CVIE vs. BNO
CVIE (Calvert International Responsible Index ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - CVIE is a Foreign Large Cap Equities fund tracking the Calvert International Responsible Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 3 years, CVIE returned 21.69%/yr vs 26.74%/yr for BNO. At a correlation of -0.05, they often move in opposite directions. CVIE charges 0.18%/yr vs 0.90%/yr for BNO.
Performance
CVIE vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CVIE achieves a 19.14% return, which is significantly lower than BNO's 85.31% return.
CVIE
- 1D
- 0.18%
- 1M
- 6.70%
- YTD
- 19.14%
- 6M
- 22.24%
- 1Y
- 36.01%
- 3Y*
- 21.69%
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
CVIE vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CVIE Calvert International Responsible Index ETF | 19.14% | 33.23% | 5.37% | 8.48% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -0.33% |
Correlation
The correlation between CVIE and BNO is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023 | -0.05 |
Over the past year, the inverse relationship between CVIE and BNO has strengthened: their correlation has moved from -0.05 to -0.38, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CVIE vs. BNO — Risk / Return Rank
CVIE
BNO
CVIE vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calvert International Responsible Index ETF (CVIE) 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.
| CVIE | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.36 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 4.99 | -2.14 |
| Martin ratioReturn relative to average drawdown | 11.31 | 9.39 | +1.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CVIE | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.18 | 2.15 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.28 | 0.14 | +1.14 |
Drawdowns
CVIE vs. BNO - Drawdown Comparison
The maximum CVIE drawdown since its inception was -13.52%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for CVIE and BNO.
Loading charts...
Drawdown Indicators
| CVIE | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.52% | -87.06% | +73.54% |
Max Drawdown (1Y)Largest decline over 1 year | -12.71% | -17.87% | +5.16% |
Max Drawdown (3Y)Largest decline over 3 years | -13.52% | -23.75% | +10.23% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.49% | -12.72% | +12.23% |
Average DrawdownAverage peak-to-trough decline | -2.63% | -40.16% | +37.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 9.48% | -6.29% |
Volatility
CVIE vs. BNO - Volatility Comparison
The current volatility for Calvert International Responsible Index ETF (CVIE) is 6.03%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that CVIE 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.
Loading charts...
Volatility by Period
| CVIE | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.03% | 14.12% | -8.09% |
Volatility (6M)Calculated over the trailing 6-month period | 14.23% | 36.21% | -21.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.59% | 41.56% | -24.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.38% | 35.40% | -20.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.38% | 36.69% | -21.31% |
CVIE vs. BNO - Expense Ratio Comparison
CVIE has a 0.18% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
CVIE vs. BNO - Dividend Comparison
CVIE's dividend yield for the trailing twelve months is around 2.22%, 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% |
CVIE Calvert International Responsible Index ETF | 2.22% | 2.85% | 2.78% | 1.96% |
Frequently Asked Questions
CVIE and BNO have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to CVIE (6.03%). In terms of maximum drawdown, CVIE dropped -13.52% vs BNO's -87.06%.
On 3-year performance, BNO leads with 26.74% vs 21.69% for CVIE. On fees, CVIE is cheaper at 0.18% per year. On volatility, CVIE has been the lower-risk option at 6.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 26.74% return vs 21.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CVIE is cheaper with a 0.18% expense ratio, compared with 0.90% for BNO.
CVIE has the higher dividend yield at 2.22%, compared with 0.00% for BNO.
CVIE is categorized as Foreign Large Cap Equities, while BNO is Oil & Gas. CVIE tracks Calvert International Responsible Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Calvert and Concierge Technologies. Their fees differ too: 0.18% for CVIE and 0.90% for BNO.
CVIE currently has the higher Sharpe Ratio (2.18 vs 2.15), 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.
Find the right allocation for CVIE and BNO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer