OWNB vs. BNO
OWNB (Bitwise Bitcoin Standard Corporations ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - OWNB is a Blockchain fund tracking the Bitwise Bitcoin Standard Corporations Inde, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past year, OWNB returned -28.07% vs 91.89% for BNO. At a 0.02 correlation, their price movements are largely independent. OWNB charges 0.85%/yr vs 0.90%/yr for BNO.
Performance
OWNB vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, OWNB achieves a -1.56% return, which is significantly lower than BNO's 90.47% return.
OWNB
- 1D
- -1.95%
- 1M
- -2.79%
- YTD
- -1.56%
- 6M
- -18.67%
- 1Y
- -28.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
OWNB vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OWNB Bitwise Bitcoin Standard Corporations ETF | -1.56% | -3.56% |
BNO United States Brent Oil Fund LP | 90.47% | -1.68% |
Correlation
The correlation between OWNB 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 (All Time) Calculated using the full available price history since Mar 12, 2025 | 0.02 |
The correlation between OWNB and BNO shifts across timeframes, from -0.10 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OWNB vs. BNO — Risk / Return Rank
OWNB
BNO
OWNB vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Standard Corporations ETF (OWNB) 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.
| OWNB | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.72 | ||
| Sortino ratioReturn per unit of downside risk | -3.14 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.38 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | 5.17 | -5.64 |
| Martin ratioReturn relative to average drawdown | -0.83 | 9.76 | -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
| OWNB | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.49 | 2.23 | -2.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 0.14 | -0.21 |
Drawdowns
OWNB vs. BNO - Drawdown Comparison
The maximum OWNB drawdown since its inception was -59.47%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for OWNB and BNO.
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Drawdown Indicators
| OWNB | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.47% | -87.06% | +27.59% |
Max Drawdown (1Y)Largest decline over 1 year | -59.47% | -17.87% | -41.60% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -44.54% | -10.29% | -34.25% |
Average DrawdownAverage peak-to-trough decline | -24.89% | -40.17% | +15.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.96% | 9.45% | +24.51% |
Volatility
OWNB vs. BNO - Volatility Comparison
The current volatility for Bitwise Bitcoin Standard Corporations ETF (OWNB) is 13.15%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that OWNB 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
| OWNB | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.15% | 14.22% | -1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 42.52% | 36.10% | +6.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.85% | 41.46% | +16.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.36% | 35.38% | +26.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.36% | 36.68% | +25.68% |
OWNB vs. BNO - Expense Ratio Comparison
OWNB has a 0.85% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
OWNB vs. BNO - Dividend Comparison
OWNB's dividend yield for the trailing twelve months is around 0.88%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% |
OWNB Bitwise Bitcoin Standard Corporations ETF | 0.88% | 0.87% |
Frequently Asked Questions
OWNB 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 (14.22%) compared to OWNB (13.15%). In terms of maximum drawdown, OWNB dropped -59.47% vs BNO's -87.06%.
On 1-year performance, BNO leads with 91.89% vs -28.07% for OWNB. On fees, OWNB is cheaper at 0.85% per year. On volatility, OWNB has been the lower-risk option at 13.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNO has performed better with a 91.89% return vs -28.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OWNB is cheaper with a 0.85% expense ratio, compared with 0.90% for BNO.
OWNB has the higher dividend yield at 0.88%, compared with 0.00% for BNO.
OWNB is categorized as Blockchain, while BNO is Oil & Gas. OWNB tracks Bitwise Bitcoin Standard Corporations Inde, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Bitwise and Concierge Technologies. Their fees differ too: 0.85% for OWNB and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs -0.49), 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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