INQQ vs. BNO
INQQ (India Internet & Ecommerce ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - INQQ is a Asia Pacific Equities fund tracking the INQQ The India Internet & Ecommerce Index - Benchmark TR Gross, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 3 years, INQQ returned 3.61%/yr vs 26.74%/yr for BNO. At a correlation of -0.01, they often move in opposite directions. INQQ charges 0.86%/yr vs 0.90%/yr for BNO.
Performance
INQQ vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, INQQ achieves a -17.70% return, which is significantly lower than BNO's 85.31% return.
INQQ
- 1D
- 1.28%
- 1M
- -5.11%
- YTD
- -17.70%
- 6M
- -19.24%
- 1Y
- -23.05%
- 3Y*
- 3.61%
- 5Y*
- —
- 10Y*
- —
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%
INQQ vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
INQQ India Internet & Ecommerce ETF | -17.70% | -7.05% | 19.12% | 31.45% | -34.73% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | -2.65% |
Correlation
The correlation between INQQ and BNO is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2022 | -0.01 |
Over the past year, the inverse relationship between INQQ and BNO has strengthened: their correlation has moved from -0.01 to -0.37, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
INQQ vs. BNO — Risk / Return Rank
INQQ
BNO
INQQ vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for India Internet & Ecommerce ETF (INQQ) 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.
| INQQ | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.47 | ||
| Sortino ratioReturn per unit of downside risk | -4.55 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.36 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 4.99 | -5.75 |
| Martin ratioReturn relative to average drawdown | -1.62 | 9.39 | -11.00 |
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
| INQQ | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.32 | 2.15 | -3.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.29 | 0.14 | -0.42 |
Drawdowns
INQQ vs. BNO - Drawdown Comparison
The maximum INQQ drawdown since its inception was -40.53%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for INQQ and BNO.
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Drawdown Indicators
| INQQ | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.53% | -87.06% | +46.53% |
Max Drawdown (1Y)Largest decline over 1 year | -30.41% | -17.87% | -12.54% |
Max Drawdown (3Y)Largest decline over 3 years | -32.45% | -23.75% | -8.70% |
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 | -27.58% | -12.72% | -14.86% |
Average DrawdownAverage peak-to-trough decline | -17.06% | -40.16% | +23.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.29% | 9.48% | +4.81% |
Volatility
INQQ vs. BNO - Volatility Comparison
The current volatility for India Internet & Ecommerce ETF (INQQ) is 6.00%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that INQQ 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
| INQQ | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.00% | 14.12% | -8.12% |
Volatility (6M)Calculated over the trailing 6-month period | 14.67% | 36.21% | -21.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.57% | 41.56% | -23.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.97% | 35.40% | -15.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.97% | 36.69% | -16.72% |
INQQ vs. BNO - Expense Ratio Comparison
INQQ has a 0.86% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
INQQ vs. BNO - Dividend Comparison
INQQ's dividend yield for the trailing twelve months is around 2.71%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
INQQ India Internet & Ecommerce ETF | 2.71% | 2.23% | 1.18% | 0.04% |
Frequently Asked Questions
INQQ and BNO have a correlation of -0.37, 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 INQQ (6.00%). In terms of maximum drawdown, INQQ dropped -40.53% vs BNO's -87.06%.
On 3-year performance, BNO leads with 26.74% vs 3.61% for INQQ. On fees, INQQ is cheaper at 0.86% per year. On volatility, INQQ has been the lower-risk option at 6.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 26.74% return vs 3.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INQQ is cheaper with a 0.86% expense ratio, compared with 0.90% for BNO.
INQQ has the higher dividend yield at 2.71%, compared with 0.00% for BNO.
INQQ is categorized as Asia Pacific Equities, while BNO is Oil & Gas. INQQ tracks INQQ The India Internet & Ecommerce Index - Benchmark TR Gross, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: India and Concierge Technologies. Their fees differ too: 0.86% for INQQ and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 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.
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