ICOP vs. BNO
ICOP (iShares Copper and Metals Mining ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - ICOP is a Commodity Producers Equities fund tracking the STOXX Global Copper and Metals Mining Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past year, ICOP returned 102.60% vs 91.89% for BNO. At a 0.09 correlation, their price movements are largely independent. ICOP charges 0.47%/yr vs 0.90%/yr for BNO.
Performance
ICOP vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, ICOP achieves a 27.29% return, which is significantly lower than BNO's 90.47% return.
ICOP
- 1D
- -3.29%
- 1M
- 17.09%
- YTD
- 27.29%
- 6M
- 37.08%
- 1Y
- 102.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
ICOP vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ICOP iShares Copper and Metals Mining ETF | 27.29% | 78.01% | 1.10% | 8.08% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | 9.07% |
Correlation
The correlation between ICOP and BNO is -0.24, 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 | -0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023 | 0.09 |
The correlation between ICOP and BNO shifts across timeframes, from -0.24 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ICOP vs. BNO — Risk / Return Rank
ICOP
BNO
ICOP vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Copper and Metals Mining ETF (ICOP) 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.
| ICOP | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.38 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.95 | 5.17 | -1.22 |
| Martin ratioReturn relative to average drawdown | 14.50 | 9.76 | +4.74 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ICOP | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.77 | 2.23 | +0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 0.14 | +0.93 |
Drawdowns
ICOP vs. BNO - Drawdown Comparison
The maximum ICOP drawdown since its inception was -38.67%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for ICOP and BNO.
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Drawdown Indicators
| ICOP | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.67% | -87.06% | +48.39% |
Max Drawdown (1Y)Largest decline over 1 year | -26.13% | -17.87% | -8.26% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
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 | -3.29% | -10.29% | +7.00% |
Average DrawdownAverage peak-to-trough decline | -11.67% | -40.17% | +28.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.10% | 9.45% | -2.35% |
Volatility
ICOP vs. BNO - Volatility Comparison
iShares Copper and Metals Mining ETF (ICOP) and United States Brent Oil Fund LP (BNO) have volatilities of 13.69% and 14.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICOP | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.69% | 14.22% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 32.28% | 36.10% | -3.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.29% | 41.46% | -4.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.77% | 35.38% | -1.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.77% | 36.68% | -2.91% |
ICOP vs. BNO - Expense Ratio Comparison
ICOP has a 0.47% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
ICOP vs. BNO - Dividend Comparison
ICOP's dividend yield for the trailing twelve months is around 1.63%, 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% |
ICOP iShares Copper and Metals Mining ETF | 1.63% | 2.08% | 1.87% | 2.15% |
Frequently Asked Questions
ICOP and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to ICOP (13.69%). In terms of maximum drawdown, ICOP dropped -38.67% vs BNO's -87.06%.
On 1-year performance, ICOP leads with 102.60% vs 91.89% for BNO. On fees, ICOP is cheaper at 0.47% per year. On volatility, ICOP has been the lower-risk option at 13.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ICOP has performed better with a 102.60% return vs 91.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICOP is cheaper with a 0.47% expense ratio, compared with 0.90% for BNO.
ICOP has the higher dividend yield at 1.63%, compared with 0.00% for BNO.
ICOP is categorized as Commodity Producers Equities, while BNO is Oil & Gas. ICOP tracks STOXX Global Copper and Metals Mining Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.47% for ICOP and 0.90% for BNO.
ICOP currently has the higher Sharpe Ratio (2.77 vs 2.23), 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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