INVG vs. BNO

Last updated Jun 24, 2026

INVG (GMO Systematic Investment Grade Credit ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - INVG is a Corporate Bonds fund actively managed by GMO, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. INVG is actively managed, while BNO is passively managed. Over the past year, INVG returned 5.23% vs 38.79% for BNO. At a correlation of -0.39, they often move in opposite directions. INVG charges 0.25%/yr vs 1.00%/yr for BNO.

Performance

INVG vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Systematic Investment Grade Credit ETF (INVG) 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, INVG achieves a 0.96% return, which is significantly lower than BNO's 50.21% return.

INVG

• 1D: 0.16%
• 1M: 0.87%
• YTD: 0.96%
• 6M: 1.01%
• 1Y: 5.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -1.35%
• 1M: -22.65%
• YTD: 50.21%
• 6M: 47.81%
• 1Y: 38.79%
• 3Y*: 19.32%
• 5Y*: 17.15%
• 10Y*: 11.25%

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

INVG vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
INVG GMO Systematic Investment Grade Credit ETF	0.96%	5.03%
BNO United States Brent Oil Fund LP	50.21%	0.75%

Correlation

The correlation between INVG and BNO is -0.40, 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	-0.40
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	-0.39

Return for Risk

INVG vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INVG

INVG Risk / Return Rank: 36
INVG Sharpe Ratio Rank: 36
INVG Sortino Ratio Rank: 36
INVG Omega Ratio Rank: 33
INVG Calmar Ratio Rank: 36
INVG Martin Ratio Rank: 37

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 27
BNO Sortino Ratio Rank: 28
BNO Omega Ratio Rank: 29
BNO Calmar Ratio Rank: 28
BNO Martin Ratio Rank: 31

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.

INVG vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Systematic Investment Grade Credit ETF (INVG) 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.

	INVG	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.95	+0.23
Sortino ratio: Return per unit of downside risk	1.74	1.49	+0.25
Omega ratio: Gain probability vs. loss probability	1.21	1.19	+0.01
Calmar ratio: Return relative to maximum drawdown	1.67	1.33	+0.33
Martin ratio: Return relative to average drawdown	5.31	4.21	+1.10

INVG vs. BNO - Sharpe Ratio Comparison

The current INVG Sharpe Ratio is 1.18, which is comparable to the BNO Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of INVG 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

INVG vs. BNO - Drawdown Comparison

The maximum INVG drawdown since its inception was -3.15%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for INVG and BNO.

Drawdown Indicators

	INVG	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-3.15%	-87.06%	+83.91%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-29.25%	+26.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-0.61%	-29.25%	+28.64%
Average Drawdown Average peak-to-trough decline	-0.71%	-40.10%	+39.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	9.28%	-8.29%

Volatility

INVG vs. BNO - Volatility Comparison

The current volatility for GMO Systematic Investment Grade Credit ETF (INVG) is 1.26%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that INVG 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

	INVG	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	10.92%	-9.66%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	37.29%	-33.88%
Volatility (1Y) Calculated over the trailing 1-year period	4.45%	41.67%	-37.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.45%	35.65%	-31.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.45%	36.68%	-32.23%

INVG vs. BNO - Expense Ratio Comparison

INVG has a 0.25% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

INVG vs. BNO - Dividend Comparison

INVG's dividend yield for the trailing twelve months is around 4.66%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
INVG GMO Systematic Investment Grade Credit ETF	4.66%	2.81%

Frequently Asked Questions

Can I hold both INVG and BNO in my portfolio?

INVG and BNO have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INVG or BNO?

BNO has higher volatility (10.92%) compared to INVG (1.26%). In terms of maximum drawdown, INVG dropped -3.15% vs BNO's -87.06%.

Which ETF is better, INVG or BNO?

On 1-year performance, BNO leads with 38.79% vs 5.23% for INVG. On fees, INVG is cheaper at 0.25% per year. On volatility, INVG has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INVG or BNO?

Over the 1-year period, BNO has performed better with a 38.79% return vs 5.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INVG or BNO?

INVG is cheaper with a 0.25% expense ratio, compared with 1.00% for BNO.

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

INVG has the higher dividend yield at 4.66%, compared with 0.00% for BNO.

What is the main difference between INVG and BNO?

INVG is categorized as Corporate Bonds, while BNO is Oil & Gas. They also come from different issuers: GMO and USCF Investments. Their fees differ too: 0.25% for INVG and 1.00% for BNO.

Which has better risk-adjusted returns?

INVG currently has the higher Sharpe Ratio (1.18 vs 0.95), 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.