IBDY vs. BNO
IBDY (iShares iBonds Dec 2033 Term Corporate ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IBDY is a Corporate Bonds fund tracking the Bloomberg December 2033 Maturity Corporate Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 3 years, IBDY returned 5.73%/yr vs 19.86%/yr for BNO. At a correlation of -0.19, they often move in opposite directions. IBDY charges 0.10%/yr vs 1.00%/yr for BNO.
Performance
IBDY vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, IBDY achieves a 0.12% return, which is significantly lower than BNO's 52.26% return.
IBDY
- 1D
- -0.18%
- 1M
- 0.36%
- YTD
- 0.12%
- 6M
- 0.31%
- 1Y
- 5.22%
- 3Y*
- 5.73%
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -1.73%
- 1M
- -21.60%
- YTD
- 52.26%
- 6M
- 50.77%
- 1Y
- 30.19%
- 3Y*
- 19.86%
- 5Y*
- 17.50%
- 10Y*
- 11.40%
IBDY vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBDY iShares iBonds Dec 2033 Term Corporate ETF | 0.12% | 9.41% | 2.02% | 5.10% |
BNO United States Brent Oil Fund LP | 52.26% | -5.44% | 9.67% | 8.89% |
Correlation
The correlation between IBDY and BNO is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023 | -0.19 |
The correlation between IBDY and BNO shifts across timeframes, from -0.39 (1 year) to -0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBDY vs. BNO — Risk / Return Rank
IBDY
BNO
IBDY vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2033 Term Corporate ETF (IBDY) 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.
| IBDY | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.16 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 1.07 | +0.78 |
| Martin ratioReturn relative to average drawdown | 5.62 | 3.33 | +2.29 |
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Drawdowns
IBDY vs. BNO - Drawdown Comparison
The maximum IBDY drawdown since its inception was -7.53%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IBDY and BNO.
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Drawdown Indicators
| IBDY | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.53% | -87.06% | +79.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.84% | -28.29% | +25.45% |
Max Drawdown (3Y)Largest decline over 3 years | -7.53% | -28.29% | +20.76% |
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 | -1.41% | -28.29% | +26.88% |
Average DrawdownAverage peak-to-trough decline | -1.57% | -40.10% | +38.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 10.51% | -9.58% |
Volatility
IBDY vs. BNO - Volatility Comparison
The current volatility for iShares iBonds Dec 2033 Term Corporate ETF (IBDY) is 1.13%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.98%. This indicates that IBDY 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
| IBDY | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 10.98% | -9.85% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 37.28% | -34.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.16% | 41.73% | -37.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.34% | 35.65% | -29.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.34% | 36.71% | -30.37% |
IBDY vs. BNO - Expense Ratio Comparison
IBDY has a 0.10% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
IBDY vs. BNO - Dividend Comparison
IBDY's dividend yield for the trailing twelve months is around 4.89%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
IBDY iShares iBonds Dec 2033 Term Corporate ETF | 4.89% | 4.87% | 5.02% | 2.20% |
Frequently Asked Questions
IBDY and BNO have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (10.98%) compared to IBDY (1.13%). In terms of maximum drawdown, IBDY dropped -7.53% vs BNO's -87.06%.
On 3-year performance, BNO leads with 19.86% vs 5.73% for IBDY. On fees, IBDY is cheaper at 0.10% per year. On volatility, IBDY has been the lower-risk option at 1.13%. 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 19.86% return vs 5.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBDY is cheaper with a 0.10% expense ratio, compared with 1.00% for BNO.
IBDY has the higher dividend yield at 4.89%, compared with 0.00% for BNO.
IBDY is categorized as Corporate Bonds, while BNO is Oil & Gas. IBDY tracks Bloomberg December 2033 Maturity Corporate Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: iShares and USCF Investments. Their fees differ too: 0.10% for IBDY and 1.00% for BNO.
IBDY currently has the higher Sharpe Ratio (1.26 vs 0.73), 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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