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IVE vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IVE vs. BNO

Last updated Jun 4, 2026

IVE (iShares S&P 500 Value ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IVE is a Large Cap Value Equities fund tracking the S&P 500 Value Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, IVE returned 11.76%/yr vs 13.60%/yr for BNO. At a 0.29 correlation, their price movements are largely independent. IVE charges 0.18%/yr vs 0.90%/yr for BNO.

Performance

IVE vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Value ETF (IVE) 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, IVE achieves a 7.46% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, IVE has underperformed BNO with an annualized return of 11.76%, while BNO has yielded a comparatively higher 13.60% annualized return.

IVE

1D
-0.35%
1M
2.24%
YTD
7.46%
6M
7.74%
1Y
21.15%
3Y*
15.57%
5Y*
10.54%
10Y*
11.76%

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)

IVE vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IVE
iShares S&P 500 Value ETF		7.46%13.02%12.03%22.07%-5.41%24.72%1.22%31.62%-9.22%15.24%
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 IVE and BNO is -0.22, 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

-0.22

Correlation (3Y)
Calculated over the trailing 3-year period

-0.03

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

0.12

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

0.23

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.29

The correlation between IVE and BNO shifts across timeframes, from -0.22 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares S&P 500 Value ETF

United States Brent Oil Fund LP

Often compared with IVE:
IVE vs. IVWIVE vs. IVVIVE vs. SPYIVE vs. VTVIVE vs. QQQIVE vs. VOOIVE vs. VOOV
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

IVE vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IVE
IVE Risk / Return Rank: 6666
Overall Rank
IVE Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
IVE Sortino Ratio Rank: 6464
Sortino Ratio Rank
IVE Omega Ratio Rank: 6363
Omega Ratio Rank
IVE Calmar Ratio Rank: 6868
Calmar Ratio Rank
IVE Martin Ratio Rank: 6969
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.

IVE vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Value ETF (IVE) 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.

IVEBNODifference
Sharpe ratioReturn per unit of total volatility
2.17
2.23

-0.06

Sortino ratioReturn per unit of downside risk
3.03
2.73

+0.31

Omega ratioGain probability vs. loss probability

1.39

1.38

+0.01

Calmar ratioReturn relative to maximum drawdown

3.43

5.17

-1.74

Martin ratioReturn relative to average drawdown

13.10

9.76

+3.34

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

IVE vs. BNO - Sharpe Ratio Comparison

The current IVE Sharpe Ratio is 2.17, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of IVE 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

IVEBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.17

2.23

-0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.69

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

0.37

+0.32

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.14

+0.25

Drawdowns

IVE vs. BNO - Drawdown Comparison

The maximum IVE drawdown since its inception was -61.32%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IVE and BNO.

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Drawdown Indicators

IVEBNODifference

Max Drawdown

Largest peak-to-trough decline

-61.32%

-87.06%

+25.74%

Max Drawdown (1Y)

Largest decline over 1 year

-6.19%

-17.87%

+11.68%

Max Drawdown (3Y)

Largest decline over 3 years

-17.58%

-23.75%

+6.17%

Max Drawdown (5Y)

Largest decline over 5 years

-18.04%

-33.70%

+15.66%

Max Drawdown (10Y)

Largest decline over 10 years

-37.04%

-75.18%

+38.14%

Current Drawdown

Current decline from peak

-0.55%

-10.29%

+9.74%

Average Drawdown

Average peak-to-trough decline

-10.10%

-40.17%

+30.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.62%

9.45%

-7.83%

Volatility

IVE vs. BNO - Volatility Comparison

The current volatility for iShares S&P 500 Value ETF (IVE) is 2.00%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that IVE 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

IVEBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.00%

14.22%

-12.22%

Volatility (6M)

Calculated over the trailing 6-month period

7.02%

36.10%

-29.08%

Volatility (1Y)

Calculated over the trailing 1-year period

9.79%

41.46%

-31.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.40%

35.38%

-20.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.96%

36.68%

-19.72%

IVE vs. BNO - Expense Ratio Comparison

IVE has a 0.18% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

IVE vs. BNO - Dividend Comparison

IVE's dividend yield for the trailing twelve months is around 1.52%, 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%
IVE
iShares S&P 500 Value ETF		1.52%1.61%2.04%1.65%2.10%1.81%2.37%2.11%2.74%2.12%2.26%2.44%

Frequently Asked Questions

IVE and BNO have a correlation of -0.22, 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 IVE (2.00%). In terms of maximum drawdown, IVE dropped -61.32% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.60% vs 11.76% for IVE. On fees, IVE is cheaper at 0.18% per year. On volatility, IVE has been the lower-risk option at 2.00%. 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 11.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IVE is cheaper with a 0.18% expense ratio, compared with 0.90% for BNO.

IVE has the higher dividend yield at 1.52%, compared with 0.00% for BNO.

IVE is categorized as Large Cap Value Equities, while BNO is Oil & Gas. IVE tracks S&P 500 Value Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.18% for IVE and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.23 vs 2.17), 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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