GGME vs. BNO
GGME (Invesco Next Gen Media and Gaming ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - GGME is a Technology Equities fund tracking the STOXX World AC NexGen Media Index - Benchmark TR Gross, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, GGME returned 10.01%/yr vs 10.77%/yr for BNO. At a 0.22 correlation, their price movements are largely independent. GGME charges 0.60%/yr vs 1.00%/yr for BNO.
Performance
GGME vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, GGME achieves a -1.63% return, which is significantly lower than BNO's 43.86% return. Over the past 10 years, GGME has underperformed BNO with an annualized return of 10.01%, while BNO has yielded a comparatively higher 10.77% annualized return.
GGME
- 1D
- -0.82%
- 1M
- -4.84%
- YTD
- -1.63%
- 6M
- -2.07%
- 1Y
- -1.50%
- 3Y*
- 20.67%
- 5Y*
- 1.68%
- 10Y*
- 10.01%
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%
GGME vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GGME Invesco Next Gen Media and Gaming ETF | -1.63% | 16.39% | 32.67% | 23.76% | -36.43% | 10.68% | 36.26% | 20.28% | 1.97% | 7.61% |
BNO United States Brent Oil Fund LP | 43.86% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between GGME and BNO is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
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 2, 2010 | 0.22 |
The correlation between GGME and BNO shifts across timeframes, from -0.16 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GGME vs. BNO — Risk / Return Rank
GGME
BNO
GGME vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Next Gen Media and Gaming ETF (GGME) 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.
| GGME | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.20 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 1.23 | -1.29 |
| Martin ratioReturn relative to average drawdown | -0.13 | 4.18 | -4.31 |
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Drawdowns
GGME vs. BNO - Drawdown Comparison
The maximum GGME drawdown since its inception was -69.13%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for GGME and BNO.
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Drawdown Indicators
| GGME | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.13% | -87.06% | +17.93% |
Max Drawdown (1Y)Largest decline over 1 year | -25.23% | -32.25% | +7.02% |
Max Drawdown (3Y)Largest decline over 3 years | -25.23% | -32.25% | +7.02% |
Max Drawdown (5Y)Largest decline over 5 years | -44.90% | -33.70% | -11.20% |
Max Drawdown (10Y)Largest decline over 10 years | -46.35% | -75.18% | +28.83% |
Current DrawdownCurrent decline from peak | -11.11% | -32.25% | +21.14% |
Average DrawdownAverage peak-to-trough decline | -14.52% | -40.10% | +25.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.41% | 9.47% | +1.94% |
Volatility
GGME vs. BNO - Volatility Comparison
The current volatility for Invesco Next Gen Media and Gaming ETF (GGME) is 8.23%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.33%. This indicates that GGME 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
| GGME | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.23% | 11.33% | -3.10% |
Volatility (6M)Calculated over the trailing 6-month period | 16.02% | 37.57% | -21.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.78% | 41.20% | -21.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.36% | 35.70% | -11.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.22% | 36.70% | -13.48% |
GGME vs. BNO - Expense Ratio Comparison
GGME has a 0.60% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
GGME vs. BNO - Dividend Comparison
GGME's dividend yield for the trailing twelve months is around 0.02%, 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% |
GGME Invesco Next Gen Media and Gaming ETF | 0.02% | 0.17% | 0.08% | 2.31% | 0.76% | 0.39% | 0.38% | 0.50% | 0.93% | 0.33% | 0.16% | 1.11% |
Frequently Asked Questions
GGME and BNO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (11.33%) compared to GGME (8.23%). In terms of maximum drawdown, GGME dropped -69.13% vs BNO's -87.06%.
On 10-year performance, BNO leads with 10.77% vs 10.01% for GGME. On fees, GGME is cheaper at 0.60% per year. On volatility, GGME has been the lower-risk option at 8.23%. 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 10.77% return vs 10.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GGME is cheaper with a 0.60% expense ratio, compared with 1.00% for BNO.
GGME has the higher dividend yield at 0.02%, compared with 0.00% for BNO.
GGME is categorized as Technology Equities, while BNO is Oil & Gas. GGME tracks STOXX World AC NexGen Media Index - Benchmark TR Gross, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Invesco and USCF Investments. Their fees differ too: 0.60% for GGME and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (0.97 vs -0.08), 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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