EPEM vs. BNO

Last updated Jun 25, 2026

EPEM (Harbor Emerging Markets Equity ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - EPEM is a Emerging Markets Diversified fund actively managed by Harbor, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. EPEM is actively managed, while BNO is passively managed. Over the past year, EPEM returned 44.02% vs 39.47% for BNO. At a correlation of -0.24, they often move in opposite directions. EPEM charges 0.84%/yr vs 1.00%/yr for BNO.

Performance

EPEM vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Emerging Markets Equity ETF (EPEM) 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, EPEM achieves a 23.73% return, which is significantly lower than BNO's 43.86% return.

EPEM

• 1D: -0.40%
• 1M: 0.78%
• YTD: 23.73%
• 6M: 25.59%
• 1Y: 44.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -4.23%
• 1M: -25.93%
• YTD: 43.86%
• 6M: 41.93%
• 1Y: 39.47%
• 3Y*: 17.61%
• 5Y*: 15.98%
• 10Y*: 10.77%

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

EPEM vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
EPEM Harbor Emerging Markets Equity ETF	23.73%	20.73%
BNO United States Brent Oil Fund LP	43.86%	1.83%

Correlation

The correlation between EPEM and BNO is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	-0.24

Return for Risk

EPEM vs. BNO — Risk / Return Rank

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

EPEM

EPEM Risk / Return Rank: 74
EPEM Sharpe Ratio Rank: 76
EPEM Sortino Ratio Rank: 67
EPEM Omega Ratio Rank: 76
EPEM Calmar Ratio Rank: 75
EPEM Martin Ratio Rank: 74

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 29
BNO Sortino Ratio Rank: 30
BNO Omega Ratio Rank: 31
BNO Calmar Ratio Rank: 27
BNO Martin Ratio Rank: 31

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.

EPEM vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Emerging Markets Equity ETF (EPEM) 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.

	EPEM	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.10	0.97	+1.13
Sortino ratio: Return per unit of downside risk	2.67	1.51	+1.16
Omega ratio: Gain probability vs. loss probability	1.39	1.20	+0.20
Calmar ratio: Return relative to maximum drawdown	3.33	1.23	+2.10
Martin ratio: Return relative to average drawdown	11.97	4.18	+7.79

EPEM vs. BNO - Sharpe Ratio Comparison

The current EPEM Sharpe Ratio is 2.10, which is higher than the BNO Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of EPEM 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

EPEM vs. BNO - Drawdown Comparison

The maximum EPEM drawdown since its inception was -13.27%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for EPEM and BNO.

Drawdown Indicators

	EPEM	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-13.27%	-87.06%	+73.79%
Max Drawdown (1Y) Largest decline over 1 year	-13.27%	-32.25%	+18.98%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.25%	—
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	-6.10%	-32.25%	+26.15%
Average Drawdown Average peak-to-trough decline	-2.09%	-40.10%	+38.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	9.47%	-5.78%

Volatility

EPEM vs. BNO - Volatility Comparison

The current volatility for Harbor Emerging Markets Equity ETF (EPEM) is 10.68%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.33%. This indicates that EPEM 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

	EPEM	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	11.33%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	18.89%	37.57%	-18.68%
Volatility (1Y) Calculated over the trailing 1-year period	21.19%	41.20%	-20.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.88%	35.70%	-14.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.88%	36.70%	-15.82%

EPEM vs. BNO - Expense Ratio Comparison

EPEM has a 0.84% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

EPEM vs. BNO - Dividend Comparison

EPEM's dividend yield for the trailing twelve months is around 2.96%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
EPEM Harbor Emerging Markets Equity ETF	2.96%	3.66%

Frequently Asked Questions

Can I hold both EPEM and BNO in my portfolio?

EPEM and BNO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPEM or BNO?

BNO has higher volatility (11.33%) compared to EPEM (10.68%). In terms of maximum drawdown, EPEM dropped -13.27% vs BNO's -87.06%.

Which ETF is better, EPEM or BNO?

On 1-year performance, EPEM leads with 44.02% vs 39.47% for BNO. On fees, EPEM is cheaper at 0.84% per year. On volatility, EPEM has been the lower-risk option at 10.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPEM or BNO?

Over the 1-year period, EPEM has performed better with a 44.02% return vs 39.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPEM or BNO?

EPEM is cheaper with a 0.84% expense ratio, compared with 1.00% for BNO.

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

EPEM has the higher dividend yield at 2.96%, compared with 0.00% for BNO.

What is the main difference between EPEM and BNO?

EPEM is categorized as Emerging Markets Diversified, while BNO is Oil & Gas. They also come from different issuers: Harbor and USCF Investments. Their fees differ too: 0.84% for EPEM and 1.00% for BNO.

Which has better risk-adjusted returns?

EPEM currently has the higher Sharpe Ratio (2.10 vs 0.97), 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.