BZ=F vs. ^XSP

Last updated Jun 24, 2026

BZ=F (Brent Crude Oil Last Day Financial Futures) is an asset, while ^XSP (S&P 500 Mini-SPX Options Index) is an index. At a correlation of -0.06, they often move in opposite directions.

Performance

BZ=F vs. ^XSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brent Crude Oil Last Day Financial Futures (BZ=F) and S&P 500 Mini-SPX Options Index (^XSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BZ=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

^XSP

• 1D: -1.44%
• 1M: -1.45%
• YTD: 7.60%
• 6M: 6.59%
• 1Y: 22.24%
• 3Y*: 19.20%
• 5Y*: 11.54%
• 10Y*: —

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

BZ=F vs. ^XSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BZ=F Brent Crude Oil Last Day Financial Futures	0.00%	0.00%	0.00%	0.00%	20.59%
^XSP S&P 500 Mini-SPX Options Index	7.60%	16.39%	23.31%	24.23%	-13.37%

Correlation

The correlation between BZ=F and ^XSP is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 31, 2022	-0.06

Return for Risk

BZ=F vs. ^XSP — Risk / Return Rank

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

BZ=F

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

^XSP

^XSP Risk / Return Rank: 64
^XSP Sharpe Ratio Rank: 62
^XSP Sortino Ratio Rank: 60
^XSP Omega Ratio Rank: 66
^XSP Calmar Ratio Rank: 59
^XSP Martin Ratio Rank: 73

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.

BZ=F vs. ^XSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brent Crude Oil Last Day Financial Futures (BZ=F) and S&P 500 Mini-SPX Options Index (^XSP). 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.

	BZ=F	^XSP	Difference
Sharpe ratio: Return per unit of total volatility	—	1.78	—
Sortino ratio: Return per unit of downside risk	—	2.44	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	2.46	—
Martin ratio: Return relative to average drawdown	—	10.92	—

Drawdowns

Drawdown Indicators

	BZ=F	^XSP	Difference
Max Drawdown Largest peak-to-trough decline	—	-25.43%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-9.10%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.90%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.43%	—
Current Drawdown Current decline from peak	—	-3.21%	—
Average Drawdown Average peak-to-trough decline	—	-5.84%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.04%	—

Volatility

Volatility by Period

	BZ=F	^XSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.93%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.57%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.00%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	16.82%	—

Frequently Asked Questions

Can I hold both BZ=F and ^XSP in my portfolio?

BZ=F and ^XSP have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.