BOND vs. BNO
BOND (PIMCO Active Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - BOND is a Intermediate Core-Plus Bond fund actively managed by PIMCO, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. BOND is actively managed, while BNO is passively managed. Over the past 10 years, BOND returned 1.96%/yr vs 15.06%/yr for BNO. Their -0.13 correlation means they have often moved in opposite directions in the past. BOND charges 0.54%/yr vs 1.00%/yr for BNO.
Performance
BOND vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, BOND achieves a -0.31% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, BOND has underperformed BNO with an annualized return of 1.96%, while BNO has yielded a comparatively higher 15.06% annualized return.
BOND
- 1D
- -0.33%
- 1M
- -1.43%
- 6M
- -0.84%
- YTD
- -0.31%
- 1Y
- 3.01%
- 3Y*
- 4.85%
- 5Y*
- 0.00%
- 10Y*
- 1.96%
- ALL TIME*
- 2.88%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $46.87M | $49.77M | $50.25M |
BOND vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | -0.31% | 8.39% | 2.77% | 6.48% | -14.57% | -0.77% | 7.80% | 8.54% | 0.08% | 4.76% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between BOND and BNO is -0.44, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.44 |
Correlation (3Y) Balances recent behavior with more history. | -0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.12 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2012 | -0.13 |
Over the past year, the inverse relationship between BOND and BNO has strengthened: their correlation has moved from -0.13 to -0.44, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BOND vs. BNO — Risk / Return Rank
BOND
BNO
BOND vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Active Bond ETF (BOND) and United States Brent Oil Fund LP (BNO). 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.
| BOND | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.24 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 1.70 | -0.42 |
| Martin ratioReturn relative to average drawdown | 3.47 | 5.15 | -1.68 |
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Drawdowns
BOND vs. BNO - Drawdown Comparison
The maximum BOND drawdown since its inception was -19.71%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for BOND and BNO.
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Drawdown Indicators
| BOND | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.71% | -87.06% | +67.35% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -34.46% | +31.45% |
Max Drawdown (3Y)Largest decline over 3 years | -5.21% | -34.46% | +29.25% |
Max Drawdown (5Y)Largest decline over 5 years | -19.71% | -34.46% | +14.75% |
Max Drawdown (10Y)Largest decline over 10 years | -19.71% | -75.18% | +55.47% |
Current DrawdownCurrent decline from peak | -2.34% | -16.21% | +13.87% |
Average DrawdownAverage peak-to-trough decline | -3.48% | -39.99% | +36.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 11.86% | -10.75% |
Volatility
BOND vs. BNO - Volatility Comparison
The current volatility for PIMCO Active Bond ETF (BOND) is 1.15%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that BOND experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOND | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 17.47% | -16.32% |
Volatility (6M)Calculated over the trailing 6-month period | 3.22% | 40.96% | -37.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.01% | 44.54% | -40.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.80% | 36.41% | -30.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.10% | 36.98% | -31.88% |
BOND vs. BNO - Expense Ratio Comparison
BOND has a 0.54% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
BOND vs. BNO - Dividend Comparison
BOND's dividend yield for the trailing twelve months is around 5.25%, while BNO has not paid dividends to shareholders.
| 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% |
BOND PIMCO Active Bond ETF | 4.81% | 5.11% | 5.02% | 4.06% | 3.44% | 2.58% | 2.66% | 3.38% | 3.18% | 2.87% | 2.85% | 4.14% |
Frequently Asked Questions
BOND and BNO have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to BOND (1.15%). In terms of maximum drawdown, BOND dropped -19.71% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs 1.96% for BOND. On fees, BOND is cheaper at 0.54% per year. On volatility, BOND has been the lower-risk option at 1.15%. 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 15.06% return vs 1.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BOND is cheaper with a 0.54% expense ratio, compared with 1.00% for BNO.
BOND has the higher dividend yield at 4.81%, compared with 0.00% for BNO.
BOND is categorized as Intermediate Core-Plus Bond, while BNO is Oil & Gas. They also come from different issuers: PIMCO and USCF. Their fees differ too: 0.54% for BOND and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs 0.96), 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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