LIAU vs. BNO
LIAU (LifeX 2060 Inflation-Protected Longevity Income ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - LIAU is a Inflation-Protected Bonds fund actively managed by Stone Ridge, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. LIAU is actively managed, while BNO is passively managed. Over the past year, LIAU returned 4.25% vs 91.89% for BNO. At a correlation of -0.21, they often move in opposite directions. LIAU charges 0.25%/yr vs 0.90%/yr for BNO.
Performance
LIAU vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, LIAU achieves a 0.65% return, which is significantly lower than BNO's 90.47% return.
LIAU
- 1D
- -0.40%
- 1M
- 0.64%
- YTD
- 0.65%
- 6M
- -0.67%
- 1Y
- 4.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
LIAU vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
LIAU LifeX 2060 Inflation-Protected Longevity Income ETF | 0.65% | 3.53% | -8.28% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 5.27% |
Correlation
The correlation between LIAU and BNO is -0.31, 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 | -0.31 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024 | -0.21 |
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Return for Risk
LIAU vs. BNO — Risk / Return Rank
LIAU
BNO
LIAU vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for LifeX 2060 Inflation-Protected Longevity Income ETF (LIAU) 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.
| LIAU | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.38 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 5.17 | -4.38 |
| Martin ratioReturn relative to average drawdown | 1.79 | 9.76 | -7.97 |
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
| LIAU | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 2.23 | -1.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.30 | 0.14 | -0.44 |
Drawdowns
LIAU vs. BNO - Drawdown Comparison
The maximum LIAU drawdown since its inception was -9.95%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for LIAU and BNO.
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Drawdown Indicators
| LIAU | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.95% | -87.06% | +77.11% |
Max Drawdown (1Y)Largest decline over 1 year | -5.38% | -17.87% | +12.49% |
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 | -4.43% | -10.29% | +5.86% |
Average DrawdownAverage peak-to-trough decline | -5.24% | -40.17% | +34.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.37% | 9.45% | -7.08% |
Volatility
LIAU vs. BNO - Volatility Comparison
The current volatility for LifeX 2060 Inflation-Protected Longevity Income ETF (LIAU) is 1.93%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that LIAU 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
| LIAU | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.93% | 14.22% | -12.29% |
Volatility (6M)Calculated over the trailing 6-month period | 5.08% | 36.10% | -31.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.22% | 41.46% | -34.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.69% | 35.38% | -26.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.69% | 36.68% | -27.99% |
LIAU vs. BNO - Expense Ratio Comparison
LIAU has a 0.25% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
LIAU vs. BNO - Dividend Comparison
LIAU's dividend yield for the trailing twelve months is around 9.36%, 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% |
LIAU LifeX 2060 Inflation-Protected Longevity Income ETF | 9.36% | 12.93% | 1.04% |
Frequently Asked Questions
LIAU and BNO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to LIAU (1.93%). In terms of maximum drawdown, LIAU dropped -9.95% vs BNO's -87.06%.
On 1-year performance, BNO leads with 91.89% vs 4.25% for LIAU. On fees, LIAU is cheaper at 0.25% per year. On volatility, LIAU has been the lower-risk option at 1.93%. 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 91.89% return vs 4.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LIAU is cheaper with a 0.25% expense ratio, compared with 0.90% for BNO.
LIAU has the higher dividend yield at 9.36%, compared with 0.00% for BNO.
LIAU is categorized as Inflation-Protected Bonds, while BNO is Oil & Gas. They also come from different issuers: Stone Ridge and Concierge Technologies. Their fees differ too: 0.25% for LIAU and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 0.59), 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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