IBGK vs. BNO
IBGK (iShares iBonds Dec 2054 Term Treasury ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IBGK is a Long-Term Bond fund tracking the ICE 2054 Maturity US Treasury Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past year, IBGK returned -1.96% vs 54.59% for BNO. Their -0.28 correlation means they have often moved in opposite directions in the past. IBGK charges 0.07%/yr vs 1.00%/yr for BNO.
Performance
IBGK vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, IBGK achieves a -3.18% return, which is significantly lower than BNO's 68.89% return.
IBGK
- 1D
- 0.42%
- 1M
- -3.43%
- 6M
- -2.71%
- YTD
- -3.18%
- 1Y
- -1.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.45%
BNO
- 1D
- -5.06%
- 1M
- 20.57%
- 6M
- 52.91%
- YTD
- 68.89%
- 1Y
- 54.59%
- 3Y*
- 17.84%
- 5Y*
- 21.29%
- 10Y*
- 13.80%
- ALL TIME*
- 3.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $109.23M | $101.30M | $143.17M | |
| $14.80K | $17.29K | $31.57K |
IBGK vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBGK iShares iBonds Dec 2054 Term Treasury ETF | -3.18% | 3.66% | -3.44% |
BNO United States Brent Oil Fund LP | 68.89% | -5.44% | -2.28% |
Correlation
The correlation between IBGK and BNO is -0.40, 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. | -0.40 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024 | -0.28 |
The correlation between IBGK and BNO shifts across timeframes, from -0.40 (1 year) to -0.28 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBGK vs. BNO — Risk / Return Rank
IBGK
BNO
IBGK vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2054 Term Treasury ETF (IBGK) 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.
| IBGK | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -2.06 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.23 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 1.59 | -1.86 |
| Martin ratioReturn relative to average drawdown | -0.57 | 4.81 | -5.38 |
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Drawdowns
IBGK vs. BNO - Drawdown Comparison
The maximum IBGK drawdown since its inception was -14.62%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IBGK and BNO.
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Drawdown Indicators
| IBGK | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.62% | -87.06% | +72.44% |
Max Drawdown (1Y)Largest decline over 1 year | -7.48% | -34.46% | +26.98% |
Max Drawdown (3Y)Largest decline over 3 years | — | -34.46% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -11.76% | -20.46% | +8.70% |
Average DrawdownAverage peak-to-trough decline | -8.15% | -39.99% | +31.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.44% | 11.41% | -7.97% |
Volatility
IBGK vs. BNO - Volatility Comparison
The current volatility for iShares iBonds Dec 2054 Term Treasury ETF (IBGK) is 2.45%, while United States Brent Oil Fund LP (BNO) has a volatility of 18.59%. This indicates that IBGK 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
| IBGK | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.45% | 18.59% | -16.14% |
Volatility (6M)Calculated over the trailing 6-month period | 6.58% | 41.33% | -34.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.86% | 44.80% | -35.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.62% | 36.47% | -24.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.62% | 37.01% | -25.39% |
IBGK vs. BNO - Expense Ratio Comparison
IBGK has a 0.07% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
IBGK vs. BNO - Dividend Comparison
IBGK's dividend yield for the trailing twelve months is around 4.84%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% |
IBGK iShares iBonds Dec 2054 Term Treasury ETF | 4.84% | 4.59% | 3.15% |
Frequently Asked Questions
IBGK and BNO have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (18.59%) compared to IBGK (2.45%). In terms of maximum drawdown, IBGK dropped -14.62% vs BNO's -87.06%.
On 1-year performance, BNO leads with 54.59% vs -1.96% for IBGK. On fees, IBGK is cheaper at 0.07% per year. On volatility, IBGK has been the lower-risk option at 2.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNO has performed better with a 54.59% return vs -1.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBGK is cheaper with a 0.07% expense ratio, compared with 1.00% for BNO.
IBGK has the higher dividend yield at 4.84%, compared with 0.00% for BNO.
IBGK is categorized as Long-Term Bond, while BNO is Oil & Gas. IBGK tracks ICE 2054 Maturity US Treasury Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: iShares and USCF. Their fees differ too: 0.07% for IBGK and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.23 vs -0.22), 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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