LTPZ vs. BNO
LTPZ (PIMCO 15+ Year U.S. TIPS Index ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y), while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, LTPZ returned -0.06%/yr vs 15.06%/yr for BNO. Their -0.10 correlation means they have often moved in opposite directions in the past. LTPZ charges 0.20%/yr vs 1.00%/yr for BNO.
Performance
LTPZ vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, LTPZ achieves a -3.75% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, LTPZ has underperformed BNO with an annualized return of -0.06%, while BNO has yielded a comparatively higher 15.06% annualized return.
LTPZ
- 1D
- -0.34%
- 1M
- -3.73%
- 6M
- -3.61%
- YTD
- -3.75%
- 1Y
- -2.50%
- 3Y*
- -1.54%
- 5Y*
- -7.34%
- 10Y*
- -0.06%
- ALL TIME*
- 2.79%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $11.36M | $8.24M | $7.63M |
LTPZ vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year U.S. TIPS Index ETF | -3.75% | 4.00% | -4.80% | 0.96% | -31.71% | 7.02% | 24.89% | 17.47% | -7.22% | 9.07% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between LTPZ and BNO is -0.33, 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. | -0.33 |
Correlation (3Y) Balances recent behavior with more history. | -0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | -0.10 |
Over the past year, the inverse relationship between LTPZ and BNO has strengthened: their correlation has moved from -0.10 to -0.33, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
LTPZ vs. BNO — Risk / Return Rank
LTPZ
BNO
LTPZ vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO 15+ Year U.S. TIPS Index ETF (LTPZ) 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.
| LTPZ | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.24 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.70 | -1.90 |
| Martin ratioReturn relative to average drawdown | -0.42 | 5.15 | -5.57 |
Loading charts...
Drawdowns
LTPZ vs. BNO - Drawdown Comparison
The maximum LTPZ drawdown since its inception was -40.99%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for LTPZ and BNO.
Loading charts...
Drawdown Indicators
| LTPZ | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.99% | -87.06% | +46.07% |
Max Drawdown (1Y)Largest decline over 1 year | -8.09% | -34.46% | +26.37% |
Max Drawdown (3Y)Largest decline over 3 years | -12.64% | -34.46% | +21.82% |
Max Drawdown (5Y)Largest decline over 5 years | -40.99% | -34.46% | -6.53% |
Max Drawdown (10Y)Largest decline over 10 years | -40.99% | -75.18% | +34.19% |
Current DrawdownCurrent decline from peak | -35.53% | -16.21% | -19.32% |
Average DrawdownAverage peak-to-trough decline | -12.60% | -39.99% | +27.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.86% | 11.86% | -8.00% |
Volatility
LTPZ vs. BNO - Volatility Comparison
The current volatility for PIMCO 15+ Year U.S. TIPS Index ETF (LTPZ) is 2.05%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that LTPZ 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.
Loading charts...
Volatility by Period
| LTPZ | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 17.47% | -15.42% |
Volatility (6M)Calculated over the trailing 6-month period | 6.79% | 40.96% | -34.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.03% | 44.54% | -35.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 36.41% | -20.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.03% | 36.98% | -21.95% |
LTPZ vs. BNO - Expense Ratio Comparison
LTPZ has a 0.20% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
LTPZ vs. BNO - Dividend Comparison
LTPZ's dividend yield for the trailing twelve months is around 6.35%, 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% |
LTPZ PIMCO 15+ Year U.S. TIPS Index ETF | 6.00% | 4.64% | 3.71% | 3.71% | 8.38% | 3.56% | 1.42% | 1.74% | 3.05% | 2.25% | 2.32% | 0.71% |
Frequently Asked Questions
LTPZ and BNO have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to LTPZ (2.05%). In terms of maximum drawdown, LTPZ dropped -40.99% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs -0.06% for LTPZ. On fees, LTPZ is cheaper at 0.20% per year. On volatility, LTPZ has been the lower-risk option at 2.05%. 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 15.06% return vs -0.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LTPZ is cheaper with a 0.20% expense ratio, compared with 1.00% for BNO.
LTPZ has the higher dividend yield at 6.00%, compared with 0.00% for BNO.
LTPZ is categorized as Inflation-Protected Bonds, while BNO is Oil & Gas. LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y), while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: PIMCO and USCF. Their fees differ too: 0.20% for LTPZ and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.18), 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.
Find the right allocation for LTPZ and BNO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer