OTGL vs. BNO

Last updated Jul 15, 2026

OTGL (OTG Latin America ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - OTGL is a Latin America Equities fund tracking the Actively Managed, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past year, OTGL returned 22.80% vs 55.87% for BNO. At a correlation of -0.22, they often move in opposite directions. OTGL charges 0.95%/yr vs 1.00%/yr for BNO.

Performance

OTGL vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OTG Latin America ETF (OTGL) 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, OTGL achieves a 8.07% return, which is significantly lower than BNO's 66.98% return.

OTGL

• 1D: 0.95%
• 1M: -0.09%
• 6M: 3.42%
• YTD: 8.07%
• 1Y: 22.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: 2.80%
• 1M: -1.11%
• 6M: 55.35%
• YTD: 66.98%
• 1Y: 55.87%
• 3Y*: 20.56%
• 5Y*: 20.16%
• 10Y*: 12.76%

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

OTGL vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
OTGL OTG Latin America ETF	8.07%	13.64%
BNO United States Brent Oil Fund LP	66.98%	-8.50%

Correlation

The correlation between OTGL and BNO is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Jul 14, 2025	-0.22

Return for Risk

OTGL vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OTGL

OTGL Risk / Return Rank: 40
OTGL Sharpe Ratio Rank: 42
OTGL Sortino Ratio Rank: 40
OTGL Omega Ratio Rank: 41
OTGL Calmar Ratio Rank: 41
OTGL Martin Ratio Rank: 37

BNO

BNO Risk / Return Rank: 44
BNO Sharpe Ratio Rank: 47
BNO Sortino Ratio Rank: 47
BNO Omega Ratio Rank: 47
BNO Calmar Ratio Rank: 40
BNO Martin Ratio Rank: 38

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.

OTGL vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OTG Latin America ETF (OTGL) 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.

	OTGL	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.31	-0.11
Sortino ratio: Return per unit of downside risk	1.73	1.91	-0.18
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.69	1.63	+0.06
Martin ratio: Return relative to average drawdown	4.55	4.78	-0.23

OTGL vs. BNO - Sharpe Ratio Comparison

The current OTGL Sharpe Ratio is 1.21, which is comparable to the BNO Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of OTGL 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

OTGL vs. BNO - Drawdown Comparison

The maximum OTGL drawdown since its inception was -13.52%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for OTGL and BNO.

Drawdown Indicators

	OTGL	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-13.52%	-87.06%	+73.54%
Max Drawdown (1Y) Largest decline over 1 year	-13.52%	-34.46%	+20.94%
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	-6.87%	-21.35%	+14.48%
Average Drawdown Average peak-to-trough decline	-3.61%	-40.06%	+36.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.02%	11.71%	-6.69%

Volatility

OTGL vs. BNO - Volatility Comparison

The current volatility for OTG Latin America ETF (OTGL) is 3.79%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.79%. This indicates that OTGL 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

	OTGL	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	15.79%	-12.00%
Volatility (6M) Calculated over the trailing 6-month period	15.44%	39.17%	-23.73%
Volatility (1Y) Calculated over the trailing 1-year period	18.95%	42.76%	-23.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	36.11%	-17.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	36.78%	-17.83%

OTGL vs. BNO - Expense Ratio Comparison

OTGL has a 0.95% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

OTGL vs. BNO - Dividend Comparison

OTGL's dividend yield for the trailing twelve months is around 2.76%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
OTGL OTG Latin America ETF	2.76%	1.89%

Frequently Asked Questions

Can I hold both OTGL and BNO in my portfolio?

OTGL and BNO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OTGL or BNO?

BNO has higher volatility (15.79%) compared to OTGL (3.79%). In terms of maximum drawdown, OTGL dropped -13.52% vs BNO's -87.06%.

Which ETF is better, OTGL or BNO?

On 1-year performance, BNO leads with 55.87% vs 22.80% for OTGL. On fees, OTGL is cheaper at 0.95% per year. On volatility, OTGL has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OTGL or BNO?

Over the 1-year period, BNO has performed better with a 55.87% return vs 22.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OTGL or BNO?

OTGL is cheaper with a 0.95% expense ratio, compared with 1.00% for BNO.

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

OTGL has the higher dividend yield at 2.76%, compared with 0.00% for BNO.

What is the main difference between OTGL and BNO?

OTGL is categorized as Latin America Equities, while BNO is Oil & Gas. OTGL tracks Actively Managed, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: OTG and USCF Investments. Their fees differ too: 0.95% for OTGL and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (1.31 vs 1.21), 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.