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BNO vs. XLE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BNO vs. XLE

Last updated Jun 7, 2026

BNO (United States Brent Oil Fund LP) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, BNO returned 12.62%/yr vs 9.54%/yr for XLE. A 0.61 correlation means they provide meaningful diversification when combined. BNO charges 0.90%/yr vs 0.08%/yr for XLE.

Performance

BNO vs. XLE - Performance Comparison

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

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Returns By Period

In the year-to-date period, BNO achieves a 80.79% return, which is significantly higher than XLE's 29.83% return. Over the past 10 years, BNO has outperformed XLE with an annualized return of 12.62%, while XLE has yielded a comparatively lower 9.54% annualized return.

BNO

1D
-2.44%
1M
-3.60%
YTD
80.79%
6M
73.97%
1Y
79.52%
3Y*
25.89%
5Y*
22.87%
10Y*
12.62%

XLE

1D
-1.84%
1M
3.54%
YTD
29.83%
6M
27.49%
1Y
42.72%
3Y*
16.70%
5Y*
20.01%
10Y*
9.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BNO vs. XLE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BNO
United States Brent Oil Fund LP		80.79%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%
XLE
State Street Energy Select Sector SPDR ETF		29.83%7.88%5.56%-0.63%64.32%53.28%-32.67%11.74%-18.22%-0.89%

Correlation

The correlation between BNO and XLE is 0.63, 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

0.63

Correlation (3Y)
Calculated over the trailing 3-year period

0.62

Correlation (5Y)
Calculated over the trailing 5-year period

0.64

Correlation (10Y)
Calculated over the trailing 10-year period

0.62

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.61

The correlation between BNO and XLE has been stable across timeframes, ranging from 0.61 to 0.64 - 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.

United States Brent Oil Fund LP

State Street Energy Select Sector SPDR ETF

Often compared with BNO:
BNO vs. USOBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. UNLBNO vs. XOM
Often compared with XLE:
XLE vs. VDEXLE vs. USOXLE vs. XOPXLE vs. XLUXLE vs. XLKXLE vs. IXCXLE vs. FENY

Return for Risk

BNO vs. XLE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BNO
BNO Risk / Return Rank: 6262
Overall Rank
BNO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5454
Sortino Ratio Rank
BNO Omega Ratio Rank: 5757
Omega Ratio Rank
BNO Calmar Ratio Rank: 8686
Calmar Ratio Rank
BNO Martin Ratio Rank: 5353
Martin Ratio Rank
XLE
XLE Risk / Return Rank: 6666
Overall Rank
XLE Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
XLE Sortino Ratio Rank: 6262
Sortino Ratio Rank
XLE Omega Ratio Rank: 6060
Omega Ratio Rank
XLE Calmar Ratio Rank: 7676
Calmar Ratio Rank
XLE Martin Ratio Rank: 6262
Martin Ratio Rank
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. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Brent Oil Fund LP (BNO) and State Street Energy Select Sector SPDR ETF (XLE). 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.

BNOXLEDifference
Sharpe ratioReturn per unit of total volatility
2.00
2.23

-0.22

Sortino ratioReturn per unit of downside risk
2.53
2.86

-0.33

Omega ratioGain probability vs. loss probability

1.34

1.36

-0.01

Calmar ratioReturn relative to maximum drawdown

4.66

3.79

+0.88

Martin ratioReturn relative to average drawdown

8.73

10.90

-2.16

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNO vs. XLE - Sharpe Ratio Comparison

The current BNO Sharpe Ratio is 2.00, which is comparable to the XLE Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of BNO and XLE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BNOXLEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.00

2.23

-0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.77

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

0.32

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.13

0.31

-0.18

Drawdowns

BNO vs. XLE - Drawdown Comparison

The maximum BNO drawdown since its inception was -87.06%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for BNO and XLE.

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Drawdown Indicators

BNOXLEDifference

Max Drawdown

Largest peak-to-trough decline

-87.06%

-71.26%

-15.80%

Max Drawdown (1Y)

Largest decline over 1 year

-17.87%

-12.05%

-5.82%

Max Drawdown (3Y)

Largest decline over 3 years

-23.75%

-20.14%

-3.61%

Max Drawdown (5Y)

Largest decline over 5 years

-33.70%

-26.04%

-7.66%

Max Drawdown (10Y)

Largest decline over 10 years

-75.18%

-66.81%

-8.37%

Current Drawdown

Current decline from peak

-14.85%

-7.82%

-7.03%

Average Drawdown

Average peak-to-trough decline

-40.16%

-17.98%

-22.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.53%

4.18%

+5.35%

Volatility

BNO vs. XLE - Volatility Comparison

United States Brent Oil Fund LP (BNO) has a higher volatility of 11.71% compared to State Street Energy Select Sector SPDR ETF (XLE) at 7.29%. This indicates that BNO's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BNOXLEDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.71%

7.29%

+4.42%

Volatility (6M)

Calculated over the trailing 6-month period

36.33%

16.56%

+19.77%

Volatility (1Y)

Calculated over the trailing 1-year period

41.63%

20.49%

+21.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.41%

26.02%

+9.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.69%

29.58%

+7.11%

BNO vs. XLE - Expense Ratio Comparison

BNO has a 0.90% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

BNO vs. XLE - Dividend Comparison

BNO has not paid dividends to shareholders, while XLE's dividend yield for the trailing twelve months is around 2.59%.

PositionTTM20252024202320222021202020192018201720162015
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%
XLE
State Street Energy Select Sector SPDR ETF		2.59%3.28%3.36%3.55%3.68%4.21%5.62%6.72%3.54%3.03%2.26%3.39%

Frequently Asked Questions

BNO and XLE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (11.71%) compared to XLE (7.29%). In terms of maximum drawdown, BNO dropped -87.06% vs XLE's -71.26%.

On 10-year performance, BNO leads with 12.62% vs 9.54% for XLE. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 7.29%. 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 12.62% return vs 9.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLE is cheaper with a 0.08% expense ratio, compared with 0.90% for BNO.

XLE has the higher dividend yield at 2.59%, compared with 0.00% for BNO.

BNO is categorized as Oil & Gas, while XLE is Energy Equities. BNO tracks Front Month Brent Crude Oil, while XLE tracks Energy Select Sector Index. They also come from different issuers: Concierge Technologies and State Street. Their fees differ too: 0.90% for BNO and 0.08% for XLE.

XLE currently has the higher Sharpe Ratio (2.23 vs 2.00), 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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