IBTM vs. BNO
IBTM (iShares iBonds Dec 2032 Term Treasury ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IBTM is a Intermediate Core Bond fund tracking the ICE 2032 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 3 years, IBTM returned 3.23%/yr vs 20.31%/yr for BNO. Their -0.20 correlation means they have often moved in opposite directions in the past. IBTM charges 0.07%/yr vs 1.00%/yr for BNO.
Performance
IBTM vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, IBTM achieves a -0.90% return, which is significantly lower than BNO's 77.90% return.
IBTM
- 1D
- -0.20%
- 1M
- -0.86%
- 6M
- -0.82%
- YTD
- -0.90%
- 1Y
- 1.00%
- 3Y*
- 3.23%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.24%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $2.40M | $2.20M | $2.73M |
IBTM vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBTM iShares iBonds Dec 2032 Term Treasury ETF | -0.90% | 8.06% | -0.14% | 3.48% | -5.01% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | -9.39% |
Correlation
The correlation between IBTM and BNO is -0.42, 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. | -0.42 |
Correlation (3Y) Balances recent behavior with more history. | -0.24 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2022 | -0.20 |
Over the past year, the inverse relationship between IBTM and BNO has strengthened: their correlation has moved from -0.20 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
IBTM vs. BNO — Risk / Return Rank
IBTM
BNO
IBTM vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2032 Term Treasury ETF (IBTM) 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.
| IBTM | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.24 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 1.70 | -1.04 |
| Martin ratioReturn relative to average drawdown | 1.49 | 5.15 | -3.66 |
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Drawdowns
IBTM vs. BNO - Drawdown Comparison
The maximum IBTM drawdown since its inception was -13.60%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IBTM and BNO.
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Drawdown Indicators
| IBTM | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.60% | -87.06% | +73.46% |
Max Drawdown (1Y)Largest decline over 1 year | -3.26% | -34.46% | +31.20% |
Max Drawdown (3Y)Largest decline over 3 years | -6.33% | -34.46% | +28.13% |
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 | -2.78% | -16.21% | +13.43% |
Average DrawdownAverage peak-to-trough decline | -4.72% | -39.99% | +35.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 11.86% | -10.42% |
Volatility
IBTM vs. BNO - Volatility Comparison
The current volatility for iShares iBonds Dec 2032 Term Treasury ETF (IBTM) is 0.91%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that IBTM 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
| IBTM | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 17.47% | -16.56% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 40.96% | -37.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.93% | 44.54% | -40.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.45% | 36.41% | -28.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.45% | 36.98% | -29.53% |
IBTM vs. BNO - Expense Ratio Comparison
IBTM has a 0.07% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
IBTM vs. BNO - Dividend Comparison
IBTM's dividend yield for the trailing twelve months is around 3.96%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBTM iShares iBonds Dec 2032 Term Treasury ETF | 3.62% | 3.87% | 3.96% | 3.39% | 1.38% |
Frequently Asked Questions
IBTM and BNO have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to IBTM (0.91%). In terms of maximum drawdown, IBTM dropped -13.60% vs BNO's -87.06%.
On 3-year performance, BNO leads with 20.31% vs 3.23% for IBTM. On fees, IBTM is cheaper at 0.07% per year. On volatility, IBTM has been the lower-risk option at 0.91%. 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 20.31% return vs 3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTM is cheaper with a 0.07% expense ratio, compared with 1.00% for BNO.
IBTM has the higher dividend yield at 3.62%, compared with 0.00% for BNO.
IBTM is categorized as Intermediate Core Bond, while BNO is Oil & Gas. IBTM tracks ICE 2032 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 IBTM and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs 0.55), 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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