EWJV vs. BNO

Last updated Jun 4, 2026

EWJV (iShares MSCI Japan Value ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - EWJV is a Japan Equities fund tracking the MSCI Japan Value Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, EWJV returned 13.51%/yr vs 24.16%/yr for BNO. At a 0.11 correlation, their price movements are largely independent. EWJV charges 0.15%/yr vs 0.90%/yr for BNO.

Performance

EWJV vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan Value ETF (EWJV) 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, EWJV achieves a 14.97% return, which is significantly lower than BNO's 90.47% return.

EWJV

• 1D: 0.27%
• 1M: 6.48%
• YTD: 14.97%
• 6M: 18.88%
• 1Y: 36.33%
• 3Y*: 24.24%
• 5Y*: 13.51%
• 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%

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

EWJV vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EWJV iShares MSCI Japan Value ETF	14.97%	33.96%	11.59%	23.60%	-6.02%	5.48%	2.41%	10.48%
BNO United States Brent Oil Fund LP	90.47%	-5.44%	9.67%	-3.43%	35.25%	62.34%	-38.23%	11.32%

Correlation

The correlation between EWJV and BNO is -0.24, 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	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Mar 8, 2019	0.11

The correlation between EWJV and BNO shifts across timeframes, from -0.24 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EWJV vs. BNO — Risk / Return Rank

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

EWJV

EWJV Risk / Return Rank: 52
EWJV Sharpe Ratio Rank: 55
EWJV Sortino Ratio Rank: 56
EWJV Omega Ratio Rank: 56
EWJV Calmar Ratio Rank: 49
EWJV Martin Ratio Rank: 45

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

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.

EWJV vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Value ETF (EWJV) 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.

	EWJV	BNO	Difference
Sharpe ratio Return per unit of total volatility	1.90	2.23	-0.33
Sortino ratio Return per unit of downside risk	2.72	2.73	-0.01
Omega ratio Gain probability vs. loss probability	1.35	1.38	-0.02
Calmar ratio Return relative to maximum drawdown	2.48	5.17	-2.69
Martin ratio Return relative to average drawdown	7.52	9.76	-2.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWJV vs. BNO - Sharpe Ratio Comparison

The current EWJV Sharpe Ratio is 1.90, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of EWJV 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

	EWJV	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	2.23	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.69	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.14	+0.55

Drawdowns

EWJV vs. BNO - Drawdown Comparison

The maximum EWJV drawdown since its inception was -30.05%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for EWJV and BNO.

Drawdown Indicators

	EWJV	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-30.05%	-87.06%	+57.01%
Max Drawdown (1Y) Largest decline over 1 year	-14.74%	-17.87%	+3.13%
Max Drawdown (3Y) Largest decline over 3 years	-14.74%	-23.75%	+9.01%
Max Drawdown (5Y) Largest decline over 5 years	-25.39%	-33.70%	+8.31%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-3.99%	-10.29%	+6.30%
Average Drawdown Average peak-to-trough decline	-6.19%	-40.17%	+33.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.85%	9.45%	-4.60%

Volatility

EWJV vs. BNO - Volatility Comparison

The current volatility for iShares MSCI Japan Value ETF (EWJV) is 3.96%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that EWJV 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

	EWJV	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	14.22%	-10.26%
Volatility (6M) Calculated over the trailing 6-month period	14.55%	36.10%	-21.55%
Volatility (1Y) Calculated over the trailing 1-year period	19.22%	41.46%	-22.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.01%	35.38%	-17.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	36.68%	-18.15%

EWJV vs. BNO - Expense Ratio Comparison

EWJV has a 0.15% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

EWJV vs. BNO - Dividend Comparison

EWJV's dividend yield for the trailing twelve months is around 4.66%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EWJV iShares MSCI Japan Value ETF	4.66%	5.35%	4.10%	3.32%	2.71%	2.46%	1.96%	4.29%

Frequently Asked Questions

Can I hold both EWJV and BNO in my portfolio?

EWJV and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWJV or BNO?

BNO has higher volatility (14.22%) compared to EWJV (3.96%). In terms of maximum drawdown, EWJV dropped -30.05% vs BNO's -87.06%.

Which ETF is better, EWJV or BNO?

On 5-year performance, BNO leads with 24.16% vs 13.51% for EWJV. On fees, EWJV is cheaper at 0.15% per year. On volatility, EWJV has been the lower-risk option at 3.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWJV or BNO?

Over the 5-year period, BNO has performed better with a 24.16% return vs 13.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWJV or BNO?

EWJV is cheaper with a 0.15% expense ratio, compared with 0.90% for BNO.

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

EWJV has the higher dividend yield at 4.66%, compared with 0.00% for BNO.

What is the main difference between EWJV and BNO?

EWJV is categorized as Japan Equities, while BNO is Oil & Gas. EWJV tracks MSCI Japan Value Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.15% for EWJV and 0.90% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (2.23 vs 1.90), 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.