FIW vs. BNO
FIW (First Trust Water ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - FIW is a Water Equities fund tracking the ISE Clean Edge Water Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, FIW returned 12.11%/yr vs 13.13%/yr for BNO. At a 0.23 correlation, their price movements are largely independent. FIW charges 0.54%/yr vs 0.90%/yr for BNO.
Performance
FIW vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, FIW achieves a -3.47% return, which is significantly lower than BNO's 85.31% return. Over the past 10 years, FIW has underperformed BNO with an annualized return of 12.11%, while BNO has yielded a comparatively higher 13.13% annualized return.
FIW
- 1D
- 0.33%
- 1M
- -2.07%
- YTD
- -3.47%
- 6M
- -5.65%
- 1Y
- -1.39%
- 3Y*
- 8.20%
- 5Y*
- 5.43%
- 10Y*
- 12.11%
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
FIW vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FIW First Trust Water ETF | -3.47% | 7.20% | 8.38% | 20.35% | -15.70% | 32.00% | 21.15% | 37.37% | -9.23% | 24.69% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between FIW and BNO is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.23 |
The correlation between FIW and BNO shifts across timeframes, from -0.31 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FIW vs. BNO — Risk / Return Rank
FIW
BNO
FIW vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Water ETF (FIW) 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.
| FIW | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.68 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.36 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | 4.99 | -5.09 |
| Martin ratioReturn relative to average drawdown | -0.26 | 9.39 | -9.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FIW | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.09 | 2.15 | -2.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.67 | -0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | 0.36 | +0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.14 | +0.30 |
Drawdowns
FIW vs. BNO - Drawdown Comparison
The maximum FIW drawdown since its inception was -52.75%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for FIW and BNO.
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Drawdown Indicators
| FIW | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.75% | -87.06% | +34.31% |
Max Drawdown (1Y)Largest decline over 1 year | -13.81% | -17.87% | +4.06% |
Max Drawdown (3Y)Largest decline over 3 years | -18.32% | -23.75% | +5.43% |
Max Drawdown (5Y)Largest decline over 5 years | -28.53% | -33.70% | +5.17% |
Max Drawdown (10Y)Largest decline over 10 years | -36.60% | -75.18% | +38.58% |
Current DrawdownCurrent decline from peak | -9.47% | -12.72% | +3.25% |
Average DrawdownAverage peak-to-trough decline | -8.30% | -40.16% | +31.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.36% | 9.48% | -4.12% |
Volatility
FIW vs. BNO - Volatility Comparison
The current volatility for First Trust Water ETF (FIW) is 4.14%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that FIW 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
| FIW | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 14.12% | -9.98% |
Volatility (6M)Calculated over the trailing 6-month period | 11.43% | 36.21% | -24.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.32% | 41.56% | -26.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.35% | 35.40% | -17.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.90% | 36.69% | -16.79% |
FIW vs. BNO - Expense Ratio Comparison
FIW has a 0.54% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
FIW vs. BNO - Dividend Comparison
FIW's dividend yield for the trailing twelve months is around 0.78%, 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% |
FIW First Trust Water ETF | 0.78% | 0.69% | 0.69% | 0.68% | 0.67% | 0.37% | 0.56% | 0.55% | 0.73% | 1.13% | 0.51% | 0.76% |
Frequently Asked Questions
FIW and BNO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to FIW (4.14%). In terms of maximum drawdown, FIW dropped -52.75% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.13% vs 12.11% for FIW. On fees, FIW is cheaper at 0.54% per year. On volatility, FIW has been the lower-risk option at 4.14%. 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 13.13% return vs 12.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FIW is cheaper with a 0.54% expense ratio, compared with 0.90% for BNO.
FIW has the higher dividend yield at 0.78%, compared with 0.00% for BNO.
FIW is categorized as Water Equities, while BNO is Oil & Gas. FIW tracks ISE Clean Edge Water Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: First Trust and Concierge Technologies. Their fees differ too: 0.54% for FIW and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.09), 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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