FCOR vs. BNO
FCOR (Fidelity Corporate Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FCOR is a Corporate Bonds fund actively managed by Fidelity, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. FCOR is actively managed, while BNO is passively managed. Over the past 10 years, FCOR returned 2.87%/yr vs 11.25%/yr for BNO. At a correlation of -0.09, they often move in opposite directions. FCOR charges 0.36%/yr vs 1.00%/yr for BNO.
Performance
FCOR vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, FCOR achieves a 0.56% return, which is significantly lower than BNO's 50.21% return. Over the past 10 years, FCOR has underperformed BNO with an annualized return of 2.87%, while BNO has yielded a comparatively higher 11.25% annualized return.
FCOR
- 1D
- 0.25%
- 1M
- 0.76%
- YTD
- 0.56%
- 6M
- 0.57%
- 1Y
- 4.84%
- 3Y*
- 5.55%
- 5Y*
- 0.52%
- 10Y*
- 2.87%
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%
FCOR vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCOR Fidelity Corporate Bond ETF | 0.56% | 7.88% | 3.01% | 8.95% | -15.88% | -1.64% | 11.39% | 14.87% | -3.04% | 6.13% |
BNO United States Brent Oil Fund LP | 50.21% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between FCOR and BNO is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014 | -0.09 |
Over the past year, the inverse relationship between FCOR and BNO has strengthened: their correlation has moved from -0.09 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FCOR vs. BNO — Risk / Return Rank
FCOR
BNO
FCOR vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Corporate Bond ETF (FCOR) 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.
| FCOR | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 1.33 | +0.25 |
| Martin ratioReturn relative to average drawdown | 4.78 | 4.21 | +0.58 |
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Drawdowns
FCOR vs. BNO - Drawdown Comparison
The maximum FCOR drawdown since its inception was -22.60%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FCOR and BNO.
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Drawdown Indicators
| FCOR | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.60% | -87.06% | +64.46% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -29.25% | +26.19% |
Max Drawdown (3Y)Largest decline over 3 years | -6.60% | -29.25% | +22.65% |
Max Drawdown (5Y)Largest decline over 5 years | -22.60% | -33.70% | +11.10% |
Max Drawdown (10Y)Largest decline over 10 years | -22.60% | -75.18% | +52.58% |
Current DrawdownCurrent decline from peak | -1.09% | -29.25% | +28.16% |
Average DrawdownAverage peak-to-trough decline | -4.71% | -40.10% | +35.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 9.28% | -8.27% |
Volatility
FCOR vs. BNO - Volatility Comparison
The current volatility for Fidelity Corporate Bond ETF (FCOR) is 1.33%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that FCOR 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.
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Volatility by Period
| FCOR | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 10.92% | -9.59% |
Volatility (6M)Calculated over the trailing 6-month period | 3.43% | 37.29% | -33.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.38% | 41.67% | -37.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.06% | 35.65% | -28.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 36.68% | -29.57% |
FCOR vs. BNO - Expense Ratio Comparison
FCOR has a 0.36% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
FCOR vs. BNO - Dividend Comparison
FCOR's dividend yield for the trailing twelve months is around 4.54%, 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% |
FCOR Fidelity Corporate Bond ETF | 4.54% | 4.47% | 4.35% | 3.70% | 3.30% | 2.34% | 2.99% | 3.10% | 3.65% | 2.81% | 3.04% | 3.82% |
Frequently Asked Questions
FCOR and BNO have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (10.92%) compared to FCOR (1.33%). In terms of maximum drawdown, FCOR dropped -22.60% vs BNO's -87.06%.
On 10-year performance, BNO leads with 11.25% vs 2.87% for FCOR. On fees, FCOR is cheaper at 0.36% per year. On volatility, FCOR has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 11.25% return vs 2.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCOR is cheaper with a 0.36% expense ratio, compared with 1.00% for BNO.
FCOR has the higher dividend yield at 4.54%, compared with 0.00% for BNO.
FCOR is categorized as Corporate Bonds, while BNO is Oil & Gas. They also come from different issuers: Fidelity and USCF Investments. Their fees differ too: 0.36% for FCOR and 1.00% for BNO.
FCOR currently has the higher Sharpe Ratio (1.11 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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