IJUN vs. BNO

Last updated Aug 2, 2026

IJUN (Innovator International Developed Power Buffer ETF - June) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IJUN is a Defined Outcome fund actively managed by Innovator, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. IJUN is actively managed, while BNO is passively managed. Over the past year, IJUN returned 15.38% vs 62.83% for BNO. Their -0.12 correlation means they have often moved in opposite directions in the past. IJUN charges 0.85%/yr vs 1.00%/yr for BNO.

Performance

IJUN vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF - June (IJUN) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IJUN achieves a 7.96% return, which is significantly lower than BNO's 77.90% return.

IJUN

• 1D: -0.16%
• 1M: 0.80%
• 6M: 5.58%
• YTD: 7.96%
• 1Y: 15.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.90%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
IJUN Innovator International Developed Power Buffer ETF - June	$229.68K	$234.87K	$1.35M

IJUN vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IJUN Innovator International Developed Power Buffer ETF - June	7.96%	18.70%	-2.46%
BNO United States Brent Oil Fund LP	77.90%	-5.44%	-1.55%

Correlation

The correlation between IJUN and BNO is -0.33, 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.	-0.33
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	-0.12

Over the past year, the inverse relationship between IJUN and BNO has strengthened: their correlation has moved from -0.12 to -0.33, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

IJUN vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IJUN

IJUN Risk / Return Rank: 83
IJUN Sharpe Ratio Rank: 81
IJUN Sortino Ratio Rank: 83
IJUN Omega Ratio Rank: 83
IJUN Calmar Ratio Rank: 80
IJUN Martin Ratio Rank: 86

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IJUN vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - June (IJUN) 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.

	IJUN	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.32	+0.59
Sortino ratio: Return per unit of downside risk	2.76	1.90	+0.86
Omega ratio: Gain probability vs. loss probability	1.36	1.24	+0.12
Calmar ratio: Return relative to maximum drawdown	2.93	1.70	+1.23
Martin ratio: Return relative to average drawdown	12.31	5.15	+7.16

IJUN vs. BNO - Sharpe Ratio Comparison

The current IJUN Sharpe Ratio is 1.91, which is higher than the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of IJUN 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.

Drawdowns

IJUN vs. BNO - Drawdown Comparison

The maximum IJUN drawdown since its inception was -7.31%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IJUN and BNO.

Drawdown Indicators

	IJUN	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-7.31%	-87.06%	+79.75%
Max Drawdown (1Y) Largest decline over 1 year	-5.25%	-34.46%	+29.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-0.16%	-16.21%	+16.05%
Average Drawdown Average peak-to-trough decline	-1.64%	-39.99%	+38.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	11.86%	-10.61%

Volatility

IJUN vs. BNO - Volatility Comparison

The current volatility for Innovator International Developed Power Buffer ETF - June (IJUN) is 2.54%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that IJUN 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.

Volatility by Period

	IJUN	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	17.47%	-14.93%
Volatility (6M) Calculated over the trailing 6-month period	6.81%	40.96%	-34.15%
Volatility (1Y) Calculated over the trailing 1-year period	8.09%	44.54%	-36.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.94%	36.41%	-27.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.94%	36.98%	-28.04%

IJUN vs. BNO - Expense Ratio Comparison

IJUN has a 0.85% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

IJUN vs. BNO - Dividend Comparison

Neither IJUN nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IJUN and BNO in my portfolio?

IJUN and BNO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IJUN or BNO?

BNO has higher volatility (17.47%) compared to IJUN (2.54%). In terms of maximum drawdown, IJUN dropped -7.31% vs BNO's -87.06%.

Which ETF is better, IJUN or BNO?

On 1-year performance, BNO leads with 62.83% vs 15.38% for IJUN. On fees, IJUN is cheaper at 0.85% per year. On volatility, IJUN has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IJUN or BNO?

Over the 1-year period, BNO has performed better with a 62.83% return vs 15.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IJUN or BNO?

IJUN is cheaper with a 0.85% expense ratio, compared with 1.00% for BNO.

Which ETF pays a higher dividend yield, IJUN or BNO?

IJUN and BNO have nearly identical dividend yields, around 0.00%.

What is the main difference between IJUN and BNO?

IJUN is categorized as Defined Outcome, while BNO is Oil & Gas. They also come from different issuers: Innovator and USCF. Their fees differ too: 0.85% for IJUN and 1.00% for BNO.

Which has better risk-adjusted returns?

IJUN currently has the higher Sharpe Ratio (1.91 vs 1.32), 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.