KHYB vs. BNO
KHYB (KraneShares Asia Pacific High Income Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - KHYB is a Emerging Markets Bonds fund tracking the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, KHYB returned 0.18%/yr vs 23.48%/yr for BNO. At a 0.01 correlation, their price movements are largely independent. KHYB charges 0.69%/yr vs 0.90%/yr for BNO.
Performance
KHYB vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, KHYB achieves a 2.52% return, which is significantly lower than BNO's 85.31% return.
KHYB
- 1D
- 0.02%
- 1M
- 1.16%
- YTD
- 2.52%
- 6M
- 3.51%
- 1Y
- 10.48%
- 3Y*
- 8.74%
- 5Y*
- 0.18%
- 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%
KHYB vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
KHYB KraneShares Asia Pacific High Income Bond ETF | 2.52% | 9.59% | 10.79% | 3.50% | -10.15% | -12.32% | 2.00% | 8.87% | 0.45% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -29.39% |
Correlation
The correlation between KHYB and BNO is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.01 |
The correlation between KHYB and BNO shifts across timeframes, from -0.30 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KHYB vs. BNO — Risk / Return Rank
KHYB
BNO
KHYB vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares Asia Pacific High Income Bond ETF (KHYB) 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.
| KHYB | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.36 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 4.99 | -2.34 |
| Martin ratioReturn relative to average drawdown | 11.91 | 9.39 | +2.52 |
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
| KHYB | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.09 | 2.15 | +0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.67 | -0.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.14 | +0.14 |
Drawdowns
KHYB vs. BNO - Drawdown Comparison
The maximum KHYB drawdown since its inception was -33.63%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for KHYB and BNO.
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Drawdown Indicators
| KHYB | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.63% | -87.06% | +53.43% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -17.87% | +13.90% |
Max Drawdown (3Y)Largest decline over 3 years | -5.94% | -23.75% | +17.81% |
Max Drawdown (5Y)Largest decline over 5 years | -32.86% | -33.70% | +0.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.60% | -12.72% | +12.12% |
Average DrawdownAverage peak-to-trough decline | -9.71% | -40.16% | +30.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 9.48% | -8.60% |
Volatility
KHYB vs. BNO - Volatility Comparison
The current volatility for KraneShares Asia Pacific High Income Bond ETF (KHYB) is 0.87%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that KHYB 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
| KHYB | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 14.12% | -13.25% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 36.21% | -33.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.40% | 41.56% | -38.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.32% | 35.40% | -29.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.71% | 36.69% | -30.98% |
KHYB vs. BNO - Expense Ratio Comparison
KHYB has a 0.69% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
KHYB vs. BNO - Dividend Comparison
KHYB's dividend yield for the trailing twelve months is around 8.13%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
KHYB KraneShares Asia Pacific High Income Bond ETF | 8.13% | 7.59% | 10.11% | 15.55% | 9.67% | 6.22% | 4.76% | 4.86% | 2.56% |
Frequently Asked Questions
KHYB and BNO have a correlation of -0.30, 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 KHYB (0.87%). In terms of maximum drawdown, KHYB dropped -33.63% vs BNO's -87.06%.
On 5-year performance, BNO leads with 23.48% vs 0.18% for KHYB. On fees, KHYB is cheaper at 0.69% per year. On volatility, KHYB has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 23.48% return vs 0.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KHYB is cheaper with a 0.69% expense ratio, compared with 0.90% for BNO.
KHYB has the higher dividend yield at 8.13%, compared with 0.00% for BNO.
KHYB is categorized as Emerging Markets Bonds, while BNO is Oil & Gas. KHYB tracks JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: KraneShares and Concierge Technologies. Their fees differ too: 0.69% for KHYB and 0.90% for BNO.
KHYB currently has the higher Sharpe Ratio (3.09 vs 2.15), 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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