KBUF vs. BNO
KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - KBUF is a Options Trading fund actively managed by KraneShares, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. KBUF is actively managed, while BNO is passively managed. Over the past year, KBUF returned -3.82% vs 88.71% for BNO. At a correlation of -0.00, they often move in opposite directions. KBUF charges 0.95%/yr vs 0.90%/yr for BNO.
Performance
KBUF vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, KBUF achieves a -11.34% return, which is significantly lower than BNO's 85.31% return.
KBUF
- 1D
- 0.15%
- 1M
- -2.81%
- YTD
- -11.34%
- 6M
- -11.48%
- 1Y
- -3.82%
- 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%
KBUF vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF | -11.34% | 18.04% | 16.58% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 2.01% |
Correlation
The correlation between KBUF and BNO is -0.20, 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 | -0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2024 | -0.00 |
Over the past year, the inverse relationship between KBUF and BNO has strengthened: their correlation has moved from -0.00 to -0.20, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
KBUF vs. BNO — Risk / Return Rank
KBUF
BNO
KBUF vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) 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.
| KBUF | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.98 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.36 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | 4.99 | -5.22 |
| Martin ratioReturn relative to average drawdown | -0.51 | 9.39 | -9.89 |
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
| KBUF | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.29 | 2.15 | -2.44 |
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 | 0.63 | 0.14 | +0.49 |
Drawdowns
KBUF vs. BNO - Drawdown Comparison
The maximum KBUF drawdown since its inception was -17.01%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for KBUF and BNO.
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Drawdown Indicators
| KBUF | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.01% | -87.06% | +70.05% |
Max Drawdown (1Y)Largest decline over 1 year | -17.01% | -17.87% | +0.86% |
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 | -16.58% | -12.72% | -3.86% |
Average DrawdownAverage peak-to-trough decline | -4.18% | -40.16% | +35.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.57% | 9.48% | -1.91% |
Volatility
KBUF vs. BNO - Volatility Comparison
The current volatility for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) is 6.22%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that KBUF 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
| KBUF | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.22% | 14.12% | -7.90% |
Volatility (6M)Calculated over the trailing 6-month period | 10.53% | 36.21% | -25.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.10% | 41.56% | -28.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.34% | 35.40% | -21.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.34% | 36.69% | -22.35% |
KBUF vs. BNO - Expense Ratio Comparison
KBUF has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
KBUF vs. BNO - Dividend Comparison
KBUF's dividend yield for the trailing twelve months is around 8.47%, 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% |
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF | 8.47% | 7.51% | 3.53% |
Frequently Asked Questions
KBUF and BNO have a correlation of -0.20, 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 KBUF (6.22%). In terms of maximum drawdown, KBUF dropped -17.01% vs BNO's -87.06%.
On 1-year performance, BNO leads with 88.71% vs -3.82% for KBUF. On fees, BNO is cheaper at 0.90% per year. On volatility, KBUF has been the lower-risk option at 6.22%. 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 -3.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 0.95% for KBUF.
KBUF has the higher dividend yield at 8.47%, compared with 0.00% for BNO.
KBUF is categorized as Options Trading, while BNO is Oil & Gas. They also come from different issuers: KraneShares and Concierge Technologies. Their fees differ too: 0.95% for KBUF and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.29), 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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