IVRS vs. BNO
IVRS (iShares Future Metaverse Tech And Communications ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IVRS is a Technology Equities fund tracking the Morningstar Global Metaverse & Virtual Interaction Select Index - Benchmark TR Net, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 3 years, IVRS returned 9.45%/yr vs 26.74%/yr for BNO. At a correlation of -0.02, they often move in opposite directions. IVRS charges 0.47%/yr vs 0.90%/yr for BNO.
Performance
IVRS vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, IVRS achieves a -5.16% return, which is significantly lower than BNO's 85.31% return.
IVRS
- 1D
- 0.38%
- 1M
- 1.21%
- YTD
- -5.16%
- 6M
- -8.31%
- 1Y
- -1.69%
- 3Y*
- 9.45%
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
IVRS vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IVRS iShares Future Metaverse Tech And Communications ETF | -5.16% | 12.75% | 7.40% | 28.15% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -2.15% |
Correlation
The correlation between IVRS and BNO is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2023 | -0.02 |
Over the past year, the inverse relationship between IVRS and BNO has strengthened: their correlation has moved from -0.02 to -0.24, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
IVRS vs. BNO — Risk / Return Rank
IVRS
BNO
IVRS vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Future Metaverse Tech And Communications ETF (IVRS) 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.
| IVRS | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.22 | ||
| Sortino ratioReturn per unit of downside risk | -2.61 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.36 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 4.99 | -5.04 |
| Martin ratioReturn relative to average drawdown | -0.12 | 9.39 | -9.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IVRS | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.08 | 2.15 | -2.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.14 | +0.48 |
Drawdowns
IVRS vs. BNO - Drawdown Comparison
The maximum IVRS drawdown since its inception was -31.43%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IVRS and BNO.
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Drawdown Indicators
| IVRS | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.43% | -87.06% | +55.63% |
Max Drawdown (1Y)Largest decline over 1 year | -31.43% | -17.87% | -13.56% |
Max Drawdown (3Y)Largest decline over 3 years | -31.43% | -23.75% | -7.68% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -18.41% | -12.72% | -5.69% |
Average DrawdownAverage peak-to-trough decline | -5.83% | -40.16% | +34.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.60% | 9.48% | +5.12% |
Volatility
IVRS vs. BNO - Volatility Comparison
The current volatility for iShares Future Metaverse Tech And Communications ETF (IVRS) is 5.53%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that IVRS 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
| IVRS | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.53% | 14.12% | -8.59% |
Volatility (6M)Calculated over the trailing 6-month period | 18.59% | 36.21% | -17.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.85% | 41.56% | -19.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.48% | 35.40% | -14.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.48% | 36.69% | -16.21% |
IVRS vs. BNO - Expense Ratio Comparison
IVRS has a 0.47% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
IVRS vs. BNO - Dividend Comparison
IVRS's dividend yield for the trailing twelve months is around 8.31%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
IVRS iShares Future Metaverse Tech And Communications ETF | 8.31% | 7.88% | 6.65% | 0.48% |
Frequently Asked Questions
IVRS and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to IVRS (5.53%). In terms of maximum drawdown, IVRS dropped -31.43% vs BNO's -87.06%.
On 3-year performance, BNO leads with 26.74% vs 9.45% for IVRS. On fees, IVRS is cheaper at 0.47% per year. On volatility, IVRS has been the lower-risk option at 5.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 26.74% return vs 9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVRS is cheaper with a 0.47% expense ratio, compared with 0.90% for BNO.
IVRS has the higher dividend yield at 8.31%, compared with 0.00% for BNO.
IVRS is categorized as Technology Equities, while BNO is Oil & Gas. IVRS tracks Morningstar Global Metaverse & Virtual Interaction Select Index - Benchmark TR Net, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.47% for IVRS and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.08), 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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