INDE vs. BNO
INDE (Matthews India Active ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - INDE is a Asia Pacific Equities fund actively managed by Matthews, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. INDE is actively managed, while BNO is passively managed. Over the past year, INDE returned -5.01% vs 91.89% for BNO. At a correlation of -0.11, they often move in opposite directions. INDE charges 0.79%/yr vs 0.90%/yr for BNO.
Performance
INDE vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, INDE achieves a -8.87% return, which is significantly lower than BNO's 90.47% return.
INDE
- 1D
- -1.13%
- 1M
- 1.10%
- YTD
- -8.87%
- 6M
- -8.36%
- 1Y
- -5.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
INDE vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
INDE Matthews India Active ETF | -8.87% | 2.39% | 10.95% | 8.18% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -14.79% |
Correlation
The correlation between INDE and BNO is -0.33, 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 | -0.33 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023 | -0.11 |
Over the past year, the inverse relationship between INDE and BNO has strengthened: their correlation has moved from -0.11 to -0.33, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
INDE vs. BNO — Risk / Return Rank
INDE
BNO
INDE vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews India Active ETF (INDE) 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.
| INDE | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.53 | ||
| Sortino ratioReturn per unit of downside risk | -3.06 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.38 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 5.17 | -5.43 |
| Martin ratioReturn relative to average drawdown | -0.71 | 9.76 | -10.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| INDE | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.30 | 2.23 | -2.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.14 | +0.12 |
Drawdowns
INDE vs. BNO - Drawdown Comparison
The maximum INDE drawdown since its inception was -22.89%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for INDE and BNO.
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Drawdown Indicators
| INDE | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.89% | -87.06% | +64.17% |
Max Drawdown (1Y)Largest decline over 1 year | -19.10% | -17.87% | -1.23% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
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 | -15.61% | -10.29% | -5.32% |
Average DrawdownAverage peak-to-trough decline | -7.52% | -40.17% | +32.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.13% | 9.45% | -2.32% |
Volatility
INDE vs. BNO - Volatility Comparison
The current volatility for Matthews India Active ETF (INDE) is 6.75%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that INDE 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
| INDE | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.75% | 14.22% | -7.47% |
Volatility (6M)Calculated over the trailing 6-month period | 14.33% | 36.10% | -21.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.62% | 41.46% | -24.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.51% | 35.38% | -18.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.51% | 36.68% | -20.17% |
INDE vs. BNO - Expense Ratio Comparison
INDE has a 0.79% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
INDE vs. BNO - Dividend Comparison
INDE's dividend yield for the trailing twelve months is around 1.93%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% |
INDE Matthews India Active ETF | 1.93% | 1.75% | 0.56% |
Frequently Asked Questions
INDE 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.
BNO has higher volatility (14.22%) compared to INDE (6.75%). In terms of maximum drawdown, INDE dropped -22.89% vs BNO's -87.06%.
On 1-year performance, BNO leads with 91.89% vs -5.01% for INDE. On fees, INDE is cheaper at 0.79% per year. On volatility, INDE has been the lower-risk option at 6.75%. 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 91.89% return vs -5.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INDE is cheaper with a 0.79% expense ratio, compared with 0.90% for BNO.
INDE has the higher dividend yield at 1.93%, compared with 0.00% for BNO.
INDE is categorized as Asia Pacific Equities, while BNO is Oil & Gas. They also come from different issuers: Matthews and Concierge Technologies. Their fees differ too: 0.79% for INDE and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs -0.30), 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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