DAX vs. BNO
DAX (Global X DAX Germany ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - DAX is a Europe Equities fund tracking the DAX Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, DAX returned 8.97%/yr vs 13.60%/yr for BNO. At a 0.14 correlation, their price movements are largely independent. DAX charges 0.20%/yr vs 0.90%/yr for BNO.
Performance
DAX vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DAX achieves a -0.66% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, DAX has underperformed BNO with an annualized return of 8.97%, while BNO has yielded a comparatively higher 13.60% annualized return.
DAX
- 1D
- -1.53%
- 1M
- 2.29%
- YTD
- -0.66%
- 6M
- 2.93%
- 1Y
- 3.88%
- 3Y*
- 17.88%
- 5Y*
- 7.71%
- 10Y*
- 8.97%
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%
DAX vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DAX Global X DAX Germany ETF | -0.66% | 39.00% | 10.55% | 23.62% | -18.47% | 7.73% | 12.27% | 22.11% | -22.92% | 28.23% |
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 DAX and BNO is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2014 | 0.14 |
The correlation between DAX and BNO shifts across timeframes, from -0.40 (1 year) to 0.14 (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.
Return for Risk
DAX vs. BNO — Risk / Return Rank
DAX
BNO
DAX vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X DAX Germany ETF (DAX) 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.
| DAX | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.29 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.38 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.26 | 5.17 | -4.91 |
| Martin ratioReturn relative to average drawdown | 0.83 | 9.76 | -8.93 |
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
| DAX | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.22 | 2.23 | -2.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.69 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.37 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.14 | +0.21 |
Drawdowns
DAX vs. BNO - Drawdown Comparison
The maximum DAX drawdown since its inception was -45.58%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for DAX and BNO.
Loading charts...
Drawdown Indicators
| DAX | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.58% | -87.06% | +41.48% |
Max Drawdown (1Y)Largest decline over 1 year | -14.82% | -17.87% | +3.05% |
Max Drawdown (3Y)Largest decline over 3 years | -16.03% | -23.75% | +7.72% |
Max Drawdown (5Y)Largest decline over 5 years | -39.96% | -33.70% | -6.26% |
Max Drawdown (10Y)Largest decline over 10 years | -45.58% | -75.18% | +29.60% |
Current DrawdownCurrent decline from peak | -4.63% | -10.29% | +5.66% |
Average DrawdownAverage peak-to-trough decline | -10.51% | -40.17% | +29.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.68% | 9.45% | -4.77% |
Volatility
DAX vs. BNO - Volatility Comparison
The current volatility for Global X DAX Germany ETF (DAX) is 6.09%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that DAX 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
| DAX | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.09% | 14.22% | -8.13% |
Volatility (6M)Calculated over the trailing 6-month period | 14.37% | 36.10% | -21.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.66% | 41.46% | -23.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.38% | 35.38% | -15.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.28% | 36.68% | -15.40% |
DAX vs. BNO - Expense Ratio Comparison
DAX has a 0.20% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
DAX vs. BNO - Dividend Comparison
DAX's dividend yield for the trailing twelve months is around 1.48%, 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% |
DAX Global X DAX Germany ETF | 1.48% | 1.47% | 2.24% | 2.48% | 2.80% | 2.65% | 2.25% | 2.47% | 3.33% | 1.73% | 1.78% | 1.41% |
Frequently Asked Questions
DAX and BNO have a correlation of -0.40, 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 DAX (6.09%). In terms of maximum drawdown, DAX dropped -45.58% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.60% vs 8.97% for DAX. On fees, DAX is cheaper at 0.20% per year. On volatility, DAX has been the lower-risk option at 6.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 13.60% return vs 8.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DAX is cheaper with a 0.20% expense ratio, compared with 0.90% for BNO.
DAX has the higher dividend yield at 1.48%, compared with 0.00% for BNO.
DAX is categorized as Europe Equities, while BNO is Oil & Gas. DAX tracks DAX Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Global X and Concierge Technologies. Their fees differ too: 0.20% for DAX and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 0.22), 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 DAX 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