LPRE vs. BNO

Last updated Aug 2, 2026

LPRE (Long Pond Real Estate Select ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - LPRE is a REIT fund actively managed by Long Pond, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. LPRE is actively managed, while BNO is passively managed. Over the past year, LPRE returned 18.79% vs 62.83% for BNO. Their -0.21 correlation means they have often moved in opposite directions in the past. Both charge a 1.00% expense ratio.

Performance

LPRE vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Long Pond Real Estate Select ETF (LPRE) 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, LPRE achieves a 12.34% return, which is significantly lower than BNO's 77.90% return.

LPRE

• 1D: -1.06%
• 1M: -3.20%
• 6M: 11.04%
• YTD: 12.34%
• 1Y: 18.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.44%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
LPRE Long Pond Real Estate Select ETF	$356.75K	$373.80K	$506.79K

LPRE vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
LPRE Long Pond Real Estate Select ETF	12.34%	16.34%
BNO United States Brent Oil Fund LP	77.90%	-2.81%

Correlation

The correlation between LPRE and BNO is -0.27, 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.	-0.27
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	-0.21

Return for Risk

LPRE vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LPRE

LPRE Risk / Return Rank: 50
LPRE Sharpe Ratio Rank: 49
LPRE Sortino Ratio Rank: 52
LPRE Omega Ratio Rank: 46
LPRE Calmar Ratio Rank: 50
LPRE Martin Ratio Rank: 53

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LPRE vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Long Pond Real Estate Select ETF (LPRE) 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.

	LPRE	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.32	-0.09
Sortino ratio: Return per unit of downside risk	1.85	1.90	-0.06
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.81	1.70	+0.11
Martin ratio: Return relative to average drawdown	6.33	5.15	+1.18

LPRE vs. BNO - Sharpe Ratio Comparison

The current LPRE Sharpe Ratio is 1.23, which is comparable to the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of LPRE 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.

Drawdowns

LPRE vs. BNO - Drawdown Comparison

The maximum LPRE drawdown since its inception was -10.33%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for LPRE and BNO.

Drawdown Indicators

	LPRE	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-10.33%	-87.06%	+76.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-34.46%	+24.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-3.44%	-16.21%	+12.77%
Average Drawdown Average peak-to-trough decline	-2.02%	-39.99%	+37.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	11.86%	-8.92%

Volatility

LPRE vs. BNO - Volatility Comparison

The current volatility for Long Pond Real Estate Select ETF (LPRE) is 4.85%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that LPRE 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.

Volatility by Period

	LPRE	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	17.47%	-12.62%
Volatility (6M) Calculated over the trailing 6-month period	11.35%	40.96%	-29.61%
Volatility (1Y) Calculated over the trailing 1-year period	15.33%	44.54%	-29.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.87%	36.41%	-18.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.87%	36.98%	-19.11%

LPRE vs. BNO - Expense Ratio Comparison

Both LPRE and BNO have an expense ratio of 1.00%.

Dividends

LPRE vs. BNO - Dividend Comparison

LPRE's dividend yield for the trailing twelve months is around 1.70%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
LPRE Long Pond Real Estate Select ETF	1.70%	0.93%

Frequently Asked Questions

Can I hold both LPRE and BNO in my portfolio?

LPRE and BNO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LPRE or BNO?

BNO has higher volatility (17.47%) compared to LPRE (4.85%). In terms of maximum drawdown, LPRE dropped -10.33% vs BNO's -87.06%.

Which ETF is better, LPRE or BNO?

On 1-year performance, BNO leads with 62.83% vs 18.79% for LPRE. Both ETFs have the same 1.00% expense ratio. On volatility, LPRE has been the lower-risk option at 4.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LPRE or BNO?

Over the 1-year period, BNO has performed better with a 62.83% return vs 18.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LPRE or BNO?

LPRE and BNO have the same expense ratio: 1.00% per year.

Which ETF pays a higher dividend yield, LPRE or BNO?

LPRE has the higher dividend yield at 1.70%, compared with 0.00% for BNO.

What is the main difference between LPRE and BNO?

LPRE is categorized as REIT, while BNO is Oil & Gas. They also come from different issuers: Long Pond and USCF.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (1.32 vs 1.23), 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.