BWZ vs. BNO

Last updated Jun 3, 2026

BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, BWZ returned -0.44%/yr vs 13.38%/yr for BNO. At a 0.09 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.90%/yr for BNO.

Performance

BWZ vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) 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, BWZ achieves a -0.10% return, which is significantly lower than BNO's 86.76% return. Over the past 10 years, BWZ has underperformed BNO with an annualized return of -0.44%, while BNO has yielded a comparatively higher 13.38% annualized return.

BWZ

• 1D: 0.18%
• 1M: -0.63%
• YTD: -0.10%
• 6M: 1.00%
• 1Y: -0.05%
• 3Y*: 2.76%
• 5Y*: -1.78%
• 10Y*: -0.44%

BNO

• 1D: 0.76%
• 1M: -7.65%
• YTD: 86.76%
• 6M: 83.45%
• 1Y: 89.50%
• 3Y*: 27.10%
• 5Y*: 23.77%
• 10Y*: 13.38%

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

BWZ vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF	-0.10%	10.47%	-5.31%	2.97%	-10.56%	-6.85%	6.47%	0.99%	-3.36%	10.18%
BNO United States Brent Oil Fund LP	86.76%	-5.44%	9.67%	-3.43%	35.25%	62.34%	-38.23%	36.01%	-15.30%	15.43%

Correlation

The correlation between BWZ and BNO is -0.34, 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	-0.34
Correlation (3Y) Calculated over the trailing 3-year period	-0.12
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010	0.09

The correlation between BWZ and BNO shifts across timeframes, from -0.34 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BWZ vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BWZ

BWZ Risk / Return Rank: 9
BWZ Sharpe Ratio Rank: 9
BWZ Sortino Ratio Rank: 8
BWZ Omega Ratio Rank: 8
BWZ Calmar Ratio Rank: 10
BWZ Martin Ratio Rank: 10

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 64
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 89
BNO Martin Ratio Rank: 57

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.

BWZ vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) 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.

	BWZ	BNO	Difference
Sharpe ratio Return per unit of total volatility	-0.01	2.17	-2.18
Sortino ratio Return per unit of downside risk	0.04	2.68	-2.64
Omega ratio Gain probability vs. loss probability	1.00	1.37	-0.36
Calmar ratio Return relative to maximum drawdown	0.13	5.39	-5.26
Martin ratio Return relative to average drawdown	0.31	10.23	-9.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BWZ vs. BNO - Sharpe Ratio Comparison

The current BWZ Sharpe Ratio is -0.01, which is lower than the BNO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of BWZ 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.

Sharpe Ratios by Period

	BWZ	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	2.17	-2.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.24	0.68	-0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.06	0.37	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.14	-0.16

Drawdowns

BWZ vs. BNO - Drawdown Comparison

The maximum BWZ drawdown since its inception was -34.23%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for BWZ and BNO.

Drawdown Indicators

	BWZ	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-34.23%	-87.06%	+52.83%
Max Drawdown (1Y) Largest decline over 1 year	-5.15%	-17.87%	+12.72%
Max Drawdown (3Y) Largest decline over 3 years	-8.60%	-23.75%	+15.15%
Max Drawdown (5Y) Largest decline over 5 years	-23.58%	-33.70%	+10.12%
Max Drawdown (10Y) Largest decline over 10 years	-24.90%	-75.18%	+50.28%
Current Drawdown Current decline from peak	-21.99%	-12.04%	-9.95%
Average Drawdown Average peak-to-trough decline	-16.10%	-40.18%	+24.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	9.43%	-7.19%

Volatility

BWZ vs. BNO - Volatility Comparison

The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.79%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.03%. This indicates that BWZ 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

	BWZ	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	15.03%	-13.24%
Volatility (6M) Calculated over the trailing 6-month period	4.95%	36.08%	-31.13%
Volatility (1Y) Calculated over the trailing 1-year period	6.95%	41.56%	-34.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.60%	35.37%	-27.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.95%	36.68%	-29.73%

BWZ vs. BNO - Expense Ratio Comparison

BWZ has a 0.35% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

BWZ vs. BNO - Dividend Comparison

BWZ's dividend yield for the trailing twelve months is around 2.08%, 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%
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF	2.08%	2.05%	2.47%	1.63%	0.44%	0.60%	0.13%	0.43%	1.10%	0.40%	0.13%	0.06%

Frequently Asked Questions

Can I hold both BWZ and BNO in my portfolio?

BWZ and BNO have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BWZ or BNO?

BNO has higher volatility (15.03%) compared to BWZ (1.79%). In terms of maximum drawdown, BWZ dropped -34.23% vs BNO's -87.06%.

Which ETF is better, BWZ or BNO?

On 10-year performance, BNO leads with 13.38% vs -0.44% for BWZ. On fees, BWZ is cheaper at 0.35% per year. On volatility, BWZ has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BWZ or BNO?

Over the 10-year period, BNO has performed better with a 13.38% return vs -0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BWZ or BNO?

BWZ is cheaper with a 0.35% expense ratio, compared with 0.90% for BNO.

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

BWZ has the higher dividend yield at 2.08%, compared with 0.00% for BNO.

What is the main difference between BWZ and BNO?

BWZ is categorized as International Government Bonds, while BNO is Oil & Gas. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.35% for BWZ and 0.90% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (2.17 vs -0.01), 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.