OCTW vs. BNO
OCTW (AllianzIM U.S. Equity Buffer20 Oct ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - OCTW is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 5 years, OCTW returned 8.95%/yr vs 20.89%/yr for BNO. Their 0.03 correlation means their historical movements had little consistent relationship. OCTW charges 0.74%/yr vs 1.00%/yr for BNO.
Performance
OCTW vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, OCTW achieves a 5.74% return, which is significantly lower than BNO's 77.90% return.
OCTW
- 1D
- 0.37%
- 1M
- 0.76%
- 6M
- 5.10%
- YTD
- 5.74%
- 1Y
- 10.80%
- 3Y*
- 10.42%
- 5Y*
- 8.95%
- 10Y*
- —
- ALL TIME*
- 8.96%
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 | |
| $584.65K | $1.46M | $4.73M |
OCTW vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF | 5.74% | 9.68% | 8.67% | 17.57% | 0.54% | 6.48% | 3.94% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | 20.94% |
Correlation
The correlation between OCTW and BNO is -0.25, 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. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020 | 0.03 |
The correlation between OCTW and BNO shifts across timeframes, from -0.25 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OCTW vs. BNO — Risk / Return Rank
OCTW
BNO
OCTW vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) 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.
| OCTW | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.24 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 1.70 | +1.07 |
| Martin ratioReturn relative to average drawdown | 14.05 | 5.15 | +8.90 |
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Drawdowns
OCTW vs. BNO - Drawdown Comparison
The maximum OCTW drawdown since its inception was -8.38%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for OCTW and BNO.
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Drawdown Indicators
| OCTW | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.38% | -87.06% | +78.68% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -34.46% | +30.81% |
Max Drawdown (3Y)Largest decline over 3 years | -8.38% | -34.46% | +26.08% |
Max Drawdown (5Y)Largest decline over 5 years | -8.38% | -34.46% | +26.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | 0.00% | -16.21% | +16.21% |
Average DrawdownAverage peak-to-trough decline | -0.80% | -39.99% | +39.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 11.86% | -11.14% |
Volatility
OCTW vs. BNO - Volatility Comparison
The current volatility for AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) is 1.20%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that OCTW 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
| OCTW | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 17.47% | -16.27% |
Volatility (6M)Calculated over the trailing 6-month period | 3.90% | 40.96% | -37.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.00% | 44.54% | -39.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.33% | 36.41% | -30.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.10% | 36.98% | -30.88% |
OCTW vs. BNO - Expense Ratio Comparison
OCTW has a 0.74% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
OCTW vs. BNO - Dividend Comparison
Neither OCTW nor BNO has paid dividends to shareholders.
Frequently Asked Questions
OCTW and BNO have a correlation of -0.25, 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 OCTW (1.20%). In terms of maximum drawdown, OCTW dropped -8.38% vs BNO's -87.06%.
On 5-year performance, BNO leads with 20.89% vs 8.95% for OCTW. On fees, OCTW is cheaper at 0.74% per year. On volatility, OCTW has been the lower-risk option at 1.20%. 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 20.89% return vs 8.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OCTW is cheaper with a 0.74% expense ratio, compared with 1.00% for BNO.
OCTW and BNO have nearly identical dividend yields, around 0.00%.
OCTW is categorized as Defined Outcome, while BNO is Oil & Gas. OCTW tracks SPDR S&P 500 ETF Trust, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Allianz and USCF. Their fees differ too: 0.74% for OCTW and 1.00% for BNO.
OCTW currently has the higher Sharpe Ratio (2.02 vs 1.32), 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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