BPAY vs. BNO
BPAY (BlackRock Future Financial and Technology ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - BPAY is a Financials Equities fund actively managed by BlackRock, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. BPAY is actively managed, while BNO is passively managed. Over the past 3 years, BPAY returned 9.60%/yr vs 26.74%/yr for BNO. At a 0.08 correlation, their price movements are largely independent. BPAY charges 0.70%/yr vs 0.90%/yr for BNO.
Performance
BPAY vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, BPAY achieves a -10.58% return, which is significantly lower than BNO's 85.31% return.
BPAY
- 1D
- 2.12%
- 1M
- -1.68%
- YTD
- -10.58%
- 6M
- -13.16%
- 1Y
- -9.61%
- 3Y*
- 9.60%
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
BPAY vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BPAY BlackRock Future Financial and Technology ETF | -10.58% | 8.54% | 17.28% | 13.19% | -16.39% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | -6.36% |
Correlation
The correlation between BPAY and BNO is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2022 | 0.08 |
The correlation between BPAY and BNO shifts across timeframes, from -0.20 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BPAY vs. BNO — Risk / Return Rank
BPAY
BNO
BPAY vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Future Financial and Technology ETF (BPAY) 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.
| BPAY | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -3.01 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.36 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 4.99 | -5.28 |
| Martin ratioReturn relative to average drawdown | -0.56 | 9.39 | -9.95 |
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
| BPAY | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.37 | 2.15 | -2.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.14 | -0.05 |
Drawdowns
BPAY vs. BNO - Drawdown Comparison
The maximum BPAY drawdown since its inception was -33.62%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for BPAY and BNO.
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Drawdown Indicators
| BPAY | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.62% | -87.06% | +53.44% |
Max Drawdown (1Y)Largest decline over 1 year | -33.62% | -17.87% | -15.75% |
Max Drawdown (3Y)Largest decline over 3 years | -33.62% | -23.75% | -9.87% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -24.46% | -12.72% | -11.74% |
Average DrawdownAverage peak-to-trough decline | -10.55% | -40.16% | +29.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.05% | 9.48% | +7.57% |
Volatility
BPAY vs. BNO - Volatility Comparison
The current volatility for BlackRock Future Financial and Technology ETF (BPAY) is 7.26%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that BPAY 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
| BPAY | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.26% | 14.12% | -6.86% |
Volatility (6M)Calculated over the trailing 6-month period | 18.84% | 36.21% | -17.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.06% | 41.56% | -15.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.36% | 35.40% | -11.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.36% | 36.69% | -12.33% |
BPAY vs. BNO - Expense Ratio Comparison
BPAY has a 0.70% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
BPAY vs. BNO - Dividend Comparison
BPAY's dividend yield for the trailing twelve months is around 7.25%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BPAY BlackRock Future Financial and Technology ETF | 7.25% | 6.49% | 0.48% | 1.18% | 0.18% |
Frequently Asked Questions
BPAY and BNO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to BPAY (7.26%). In terms of maximum drawdown, BPAY dropped -33.62% vs BNO's -87.06%.
On 3-year performance, BNO leads with 26.74% vs 9.60% for BPAY. On fees, BPAY is cheaper at 0.70% per year. On volatility, BPAY has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 26.74% return vs 9.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BPAY is cheaper with a 0.70% expense ratio, compared with 0.90% for BNO.
BPAY has the higher dividend yield at 7.25%, compared with 0.00% for BNO.
BPAY is categorized as Financials Equities, while BNO is Oil & Gas. They also come from different issuers: BlackRock and Concierge Technologies. Their fees differ too: 0.70% for BPAY and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.37), 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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