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 Crude Oil Brent ICE Near Term Futures. DFSE is actively managed, while BNO is passively managed. Over the past 3 years, DFSE returned 19.53%/yr vs 19.32%/yr for BNO. At a 0.05 correlation, their price movements are largely independent. DFSE charges 0.41%/yr vs 1.00%/yr for BNO.
Performance
DFSE vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, DFSE achieves a 16.52% return, which is significantly lower than BNO's 50.21% return.
DFSE
- 1D
- -5.29%
- 1M
- -0.02%
- YTD
- 16.52%
- 6M
- 16.76%
- 1Y
- 32.75%
- 3Y*
- 19.53%
- 5Y*
- —
- 10Y*
- —
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%
DFSE vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF | 16.52% | 28.22% | 6.90% | 14.66% | 10.68% |
BNO United States Brent Oil Fund LP | 50.21% | -5.44% | 9.67% | -3.43% | -8.42% |
Correlation
The correlation between DFSE and BNO is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2022 | 0.05 |
The correlation between DFSE and BNO shifts across timeframes, from -0.25 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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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.
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.
| DFSE | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.19 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 1.33 | +1.22 |
| Martin ratioReturn relative to average drawdown | 9.16 | 4.21 | +4.95 |
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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.
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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% | -29.25% | +16.37% |
Max Drawdown (3Y)Largest decline over 3 years | -19.77% | -29.25% | +9.48% |
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 | -5.31% | -29.25% | +23.94% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -40.10% | +36.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.58% | 9.28% | -5.70% |
Volatility
DFSE vs. BNO - Volatility Comparison
Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) and United States Brent Oil Fund LP (BNO) have volatilities of 11.07% and 10.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFSE | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.07% | 10.92% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 18.87% | 37.29% | -18.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.92% | 41.67% | -20.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.24% | 35.65% | -17.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.24% | 36.68% | -18.44% |
DFSE vs. BNO - Expense Ratio Comparison
DFSE has a 0.41% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
DFSE vs. BNO - Dividend Comparison
DFSE's dividend yield for the trailing twelve months is around 1.91%, 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 | 1.91% | 2.26% | 2.06% | 2.06% | 0.36% |
Frequently Asked Questions
DFSE and BNO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFSE has higher volatility (11.07%) compared to BNO (10.92%). In terms of maximum drawdown, DFSE dropped -19.77% vs BNO's -87.06%.
On 3-year performance, DFSE leads with 19.53% vs 19.32% for BNO. On fees, DFSE is cheaper at 0.41% per year. On volatility, BNO has been the lower-risk option at 10.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DFSE has performed better with a 19.53% return vs 19.32%. 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 1.00% for BNO.
DFSE has the higher dividend yield at 1.91%, 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 USCF Investments. Their fees differ too: 0.41% for DFSE and 1.00% for BNO.
DFSE currently has the higher Sharpe Ratio (1.58 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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