HYLB vs. BNO
HYLB (Xtrackers USD High Yield Corporate Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - HYLB is a High Yield Bonds fund tracking the Solactive USD High Yield Corporates Total Market Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, HYLB returned 4.06%/yr vs 23.48%/yr for BNO. At a 0.16 correlation, their price movements are largely independent. HYLB charges 0.15%/yr vs 0.90%/yr for BNO.
Performance
HYLB vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, HYLB achieves a 1.65% return, which is significantly lower than BNO's 85.31% return.
HYLB
- 1D
- 0.11%
- 1M
- 0.35%
- YTD
- 1.65%
- 6M
- 2.09%
- 1Y
- 6.78%
- 3Y*
- 8.79%
- 5Y*
- 4.06%
- 10Y*
- —
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
HYLB vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYLB Xtrackers USD High Yield Corporate Bond ETF | 1.65% | 8.74% | 8.14% | 12.03% | -10.80% | 3.94% | 5.04% | 14.06% | -1.80% | 6.00% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between HYLB and BNO is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2016 | 0.16 |
The correlation between HYLB and BNO shifts across timeframes, from -0.38 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYLB vs. BNO — Risk / Return Rank
HYLB
BNO
HYLB vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers USD High Yield Corporate Bond ETF (HYLB) 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.
| HYLB | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.36 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 4.99 | -1.99 |
| Martin ratioReturn relative to average drawdown | 12.90 | 9.39 | +3.52 |
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
| HYLB | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.84 | 2.15 | -0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.55 | 0.67 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.14 | +0.45 |
Drawdowns
HYLB vs. BNO - Drawdown Comparison
The maximum HYLB drawdown since its inception was -22.91%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for HYLB and BNO.
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Drawdown Indicators
| HYLB | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.91% | -87.06% | +64.15% |
Max Drawdown (1Y)Largest decline over 1 year | -2.27% | -17.87% | +15.60% |
Max Drawdown (3Y)Largest decline over 3 years | -4.51% | -23.75% | +19.24% |
Max Drawdown (5Y)Largest decline over 5 years | -15.54% | -33.70% | +18.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.09% | -12.72% | +12.63% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -40.16% | +37.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 9.48% | -8.95% |
Volatility
HYLB vs. BNO - Volatility Comparison
The current volatility for Xtrackers USD High Yield Corporate Bond ETF (HYLB) is 1.19%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that HYLB 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
| HYLB | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 14.12% | -12.93% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 36.21% | -33.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 41.56% | -37.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.47% | 35.40% | -27.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.18% | 36.69% | -28.51% |
HYLB vs. BNO - Expense Ratio Comparison
HYLB has a 0.15% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
HYLB vs. BNO - Dividend Comparison
HYLB's dividend yield for the trailing twelve months is around 6.48%, 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% |
HYLB Xtrackers USD High Yield Corporate Bond ETF | 6.48% | 6.29% | 6.31% | 5.84% | 5.53% | 4.45% | 5.22% | 5.71% | 5.95% | 5.85% | 0.27% |
Frequently Asked Questions
HYLB and BNO have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to HYLB (1.19%). In terms of maximum drawdown, HYLB dropped -22.91% vs BNO's -87.06%.
On 5-year performance, BNO leads with 23.48% vs 4.06% for HYLB. On fees, HYLB is cheaper at 0.15% per year. On volatility, HYLB has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 23.48% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYLB is cheaper with a 0.15% expense ratio, compared with 0.90% for BNO.
HYLB has the higher dividend yield at 6.48%, compared with 0.00% for BNO.
HYLB is categorized as High Yield Bonds, while BNO is Oil & Gas. HYLB tracks Solactive USD High Yield Corporates Total Market Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: DWS and Concierge Technologies. Their fees differ too: 0.15% for HYLB and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs 1.84), 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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