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CSD vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CSD vs. BNO

Last updated Jun 4, 2026

CSD (Invesco S&P Spin-Off ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - CSD is a Mid Cap Blend Equities fund tracking the S&P U.S. Spin-Off Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, CSD returned 14.07%/yr vs 13.60%/yr for BNO. At a 0.26 correlation, their price movements are largely independent. CSD charges 0.65%/yr vs 0.90%/yr for BNO.

Performance

CSD vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P Spin-Off ETF (CSD) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CSD achieves a 39.67% return, which is significantly lower than BNO's 90.47% return. Both investments have delivered pretty close results over the past 10 years, with CSD having a 14.07% annualized return and BNO not far behind at 13.60%.

CSD

1D
0.47%
1M
8.22%
YTD
39.67%
6M
39.98%
1Y
71.88%
3Y*
36.42%
5Y*
16.45%
10Y*
14.07%

BNO

1D
1.99%
1M
-10.29%
YTD
90.47%
6M
86.00%
1Y
91.89%
3Y*
27.93%
5Y*
24.16%
10Y*
13.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CSD vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CSD
Invesco S&P Spin-Off ETF		39.67%21.58%27.61%23.77%-15.04%13.01%10.79%20.61%-17.82%20.64%
BNO
United States Brent Oil Fund LP		90.47%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between CSD and BNO is -0.28, 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

-0.28

Correlation (3Y)
Calculated over the trailing 3-year period

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.12

Correlation (10Y)
Calculated over the trailing 10-year period

0.21

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.26

The correlation between CSD and BNO shifts across timeframes, from -0.28 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P Spin-Off ETF

United States Brent Oil Fund LP

Often compared with CSD:
CSD vs. SPYCSD vs. IYMCSD vs. SPMOCSD vs. VOOCSD vs. ^GSPCCSD vs. FUTYCSD vs. SRLN
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

CSD vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CSD
CSD Risk / Return Rank: 8888
Overall Rank
CSD Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
CSD Sortino Ratio Rank: 8484
Sortino Ratio Rank
CSD Omega Ratio Rank: 8181
Omega Ratio Rank
CSD Calmar Ratio Rank: 9292
Calmar Ratio Rank
CSD Martin Ratio Rank: 9393
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

CSD vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Spin-Off ETF (CSD) 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.

CSDBNODifference
Sharpe ratioReturn per unit of total volatility
3.03
2.23

+0.80

Sortino ratioReturn per unit of downside risk
3.80
2.73

+1.08

Omega ratioGain probability vs. loss probability

1.49

1.38

+0.12

Calmar ratioReturn relative to maximum drawdown

6.37

5.17

+1.20

Martin ratioReturn relative to average drawdown

24.98

9.76

+15.22

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSD vs. BNO - Sharpe Ratio Comparison

The current CSD Sharpe Ratio is 3.03, which is higher than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of CSD 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.

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Sharpe Ratios by Period

CSDBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.03

2.23

+0.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.71

0.69

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

0.37

+0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.14

+0.29

Drawdowns

CSD vs. BNO - Drawdown Comparison

The maximum CSD drawdown since its inception was -70.47%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for CSD and BNO.

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Drawdown Indicators

CSDBNODifference

Max Drawdown

Largest peak-to-trough decline

-70.47%

-87.06%

+16.59%

Max Drawdown (1Y)

Largest decline over 1 year

-11.34%

-17.87%

+6.53%

Max Drawdown (3Y)

Largest decline over 3 years

-30.15%

-23.75%

-6.40%

Max Drawdown (5Y)

Largest decline over 5 years

-30.15%

-33.70%

+3.55%

Max Drawdown (10Y)

Largest decline over 10 years

-57.55%

-75.18%

+17.63%

Current Drawdown

Current decline from peak

0.00%

-10.29%

+10.29%

Average Drawdown

Average peak-to-trough decline

-14.23%

-40.17%

+25.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.89%

9.45%

-6.56%

Volatility

CSD vs. BNO - Volatility Comparison

The current volatility for Invesco S&P Spin-Off ETF (CSD) is 6.19%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that CSD 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

CSDBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.19%

14.22%

-8.03%

Volatility (6M)

Calculated over the trailing 6-month period

18.29%

36.10%

-17.81%

Volatility (1Y)

Calculated over the trailing 1-year period

23.87%

41.46%

-17.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.26%

35.38%

-12.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.83%

36.68%

-11.85%

CSD vs. BNO - Expense Ratio Comparison

CSD has a 0.65% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

CSD vs. BNO - Dividend Comparison

CSD's dividend yield for the trailing twelve months is around 0.11%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
CSD
Invesco S&P Spin-Off ETF		0.11%0.16%0.17%0.51%0.86%0.73%0.99%1.08%0.99%0.60%1.62%2.61%

Frequently Asked Questions

CSD and BNO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (14.22%) compared to CSD (6.19%). In terms of maximum drawdown, CSD dropped -70.47% vs BNO's -87.06%.

On 10-year performance, CSD leads with 14.07% vs 13.60% for BNO. On fees, CSD is cheaper at 0.65% per year. On volatility, CSD has been the lower-risk option at 6.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CSD has performed better with a 14.07% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CSD is cheaper with a 0.65% expense ratio, compared with 0.90% for BNO.

CSD has the higher dividend yield at 0.11%, compared with 0.00% for BNO.

CSD is categorized as Mid Cap Blend Equities, while BNO is Oil & Gas. CSD tracks S&P U.S. Spin-Off Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.65% for CSD and 0.90% for BNO.

CSD currently has the higher Sharpe Ratio (3.03 vs 2.23), 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.

Portfolio Optimizer

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