CGIB vs. BNO

Last updated Jun 25, 2026

CGIB (Capital Group International Bond ETF (USD-Hedged)) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - CGIB is a Global Bonds fund actively managed by Capital Group, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. CGIB is actively managed, while BNO is passively managed. Over the past year, CGIB returned 3.21% vs 39.47% for BNO. At a correlation of -0.23, they often move in opposite directions. CGIB charges 0.45%/yr vs 1.00%/yr for BNO.

Performance

CGIB vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group International Bond ETF (USD-Hedged) (CGIB) 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, CGIB achieves a 1.53% return, which is significantly lower than BNO's 43.86% return.

CGIB

• 1D: 0.51%
• 1M: 1.61%
• YTD: 1.53%
• 6M: 1.47%
• 1Y: 3.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -4.23%
• 1M: -25.93%
• YTD: 43.86%
• 6M: 41.93%
• 1Y: 39.47%
• 3Y*: 17.61%
• 5Y*: 15.98%
• 10Y*: 10.77%

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

CGIB vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CGIB Capital Group International Bond ETF (USD-Hedged)	1.53%	4.72%	2.44%
BNO United States Brent Oil Fund LP	43.86%	-5.44%	-6.02%

Correlation

The correlation between CGIB and BNO is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since Jun 27, 2024	-0.23

Return for Risk

CGIB vs. BNO — Risk / Return Rank

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

CGIB

CGIB Risk / Return Rank: 24
CGIB Sharpe Ratio Rank: 24
CGIB Sortino Ratio Rank: 23
CGIB Omega Ratio Rank: 23
CGIB Calmar Ratio Rank: 27
CGIB Martin Ratio Rank: 25

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 29
BNO Sortino Ratio Rank: 30
BNO Omega Ratio Rank: 31
BNO Calmar Ratio Rank: 27
BNO Martin Ratio Rank: 31

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.

CGIB vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group International Bond ETF (USD-Hedged) (CGIB) 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.

	CGIB	BNO	Difference
Sharpe ratio: Return per unit of total volatility	0.79	0.97	-0.18
Sortino ratio: Return per unit of downside risk	1.19	1.51	-0.32
Omega ratio: Gain probability vs. loss probability	1.15	1.20	-0.05
Calmar ratio: Return relative to maximum drawdown	1.20	1.23	-0.03
Martin ratio: Return relative to average drawdown	3.02	4.18	-1.16

CGIB vs. BNO - Sharpe Ratio Comparison

The current CGIB Sharpe Ratio is 0.79, which is comparable to the BNO Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of CGIB 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

CGIB vs. BNO - Drawdown Comparison

The maximum CGIB drawdown since its inception was -2.68%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for CGIB and BNO.

Drawdown Indicators

	CGIB	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-2.68%	-87.06%	+84.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-32.25%	+29.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-0.09%	-32.25%	+32.16%
Average Drawdown Average peak-to-trough decline	-0.70%	-40.10%	+39.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	9.47%	-8.40%

Volatility

CGIB vs. BNO - Volatility Comparison

The current volatility for Capital Group International Bond ETF (USD-Hedged) (CGIB) is 1.09%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.33%. This indicates that CGIB 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

	CGIB	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	11.33%	-10.24%
Volatility (6M) Calculated over the trailing 6-month period	3.04%	37.57%	-34.53%
Volatility (1Y) Calculated over the trailing 1-year period	4.07%	41.20%	-37.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.77%	35.70%	-31.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.77%	36.70%	-32.93%

CGIB vs. BNO - Expense Ratio Comparison

CGIB has a 0.45% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

CGIB vs. BNO - Dividend Comparison

CGIB's dividend yield for the trailing twelve months is around 4.21%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%
CGIB Capital Group International Bond ETF (USD-Hedged)	4.21%	4.26%	1.65%

Frequently Asked Questions

Can I hold both CGIB and BNO in my portfolio?

CGIB and BNO have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGIB or BNO?

BNO has higher volatility (11.33%) compared to CGIB (1.09%). In terms of maximum drawdown, CGIB dropped -2.68% vs BNO's -87.06%.

Which ETF is better, CGIB or BNO?

On 1-year performance, BNO leads with 39.47% vs 3.21% for CGIB. On fees, CGIB is cheaper at 0.45% per year. On volatility, CGIB has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGIB or BNO?

Over the 1-year period, BNO has performed better with a 39.47% return vs 3.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGIB or BNO?

CGIB is cheaper with a 0.45% expense ratio, compared with 1.00% for BNO.

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

CGIB has the higher dividend yield at 4.21%, compared with 0.00% for BNO.

What is the main difference between CGIB and BNO?

CGIB is categorized as Global Bonds, while BNO is Oil & Gas. They also come from different issuers: Capital Group and USCF Investments. Their fees differ too: 0.45% for CGIB and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (0.97 vs 0.79), 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.