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LKOR vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

LKOR vs. BNO

Last updated Jun 3, 2026

LKOR (FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - LKOR is a Corporate Bonds fund tracking the Northern Trust US Long Corporate Bond Quality Value Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, LKOR returned 2.49%/yr vs 13.38%/yr for BNO. At a correlation of -0.08, they often move in opposite directions. LKOR charges 0.22%/yr vs 0.90%/yr for BNO.

Performance

LKOR vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, LKOR achieves a 1.10% return, which is significantly lower than BNO's 86.76% return. Over the past 10 years, LKOR has underperformed BNO with an annualized return of 2.49%, while BNO has yielded a comparatively higher 13.38% annualized return.

LKOR

1D
0.09%
1M
1.30%
YTD
1.10%
6M
0.46%
1Y
8.19%
3Y*
4.85%
5Y*
-1.36%
10Y*
2.49%

BNO

1D
0.76%
1M
-7.65%
YTD
86.76%
6M
83.45%
1Y
89.50%
3Y*
27.10%
5Y*
23.77%
10Y*
13.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

LKOR vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
LKOR
FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund		1.10%7.04%-1.02%11.64%-25.55%-1.51%16.00%23.97%-7.61%13.87%
BNO
United States Brent Oil Fund LP		86.76%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between LKOR and BNO is -0.39, 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

-0.39

Correlation (3Y)
Calculated over the trailing 3-year period

-0.19

Correlation (5Y)
Calculated over the trailing 5-year period

-0.14

Correlation (10Y)
Calculated over the trailing 10-year period

-0.07

Correlation (All Time)
Calculated using the full available price history since Sep 25, 2015

-0.08

Over the past year, the inverse relationship between LKOR and BNO has strengthened: their correlation has moved from -0.08 to -0.39, meaning they now move in opposite directions more often than their long-term average.

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FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund

United States Brent Oil Fund LP

Often compared with LKOR:
LKOR vs. ICVTLKOR vs. MLNLKOR vs. BKLNLKOR vs. ICSHLKOR vs. ^GSPCLKOR vs. VCLTLKOR vs. SRLN
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

LKOR vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
LKOR
LKOR Risk / Return Rank: 2828
Overall Rank
LKOR Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
LKOR Sortino Ratio Rank: 2828
Sortino Ratio Rank
LKOR Omega Ratio Rank: 2727
Omega Ratio Rank
LKOR Calmar Ratio Rank: 2929
Calmar Ratio Rank
LKOR Martin Ratio Rank: 2525
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8989
Calmar Ratio Rank
BNO Martin Ratio Rank: 5757
Martin Ratio Rank
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.

LKOR vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) 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.

LKORBNODifference

Sharpe ratio

Return per unit of total volatility

1.03

2.17

-1.14

Sortino ratio

Return per unit of downside risk

1.51

2.68

-1.17

Omega ratio

Gain probability vs. loss probability

1.18

1.37

-0.19

Calmar ratio

Return relative to maximum drawdown

1.45

5.39

-3.94

Martin ratio

Return relative to average drawdown

3.54

10.23

-6.68

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LKOR vs. BNO - Sharpe Ratio Comparison

The current LKOR Sharpe Ratio is 1.03, which is lower than the BNO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of LKOR 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.

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Sharpe Ratios by Period

LKORBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.03

2.17

-1.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.11

0.68

-0.78

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.37

-0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.14

+0.12

Drawdowns

LKOR vs. BNO - Drawdown Comparison

The maximum LKOR drawdown since its inception was -34.78%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for LKOR and BNO.

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Drawdown Indicators

LKORBNODifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-87.06%

+52.28%

Max Drawdown (1Y)

Largest decline over 1 year

-5.39%

-17.87%

+12.48%

Max Drawdown (3Y)

Largest decline over 3 years

-12.74%

-23.75%

+11.01%

Max Drawdown (5Y)

Largest decline over 5 years

-34.78%

-33.70%

-1.08%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-75.18%

+40.40%

Current Drawdown

Current decline from peak

-13.32%

-12.04%

-1.28%

Average Drawdown

Average peak-to-trough decline

-10.36%

-40.18%

+29.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.21%

9.43%

-7.22%

Volatility

LKOR vs. BNO - Volatility Comparison

The current volatility for FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) is 2.45%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.03%. This indicates that LKOR 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

LKORBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.45%

15.03%

-12.58%

Volatility (6M)

Calculated over the trailing 6-month period

5.82%

36.08%

-30.26%

Volatility (1Y)

Calculated over the trailing 1-year period

8.00%

41.56%

-33.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.90%

35.37%

-22.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.22%

36.68%

-23.46%

LKOR vs. BNO - Expense Ratio Comparison

LKOR has a 0.22% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

LKOR vs. BNO - Dividend Comparison

LKOR's dividend yield for the trailing twelve months is around 5.70%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
LKOR
FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund		5.70%5.57%5.52%4.90%4.71%4.73%6.56%3.71%4.21%3.77%5.53%1.22%

Frequently Asked Questions

LKOR and BNO have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (15.03%) compared to LKOR (2.45%). In terms of maximum drawdown, LKOR dropped -34.78% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.38% vs 2.49% for LKOR. On fees, LKOR is cheaper at 0.22% per year. On volatility, LKOR has been the lower-risk option at 2.45%. 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 13.38% return vs 2.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

LKOR is cheaper with a 0.22% expense ratio, compared with 0.90% for BNO.

LKOR has the higher dividend yield at 5.70%, compared with 0.00% for BNO.

LKOR is categorized as Corporate Bonds, while BNO is Oil & Gas. LKOR tracks Northern Trust US Long Corporate Bond Quality Value Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Northern Trust and Concierge Technologies. Their fees differ too: 0.22% for LKOR and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.17 vs 1.03), 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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