DBE vs. BNO
DBE (Invesco DB Energy Fund) and BNO (United States Brent Oil Fund LP) are both Oil & Gas funds - DBE tracks the DBIQ Optimum Yield Energy Index while BNO tracks the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, DBE returned 10.12%/yr vs 11.25%/yr for BNO. Their correlation of 0.94 suggests significant overlap in exposure. DBE charges 0.78%/yr vs 1.00%/yr for BNO.
Performance
DBE vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, DBE achieves a 53.97% return, which is significantly higher than BNO's 50.21% return. Over the past 10 years, DBE has underperformed BNO with an annualized return of 10.12%, while BNO has yielded a comparatively higher 11.25% annualized return.
DBE
- 1D
- -0.63%
- 1M
- -16.23%
- YTD
- 53.97%
- 6M
- 50.93%
- 1Y
- 43.95%
- 3Y*
- 16.83%
- 5Y*
- 14.66%
- 10Y*
- 10.12%
BNO
- 1D
- -1.35%
- 1M
- -22.65%
- YTD
- 50.21%
- 6M
- 47.81%
- 1Y
- 38.79%
- 3Y*
- 19.32%
- 5Y*
- 17.15%
- 10Y*
- 11.25%
DBE vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 53.97% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
BNO United States Brent Oil Fund LP | 50.21% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between DBE and BNO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.94 |
The correlation between DBE and BNO has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
DBE vs. BNO — Risk / Return Rank
DBE
BNO
DBE vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) 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.
| DBE | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.19 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 1.33 | +0.74 |
| Martin ratioReturn relative to average drawdown | 6.89 | 4.21 | +2.68 |
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Drawdowns
DBE vs. BNO - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for DBE and BNO.
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Drawdown Indicators
| DBE | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -87.06% | +0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -21.28% | -29.25% | +7.97% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -29.25% | +5.36% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -33.70% | -5.04% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -75.18% | +14.34% |
Current DrawdownCurrent decline from peak | -41.55% | -29.25% | -12.30% |
Average DrawdownAverage peak-to-trough decline | -57.24% | -40.10% | -17.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.42% | 9.28% | -2.86% |
Volatility
DBE vs. BNO - Volatility Comparison
The current volatility for Invesco DB Energy Fund (DBE) is 9.37%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that DBE 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
| DBE | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.37% | 10.92% | -1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 31.44% | 37.29% | -5.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.27% | 41.67% | -6.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.58% | 35.65% | -6.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.34% | 36.68% | -8.34% |
DBE vs. BNO - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
DBE vs. BNO - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.51%, 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% |
DBE Invesco DB Energy Fund | 2.51% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
With a correlation of 0.97, DBE and BNO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BNO has higher volatility (10.92%) compared to DBE (9.37%). In terms of maximum drawdown, DBE dropped -86.69% vs BNO's -87.06%.
On 10-year performance, BNO leads with 11.25% vs 10.12% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 9.37%. 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 11.25% return vs 10.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 1.00% for BNO.
DBE has the higher dividend yield at 2.51%, compared with 0.00% for BNO.
DBE tracks DBIQ Optimum Yield Energy Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Invesco and USCF Investments. Their fees differ too: 0.78% for DBE and 1.00% for BNO.
DBE currently has the higher Sharpe Ratio (1.27 vs 0.95), 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.
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