IBTP vs. BNO
IBTP (iShares iBonds Dec 2034 Term Treasury ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IBTP is a Government Bonds fund tracking the ICE 2034 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, IBTP returned 3.23% vs 38.79% for BNO. At a correlation of -0.28, they often move in opposite directions. IBTP charges 0.07%/yr vs 1.00%/yr for BNO.
Performance
IBTP vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, IBTP achieves a -0.47% return, which is significantly lower than BNO's 50.21% return.
IBTP
- 1D
- 0.13%
- 1M
- 0.55%
- YTD
- -0.47%
- 6M
- -0.42%
- 1Y
- 3.23%
- 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%
IBTP vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBTP iShares iBonds Dec 2034 Term Treasury ETF | -0.47% | 8.16% | -0.12% |
BNO United States Brent Oil Fund LP | 50.21% | -5.44% | -2.28% |
Correlation
The correlation between IBTP and BNO is -0.40, 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 | -0.40 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024 | -0.28 |
The correlation between IBTP 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
IBTP vs. BNO — Risk / Return Rank
IBTP
BNO
IBTP vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2034 Term Treasury ETF (IBTP) 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.
| IBTP | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.19 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.81 | 1.33 | -0.52 |
| Martin ratioReturn relative to average drawdown | 2.20 | 4.21 | -2.01 |
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Drawdowns
IBTP vs. BNO - Drawdown Comparison
The maximum IBTP drawdown since its inception was -7.40%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IBTP and BNO.
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Drawdown Indicators
| IBTP | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.40% | -87.06% | +79.66% |
Max Drawdown (1Y)Largest decline over 1 year | -3.99% | -29.25% | +25.26% |
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 | -2.66% | -29.25% | +26.59% |
Average DrawdownAverage peak-to-trough decline | -2.12% | -40.10% | +37.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.47% | 9.28% | -7.81% |
Volatility
IBTP vs. BNO - Volatility Comparison
The current volatility for iShares iBonds Dec 2034 Term Treasury ETF (IBTP) is 1.33%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that IBTP 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
| IBTP | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 10.92% | -9.59% |
Volatility (6M)Calculated over the trailing 6-month period | 3.40% | 37.29% | -33.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.69% | 41.67% | -36.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.95% | 35.65% | -29.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.95% | 36.68% | -30.73% |
IBTP vs. BNO - Expense Ratio Comparison
IBTP has a 0.07% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
IBTP vs. BNO - Dividend Comparison
IBTP's dividend yield for the trailing twelve months is around 4.05%, 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% |
IBTP iShares iBonds Dec 2034 Term Treasury ETF | 4.05% | 3.92% | 1.78% |
Frequently Asked Questions
IBTP 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 (10.92%) compared to IBTP (1.33%). In terms of maximum drawdown, IBTP dropped -7.40% vs BNO's -87.06%.
On 1-year performance, BNO leads with 38.79% vs 3.23% for IBTP. On fees, IBTP is cheaper at 0.07% per year. On volatility, IBTP has been the lower-risk option at 1.33%. 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 3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTP is cheaper with a 0.07% expense ratio, compared with 1.00% for BNO.
IBTP has the higher dividend yield at 4.05%, compared with 0.00% for BNO.
IBTP is categorized as Government Bonds, while BNO is Oil & Gas. IBTP tracks ICE 2034 Maturity US Treasury 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: 0.07% for IBTP and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (0.95 vs 0.69), 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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