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ISTB vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ISTB vs. BNO

Last updated Jun 4, 2026

ISTB (iShares Core 1-5 Year USD Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - ISTB is a Short-Term Bond fund tracking the BBG US Universal 1-5 Year Index (USD), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, ISTB returned 2.27%/yr vs 13.60%/yr for BNO. At a correlation of -0.06, they often move in opposite directions. ISTB charges 0.06%/yr vs 0.90%/yr for BNO.

Performance

ISTB vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core 1-5 Year USD Bond ETF (ISTB) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ISTB achieves a 0.49% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, ISTB has underperformed BNO with an annualized return of 2.27%, while BNO has yielded a comparatively higher 13.60% annualized return.

ISTB

1D
-0.08%
1M
0.15%
YTD
0.49%
6M
0.71%
1Y
4.19%
3Y*
4.95%
5Y*
1.85%
10Y*
2.27%

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

ISTB vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ISTB
iShares Core 1-5 Year USD Bond ETF		0.49%6.36%4.37%5.56%-6.08%-0.71%4.75%5.61%1.02%1.72%
BNO
United States Brent Oil Fund LP		90.47%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between ISTB 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 (3Y)
Calculated over the trailing 3-year period

-0.20

Correlation (5Y)
Calculated over the trailing 5-year period

-0.12

Correlation (10Y)
Calculated over the trailing 10-year period

-0.08

Correlation (All Time)
Calculated using the full available price history since Oct 25, 2012

-0.06

Over the past year, the inverse relationship between ISTB and BNO has strengthened: their correlation has moved from -0.06 to -0.40, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core 1-5 Year USD Bond ETF

United States Brent Oil Fund LP

Often compared with ISTB:
ISTB vs. BSVISTB vs. AGGISTB vs. FUMBXISTB vs. IMTBISTB vs. SHYISTB vs. IAGGISTB vs. FIBR
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

ISTB vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ISTB
ISTB Risk / Return Rank: 7373
Overall Rank
ISTB Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
ISTB Sortino Ratio Rank: 8181
Sortino Ratio Rank
ISTB Omega Ratio Rank: 7777
Omega Ratio Rank
ISTB Calmar Ratio Rank: 6767
Calmar Ratio Rank
ISTB Martin Ratio Rank: 6868
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

ISTB vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core 1-5 Year USD Bond ETF (ISTB) 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.

ISTBBNODifference
Sharpe ratioReturn per unit of total volatility
2.37
2.23

+0.14

Sortino ratioReturn per unit of downside risk
3.69
2.73

+0.97

Omega ratioGain probability vs. loss probability

1.46

1.38

+0.09

Calmar ratioReturn relative to maximum drawdown

3.34

5.17

-1.83

Martin ratioReturn relative to average drawdown

12.72

9.76

+2.96

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISTB vs. BNO - Sharpe Ratio Comparison

The current ISTB Sharpe Ratio is 2.37, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of ISTB 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.

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Sharpe Ratios by Period

ISTBBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.37

2.23

+0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.69

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.91

0.37

+0.54

Sharpe Ratio (All Time)

Calculated using the full available price history

0.84

0.14

+0.70

Drawdowns

ISTB vs. BNO - Drawdown Comparison

The maximum ISTB drawdown since its inception was -9.34%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for ISTB and BNO.

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Drawdown Indicators

ISTBBNODifference

Max Drawdown

Largest peak-to-trough decline

-9.34%

-87.06%

+77.72%

Max Drawdown (1Y)

Largest decline over 1 year

-1.26%

-17.87%

+16.61%

Max Drawdown (3Y)

Largest decline over 3 years

-1.36%

-23.75%

+22.39%

Max Drawdown (5Y)

Largest decline over 5 years

-9.34%

-33.70%

+24.36%

Max Drawdown (10Y)

Largest decline over 10 years

-9.34%

-75.18%

+65.84%

Current Drawdown

Current decline from peak

-0.42%

-10.29%

+9.87%

Average Drawdown

Average peak-to-trough decline

-1.22%

-40.17%

+38.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.33%

9.45%

-9.12%

Volatility

ISTB vs. BNO - Volatility Comparison

The current volatility for iShares Core 1-5 Year USD Bond ETF (ISTB) is 0.54%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that ISTB 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

ISTBBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.54%

14.22%

-13.68%

Volatility (6M)

Calculated over the trailing 6-month period

1.28%

36.10%

-34.82%

Volatility (1Y)

Calculated over the trailing 1-year period

1.77%

41.46%

-39.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.79%

35.38%

-32.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.51%

36.68%

-34.17%

ISTB vs. BNO - Expense Ratio Comparison

ISTB has a 0.06% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

ISTB vs. BNO - Dividend Comparison

ISTB's dividend yield for the trailing twelve months is around 4.25%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
BNO
United States Brent Oil Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ISTB
iShares Core 1-5 Year USD Bond ETF		4.25%4.12%3.83%2.97%2.01%1.69%2.20%2.75%2.57%2.06%1.90%1.58%

Frequently Asked Questions

ISTB 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.

BNO has higher volatility (14.22%) compared to ISTB (0.54%). In terms of maximum drawdown, ISTB dropped -9.34% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.60% vs 2.27% for ISTB. On fees, ISTB is cheaper at 0.06% per year. On volatility, ISTB has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BNO has performed better with a 13.60% return vs 2.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ISTB is cheaper with a 0.06% expense ratio, compared with 0.90% for BNO.

ISTB has the higher dividend yield at 4.25%, compared with 0.00% for BNO.

ISTB is categorized as Short-Term Bond, while BNO is Oil & Gas. ISTB tracks BBG US Universal 1-5 Year Index (USD), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.06% for ISTB and 0.90% for BNO.

ISTB currently has the higher Sharpe Ratio (2.37 vs 2.23), 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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