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IEUS vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEUS vs. BNO

Last updated Jun 4, 2026

IEUS (iShares MSCI Europe Small-Cap ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IEUS is a Europe Equities fund tracking the MSCI Europe Small Cap Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, IEUS returned 7.44%/yr vs 13.60%/yr for BNO. At a 0.23 correlation, their price movements are largely independent. IEUS charges 0.40%/yr vs 0.90%/yr for BNO.

Performance

IEUS vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Europe Small-Cap ETF (IEUS) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEUS achieves a 5.69% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, IEUS has underperformed BNO with an annualized return of 7.44%, while BNO has yielded a comparatively higher 13.60% annualized return.

IEUS

1D
-1.28%
1M
1.99%
YTD
5.69%
6M
9.19%
1Y
14.01%
3Y*
14.06%
5Y*
2.76%
10Y*
7.44%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEUS vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEUS
iShares MSCI Europe Small-Cap ETF		5.69%32.06%-1.59%17.34%-27.07%15.06%12.99%29.72%-20.17%35.04%
BNO
United States Brent Oil Fund LP		90.47%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between IEUS and BNO is -0.39, 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

-0.39

Correlation (3Y)
Calculated over the trailing 3-year period

-0.10

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

0.17

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.23

The correlation between IEUS and BNO shifts across timeframes, from -0.39 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Europe Small-Cap ETF

United States Brent Oil Fund LP

Often compared with IEUS:
IEUS vs. SMEA.LIEUS vs. SPEUIEUS vs. DBEUIEUS vs. USSC.LIEUS vs. IPRP.LIEUS vs. VGKIEUS vs. VOO
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

IEUS vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEUS
IEUS Risk / Return Rank: 2525
Overall Rank
IEUS Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
IEUS Sortino Ratio Rank: 2424
Sortino Ratio Rank
IEUS Omega Ratio Rank: 2424
Omega Ratio Rank
IEUS Calmar Ratio Rank: 2323
Calmar Ratio Rank
IEUS Martin Ratio Rank: 2727
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IEUS vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Small-Cap ETF (IEUS) 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.

IEUSBNODifference

Sharpe ratio

Return per unit of total volatility

0.89

2.23

-1.34

Sortino ratio

Return per unit of downside risk

1.33

2.73

-1.39

Omega ratio

Gain probability vs. loss probability

1.16

1.38

-0.21

Calmar ratio

Return relative to maximum drawdown

1.10

5.17

-4.07

Martin ratio

Return relative to average drawdown

3.75

9.76

-6.01

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEUS vs. BNO - Sharpe Ratio Comparison

The current IEUS Sharpe Ratio is 0.89, which is lower than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of IEUS and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IEUSBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.89

2.23

-1.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.13

0.69

-0.55

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

0.37

-0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.14

+0.09

Drawdowns

IEUS vs. BNO - Drawdown Comparison

The maximum IEUS drawdown since its inception was -62.12%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IEUS and BNO.

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Drawdown Indicators

IEUSBNODifference

Max Drawdown

Largest peak-to-trough decline

-62.12%

-87.06%

+24.94%

Max Drawdown (1Y)

Largest decline over 1 year

-12.81%

-17.87%

+5.06%

Max Drawdown (3Y)

Largest decline over 3 years

-18.05%

-23.75%

+5.70%

Max Drawdown (5Y)

Largest decline over 5 years

-44.86%

-33.70%

-11.16%

Max Drawdown (10Y)

Largest decline over 10 years

-44.86%

-75.18%

+30.32%

Current Drawdown

Current decline from peak

-1.96%

-10.29%

+8.33%

Average Drawdown

Average peak-to-trough decline

-14.91%

-40.17%

+25.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.75%

9.45%

-5.70%

Volatility

IEUS vs. BNO - Volatility Comparison

The current volatility for iShares MSCI Europe Small-Cap ETF (IEUS) is 5.42%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that IEUS 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

IEUSBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.42%

14.22%

-8.80%

Volatility (6M)

Calculated over the trailing 6-month period

13.06%

36.10%

-23.04%

Volatility (1Y)

Calculated over the trailing 1-year period

15.91%

41.46%

-25.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.78%

35.38%

-14.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.51%

36.68%

-16.17%

IEUS vs. BNO - Expense Ratio Comparison

IEUS has a 0.40% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

IEUS vs. BNO - Dividend Comparison

IEUS's dividend yield for the trailing twelve months is around 3.02%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
BNO
United States Brent Oil Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IEUS
iShares MSCI Europe Small-Cap ETF		3.02%3.19%3.25%2.97%3.00%2.63%1.21%4.03%3.21%2.13%2.48%2.06%

Frequently Asked Questions

IEUS and BNO have a correlation of -0.39, 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 IEUS (5.42%). In terms of maximum drawdown, IEUS dropped -62.12% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.60% vs 7.44% for IEUS. On fees, IEUS is cheaper at 0.40% per year. On volatility, IEUS has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BNO has performed better with a 13.60% return vs 7.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEUS is cheaper with a 0.40% expense ratio, compared with 0.90% for BNO.

IEUS has the higher dividend yield at 3.02%, compared with 0.00% for BNO.

IEUS is categorized as Europe Equities, while BNO is Oil & Gas. IEUS tracks MSCI Europe Small Cap Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.40% for IEUS and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.23 vs 0.89), 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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