BRTR vs. BNO

Last updated Aug 2, 2026

BRTR (Blackrock Total Return ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - BRTR is a Intermediate Core-Plus Bond fund actively managed by BlackRock, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. BRTR is actively managed, while BNO is passively managed. Over the past year, BRTR returned 2.71% vs 62.83% for BNO. Their -0.27 correlation means they have often moved in opposite directions in the past. BRTR charges 0.38%/yr vs 1.00%/yr for BNO.

Performance

BRTR vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackrock Total Return ETF (BRTR) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRTR achieves a -0.45% return, which is significantly lower than BNO's 77.90% return.

BRTR

• 1D: -0.25%
• 1M: -1.25%
• 6M: -0.97%
• YTD: -0.45%
• 1Y: 2.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.60%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
BRTR Blackrock Total Return ETF	$4.31M	$3.65M	$5.24M

BRTR vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BRTR Blackrock Total Return ETF	-0.45%	8.11%	1.29%	0.68%
BNO United States Brent Oil Fund LP	77.90%	-5.44%	9.67%	2.90%

Correlation

The correlation between BRTR and BNO is -0.45, 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.	-0.45
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	-0.27

The correlation between BRTR and BNO shifts across timeframes, from -0.45 (1 year) to -0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BRTR vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BRTR

BRTR Risk / Return Rank: 32
BRTR Sharpe Ratio Rank: 36
BRTR Sortino Ratio Rank: 34
BRTR Omega Ratio Rank: 32
BRTR Calmar Ratio Rank: 30
BRTR Martin Ratio Rank: 29

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BRTR vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackrock Total Return ETF (BRTR) 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.

	BRTR	BNO	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.32	-0.44
Sortino ratio: Return per unit of downside risk	1.26	1.90	-0.64
Omega ratio: Gain probability vs. loss probability	1.15	1.24	-0.09
Calmar ratio: Return relative to maximum drawdown	0.99	1.70	-0.71
Martin ratio: Return relative to average drawdown	2.54	5.15	-2.61

BRTR vs. BNO - Sharpe Ratio Comparison

The current BRTR Sharpe Ratio is 0.88, which is lower than the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of BRTR and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BRTR vs. BNO - Drawdown Comparison

The maximum BRTR drawdown since its inception was -5.07%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for BRTR and BNO.

Drawdown Indicators

	BRTR	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-5.07%	-87.06%	+81.99%
Max Drawdown (1Y) Largest decline over 1 year	-3.26%	-34.46%	+31.20%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-2.51%	-16.21%	+13.70%
Average Drawdown Average peak-to-trough decline	-1.37%	-39.99%	+38.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	11.86%	-10.59%

Volatility

BRTR vs. BNO - Volatility Comparison

The current volatility for Blackrock Total Return ETF (BRTR) is 0.98%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that BRTR 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.

Volatility by Period

	BRTR	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	17.47%	-16.49%
Volatility (6M) Calculated over the trailing 6-month period	2.96%	40.96%	-38.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	44.54%	-40.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.63%	36.41%	-31.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.63%	36.98%	-32.35%

BRTR vs. BNO - Expense Ratio Comparison

BRTR has a 0.38% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

BRTR vs. BNO - Dividend Comparison

BRTR's dividend yield for the trailing twelve months is around 4.76%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%	0.00%
BRTR Blackrock Total Return ETF	4.35%	4.86%	5.58%	0.22%

Frequently Asked Questions

Can I hold both BRTR and BNO in my portfolio?

BRTR and BNO have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRTR or BNO?

BNO has higher volatility (17.47%) compared to BRTR (0.98%). In terms of maximum drawdown, BRTR dropped -5.07% vs BNO's -87.06%.

Which ETF is better, BRTR or BNO?

On 1-year performance, BNO leads with 62.83% vs 2.71% for BRTR. On fees, BRTR is cheaper at 0.38% per year. On volatility, BRTR has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRTR or BNO?

Over the 1-year period, BNO has performed better with a 62.83% return vs 2.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRTR or BNO?

BRTR is cheaper with a 0.38% expense ratio, compared with 1.00% for BNO.

Which ETF pays a higher dividend yield, BRTR or BNO?

BRTR has the higher dividend yield at 4.35%, compared with 0.00% for BNO.

What is the main difference between BRTR and BNO?

BRTR is categorized as Intermediate Core-Plus Bond, while BNO is Oil & Gas. They also come from different issuers: BlackRock and USCF. Their fees differ too: 0.38% for BRTR and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (1.32 vs 0.88), 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.