GUSA vs. BNO
GUSA (Goldman Sachs MarketBeta U.S. 1000 Equity ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - GUSA is a Large Cap Blend Equities fund tracking the Solactive GBS United States 1000 Index - Benchmark TR Gross, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 3 years, GUSA returned 22.23%/yr vs 27.93%/yr for BNO. At a 0.05 correlation, their price movements are largely independent. GUSA charges 0.11%/yr vs 0.90%/yr for BNO.
Performance
GUSA vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, GUSA achieves a 10.84% return, which is significantly lower than BNO's 90.47% return.
GUSA
- 1D
- -0.62%
- 1M
- 5.16%
- YTD
- 10.84%
- 6M
- 10.82%
- 1Y
- 27.69%
- 3Y*
- 22.23%
- 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%
GUSA vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF | 10.84% | 17.51% | 24.46% | 26.61% | -12.69% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | -5.16% |
Correlation
The correlation between GUSA 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 (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Apr 13, 2022 | 0.05 |
The correlation between GUSA and BNO shifts across timeframes, from -0.30 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GUSA vs. BNO — Risk / Return Rank
GUSA
BNO
GUSA vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MarketBeta U.S. 1000 Equity ETF (GUSA) 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.
| GUSA | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.38 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 5.17 | -2.08 |
| Martin ratioReturn relative to average drawdown | 14.20 | 9.76 | +4.44 |
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
| GUSA | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.28 | 2.23 | +0.05 |
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 | 0.88 | 0.14 | +0.74 |
Drawdowns
GUSA vs. BNO - Drawdown Comparison
The maximum GUSA drawdown since its inception was -19.61%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for GUSA and BNO.
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Drawdown Indicators
| GUSA | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.61% | -87.06% | +67.45% |
Max Drawdown (1Y)Largest decline over 1 year | -9.01% | -17.87% | +8.86% |
Max Drawdown (3Y)Largest decline over 3 years | -19.61% | -23.75% | +4.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.62% | -10.29% | +9.67% |
Average DrawdownAverage peak-to-trough decline | -4.39% | -40.17% | +35.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 9.45% | -7.50% |
Volatility
GUSA vs. BNO - Volatility Comparison
The current volatility for Goldman Sachs MarketBeta U.S. 1000 Equity ETF (GUSA) is 3.09%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that GUSA 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
| GUSA | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.09% | 14.22% | -11.13% |
Volatility (6M)Calculated over the trailing 6-month period | 9.29% | 36.10% | -26.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.21% | 41.46% | -29.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.27% | 35.38% | -18.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.27% | 36.68% | -19.41% |
GUSA vs. BNO - Expense Ratio Comparison
GUSA has a 0.11% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
GUSA vs. BNO - Dividend Comparison
GUSA's dividend yield for the trailing twelve months is around 0.96%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF | 0.96% | 0.99% | 1.16% | 1.36% | 1.00% |
Frequently Asked Questions
GUSA 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.
BNO has higher volatility (14.22%) compared to GUSA (3.09%). In terms of maximum drawdown, GUSA dropped -19.61% vs BNO's -87.06%.
On 3-year performance, BNO leads with 27.93% vs 22.23% for GUSA. On fees, GUSA is cheaper at 0.11% per year. On volatility, GUSA has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 27.93% return vs 22.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GUSA is cheaper with a 0.11% expense ratio, compared with 0.90% for BNO.
GUSA has the higher dividend yield at 0.96%, compared with 0.00% for BNO.
GUSA is categorized as Large Cap Blend Equities, while BNO is Oil & Gas. GUSA tracks Solactive GBS United States 1000 Index - Benchmark TR Gross, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Goldman Sachs and Concierge Technologies. Their fees differ too: 0.11% for GUSA and 0.90% for BNO.
GUSA currently has the higher Sharpe Ratio (2.28 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.
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