DECW vs. BNO

Last updated Jun 3, 2026

DECW (Allianzim U.S. Large Cap Buffer20 Dec ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - DECW is a Options Trading fund actively managed by Allianz, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. DECW is actively managed, while BNO is passively managed. Over the past 3 years, DECW returned 11.23%/yr vs 27.10%/yr for BNO. At a 0.00 correlation, their price movements are largely independent. DECW charges 0.74%/yr vs 0.90%/yr for BNO.

Performance

DECW vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) 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, DECW achieves a 5.07% return, which is significantly lower than BNO's 86.76% return.

DECW

• 1D: 0.05%
• 1M: 1.80%
• YTD: 5.07%
• 6M: 5.78%
• 1Y: 15.70%
• 3Y*: 11.23%
• 5Y*: —
• 10Y*: —

BNO

• 1D: 0.76%
• 1M: -7.65%
• YTD: 86.76%
• 6M: 83.45%
• 1Y: 89.50%
• 3Y*: 27.10%
• 5Y*: 23.77%
• 10Y*: 13.38%

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

DECW vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	5.07%	11.57%	8.64%	16.16%	-2.77%
BNO United States Brent Oil Fund LP	86.76%	-5.44%	9.67%	-3.43%	-1.26%

Correlation

The correlation between DECW and BNO is -0.29, 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	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Dec 2, 2022	0.00

The correlation between DECW and BNO shifts across timeframes, from -0.29 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DECW vs. BNO — Risk / Return Rank

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

DECW

DECW Risk / Return Rank: 86
DECW Sharpe Ratio Rank: 84
DECW Sortino Ratio Rank: 90
DECW Omega Ratio Rank: 89
DECW Calmar Ratio Rank: 79
DECW Martin Ratio Rank: 90

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 64
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 89
BNO Martin Ratio Rank: 57

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.

DECW vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) 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.

	DECW	BNO	Difference
Sharpe ratio Return per unit of total volatility	2.83	2.17	+0.66
Sortino ratio Return per unit of downside risk	4.22	2.68	+1.55
Omega ratio Gain probability vs. loss probability	1.58	1.37	+0.21
Calmar ratio Return relative to maximum drawdown	4.11	5.39	-1.28
Martin ratio Return relative to average drawdown	21.01	10.23	+10.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DECW vs. BNO - Sharpe Ratio Comparison

The current DECW Sharpe Ratio is 2.83, which is higher than the BNO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of DECW 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.

Sharpe Ratios by Period

	DECW	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	2.17	+0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.55	0.14	+1.41

Drawdowns

DECW vs. BNO - Drawdown Comparison

The maximum DECW drawdown since its inception was -8.76%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for DECW and BNO.

Drawdown Indicators

	DECW	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-87.06%	+78.30%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	-17.87%	+14.01%
Max Drawdown (3Y) Largest decline over 3 years	-8.76%	-23.75%	+14.99%
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	0.00%	-12.04%	+12.04%
Average Drawdown Average peak-to-trough decline	-0.87%	-40.18%	+39.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	9.43%	-8.68%

Volatility

DECW vs. BNO - Volatility Comparison

The current volatility for Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) is 0.79%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.03%. This indicates that DECW 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

	DECW	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	15.03%	-14.24%
Volatility (6M) Calculated over the trailing 6-month period	3.97%	36.08%	-32.11%
Volatility (1Y) Calculated over the trailing 1-year period	5.57%	41.56%	-35.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.12%	35.37%	-28.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.12%	36.68%	-29.56%

DECW vs. BNO - Expense Ratio Comparison

DECW has a 0.74% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

DECW vs. BNO - Dividend Comparison

Neither DECW nor BNO has paid dividends to shareholders.

Position	TTM	2025	2024
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	0.00%	0.00%	1.17%

Frequently Asked Questions

Can I hold both DECW and BNO in my portfolio?

DECW and BNO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECW or BNO?

BNO has higher volatility (15.03%) compared to DECW (0.79%). In terms of maximum drawdown, DECW dropped -8.76% vs BNO's -87.06%.

Which ETF is better, DECW or BNO?

On 3-year performance, BNO leads with 27.10% vs 11.23% for DECW. On fees, DECW is cheaper at 0.74% per year. On volatility, DECW has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECW or BNO?

Over the 3-year period, BNO has performed better with a 27.10% return vs 11.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECW or BNO?

DECW is cheaper with a 0.74% expense ratio, compared with 0.90% for BNO.

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

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

What is the main difference between DECW and BNO?

DECW is categorized as Options Trading, while BNO is Oil & Gas. They also come from different issuers: Allianz and Concierge Technologies. Their fees differ too: 0.74% for DECW and 0.90% for BNO.

Which has better risk-adjusted returns?

DECW currently has the higher Sharpe Ratio (2.83 vs 2.17), 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.