DECP vs. BNO

Last updated Jun 23, 2026

DECP (PGIM S&P 500 Buffer 12 ETF - December) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - DECP is a Defined Outcome fund actively managed by PGIM, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. DECP is actively managed, while BNO is passively managed. Over the past year, DECP returned 20.00% vs 30.19% for BNO. At a correlation of -0.06, they often move in opposite directions. DECP charges 0.50%/yr vs 1.00%/yr for BNO.

Performance

DECP vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - December (DECP) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DECP achieves a 6.39% return, which is significantly lower than BNO's 52.26% return.

DECP

• 1D: -0.26%
• 1M: 0.93%
• YTD: 6.39%
• 6M: 6.12%
• 1Y: 20.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -1.73%
• 1M: -21.60%
• YTD: 52.26%
• 6M: 50.77%
• 1Y: 30.19%
• 3Y*: 19.86%
• 5Y*: 17.50%
• 10Y*: 11.40%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DECP vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DECP PGIM S&P 500 Buffer 12 ETF - December	6.39%	14.87%	5.64%
BNO United States Brent Oil Fund LP	52.26%	-5.44%	-1.19%

Correlation

The correlation between DECP and BNO is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since May 24, 2024	-0.06

The correlation between DECP and BNO shifts across timeframes, from -0.24 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DECP vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DECP

DECP Risk / Return Rank: 81
DECP Sharpe Ratio Rank: 80
DECP Sortino Ratio Rank: 81
DECP Omega Ratio Rank: 82
DECP Calmar Ratio Rank: 75
DECP Martin Ratio Rank: 86

BNO

BNO Risk / Return Rank: 23
BNO Sharpe Ratio Rank: 21
BNO Sortino Ratio Rank: 22
BNO Omega Ratio Rank: 23
BNO Calmar Ratio Rank: 23
BNO Martin Ratio Rank: 25

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.

DECP vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - December (DECP) 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.

	DECP	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.46	0.73	+1.73
Sortino ratio: Return per unit of downside risk	3.43	1.23	+2.20
Omega ratio: Gain probability vs. loss probability	1.47	1.16	+0.31
Calmar ratio: Return relative to maximum drawdown	3.70	1.07	+2.63
Martin ratio: Return relative to average drawdown	17.70	3.33	+14.37

DECP vs. BNO - Sharpe Ratio Comparison

The current DECP Sharpe Ratio is 2.46, which is higher than the BNO Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of DECP 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.

Drawdowns

DECP vs. BNO - Drawdown Comparison

The maximum DECP drawdown since its inception was -12.12%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for DECP and BNO.

Drawdown Indicators

	DECP	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-87.06%	+74.94%
Max Drawdown (1Y) Largest decline over 1 year	-5.43%	-28.29%	+22.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-0.47%	-28.29%	+27.82%
Average Drawdown Average peak-to-trough decline	-1.12%	-40.10%	+38.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	10.51%	-9.38%

Volatility

DECP vs. BNO - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 12 ETF - December (DECP) is 2.31%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.98%. This indicates that DECP 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.

Volatility by Period

	DECP	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	10.98%	-8.67%
Volatility (6M) Calculated over the trailing 6-month period	6.06%	37.28%	-31.22%
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	41.73%	-33.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.92%	35.65%	-25.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.92%	36.71%	-26.79%

DECP vs. BNO - Expense Ratio Comparison

DECP has a 0.50% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

DECP vs. BNO - Dividend Comparison

Neither DECP nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DECP and BNO in my portfolio?

DECP and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECP or BNO?

BNO has higher volatility (10.98%) compared to DECP (2.31%). In terms of maximum drawdown, DECP dropped -12.12% vs BNO's -87.06%.

Which ETF is better, DECP or BNO?

On 1-year performance, BNO leads with 30.19% vs 20.00% for DECP. On fees, DECP is cheaper at 0.50% per year. On volatility, DECP has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECP or BNO?

Over the 1-year period, BNO has performed better with a 30.19% return vs 20.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECP or BNO?

DECP is cheaper with a 0.50% expense ratio, compared with 1.00% for BNO.

Which ETF pays a higher dividend yield, DECP or BNO?

DECP and BNO have nearly identical dividend yields, around 0.00%.

What is the main difference between DECP and BNO?

DECP is categorized as Defined Outcome, while BNO is Oil & Gas. They also come from different issuers: PGIM and USCF Investments. Their fees differ too: 0.50% for DECP and 1.00% for BNO.

Which has better risk-adjusted returns?

DECP currently has the higher Sharpe Ratio (2.46 vs 0.73), 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.