend Comparison
BNO has not paid dividends to shareholders, while VWOB's dividend yield for the trailing twelve months is around 5.79%.
| 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% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.79% | 5.92% | 6.08% | 5.50% | 5.30% | 4.04% | 4.18% | 4.58% | 4.52% | 4.61% | 4.71% | 4.93% |
Frequently Asked Questions
BNO and VWOB have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (11.79%) compared to VWOB (1.73%). In terms of maximum drawdown, BNO dropped -87.06% vs VWOB's -26.98%.
On 10-year performance, BNO leads with 11.14% vs 3.56% for VWOB. On fees, VWOB is cheaper at 0.15% per year. On volatility, VWOB has been the lower-risk option at 1.73%. 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 11.14% return vs 3.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VWOB is cheaper with a 0.15% expense ratio, compared with 1.00% for BNO.
VWOB has the higher dividend yield at 5.79%, compared with 0.00% for BNO.
BNO is categorized as Oil & Gas, while VWOB is Emerging Markets Bonds. BNO tracks Crude Oil Brent ICE Near Term Futures, while VWOB tracks Bloomberg USD Emerging Markets Government RIC Capped Index. They also come from different issuers: USCF Investments and Vanguard. Their fees differ too: 1.00% for BNO and 0.15% for VWOB.
VWOB currently has the higher Sharpe Ratio (2.12 vs 0.82), 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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