IDEF vs. BNO
IDEF (iShares Defense Industrials Active ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IDEF is a Aerospace & Defense fund actively managed by iShares, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. IDEF is actively managed, while BNO is passively managed. Over the past year, IDEF returned 14.84% vs 39.47% for BNO. At a correlation of -0.12, they often move in opposite directions. IDEF charges 0.55%/yr vs 1.00%/yr for BNO.
Performance
IDEF vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, IDEF achieves a 1.18% return, which is significantly lower than BNO's 43.86% return.
IDEF
- 1D
- -1.24%
- 1M
- -5.02%
- YTD
- 1.18%
- 6M
- -1.01%
- 1Y
- 14.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -4.23%
- 1M
- -25.93%
- YTD
- 43.86%
- 6M
- 41.93%
- 1Y
- 39.47%
- 3Y*
- 17.61%
- 5Y*
- 15.98%
- 10Y*
- 10.77%
IDEF vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IDEF iShares Defense Industrials Active ETF | 1.18% | 21.50% |
BNO United States Brent Oil Fund LP | 43.86% | 1.76% |
Correlation
The correlation between IDEF and BNO is -0.13, 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 | -0.13 |
Correlation (All Time) Calculated using the full available price history since May 21, 2025 | -0.12 |
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Return for Risk
IDEF vs. BNO — Risk / Return Rank
IDEF
BNO
IDEF vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Defense Industrials Active ETF (IDEF) 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.
| IDEF | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.20 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.23 | -0.25 |
| Martin ratioReturn relative to average drawdown | 2.34 | 4.18 | -1.84 |
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Drawdowns
IDEF vs. BNO - Drawdown Comparison
The maximum IDEF drawdown since its inception was -15.29%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IDEF and BNO.
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Drawdown Indicators
| IDEF | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.29% | -87.06% | +71.77% |
Max Drawdown (1Y)Largest decline over 1 year | -15.29% | -32.25% | +16.96% |
Max Drawdown (3Y)Largest decline over 3 years | — | -32.25% | — |
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 | -15.29% | -32.25% | +16.96% |
Average DrawdownAverage peak-to-trough decline | -4.34% | -40.10% | +35.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.36% | 9.47% | -3.11% |
Volatility
IDEF vs. BNO - Volatility Comparison
The current volatility for iShares Defense Industrials Active ETF (IDEF) is 8.82%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.33%. This indicates that IDEF 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
| IDEF | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.82% | 11.33% | -2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 18.84% | 37.57% | -18.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.11% | 41.20% | -19.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.57% | 35.70% | -14.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.57% | 36.70% | -15.13% |
IDEF vs. BNO - Expense Ratio Comparison
IDEF has a 0.55% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
IDEF vs. BNO - Dividend Comparison
IDEF's dividend yield for the trailing twelve months is around 0.34%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% |
IDEF iShares Defense Industrials Active ETF | 0.34% | 0.17% |
Frequently Asked Questions
IDEF and BNO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (11.33%) compared to IDEF (8.82%). In terms of maximum drawdown, IDEF dropped -15.29% vs BNO's -87.06%.
On 1-year performance, BNO leads with 39.47% vs 14.84% for IDEF. On fees, IDEF is cheaper at 0.55% per year. On volatility, IDEF has been the lower-risk option at 8.82%. 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 39.47% return vs 14.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IDEF is cheaper with a 0.55% expense ratio, compared with 1.00% for BNO.
IDEF has the higher dividend yield at 0.34%, compared with 0.00% for BNO.
IDEF is categorized as Aerospace & Defense, while BNO is Oil & Gas. They also come from different issuers: iShares and USCF Investments. Their fees differ too: 0.55% for IDEF and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (0.97 vs 0.67), 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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