IOPP vs. BNO
IOPP (Simplify Tara India Opportunities ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IOPP is a India Equities fund actively managed by Simplify, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. IOPP is actively managed, while BNO is passively managed. Over the past year, IOPP returned -0.44% vs 62.83% for BNO. Their -0.16 correlation means they have often moved in opposite directions in the past. IOPP charges 0.73%/yr vs 1.00%/yr for BNO.
Performance
IOPP vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, IOPP achieves a -1.52% return, which is significantly lower than BNO's 77.90% return.
IOPP
- 1D
- 0.24%
- 1M
- 2.09%
- 6M
- 3.42%
- YTD
- -1.52%
- 1Y
- -0.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.86%
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 | |
| $120.79K | $149.59K | $72.78K |
IOPP vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IOPP Simplify Tara India Opportunities ETF | -1.52% | 1.86% | 14.31% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | -0.50% |
Correlation
The correlation between IOPP and BNO is -0.38, 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. | -0.38 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2024 | -0.16 |
Over the past year, the inverse relationship between IOPP and BNO has strengthened: their correlation has moved from -0.16 to -0.38, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
IOPP vs. BNO — Risk / Return Rank
IOPP
BNO
IOPP vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Tara India Opportunities ETF (IOPP) 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.
| IOPP | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.24 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 1.70 | -1.73 |
| Martin ratioReturn relative to average drawdown | -0.07 | 5.15 | -5.22 |
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Drawdowns
IOPP vs. BNO - Drawdown Comparison
The maximum IOPP drawdown since its inception was -23.67%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IOPP and BNO.
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Drawdown Indicators
| IOPP | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.67% | -87.06% | +63.39% |
Max Drawdown (1Y)Largest decline over 1 year | -19.42% | -34.46% | +15.04% |
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 DrawdownCurrent decline from peak | -10.05% | -16.21% | +6.16% |
Average DrawdownAverage peak-to-trough decline | -9.10% | -39.99% | +30.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.89% | 11.86% | -3.97% |
Volatility
IOPP vs. BNO - Volatility Comparison
The current volatility for Simplify Tara India Opportunities ETF (IOPP) is 3.88%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that IOPP 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
| IOPP | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.88% | 17.47% | -13.59% |
Volatility (6M)Calculated over the trailing 6-month period | 14.60% | 40.96% | -26.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.31% | 44.54% | -27.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.65% | 36.41% | -19.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.65% | 36.98% | -20.33% |
IOPP vs. BNO - Expense Ratio Comparison
IOPP has a 0.73% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
IOPP vs. BNO - Dividend Comparison
IOPP's dividend yield for the trailing twelve months is around 0.37%, 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% |
IOPP Simplify Tara India Opportunities ETF | 0.37% | 0.29% | 6.96% |
Frequently Asked Questions
IOPP and BNO have a correlation of -0.38, 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 IOPP (3.88%). In terms of maximum drawdown, IOPP dropped -23.67% vs BNO's -87.06%.
On 1-year performance, BNO leads with 62.83% vs -0.44% for IOPP. On fees, IOPP is cheaper at 0.73% per year. On volatility, IOPP has been the lower-risk option at 3.88%. 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 62.83% return vs -0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IOPP is cheaper with a 0.73% expense ratio, compared with 1.00% for BNO.
IOPP has the higher dividend yield at 0.37%, compared with 0.00% for BNO.
IOPP is categorized as India Equities, while BNO is Oil & Gas. They also come from different issuers: Simplify and USCF. Their fees differ too: 0.73% for IOPP and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.03), 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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