IRET vs. BNO

Last updated Jun 24, 2026

IRET (iREIT MarketVector Quality REIT Index ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IRET is a REIT fund tracking the iREIT MarketVector Quality REIT Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. At a correlation of -0.08, they often move in opposite directions. IRET charges 0.60%/yr vs 1.00%/yr for BNO.

Performance

IRET vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iREIT MarketVector Quality REIT Index ETF (IRET) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IRET

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 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)

IRET vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IRET iREIT MarketVector Quality REIT Index ETF	14.33%	-0.94%	2.95%
BNO United States Brent Oil Fund LP	50.21%	-5.44%	0.40%

Correlation

The correlation between IRET and BNO is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024	-0.08

Return for Risk

IRET vs. BNO — Risk / Return Rank

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

IRET

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

IRET vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iREIT MarketVector Quality REIT Index ETF (IRET) 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.

	IRET	BNO	Difference
Sharpe ratio: Return per unit of total volatility	—	0.95	—
Sortino ratio: Return per unit of downside risk	—	1.49	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	1.33	—
Martin ratio: Return relative to average drawdown	—	4.21	—

Drawdowns

Drawdown Indicators

	IRET	BNO	Difference
Max Drawdown Largest peak-to-trough decline	—	-87.06%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-29.25%	—
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	—	-29.25%	—
Average Drawdown Average peak-to-trough decline	—	-40.10%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.28%	—

Volatility

Volatility by Period

	IRET	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	37.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	41.67%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	35.65%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	36.68%	—

IRET vs. BNO - Expense Ratio Comparison

IRET has a 0.60% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

IRET vs. BNO - Dividend Comparison

IRET's dividend yield for the trailing twelve months is around 3.79%, 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%
IRET iREIT MarketVector Quality REIT Index ETF	3.79%	5.14%	3.52%

Frequently Asked Questions

Can I hold both IRET and BNO in my portfolio?

IRET and BNO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IRET or BNO?

On fees, IRET is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IRET or BNO?

IRET is cheaper with a 0.60% expense ratio, compared with 1.00% for BNO.

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

IRET has the higher dividend yield at 3.79%, compared with 0.00% for BNO.

What is the main difference between IRET and BNO?

IRET is categorized as REIT, while BNO is Oil & Gas. IRET tracks iREIT MarketVector Quality REIT Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: iREIT and USCF Investments. Their fees differ too: 0.60% for IRET and 1.00% for BNO.