IHI vs. BNO
IHI (iShares U.S. Medical Devices ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IHI is a Health & Biotech Equities fund tracking the Dow Jones U.S. Select Medical Equipment Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, IHI returned 8.58%/yr vs 15.06%/yr for BNO. Their 0.13 correlation means their historical movements had little consistent relationship. IHI charges 0.38%/yr vs 1.00%/yr for BNO.
Performance
IHI vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, IHI achieves a -15.32% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, IHI has underperformed BNO with an annualized return of 8.58%, while BNO has yielded a comparatively higher 15.06% annualized return.
IHI
- 1D
- -0.44%
- 1M
- 1.21%
- 6M
- -12.40%
- YTD
- -15.32%
- 1Y
- -11.60%
- 3Y*
- -1.46%
- 5Y*
- -3.35%
- 10Y*
- 8.58%
- ALL TIME*
- 10.02%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $145.90M | $167.07M | $148.77M |
IHI vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IHI iShares U.S. Medical Devices ETF | -15.32% | 6.88% | 8.62% | 3.24% | -19.80% | 21.03% | 24.17% | 32.75% | 15.45% | 30.81% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between IHI and BNO is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.13 |
The correlation between IHI and BNO shifts across timeframes, from -0.28 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IHI vs. BNO — Risk / Return Rank
IHI
BNO
IHI vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Medical Devices ETF (IHI) 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.
| IHI | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.91 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.24 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.45 | 1.70 | -2.15 |
| Martin ratioReturn relative to average drawdown | -0.88 | 5.15 | -6.03 |
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Drawdowns
IHI vs. BNO - Drawdown Comparison
The maximum IHI drawdown since its inception was -49.65%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IHI and BNO.
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Drawdown Indicators
| IHI | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.65% | -87.06% | +37.41% |
Max Drawdown (1Y)Largest decline over 1 year | -26.11% | -34.46% | +8.35% |
Max Drawdown (3Y)Largest decline over 3 years | -26.64% | -34.46% | +7.82% |
Max Drawdown (5Y)Largest decline over 5 years | -33.12% | -34.46% | +1.34% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -75.18% | +41.93% |
Current DrawdownCurrent decline from peak | -20.04% | -16.21% | -3.83% |
Average DrawdownAverage peak-to-trough decline | -8.43% | -39.99% | +31.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.27% | 11.86% | +1.41% |
Volatility
IHI vs. BNO - Volatility Comparison
The current volatility for iShares U.S. Medical Devices ETF (IHI) is 9.58%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that IHI 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
| IHI | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.58% | 17.47% | -7.89% |
Volatility (6M)Calculated over the trailing 6-month period | 16.58% | 40.96% | -24.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.90% | 44.54% | -24.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.55% | 36.41% | -16.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.01% | 36.98% | -16.97% |
IHI vs. BNO - Expense Ratio Comparison
IHI has a 0.38% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
IHI vs. BNO - Dividend Comparison
IHI's dividend yield for the trailing twelve months is around 0.46%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IHI iShares U.S. Medical Devices ETF | 0.46% | 0.34% | 0.46% | 0.53% | 0.45% | 0.25% | 0.25% | 0.33% | 0.26% | 0.37% | 0.55% | 1.28% |
Frequently Asked Questions
IHI and BNO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to IHI (9.58%). In terms of maximum drawdown, IHI dropped -49.65% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs 8.58% for IHI. On fees, IHI is cheaper at 0.38% per year. On volatility, IHI has been the lower-risk option at 9.58%. 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 15.06% return vs 8.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IHI is cheaper with a 0.38% expense ratio, compared with 1.00% for BNO.
IHI has the higher dividend yield at 0.46%, compared with 0.00% for BNO.
IHI is categorized as Health & Biotech Equities, while BNO is Oil & Gas. IHI tracks Dow Jones U.S. Select Medical Equipment Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: iShares and USCF. Their fees differ too: 0.38% for IHI and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.59), 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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