IBHK vs. BNO
IBHK (iShares iBonds 2031 Term High Yield and Income ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IBHK is a High Yield Bonds fund tracking the Bloomberg 2031 Term High Yield and Income 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, IBHK returned 6.70% vs 38.79% for BNO. At a correlation of -0.12, they often move in opposite directions. IBHK charges 0.35%/yr vs 1.00%/yr for BNO.
Performance
IBHK vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, IBHK achieves a 2.07% return, which is significantly lower than BNO's 50.21% return.
IBHK
- 1D
- -0.11%
- 1M
- 0.66%
- YTD
- 2.07%
- 6M
- 2.31%
- 1Y
- 6.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -1.35%
- 1M
- -22.65%
- YTD
- 50.21%
- 6M
- 47.81%
- 1Y
- 38.79%
- 3Y*
- 19.32%
- 5Y*
- 17.15%
- 10Y*
- 11.25%
IBHK vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBHK iShares iBonds 2031 Term High Yield and Income ETF | 2.07% | 9.05% | 5.05% |
BNO United States Brent Oil Fund LP | 50.21% | -5.44% | -1.19% |
Correlation
The correlation between IBHK and BNO is -0.33, 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 | -0.33 |
Correlation (All Time) Calculated using the full available price history since May 24, 2024 | -0.12 |
Over the past year, the inverse relationship between IBHK and BNO has strengthened: their correlation has moved from -0.12 to -0.33, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
IBHK vs. BNO — Risk / Return Rank
IBHK
BNO
IBHK vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2031 Term High Yield and Income ETF (IBHK) 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.
| IBHK | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.19 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 1.33 | +1.05 |
| Martin ratioReturn relative to average drawdown | 10.38 | 4.21 | +6.18 |
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Drawdowns
IBHK vs. BNO - Drawdown Comparison
The maximum IBHK drawdown since its inception was -4.83%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IBHK and BNO.
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Drawdown Indicators
| IBHK | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.83% | -87.06% | +82.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -29.25% | +26.43% |
Max Drawdown (3Y)Largest decline over 3 years | — | -29.25% | — |
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 | -0.23% | -29.25% | +29.02% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -40.10% | +39.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 9.28% | -8.63% |
Volatility
IBHK vs. BNO - Volatility Comparison
The current volatility for iShares iBonds 2031 Term High Yield and Income ETF (IBHK) is 1.30%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that IBHK 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
| IBHK | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.30% | 10.92% | -9.62% |
Volatility (6M)Calculated over the trailing 6-month period | 3.35% | 37.29% | -33.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.16% | 41.67% | -37.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.11% | 35.65% | -30.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.11% | 36.68% | -31.57% |
IBHK vs. BNO - Expense Ratio Comparison
IBHK has a 0.35% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
IBHK vs. BNO - Dividend Comparison
IBHK's dividend yield for the trailing twelve months is around 6.45%, 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% |
IBHK iShares iBonds 2031 Term High Yield and Income ETF | 6.45% | 6.52% | 4.02% |
Frequently Asked Questions
IBHK and BNO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (10.92%) compared to IBHK (1.30%). In terms of maximum drawdown, IBHK dropped -4.83% vs BNO's -87.06%.
On 1-year performance, BNO leads with 38.79% vs 6.70% for IBHK. On fees, IBHK is cheaper at 0.35% per year. On volatility, IBHK has been the lower-risk option at 1.30%. 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 38.79% return vs 6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBHK is cheaper with a 0.35% expense ratio, compared with 1.00% for BNO.
IBHK has the higher dividend yield at 6.45%, compared with 0.00% for BNO.
IBHK is categorized as High Yield Bonds, while BNO is Oil & Gas. IBHK tracks Bloomberg 2031 Term High Yield and Income 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: 0.35% for IBHK and 1.00% for BNO.
IBHK currently has the higher Sharpe Ratio (1.62 vs 0.95), 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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