KBWD vs. BNO
KBWD (Invesco KBW High Dividend Yield Financial ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield 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, KBWD returned 4.42%/yr vs 15.06%/yr for BNO. Their 0.21 correlation means their historical movements had little consistent relationship. KBWD charges 5.39%/yr vs 1.00%/yr for BNO.
Performance
KBWD vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, KBWD achieves a -5.22% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, KBWD has underperformed BNO with an annualized return of 4.42%, while BNO has yielded a comparatively higher 15.06% annualized return.
KBWD
- 1D
- -0.75%
- 1M
- -2.41%
- 6M
- -7.83%
- YTD
- -5.22%
- 1Y
- 0.00%
- 3Y*
- 1.98%
- 5Y*
- 0.90%
- 10Y*
- 4.42%
- ALL TIME*
- 5.57%
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 | |
| $5.79M | $4.78M | $4.61M |
KBWD vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWD Invesco KBW High Dividend Yield Financial ETF | -5.22% | 5.59% | 4.30% | 20.21% | -19.14% | 31.89% | -15.58% | 20.72% | -8.70% | 12.06% |
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 KBWD and BNO is -0.29, 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. | -0.29 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.15 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010 | 0.21 |
The correlation between KBWD and BNO shifts across timeframes, from -0.29 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KBWD vs. BNO — Risk / Return Rank
KBWD
BNO
KBWD vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW High Dividend Yield Financial ETF (KBWD) 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.
| KBWD | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.24 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 1.70 | -1.74 |
| Martin ratioReturn relative to average drawdown | -0.08 | 5.15 | -5.23 |
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Drawdowns
KBWD vs. BNO - Drawdown Comparison
The maximum KBWD drawdown since its inception was -58.63%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for KBWD and BNO.
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Drawdown Indicators
| KBWD | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -87.06% | +28.43% |
Max Drawdown (1Y)Largest decline over 1 year | -15.05% | -34.46% | +19.41% |
Max Drawdown (3Y)Largest decline over 3 years | -19.65% | -34.46% | +14.81% |
Max Drawdown (5Y)Largest decline over 5 years | -30.74% | -34.46% | +3.72% |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | -75.18% | +16.55% |
Current DrawdownCurrent decline from peak | -11.95% | -16.21% | +4.26% |
Average DrawdownAverage peak-to-trough decline | -7.44% | -39.99% | +32.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.19% | 11.86% | -4.67% |
Volatility
KBWD vs. BNO - Volatility Comparison
The current volatility for Invesco KBW High Dividend Yield Financial ETF (KBWD) is 4.54%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that KBWD 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
| KBWD | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.54% | 17.47% | -12.93% |
Volatility (6M)Calculated over the trailing 6-month period | 12.49% | 40.96% | -28.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.87% | 44.54% | -28.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.78% | 36.41% | -16.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 36.98% | -13.72% |
KBWD vs. BNO - Expense Ratio Comparison
KBWD has a 5.39% expense ratio, which is higher than BNO's 1.00% expense ratio.
Dividends
KBWD vs. BNO - Dividend Comparison
KBWD's dividend yield for the trailing twelve months is around 14.50%, 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% |
KBWD Invesco KBW High Dividend Yield Financial ETF | 14.50% | 12.83% | 12.45% | 11.45% | 11.32% | 7.26% | 9.68% | 8.63% | 9.47% | 8.77% | 8.68% | 8.89% |
Frequently Asked Questions
KBWD and BNO have a correlation of -0.29, 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 KBWD (4.54%). In terms of maximum drawdown, KBWD dropped -58.63% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs 4.42% for KBWD. On fees, BNO is cheaper at 1.00% per year. On volatility, KBWD has been the lower-risk option at 4.54%. 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 4.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 1.00% expense ratio, compared with 5.39% for KBWD.
KBWD has the higher dividend yield at 14.50%, compared with 0.00% for BNO.
KBWD is categorized as Financials Equities, while BNO is Oil & Gas. KBWD tracks KBW Nasdaq Financial Sector Dividend Yield Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Invesco and USCF. Their fees differ too: 5.39% for KBWD and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.04), 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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