IWMW vs. BNO
IWMW (iShares Russell 2000 BuyWrite ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - IWMW is a Derivative Income fund tracking the Cboe FTSE Russell IWM 2% OTM BuyWrite Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past year, IWMW returned 25.30% vs 88.71% for BNO. At a correlation of -0.06, they often move in opposite directions. IWMW charges 0.39%/yr vs 0.90%/yr for BNO.
Performance
IWMW vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, IWMW achieves a 9.09% return, which is significantly lower than BNO's 85.31% return.
IWMW
- 1D
- 0.55%
- 1M
- 2.91%
- YTD
- 9.09%
- 6M
- 9.30%
- 1Y
- 25.30%
- 3Y*
- —
- 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%
IWMW vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IWMW iShares Russell 2000 BuyWrite ETF | 9.09% | 7.82% | 6.09% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | -3.48% |
Correlation
The correlation between IWMW and BNO is -0.25, 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 | -0.25 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024 | -0.06 |
The correlation between IWMW and BNO shifts across timeframes, from -0.25 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IWMW vs. BNO — Risk / Return Rank
IWMW
BNO
IWMW vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 BuyWrite ETF (IWMW) 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.
| IWMW | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.36 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 4.99 | -1.33 |
| Martin ratioReturn relative to average drawdown | 12.67 | 9.39 | +3.28 |
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
| IWMW | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.07 | 2.15 | -0.08 |
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 | 0.66 | 0.14 | +0.52 |
Drawdowns
IWMW vs. BNO - Drawdown Comparison
The maximum IWMW drawdown since its inception was -21.82%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for IWMW and BNO.
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Drawdown Indicators
| IWMW | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.82% | -87.06% | +65.24% |
Max Drawdown (1Y)Largest decline over 1 year | -6.94% | -17.87% | +10.93% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
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 | 0.00% | -12.72% | +12.72% |
Average DrawdownAverage peak-to-trough decline | -3.84% | -40.16% | +36.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 9.48% | -7.48% |
Volatility
IWMW vs. BNO - Volatility Comparison
The current volatility for iShares Russell 2000 BuyWrite ETF (IWMW) is 3.01%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that IWMW 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
| IWMW | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.01% | 14.12% | -11.11% |
Volatility (6M)Calculated over the trailing 6-month period | 8.76% | 36.21% | -27.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.29% | 41.56% | -29.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.11% | 35.40% | -19.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.11% | 36.69% | -20.58% |
IWMW vs. BNO - Expense Ratio Comparison
IWMW has a 0.39% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
IWMW vs. BNO - Dividend Comparison
IWMW's dividend yield for the trailing twelve months is around 22.28%, 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% |
IWMW iShares Russell 2000 BuyWrite ETF | 22.28% | 20.98% | 17.73% |
Frequently Asked Questions
IWMW and BNO have a correlation of -0.25, 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 IWMW (3.01%). In terms of maximum drawdown, IWMW dropped -21.82% vs BNO's -87.06%.
On 1-year performance, BNO leads with 88.71% vs 25.30% for IWMW. On fees, IWMW is cheaper at 0.39% per year. On volatility, IWMW has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNO has performed better with a 88.71% return vs 25.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWMW is cheaper with a 0.39% expense ratio, compared with 0.90% for BNO.
IWMW has the higher dividend yield at 22.28%, compared with 0.00% for BNO.
IWMW is categorized as Derivative Income, while BNO is Oil & Gas. IWMW tracks Cboe FTSE Russell IWM 2% OTM BuyWrite Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.39% for IWMW and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs 2.07), 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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