OBTC vs. BNO
OBTC (Osprey Bitcoin Trust) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, OBTC returned 7.86%/yr vs 23.48%/yr for BNO. At a 0.04 correlation, their price movements are largely independent. OBTC charges 0.49%/yr vs 0.90%/yr for BNO.
Performance
OBTC vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, OBTC achieves a -27.42% return, which is significantly lower than BNO's 85.31% return.
OBTC
- 1D
- -2.64%
- 1M
- -22.08%
- YTD
- -27.42%
- 6M
- -26.99%
- 1Y
- -30.40%
- 3Y*
- 55.47%
- 5Y*
- 7.86%
- 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%
OBTC vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OBTC Osprey Bitcoin Trust | -27.42% | -1.87% | 130.89% | 277.81% | -73.93% | -74.76% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 35.25% | 34.04% |
Correlation
The correlation between OBTC and BNO is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2021 | 0.04 |
The correlation between OBTC and BNO shifts across timeframes, from -0.10 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OBTC vs. BNO — Risk / Return Rank
OBTC
BNO
OBTC vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) 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.
| OBTC | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.84 | ||
| Sortino ratioReturn per unit of downside risk | -3.48 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.36 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 4.99 | -5.66 |
| Martin ratioReturn relative to average drawdown | -1.21 | 9.39 | -10.59 |
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
| OBTC | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.69 | 2.15 | -2.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.67 | -0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.22 | 0.14 | -0.35 |
Drawdowns
OBTC vs. BNO - Drawdown Comparison
The maximum OBTC drawdown since its inception was -94.50%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for OBTC and BNO.
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Drawdown Indicators
| OBTC | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.50% | -87.06% | -7.44% |
Max Drawdown (1Y)Largest decline over 1 year | -45.41% | -17.87% | -27.54% |
Max Drawdown (3Y)Largest decline over 3 years | -45.41% | -23.75% | -21.66% |
Max Drawdown (5Y)Largest decline over 5 years | -83.76% | -33.70% | -50.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -63.75% | -12.72% | -51.03% |
Average DrawdownAverage peak-to-trough decline | -69.63% | -40.16% | -29.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.22% | 9.48% | +15.74% |
Volatility
OBTC vs. BNO - Volatility Comparison
The current volatility for Osprey Bitcoin Trust (OBTC) is 9.14%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that OBTC 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
| OBTC | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.14% | 14.12% | -4.98% |
Volatility (6M)Calculated over the trailing 6-month period | 34.13% | 36.21% | -2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.29% | 41.56% | +2.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.12% | 35.40% | +22.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.54% | 36.69% | +34.85% |
OBTC vs. BNO - Expense Ratio Comparison
OBTC has a 0.49% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
OBTC vs. BNO - Dividend Comparison
Neither OBTC nor BNO has paid dividends to shareholders.
Frequently Asked Questions
OBTC and BNO have a correlation of -0.10, 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 OBTC (9.14%). In terms of maximum drawdown, OBTC dropped -94.50% vs BNO's -87.06%.
On 5-year performance, BNO leads with 23.48% vs 7.86% for OBTC. On fees, OBTC is cheaper at 0.49% per year. On volatility, OBTC has been the lower-risk option at 9.14%. 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 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OBTC is cheaper with a 0.49% expense ratio, compared with 0.90% for BNO.
OBTC and BNO have nearly identical dividend yields, around 0.00%.
OBTC is categorized as Cryptocurrency, while BNO is Oil & Gas. OBTC tracks Bitcoin (BTC), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Osprey Funds and Concierge Technologies. Their fees differ too: 0.49% for OBTC and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.69), 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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