KEN vs. BNO

Last updated Jun 6, 2026

KEN (Kenon Holdings Ltd.) is a stock, while BNO (United States Brent Oil Fund LP) is Oil & Gas fund tracking the Front Month Brent Crude Oil. Over the past 10 years, KEN returned 41.91%/yr vs 12.62%/yr for BNO. At a 0.08 correlation, their price movements are largely independent.

Performance

KEN vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kenon Holdings Ltd. (KEN) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KEN achieves a 18.43% return, which is significantly lower than BNO's 80.79% return. Over the past 10 years, KEN has outperformed BNO with an annualized return of 41.91%, while BNO has yielded a comparatively lower 12.62% annualized return.

KEN

• 1D: -5.57%
• 1M: -18.36%
• YTD: 18.43%
• 6M: 28.00%
• 1Y: 112.41%
• 3Y*: 62.20%
• 5Y*: 33.41%
• 10Y*: 41.91%

BNO

• 1D: -2.44%
• 1M: -4.35%
• YTD: 80.79%
• 6M: 73.97%
• 1Y: 82.92%
• 3Y*: 25.89%
• 5Y*: 22.87%
• 10Y*: 12.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

KEN vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KEN Kenon Holdings Ltd.	18.43%	126.18%	62.44%	-19.16%	-23.73%	93.65%	57.17%	50.73%	23.06%	85.88%
BNO United States Brent Oil Fund LP	80.79%	-5.44%	9.67%	-3.43%	35.25%	62.34%	-38.23%	36.01%	-15.30%	15.43%

Correlation

The correlation between KEN and BNO is -0.14, 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	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jan 15, 2015	0.08

The correlation between KEN and BNO shifts across timeframes, from -0.14 (1 year) to 0.09 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

KEN vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KEN

KEN Risk / Return Rank: 92
KEN Sharpe Ratio Rank: 94
KEN Sortino Ratio Rank: 91
KEN Omega Ratio Rank: 90
KEN Calmar Ratio Rank: 92
KEN Martin Ratio Rank: 95

BNO

BNO Risk / Return Rank: 62
BNO Sharpe Ratio Rank: 62
BNO Sortino Ratio Rank: 54
BNO Omega Ratio Rank: 57
BNO Calmar Ratio Rank: 86
BNO Martin Ratio Rank: 53

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.

KEN vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kenon Holdings Ltd. (KEN) 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.

	KEN	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.90	2.00	+0.89
Sortino ratio: Return per unit of downside risk	3.33	2.53	+0.80
Omega ratio: Gain probability vs. loss probability	1.43	1.34	+0.09
Calmar ratio: Return relative to maximum drawdown	5.28	4.66	+0.62
Martin ratio: Return relative to average drawdown	19.16	8.73	+10.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KEN vs. BNO - Sharpe Ratio Comparison

The current KEN Sharpe Ratio is 2.90, which is higher than the BNO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of KEN 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.

Sharpe Ratios by Period

	KEN	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	2.00	+0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.65	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.00	0.35	+0.66
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.13	+0.62

Drawdowns

KEN vs. BNO - Drawdown Comparison

The maximum KEN drawdown since its inception was -69.20%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for KEN and BNO.

Drawdown Indicators

	KEN	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-69.20%	-87.06%	+17.86%
Max Drawdown (1Y) Largest decline over 1 year	-21.39%	-17.87%	-3.52%
Max Drawdown (3Y) Largest decline over 3 years	-32.27%	-23.75%	-8.52%
Max Drawdown (5Y) Largest decline over 5 years	-69.20%	-33.70%	-35.50%
Max Drawdown (10Y) Largest decline over 10 years	-69.20%	-75.18%	+5.98%
Current Drawdown Current decline from peak	-21.39%	-14.85%	-6.54%
Average Drawdown Average peak-to-trough decline	-23.19%	-40.16%	+16.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.89%	9.53%	-3.64%

Volatility

KEN vs. BNO - Volatility Comparison

Kenon Holdings Ltd. (KEN) has a higher volatility of 15.28% compared to United States Brent Oil Fund LP (BNO) at 11.71%. This indicates that KEN's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KEN	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.28%	11.71%	+3.57%
Volatility (6M) Calculated over the trailing 6-month period	30.02%	36.33%	-6.31%
Volatility (1Y) Calculated over the trailing 1-year period	39.03%	41.63%	-2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.76%	35.41%	+4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.88%	36.69%	+5.19%

Dividends

KEN vs. BNO - Dividend Comparison

KEN's dividend yield for the trailing twelve months is around 5.13%, 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%
KEN Kenon Holdings Ltd.	5.13%	7.24%	11.18%	11.46%	25.00%	7.35%	7.41%	5.75%	96.34%	0.00%	0.00%	45.52%

Frequently Asked Questions

Can I hold both KEN and BNO in my portfolio?

KEN and BNO have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KEN or BNO?

KEN has higher volatility (15.28%) compared to BNO (11.71%). In terms of maximum drawdown, KEN dropped -69.20% vs BNO's -87.06%.

Which has better risk-adjusted returns?

KEN currently has the higher Sharpe Ratio (2.90 vs 2.00), 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.