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IGSB vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGSB vs. BNO

Last updated Jun 5, 2026

IGSB (iShares Short-Term Corporate Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IGSB is a Corporate Bonds fund tracking the ICE BofAML 1-5 Year US Corporate Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, IGSB returned 2.75%/yr vs 13.13%/yr for BNO. At a correlation of -0.04, they often move in opposite directions. IGSB charges 0.06%/yr vs 0.90%/yr for BNO.

Performance

IGSB vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short-Term Corporate Bond ETF (IGSB) 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, IGSB achieves a 0.79% return, which is significantly lower than BNO's 85.31% return. Over the past 10 years, IGSB has underperformed BNO with an annualized return of 2.75%, while BNO has yielded a comparatively higher 13.13% annualized return.

IGSB

1D
0.08%
1M
0.27%
YTD
0.79%
6M
1.18%
1Y
4.52%
3Y*
5.69%
5Y*
2.44%
10Y*
2.75%

BNO

1D
-2.71%
1M
-9.80%
YTD
85.31%
6M
79.66%
1Y
88.71%
3Y*
26.74%
5Y*
23.48%
10Y*
13.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IGSB vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGSB
iShares Short-Term Corporate Bond ETF		0.79%6.96%4.97%6.40%-5.63%-0.56%5.37%7.11%1.25%1.27%
BNO
United States Brent Oil Fund LP		85.31%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between IGSB 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

-0.18

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

-0.11

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

-0.08

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

-0.04

Over the past year, the inverse relationship between IGSB and BNO has strengthened: their correlation has moved from -0.04 to -0.39, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

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

iShares Short-Term Corporate Bond ETF

United States Brent Oil Fund LP

Often compared with IGSB:
IGSB vs. VCSHIGSB vs. LQDIGSB vs. SPSBIGSB vs. IGIBIGSB vs. SLQDIGSB vs. FLDRIGSB vs. AGG
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

IGSB vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGSB
IGSB Risk / Return Rank: 7474
Overall Rank
IGSB Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
IGSB Sortino Ratio Rank: 8383
Sortino Ratio Rank
IGSB Omega Ratio Rank: 8080
Omega Ratio Rank
IGSB Calmar Ratio Rank: 6464
Calmar Ratio Rank
IGSB Martin Ratio Rank: 7070
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5757
Sortino Ratio Rank
BNO Omega Ratio Rank: 6161
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.

IGSB vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term Corporate Bond ETF (IGSB) 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.

IGSBBNODifference
Sharpe ratioReturn per unit of total volatility
2.38
2.15

+0.23

Sortino ratioReturn per unit of downside risk
3.68
2.65

+1.03

Omega ratioGain probability vs. loss probability

1.47

1.36

+0.11

Calmar ratioReturn relative to maximum drawdown

3.11

4.99

-1.88

Martin ratioReturn relative to average drawdown

12.72

9.39

+3.33

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

IGSB vs. BNO - Sharpe Ratio Comparison

The current IGSB Sharpe Ratio is 2.38, which is comparable to the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of IGSB 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

IGSBBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.38

2.15

+0.23

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.84

0.67

+0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.80

0.36

+0.44

Sharpe Ratio (All Time)

Calculated using the full available price history

0.70

0.14

+0.57

Drawdowns

IGSB vs. BNO - Drawdown Comparison

The maximum IGSB drawdown since its inception was -13.38%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IGSB and BNO.

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Drawdown Indicators

IGSBBNODifference

Max Drawdown

Largest peak-to-trough decline

-13.38%

-87.06%

+73.68%

Max Drawdown (1Y)

Largest decline over 1 year

-1.46%

-17.87%

+16.41%

Max Drawdown (3Y)

Largest decline over 3 years

-1.46%

-23.75%

+22.29%

Max Drawdown (5Y)

Largest decline over 5 years

-9.46%

-33.70%

+24.24%

Max Drawdown (10Y)

Largest decline over 10 years

-13.38%

-75.18%

+61.80%

Current Drawdown

Current decline from peak

-0.24%

-12.72%

+12.48%

Average Drawdown

Average peak-to-trough decline

-0.85%

-40.16%

+39.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.36%

9.48%

-9.12%

Volatility

IGSB vs. BNO - Volatility Comparison

The current volatility for iShares Short-Term Corporate Bond ETF (IGSB) is 0.57%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that IGSB 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

IGSBBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.57%

14.12%

-13.55%

Volatility (6M)

Calculated over the trailing 6-month period

1.41%

36.21%

-34.80%

Volatility (1Y)

Calculated over the trailing 1-year period

1.93%

41.56%

-39.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.93%

35.40%

-32.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.46%

36.69%

-33.23%

IGSB vs. BNO - Expense Ratio Comparison

IGSB has a 0.06% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

IGSB vs. BNO - Dividend Comparison

IGSB's dividend yield for the trailing twelve months is around 4.57%, 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%
IGSB
iShares Short-Term Corporate Bond ETF		4.57%4.44%4.02%3.26%2.07%1.82%2.36%3.06%2.46%1.65%1.45%1.18%

Frequently Asked Questions

IGSB 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 (14.12%) compared to IGSB (0.57%). In terms of maximum drawdown, IGSB dropped -13.38% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.13% vs 2.75% for IGSB. On fees, IGSB is cheaper at 0.06% per year. On volatility, IGSB has been the lower-risk option at 0.57%. 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 13.13% return vs 2.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IGSB is cheaper with a 0.06% expense ratio, compared with 0.90% for BNO.

IGSB has the higher dividend yield at 4.57%, compared with 0.00% for BNO.

IGSB is categorized as Corporate Bonds, while BNO is Oil & Gas. IGSB tracks ICE BofAML 1-5 Year US Corporate Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.06% for IGSB and 0.90% for BNO.

IGSB currently has the higher Sharpe Ratio (2.38 vs 2.15), 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.

Portfolio Optimizer

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