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EWY vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWY vs. BNO

Last updated Jun 4, 2026

EWY (iShares MSCI South Korea ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, EWY returned 17.46%/yr vs 13.60%/yr for BNO. At a 0.23 correlation, their price movements are largely independent. EWY charges 0.59%/yr vs 0.90%/yr for BNO.

Performance

EWY vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Korea ETF (EWY) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWY achieves a 119.05% return, which is significantly higher than BNO's 90.47% return. Over the past 10 years, EWY has outperformed BNO with an annualized return of 17.46%, while BNO has yielded a comparatively lower 13.60% annualized return.

EWY

1D
-0.73%
1M
30.18%
YTD
119.05%
6M
134.13%
1Y
251.82%
3Y*
51.99%
5Y*
20.31%
10Y*
17.46%

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)

EWY vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWY
iShares MSCI South Korea ETF		119.05%95.33%-20.48%19.05%-26.59%-7.58%39.43%7.97%-20.37%44.97%
BNO
United States Brent Oil Fund LP		90.47%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between EWY 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 (3Y)
Calculated over the trailing 3-year period

-0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.09

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.23

The correlation between EWY and BNO shifts across timeframes, from -0.22 (1 year) to 0.23 (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.

iShares MSCI South Korea ETF

United States Brent Oil Fund LP

Often compared with EWY:
EWY vs. FLKREWY vs. SPYEWY vs. EWJEWY vs. KORUEWY vs. QQQEWY vs. EWTEWY vs. EWH
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

EWY vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWY
EWY Risk / Return Rank: 9696
Overall Rank
EWY Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
EWY Sortino Ratio Rank: 9595
Sortino Ratio Rank
EWY Omega Ratio Rank: 9595
Omega Ratio Rank
EWY Calmar Ratio Rank: 9797
Calmar Ratio Rank
EWY Martin Ratio Rank: 9797
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

EWY vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) 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.

EWYBNODifference

Sharpe ratio

Return per unit of total volatility

6.02

2.23

+3.79

Sortino ratio

Return per unit of downside risk

5.31

2.73

+2.59

Omega ratio

Gain probability vs. loss probability

1.74

1.38

+0.37

Calmar ratio

Return relative to maximum drawdown

10.99

5.17

+5.82

Martin ratio

Return relative to average drawdown

40.91

9.76

+31.15

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWY vs. BNO - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 6.02, which is higher than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of EWY 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.

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Sharpe Ratios by Period

EWYBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

6.02

2.23

+3.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.71

0.69

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

0.37

+0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.14

+0.19

Drawdowns

EWY vs. BNO - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for EWY and BNO.

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Drawdown Indicators

EWYBNODifference

Max Drawdown

Largest peak-to-trough decline

-74.14%

-87.06%

+12.92%

Max Drawdown (1Y)

Largest decline over 1 year

-23.08%

-17.87%

-5.21%

Max Drawdown (3Y)

Largest decline over 3 years

-27.36%

-23.75%

-3.61%

Max Drawdown (5Y)

Largest decline over 5 years

-48.55%

-33.70%

-14.85%

Max Drawdown (10Y)

Largest decline over 10 years

-49.73%

-75.18%

+25.45%

Current Drawdown

Current decline from peak

-1.73%

-10.29%

+8.56%

Average Drawdown

Average peak-to-trough decline

-20.13%

-40.17%

+20.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.19%

9.45%

-3.26%

Volatility

EWY vs. BNO - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 20.32% compared to United States Brent Oil Fund LP (BNO) at 14.22%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWYBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

20.32%

14.22%

+6.10%

Volatility (6M)

Calculated over the trailing 6-month period

37.41%

36.10%

+1.31%

Volatility (1Y)

Calculated over the trailing 1-year period

42.10%

41.46%

+0.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.83%

35.38%

-6.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.37%

36.68%

-9.31%

EWY vs. BNO - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

EWY vs. BNO - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 0.96%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
EWY
iShares MSCI South Korea ETF		0.96%2.10%2.55%2.52%1.23%2.16%0.73%2.10%1.34%2.90%1.21%2.42%

Frequently Asked Questions

EWY 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.

EWY has higher volatility (20.32%) compared to BNO (14.22%). In terms of maximum drawdown, EWY dropped -74.14% vs BNO's -87.06%.

On 10-year performance, EWY leads with 17.46% vs 13.60% for BNO. On fees, EWY is cheaper at 0.59% per year. On volatility, BNO has been the lower-risk option at 14.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWY has performed better with a 17.46% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWY is cheaper with a 0.59% expense ratio, compared with 0.90% for BNO.

EWY has the higher dividend yield at 0.96%, compared with 0.00% for BNO.

EWY is categorized as Asia Pacific Equities, while BNO is Oil & Gas. EWY tracks MSCI Korea Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.59% for EWY and 0.90% for BNO.

EWY currently has the higher Sharpe Ratio (6.02 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.

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