HCC vs. BNO

Last updated Jul 28, 2026

HCC (Warrior Met Coal, Inc.) is a stock, while BNO (United States Brent Oil Fund LP) is Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Over the past 5 years, HCC returned 37.67%/yr vs 20.56%/yr for BNO. Their 0.23 correlation means their historical movements had little consistent relationship.

Performance

HCC vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Warrior Met Coal, Inc. (HCC) 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, HCC achieves a -8.35% return, which is significantly lower than BNO's 72.03% return.

HCC

• 1D: 0.74%
• 1M: -0.76%
• 6M: -9.70%
• YTD: -8.35%
• 1Y: 42.05%
• 3Y*: 24.86%
• 5Y*: 37.67%
• 10Y*: —
• ALL TIME*: 31.31%

BNO

• 1D: -7.34%
• 1M: 20.86%
• 6M: 59.37%
• YTD: 72.03%
• 1Y: 62.24%
• 3Y*: 19.37%
• 5Y*: 20.56%
• 10Y*: 14.27%
• ALL TIME*: 4.09%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$104.75M	$84.58M	$154.92M
HCC Warrior Met Coal, Inc.	$45.45M	$49.69M	$73.54M

HCC vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HCC Warrior Met Coal, Inc.	-8.35%	63.49%	-9.79%	81.59%	41.03%	21.82%	2.30%	1.98%	23.20%	131.47%
BNO United States Brent Oil Fund LP	72.03%	-5.44%	9.67%	-3.43%	35.25%	62.34%	-38.23%	36.01%	-15.30%	20.10%

Correlation

The correlation between HCC and BNO is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.09
Correlation (3Y) Balances recent behavior with more history.	0.12
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (All Time) Calculated using the full available price history since Apr 13, 2017	0.23

The correlation between HCC and BNO shifts across timeframes, from 0.09 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HCC vs. BNO — Risk / Return Rank

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

HCC

HCC Risk / Return Rank: 72
HCC Sharpe Ratio Rank: 72
HCC Sortino Ratio Rank: 72
HCC Omega Ratio Rank: 69
HCC Calmar Ratio Rank: 74
HCC Martin Ratio Rank: 73

BNO

BNO Risk / Return Rank: 55
BNO Sharpe Ratio Rank: 61
BNO Sortino Ratio Rank: 59
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 51
BNO Martin Ratio Rank: 46

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.

HCC vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Warrior Met Coal, Inc. (HCC) 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.

	HCC	BNO	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.43	-0.64
Sortino ratio: Return per unit of downside risk	1.55	2.00	-0.45
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.07
Calmar ratio: Return relative to maximum drawdown	1.43	1.82	-0.38
Martin ratio: Return relative to average drawdown	3.32	5.13	-1.81

HCC vs. BNO - Sharpe Ratio Comparison

The current HCC Sharpe Ratio is 0.79, which is lower than the BNO Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of HCC 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.

Drawdowns

HCC vs. BNO - Drawdown Comparison

The maximum HCC drawdown since its inception was -64.81%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for HCC and BNO.

Drawdown Indicators

	HCC	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-64.81%	-87.06%	+22.25%
Max Drawdown (1Y) Largest decline over 1 year	-29.51%	-34.46%	+4.95%
Max Drawdown (3Y) Largest decline over 3 years	-45.53%	-34.46%	-11.07%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	-34.46%	-11.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-26.86%	-18.98%	-7.88%
Average Drawdown Average peak-to-trough decline	-18.18%	-40.01%	+21.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.77%	12.16%	+0.61%

Volatility

HCC vs. BNO - Volatility Comparison

The current volatility for Warrior Met Coal, Inc. (HCC) is 10.71%, while United States Brent Oil Fund LP (BNO) has a volatility of 16.39%. This indicates that HCC 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

	HCC	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.71%	16.39%	-5.68%
Volatility (6M) Calculated over the trailing 6-month period	37.60%	40.18%	-2.58%
Volatility (1Y) Calculated over the trailing 1-year period	53.87%	43.91%	+9.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.37%	36.20%	+13.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.37%	36.89%	+15.48%

Dividends

HCC vs. BNO - Dividend Comparison

HCC's dividend yield for the trailing twelve months is around 0.40%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
HCC Warrior Met Coal, Inc.	0.40%	0.36%	1.51%	1.90%	4.45%	0.78%	0.94%	21.85%	27.91%	45.17%

Frequently Asked Questions

Can I hold both HCC and BNO in my portfolio?

HCC and BNO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCC or BNO?

BNO has higher volatility (16.39%) compared to HCC (10.71%). In terms of maximum drawdown, HCC dropped -64.81% vs BNO's -87.06%.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (1.43 vs 0.79), 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.