DFSE vs. BNO
DFSE (Dimensional Emerging Markets Sustainability Core 1 ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - DFSE is a Emerging Markets Diversified fund actively managed by Dimensional, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. DFSE is actively managed, while BNO is passively managed. Over the past 3 years, DFSE returned 21.00%/yr vs 27.93%/yr for BNO. At a 0.05 correlation, their price movements are largely independent. DFSE charges 0.41%/yr vs 0.90%/yr for BNO.
Performance
DFSE vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DFSE achieves a 21.02% return, which is significantly lower than BNO's 90.47% return.
DFSE
- 1D
- -1.66%
- 1M
- 5.84%
- YTD
- 21.02%
- 6M
- 22.69%
- 1Y
- 42.80%
- 3Y*
- 21.00%
- 5Y*
- —
- 10Y*
- —
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%
DFSE vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF | 21.02% | 28.22% | 6.90% | 14.66% | 11.62% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | -9.33% |
Correlation
The correlation between DFSE and BNO is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2022 | 0.05 |
The correlation between DFSE and BNO shifts across timeframes, from -0.31 (1 year) to 0.05 (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
DFSE vs. BNO — Risk / Return Rank
DFSE
BNO
DFSE vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) 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.
| DFSE | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.38 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 5.17 | -1.83 |
| Martin ratioReturn relative to average drawdown | 12.45 | 9.76 | +2.69 |
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
| DFSE | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.30 | 2.23 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.34 | 0.14 | +1.20 |
Drawdowns
DFSE vs. BNO - Drawdown Comparison
The maximum DFSE drawdown since its inception was -19.77%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for DFSE and BNO.
Loading charts...
Drawdown Indicators
| DFSE | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.77% | -87.06% | +67.29% |
Max Drawdown (1Y)Largest decline over 1 year | -12.88% | -17.87% | +4.99% |
Max Drawdown (3Y)Largest decline over 3 years | -19.77% | -23.75% | +3.98% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -1.66% | -10.29% | +8.63% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -40.17% | +36.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 9.45% | -6.00% |
Volatility
DFSE vs. BNO - Volatility Comparison
The current volatility for Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) is 7.93%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that DFSE 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
| DFSE | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.93% | 14.22% | -6.29% |
Volatility (6M)Calculated over the trailing 6-month period | 16.13% | 36.10% | -19.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.72% | 41.46% | -22.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.63% | 35.38% | -17.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.63% | 36.68% | -19.05% |
DFSE vs. BNO - Expense Ratio Comparison
DFSE has a 0.41% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
DFSE vs. BNO - Dividend Comparison
DFSE's dividend yield for the trailing twelve months is around 1.84%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF | 1.84% | 2.26% | 2.06% | 2.06% | 0.36% |
Frequently Asked Questions
DFSE and BNO have a correlation of -0.31, 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 DFSE (7.93%). In terms of maximum drawdown, DFSE dropped -19.77% vs BNO's -87.06%.
On 3-year performance, BNO leads with 27.93% vs 21.00% for DFSE. On fees, DFSE is cheaper at 0.41% per year. On volatility, DFSE has been the lower-risk option at 7.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 27.93% return vs 21.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFSE is cheaper with a 0.41% expense ratio, compared with 0.90% for BNO.
DFSE has the higher dividend yield at 1.84%, compared with 0.00% for BNO.
DFSE is categorized as Emerging Markets Diversified, while BNO is Oil & Gas. They also come from different issuers: Dimensional and Concierge Technologies. Their fees differ too: 0.41% for DFSE and 0.90% for BNO.
DFSE currently has the higher Sharpe Ratio (2.30 vs 2.23), 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 DFSE 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