GTO vs. BNO
GTO (Invesco Total Return Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - GTO is a Intermediate Core-Plus Bond fund actively managed by Invesco, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. GTO is actively managed, while BNO is passively managed. Over the past 10 years, GTO returned 2.60%/yr vs 15.06%/yr for BNO. Their -0.12 correlation means they have often moved in opposite directions in the past. GTO charges 0.35%/yr vs 1.00%/yr for BNO.
Performance
GTO vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, GTO achieves a -0.23% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, GTO has underperformed BNO with an annualized return of 2.60%, while BNO has yielded a comparatively higher 15.06% annualized return.
GTO
- 1D
- -0.22%
- 1M
- -1.23%
- 6M
- -0.66%
- YTD
- -0.23%
- 1Y
- 2.89%
- 3Y*
- 4.56%
- 5Y*
- -0.44%
- 10Y*
- 2.60%
- ALL TIME*
- 2.95%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $9.60M | $9.43M | $10.69M |
GTO vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GTO Invesco Total Return Bond ETF | -0.23% | 7.17% | 2.63% | 5.95% | -14.77% | -0.38% | 10.86% | 11.65% | -0.26% | 7.41% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between GTO and BNO is -0.43, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.43 |
Correlation (3Y) Balances recent behavior with more history. | -0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | -0.12 |
Over the past year, the inverse relationship between GTO and BNO has strengthened: their correlation has moved from -0.12 to -0.43, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GTO vs. BNO — Risk / Return Rank
GTO
BNO
GTO vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Total Return Bond ETF (GTO) 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.
| GTO | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.24 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 1.70 | -0.37 |
| Martin ratioReturn relative to average drawdown | 3.63 | 5.15 | -1.52 |
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Drawdowns
GTO vs. BNO - Drawdown Comparison
The maximum GTO drawdown since its inception was -20.61%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for GTO and BNO.
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Drawdown Indicators
| GTO | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.61% | -87.06% | +66.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -34.46% | +31.73% |
Max Drawdown (3Y)Largest decline over 3 years | -5.06% | -34.46% | +29.40% |
Max Drawdown (5Y)Largest decline over 5 years | -20.61% | -34.46% | +13.85% |
Max Drawdown (10Y)Largest decline over 10 years | -20.61% | -75.18% | +54.57% |
Current DrawdownCurrent decline from peak | -2.52% | -16.21% | +13.69% |
Average DrawdownAverage peak-to-trough decline | -4.75% | -39.99% | +35.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 11.86% | -10.86% |
Volatility
GTO vs. BNO - Volatility Comparison
The current volatility for Invesco Total Return Bond ETF (GTO) is 0.90%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that GTO 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
| GTO | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 17.47% | -16.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.68% | 40.96% | -38.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.38% | 44.54% | -41.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.67% | 36.41% | -30.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.52% | 36.98% | -31.46% |
GTO vs. BNO - Expense Ratio Comparison
GTO has a 0.35% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
GTO vs. BNO - Dividend Comparison
GTO's dividend yield for the trailing twelve months is around 4.91%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
GTO Invesco Total Return Bond ETF | 4.91% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% |
Frequently Asked Questions
GTO and BNO have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to GTO (0.90%). In terms of maximum drawdown, GTO dropped -20.61% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs 2.60% for GTO. On fees, GTO is cheaper at 0.35% per year. On volatility, GTO has been the lower-risk option at 0.90%. 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 15.06% return vs 2.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTO is cheaper with a 0.35% expense ratio, compared with 1.00% for BNO.
GTO has the higher dividend yield at 4.91%, compared with 0.00% for BNO.
GTO is categorized as Intermediate Core-Plus Bond, while BNO is Oil & Gas. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.35% for GTO and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs 1.08), 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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