DHT vs. BNO

Last updated Aug 1, 2026

DHT (DHT Holdings, Inc.) is a stock, while BNO (United States Brent Oil Fund LP) is Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Over the past 10 years, DHT returned 24.05%/yr vs 15.06%/yr for BNO. Their 0.20 correlation means their historical movements had little consistent relationship.

Performance

DHT vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DHT Holdings, Inc. (DHT) 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, DHT achieves a 61.57% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, DHT has outperformed BNO with an annualized return of 24.05%, while BNO has yielded a comparatively lower 15.06% annualized return.

DHT

• 1D: 0.11%
• 1M: 8.09%
• 6M: 37.66%
• YTD: 61.57%
• 1Y: 82.61%
• 3Y*: 35.37%
• 5Y*: 35.42%
• 10Y*: 24.05%
• ALL TIME*: -1.85%

BNO

• 1D: 1.45%
• 1M: 27.00%
• 6M: 52.90%
• YTD: 77.90%
• 1Y: 62.83%
• 3Y*: 20.31%
• 5Y*: 20.89%
• 10Y*: 15.06%
• ALL TIME*: 4.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
DHT DHT Holdings, Inc.	$42.84M	$48.22M	$57.35M

DHT vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHT DHT Holdings, Inc.	61.57%	40.04%	3.58%	24.07%	73.87%	1.41%	-20.52%	118.96%	11.32%	-9.26%
BNO United States Brent Oil Fund LP	77.90%	-5.44%	9.67%	-3.43%	35.25%	62.34%	-38.23%	36.01%	-15.30%	15.43%

Correlation

The correlation between DHT and BNO is -0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.05
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (5Y) Shows whether the relationship held over a longer period.	0.19
Correlation (10Y) Provides a long-term view across more market conditions.	0.22
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010	0.20

The correlation between DHT and BNO shifts across timeframes, from -0.05 (1 year) to 0.22 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

DHT vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DHT

DHT Risk / Return Rank: 93
DHT Sharpe Ratio Rank: 94
DHT Sortino Ratio Rank: 92
DHT Omega Ratio Rank: 90
DHT Calmar Ratio Rank: 95
DHT Martin Ratio Rank: 93

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DHT vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DHT Holdings, Inc. (DHT) 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.

	DHT	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.33	1.32	+1.01
Sortino ratio: Return per unit of downside risk	3.00	1.90	+1.09
Omega ratio: Gain probability vs. loss probability	1.36	1.24	+0.12
Calmar ratio: Return relative to maximum drawdown	4.93	1.70	+3.23
Martin ratio: Return relative to average drawdown	11.25	5.15	+6.10

DHT vs. BNO - Sharpe Ratio Comparison

The current DHT Sharpe Ratio is 2.33, which is higher than the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of DHT 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

DHT vs. BNO - Drawdown Comparison

The maximum DHT drawdown since its inception was -97.12%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for DHT and BNO.

Drawdown Indicators

	DHT	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-97.12%	-87.06%	-10.06%
Max Drawdown (1Y) Largest decline over 1 year	-17.18%	-34.46%	+17.28%
Max Drawdown (3Y) Largest decline over 3 years	-24.96%	-34.46%	+9.50%
Max Drawdown (5Y) Largest decline over 5 years	-34.44%	-34.46%	+0.02%
Max Drawdown (10Y) Largest decline over 10 years	-39.56%	-75.18%	+35.62%
Current Drawdown Current decline from peak	-62.70%	-16.21%	-46.49%
Average Drawdown Average peak-to-trough decline	-76.28%	-39.99%	-36.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.52%	11.86%	-4.34%

Volatility

DHT vs. BNO - Volatility Comparison

The current volatility for DHT Holdings, Inc. (DHT) is 11.42%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that DHT 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

	DHT	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.42%	17.47%	-6.05%
Volatility (6M) Calculated over the trailing 6-month period	29.62%	40.96%	-11.34%
Volatility (1Y) Calculated over the trailing 1-year period	36.45%	44.54%	-8.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.75%	36.41%	+2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.69%	36.98%	+4.71%

Dividends

DHT vs. BNO - Dividend Comparison

DHT's dividend yield for the trailing twelve months is around 7.92%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
DHT DHT Holdings, Inc.	7.92%	6.06%	10.76%	11.72%	1.35%	2.50%	25.81%	2.42%	2.04%	5.57%	17.15%	6.55%

Frequently Asked Questions

Can I hold both DHT and BNO in my portfolio?

DHT and BNO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHT or BNO?

BNO has higher volatility (17.47%) compared to DHT (11.42%). In terms of maximum drawdown, DHT dropped -97.12% vs BNO's -87.06%.

Which has better risk-adjusted returns?

DHT currently has the higher Sharpe Ratio (2.33 vs 1.32), 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.