ITB vs. BNO
ITB (iShares U.S. Home Construction ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - ITB is a Building & Construction fund tracking the Dow Jones U.S. Select Home Construction Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, ITB returned 13.43%/yr vs 15.06%/yr for BNO. Their 0.12 correlation means their historical movements had little consistent relationship. ITB charges 0.38%/yr vs 1.00%/yr for BNO.
Performance
ITB vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, ITB achieves a -1.69% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, ITB has underperformed BNO with an annualized return of 13.43%, while BNO has yielded a comparatively higher 15.06% annualized return.
ITB
- 1D
- -1.18%
- 1M
- -8.32%
- 6M
- -7.21%
- YTD
- -1.69%
- 1Y
- -5.06%
- 3Y*
- 2.79%
- 5Y*
- 6.57%
- 10Y*
- 13.43%
- ALL TIME*
- 4.08%
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 | |
| $179.18M | $195.32M | $218.82M |
ITB vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ITB iShares U.S. Home Construction ETF | -1.69% | -5.26% | 2.06% | 68.91% | -26.26% | 49.25% | 26.42% | 48.70% | -30.92% | 59.65% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between ITB and BNO is -0.34, 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. | -0.35 |
Correlation (3Y) Balances recent behavior with more history. | -0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.12 |
The correlation between ITB and BNO shifts across timeframes, from -0.34 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ITB vs. BNO — Risk / Return Rank
ITB
BNO
ITB vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Home Construction ETF (ITB) 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.
| ITB | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.24 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | 1.70 | -1.80 |
| Martin ratioReturn relative to average drawdown | -0.17 | 5.15 | -5.32 |
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Drawdowns
ITB vs. BNO - Drawdown Comparison
The maximum ITB drawdown since its inception was -86.53%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for ITB and BNO.
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Drawdown Indicators
| ITB | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.53% | -87.06% | +0.53% |
Max Drawdown (1Y)Largest decline over 1 year | -26.04% | -34.46% | +8.42% |
Max Drawdown (3Y)Largest decline over 3 years | -33.35% | -34.46% | +1.11% |
Max Drawdown (5Y)Largest decline over 5 years | -40.55% | -34.46% | -6.09% |
Max Drawdown (10Y)Largest decline over 10 years | -52.10% | -75.18% | +23.08% |
Current DrawdownCurrent decline from peak | -25.47% | -16.21% | -9.26% |
Average DrawdownAverage peak-to-trough decline | -36.98% | -39.99% | +3.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.54% | 11.86% | +2.68% |
Volatility
ITB vs. BNO - Volatility Comparison
The current volatility for iShares U.S. Home Construction ETF (ITB) is 8.79%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that ITB 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
| ITB | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.79% | 17.47% | -8.68% |
Volatility (6M)Calculated over the trailing 6-month period | 22.03% | 40.96% | -18.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.51% | 44.54% | -15.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.57% | 36.41% | -6.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.20% | 36.98% | -6.78% |
ITB vs. BNO - Expense Ratio Comparison
ITB has a 0.38% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
ITB vs. BNO - Dividend Comparison
ITB's dividend yield for the trailing twelve months is around 0.68%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ITB iShares U.S. Home Construction ETF | 0.68% | 1.67% | 0.46% | 0.48% | 0.86% | 0.37% | 0.46% | 0.50% | 0.63% | 0.28% | 0.43% | 0.34% |
Frequently Asked Questions
ITB and BNO have a correlation of -0.34, 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 ITB (8.79%). In terms of maximum drawdown, ITB dropped -86.53% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs 13.43% for ITB. On fees, ITB is cheaper at 0.38% per year. On volatility, ITB has been the lower-risk option at 8.79%. 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 15.06% return vs 13.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ITB is cheaper with a 0.38% expense ratio, compared with 1.00% for BNO.
ITB has the higher dividend yield at 0.68%, compared with 0.00% for BNO.
ITB is categorized as Building & Construction, while BNO is Oil & Gas. ITB tracks Dow Jones U.S. Select Home Construction Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: iShares and USCF. Their fees differ too: 0.38% for ITB and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.09), 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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