DBA vs. BNO
DBA (Invesco DB Agriculture Fund) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index TR, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, DBA returned 3.54%/yr vs 13.60%/yr for BNO. At a 0.25 correlation, their price movements are largely independent. DBA charges 0.94%/yr vs 0.90%/yr for BNO.
Performance
DBA vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DBA achieves a 5.25% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, DBA has underperformed BNO with an annualized return of 3.54%, while BNO has yielded a comparatively higher 13.60% annualized return.
DBA
- 1D
- -0.96%
- 1M
- -5.05%
- YTD
- 5.25%
- 6M
- 5.49%
- 1Y
- 4.23%
- 3Y*
- 13.20%
- 5Y*
- 9.87%
- 10Y*
- 3.54%
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%
DBA vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 5.25% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
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 DBA and BNO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.25 |
The correlation between DBA and BNO shifts across timeframes, from 0.14 (3 years) to 0.25 (5 years), 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
DBA vs. BNO — Risk / Return Rank
DBA
BNO
DBA vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) 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.
| DBA | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.38 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.53 | 5.17 | -4.64 |
| Martin ratioReturn relative to average drawdown | 1.04 | 9.76 | -8.72 |
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
| DBA | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.39 | 2.23 | -1.83 |
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 | 0.27 | 0.37 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.14 | -0.06 |
Drawdowns
DBA vs. BNO - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for DBA and BNO.
Loading charts...
Drawdown Indicators
| DBA | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -87.06% | +19.09% |
Max Drawdown (1Y)Largest decline over 1 year | -7.99% | -17.87% | +9.88% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -23.75% | +11.39% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -33.70% | +17.76% |
Max Drawdown (10Y)Largest decline over 10 years | -41.16% | -75.18% | +34.02% |
Current DrawdownCurrent decline from peak | -25.90% | -10.29% | -15.61% |
Average DrawdownAverage peak-to-trough decline | -41.11% | -40.17% | -0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.07% | 9.45% | -5.38% |
Volatility
DBA vs. BNO - Volatility Comparison
The current volatility for Invesco DB Agriculture Fund (DBA) is 4.17%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that DBA 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
| DBA | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 14.22% | -10.05% |
Volatility (6M)Calculated over the trailing 6-month period | 6.46% | 36.10% | -29.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.77% | 41.46% | -30.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.10% | 35.38% | -21.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.09% | 36.68% | -23.59% |
DBA vs. BNO - Expense Ratio Comparison
DBA has a 0.94% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
DBA vs. BNO - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.40%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
DBA Invesco DB Agriculture Fund | 3.40% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
Frequently Asked Questions
DBA and BNO have a correlation of 0.20, 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 DBA (4.17%). In terms of maximum drawdown, DBA dropped -67.97% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.60% vs 3.54% for DBA. On fees, BNO is cheaper at 0.90% per year. On volatility, DBA has been the lower-risk option at 4.17%. 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 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 0.94% for DBA.
DBA has the higher dividend yield at 3.40%, compared with 0.00% for BNO.
DBA is categorized as Agricultural Commodities, while BNO is Oil & Gas. DBA tracks DBIQ Diversified Agriculture Index TR, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.94% for DBA and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 0.39), 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 DBA 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