GLBL vs. BNO

Last updated Jun 3, 2026

GLBL (Pacer MSCI World Industry Advantage ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - GLBL is a Global Equities fund tracking the MSCI World Ricardo Comparative Advantage Select Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past year, GLBL returned 32.70% vs 91.89% for BNO. At a correlation of -0.15, they often move in opposite directions. GLBL charges 0.65%/yr vs 0.90%/yr for BNO.

Performance

GLBL vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer MSCI World Industry Advantage ETF (GLBL) 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, GLBL achieves a 13.57% return, which is significantly lower than BNO's 90.47% return.

GLBL

• 1D: -0.23%
• 1M: 6.32%
• YTD: 13.57%
• 6M: 13.88%
• 1Y: 32.70%
• 3Y*: —
• 5Y*: —
• 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)

GLBL vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLBL Pacer MSCI World Industry Advantage ETF	13.57%	20.14%	5.49%
BNO United States Brent Oil Fund LP	90.47%	-5.44%	4.03%

Correlation

The correlation between GLBL and BNO is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.15

The correlation between GLBL and BNO shifts across timeframes, from -0.30 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GLBL vs. BNO — Risk / Return Rank

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

GLBL

GLBL Risk / Return Rank: 68
GLBL Sharpe Ratio Rank: 73
GLBL Sortino Ratio Rank: 70
GLBL Omega Ratio Rank: 70
GLBL Calmar Ratio Rank: 60
GLBL Martin Ratio Rank: 67

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.

GLBL vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer MSCI World Industry Advantage ETF (GLBL) 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.

	GLBL	BNO	Difference
Sharpe ratio Return per unit of total volatility	2.45	2.23	+0.22
Sortino ratio Return per unit of downside risk	3.26	2.73	+0.53
Omega ratio Gain probability vs. loss probability	1.43	1.38	+0.06
Calmar ratio Return relative to maximum drawdown	3.04	5.17	-2.13
Martin ratio Return relative to average drawdown	12.53	9.76	+2.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLBL vs. BNO - Sharpe Ratio Comparison

The current GLBL Sharpe Ratio is 2.45, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of GLBL 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

	GLBL	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.23	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.46	0.14	+1.31

Drawdowns

GLBL vs. BNO - Drawdown Comparison

The maximum GLBL drawdown since its inception was -19.75%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for GLBL and BNO.

Drawdown Indicators

	GLBL	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-19.75%	-87.06%	+67.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-17.87%	+6.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-0.23%	-10.29%	+10.06%
Average Drawdown Average peak-to-trough decline	-2.57%	-40.17%	+37.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	9.45%	-6.79%

Volatility

GLBL vs. BNO - Volatility Comparison

The current volatility for Pacer MSCI World Industry Advantage ETF (GLBL) is 2.93%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that GLBL 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

	GLBL	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	14.22%	-11.29%
Volatility (6M) Calculated over the trailing 6-month period	10.38%	36.10%	-25.72%
Volatility (1Y) Calculated over the trailing 1-year period	13.44%	41.46%	-28.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.50%	35.38%	-18.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	36.68%	-20.18%

GLBL vs. BNO - Expense Ratio Comparison

GLBL has a 0.65% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

GLBL vs. BNO - Dividend Comparison

GLBL's dividend yield for the trailing twelve months is around 0.76%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%
GLBL Pacer MSCI World Industry Advantage ETF	0.76%	0.86%	0.15%

Frequently Asked Questions

Can I hold both GLBL and BNO in my portfolio?

GLBL and BNO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLBL or BNO?

BNO has higher volatility (14.22%) compared to GLBL (2.93%). In terms of maximum drawdown, GLBL dropped -19.75% vs BNO's -87.06%.

Which ETF is better, GLBL or BNO?

On 1-year performance, BNO leads with 91.89% vs 32.70% for GLBL. On fees, GLBL is cheaper at 0.65% per year. On volatility, GLBL has been the lower-risk option at 2.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLBL or BNO?

Over the 1-year period, BNO has performed better with a 91.89% return vs 32.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLBL or BNO?

GLBL is cheaper with a 0.65% expense ratio, compared with 0.90% for BNO.

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

GLBL has the higher dividend yield at 0.76%, compared with 0.00% for BNO.

What is the main difference between GLBL and BNO?

GLBL is categorized as Global Equities, while BNO is Oil & Gas. GLBL tracks MSCI World Ricardo Comparative Advantage Select Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Pacer and Concierge Technologies. Their fees differ too: 0.65% for GLBL and 0.90% for BNO.

Which has better risk-adjusted returns?

GLBL currently has the higher Sharpe Ratio (2.45 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.