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HEZU vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEZU vs. BNO

Last updated Jun 6, 2026

HEZU (iShares Currency Hedged MSCI Eurozone ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - HEZU is a Europe Equities fund tracking the MSCI EMU 100% USD Hedged Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, HEZU returned 11.73%/yr vs 12.62%/yr for BNO. At a 0.17 correlation, their price movements are largely independent. HEZU charges 0.52%/yr vs 0.90%/yr for BNO.

Performance

HEZU vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Eurozone ETF (HEZU) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HEZU achieves a 8.75% return, which is significantly lower than BNO's 80.79% return. Over the past 10 years, HEZU has underperformed BNO with an annualized return of 11.73%, while BNO has yielded a comparatively higher 12.62% annualized return.

HEZU

1D
-1.81%
1M
0.51%
YTD
8.75%
6M
10.10%
1Y
18.64%
3Y*
17.31%
5Y*
12.27%
10Y*
11.73%

BNO

1D
-2.44%
1M
-4.35%
YTD
80.79%
6M
73.97%
1Y
82.92%
3Y*
25.89%
5Y*
22.87%
10Y*
12.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HEZU vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEZU
iShares Currency Hedged MSCI Eurozone ETF		8.75%25.93%10.63%22.98%-9.54%23.51%0.52%29.48%-10.23%14.26%
BNO
United States Brent Oil Fund LP		80.79%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between HEZU and BNO is -0.37, 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

-0.37

Correlation (3Y)
Calculated over the trailing 3-year period

-0.11

Correlation (5Y)
Calculated over the trailing 5-year period

0.03

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Aug 8, 2014

0.17

The correlation between HEZU and BNO shifts across timeframes, from -0.37 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Currency Hedged MSCI Eurozone ETF

United States Brent Oil Fund LP

Often compared with HEZU:
HEZU vs. EZUHEZU vs. HEDJHEZU vs. HEFAHEZU vs. HSCZHEZU vs. BCIHEZU vs. EWTHEZU vs. KBA
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. UNL

Return for Risk

HEZU vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEZU
HEZU Risk / Return Rank: 3737
Overall Rank
HEZU Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
HEZU Sortino Ratio Rank: 3636
Sortino Ratio Rank
HEZU Omega Ratio Rank: 3636
Omega Ratio Rank
HEZU Calmar Ratio Rank: 3636
Calmar Ratio Rank
HEZU Martin Ratio Rank: 4343
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6262
Overall Rank
BNO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5454
Sortino Ratio Rank
BNO Omega Ratio Rank: 5757
Omega Ratio Rank
BNO Calmar Ratio Rank: 8686
Calmar Ratio Rank
BNO Martin Ratio Rank: 5353
Martin Ratio Rank
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.

HEZU vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Eurozone ETF (HEZU) 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.

HEZUBNODifference
Sharpe ratioReturn per unit of total volatility
1.24
2.00

-0.76

Sortino ratioReturn per unit of downside risk
1.82
2.53

-0.71

Omega ratioGain probability vs. loss probability

1.23

1.34

-0.12

Calmar ratioReturn relative to maximum drawdown

1.71

4.66

-2.95

Martin ratioReturn relative to average drawdown

6.61

8.73

-2.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEZU vs. BNO - Sharpe Ratio Comparison

The current HEZU Sharpe Ratio is 1.24, which is lower than the BNO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of HEZU 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.

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Sharpe Ratios by Period

HEZUBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.24

2.00

-0.76

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.75

0.65

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

0.35

+0.29

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.13

+0.44

Drawdowns

HEZU vs. BNO - Drawdown Comparison

The maximum HEZU drawdown since its inception was -38.80%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for HEZU and BNO.

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Drawdown Indicators

HEZUBNODifference

Max Drawdown

Largest peak-to-trough decline

-38.80%

-87.06%

+48.26%

Max Drawdown (1Y)

Largest decline over 1 year

-10.95%

-17.87%

+6.92%

Max Drawdown (3Y)

Largest decline over 3 years

-14.83%

-23.75%

+8.92%

Max Drawdown (5Y)

Largest decline over 5 years

-22.79%

-33.70%

+10.91%

Max Drawdown (10Y)

Largest decline over 10 years

-38.80%

-75.18%

+36.38%

Current Drawdown

Current decline from peak

-1.81%

-14.85%

+13.04%

Average Drawdown

Average peak-to-trough decline

-5.83%

-40.16%

+34.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.83%

9.53%

-6.70%

Volatility

HEZU vs. BNO - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI Eurozone ETF (HEZU) is 4.86%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.71%. This indicates that HEZU 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

HEZUBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.86%

11.71%

-6.85%

Volatility (6M)

Calculated over the trailing 6-month period

12.56%

36.33%

-23.77%

Volatility (1Y)

Calculated over the trailing 1-year period

15.10%

41.63%

-26.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.49%

35.41%

-18.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.43%

36.69%

-18.26%

HEZU vs. BNO - Expense Ratio Comparison

HEZU has a 0.52% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

HEZU vs. BNO - Dividend Comparison

HEZU's dividend yield for the trailing twelve months is around 2.69%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
HEZU
iShares Currency Hedged MSCI Eurozone ETF		2.69%2.92%2.77%2.52%23.26%2.25%2.32%5.40%3.48%1.92%3.11%2.68%

Frequently Asked Questions

HEZU and BNO have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (11.71%) compared to HEZU (4.86%). In terms of maximum drawdown, HEZU dropped -38.80% vs BNO's -87.06%.

On 10-year performance, BNO leads with 12.62% vs 11.73% for HEZU. On fees, HEZU is cheaper at 0.52% per year. On volatility, HEZU has been the lower-risk option at 4.86%. 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 12.62% return vs 11.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HEZU is cheaper with a 0.52% expense ratio, compared with 0.90% for BNO.

HEZU has the higher dividend yield at 2.69%, compared with 0.00% for BNO.

HEZU is categorized as Europe Equities, while BNO is Oil & Gas. HEZU tracks MSCI EMU 100% USD Hedged Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.52% for HEZU and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.00 vs 1.24), 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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