HEDJ vs. BNO
HEDJ (WisdomTree Europe Hedged Equity Fund) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - HEDJ is a Europe Equities fund tracking the WisdomTree Europe Hedged Equity Index, 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, HEDJ returned 10.96%/yr vs 15.06%/yr for BNO. Their 0.19 correlation means their historical movements had little consistent relationship. HEDJ charges 0.58%/yr vs 1.00%/yr for BNO.
Performance
HEDJ vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, HEDJ achieves a 8.59% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, HEDJ has underperformed BNO with an annualized return of 10.96%, while BNO has yielded a comparatively higher 15.06% annualized return.
HEDJ
- 1D
- -0.87%
- 1M
- -0.79%
- 6M
- 6.02%
- YTD
- 8.59%
- 1Y
- 21.05%
- 3Y*
- 13.72%
- 5Y*
- 10.78%
- 10Y*
- 10.96%
- ALL TIME*
- 8.89%
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 | |
| $3.72M | $3.36M | $5.37M |
HEDJ vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEDJ WisdomTree Europe Hedged Equity Fund | 8.59% | 23.55% | 5.28% | 26.89% | -10.09% | 23.54% | -3.35% | 27.50% | -9.27% | 13.51% |
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 HEDJ and BNO is -0.36, 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. | -0.36 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.19 |
The correlation between HEDJ and BNO shifts across timeframes, from -0.36 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HEDJ vs. BNO — Risk / Return Rank
HEDJ
BNO
HEDJ vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Europe Hedged Equity Fund (HEDJ) 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.
| HEDJ | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.24 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 1.70 | -0.16 |
| Martin ratioReturn relative to average drawdown | 6.28 | 5.15 | +1.13 |
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Drawdowns
HEDJ vs. BNO - Drawdown Comparison
The maximum HEDJ drawdown since its inception was -38.18%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for HEDJ and BNO.
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Drawdown Indicators
| HEDJ | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.18% | -87.06% | +48.88% |
Max Drawdown (1Y)Largest decline over 1 year | -11.90% | -34.46% | +22.56% |
Max Drawdown (3Y)Largest decline over 3 years | -15.93% | -34.46% | +18.53% |
Max Drawdown (5Y)Largest decline over 5 years | -22.17% | -34.46% | +12.29% |
Max Drawdown (10Y)Largest decline over 10 years | -38.18% | -75.18% | +37.00% |
Current DrawdownCurrent decline from peak | -1.22% | -16.21% | +14.99% |
Average DrawdownAverage peak-to-trough decline | -5.87% | -39.99% | +34.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 11.86% | -8.94% |
Volatility
HEDJ vs. BNO - Volatility Comparison
The current volatility for WisdomTree Europe Hedged Equity Fund (HEDJ) is 4.39%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that HEDJ 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
| HEDJ | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.39% | 17.47% | -13.08% |
Volatility (6M)Calculated over the trailing 6-month period | 13.20% | 40.96% | -27.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.74% | 44.54% | -28.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 36.41% | -19.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.15% | 36.98% | -18.83% |
HEDJ vs. BNO - Expense Ratio Comparison
HEDJ has a 0.58% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
HEDJ vs. BNO - Dividend Comparison
HEDJ's dividend yield for the trailing twelve months is around 1.79%, 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% |
HEDJ WisdomTree Europe Hedged Equity Fund | 1.79% | 1.63% | 3.28% | 3.31% | 2.83% | 2.08% | 2.65% | 1.82% | 2.73% | 2.27% | 2.74% | 9.43% |
Frequently Asked Questions
HEDJ and BNO have a correlation of -0.36, 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 HEDJ (4.39%). In terms of maximum drawdown, HEDJ dropped -38.18% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs 10.96% for HEDJ. On fees, HEDJ is cheaper at 0.58% per year. On volatility, HEDJ has been the lower-risk option at 4.39%. 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 10.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HEDJ is cheaper with a 0.58% expense ratio, compared with 1.00% for BNO.
HEDJ has the higher dividend yield at 1.79%, compared with 0.00% for BNO.
HEDJ is categorized as Europe Equities, while BNO is Oil & Gas. HEDJ tracks WisdomTree Europe Hedged Equity Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: WisdomTree and USCF. Their fees differ too: 0.58% for HEDJ and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs 1.17), 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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