PAWZ vs. BNO
PAWZ (ProShares Pet Care ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PAWZ is a Global Equities fund tracking the FactSet Pet Care Index, 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, PAWZ returned -9.39%/yr vs 20.56%/yr for BNO. Their 0.07 correlation means their historical movements had little consistent relationship. PAWZ charges 0.50%/yr vs 1.00%/yr for BNO.
Performance
PAWZ vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, PAWZ achieves a -8.33% return, which is significantly lower than BNO's 72.03% return.
PAWZ
- 1D
- 2.03%
- 1M
- 3.85%
- 6M
- -10.65%
- YTD
- -8.33%
- 1Y
- -12.73%
- 3Y*
- -0.92%
- 5Y*
- -9.39%
- 10Y*
- —
- ALL TIME*
- 3.51%
BNO
- 1D
- -7.34%
- 1M
- 20.86%
- 6M
- 59.37%
- YTD
- 72.03%
- 1Y
- 62.24%
- 3Y*
- 19.37%
- 5Y*
- 20.56%
- 10Y*
- 14.27%
- ALL TIME*
- 4.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $104.75M | $84.58M | $154.92M | |
| $91.97K | $88.04K | $268.83K |
PAWZ vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PAWZ ProShares Pet Care ETF | -8.33% | 1.21% | 3.88% | 12.47% | -40.08% | 10.46% | 61.69% | 22.95% | -8.52% |
BNO United States Brent Oil Fund LP | 72.03% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -25.22% |
Correlation
The correlation between PAWZ 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. | -0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2018 | 0.07 |
The correlation between PAWZ and BNO shifts across timeframes, from -0.33 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PAWZ vs. BNO — Risk / Return Rank
PAWZ
BNO
PAWZ vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Pet Care ETF (PAWZ) 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.
| PAWZ | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -2.98 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.26 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 1.82 | -2.42 |
| Martin ratioReturn relative to average drawdown | -1.23 | 5.13 | -6.36 |
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Drawdowns
PAWZ vs. BNO - Drawdown Comparison
The maximum PAWZ drawdown since its inception was -50.07%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PAWZ and BNO.
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Drawdown Indicators
| PAWZ | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.07% | -87.06% | +36.99% |
Max Drawdown (1Y)Largest decline over 1 year | -21.10% | -34.46% | +13.36% |
Max Drawdown (3Y)Largest decline over 3 years | -23.12% | -34.46% | +11.34% |
Max Drawdown (5Y)Largest decline over 5 years | -50.07% | -34.46% | -15.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -39.02% | -18.98% | -20.04% |
Average DrawdownAverage peak-to-trough decline | -22.89% | -40.01% | +17.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.41% | 12.16% | -1.75% |
Volatility
PAWZ vs. BNO - Volatility Comparison
The current volatility for ProShares Pet Care ETF (PAWZ) is 5.44%, while United States Brent Oil Fund LP (BNO) has a volatility of 16.39%. This indicates that PAWZ 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
| PAWZ | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.44% | 16.39% | -10.95% |
Volatility (6M)Calculated over the trailing 6-month period | 12.96% | 40.18% | -27.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.17% | 43.91% | -26.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.35% | 36.20% | -15.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.63% | 36.89% | -15.26% |
PAWZ vs. BNO - Expense Ratio Comparison
PAWZ has a 0.50% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
PAWZ vs. BNO - Dividend Comparison
PAWZ's dividend yield for the trailing twelve months is around 0.70%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
PAWZ ProShares Pet Care ETF | 0.70% | 0.81% | 0.63% | 0.44% | 0.54% | 0.18% | 0.14% | 0.35% | 0.07% |
Frequently Asked Questions
PAWZ 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 (16.39%) compared to PAWZ (5.44%). In terms of maximum drawdown, PAWZ dropped -50.07% vs BNO's -87.06%.
On 5-year performance, BNO leads with 20.56% vs -9.39% for PAWZ. On fees, PAWZ is cheaper at 0.50% per year. On volatility, PAWZ has been the lower-risk option at 5.44%. 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 20.56% return vs -9.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PAWZ is cheaper with a 0.50% expense ratio, compared with 1.00% for BNO.
PAWZ has the higher dividend yield at 0.70%, compared with 0.00% for BNO.
PAWZ is categorized as Global Equities, while BNO is Oil & Gas. PAWZ tracks FactSet Pet Care Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: ProShares and USCF Investments. Their fees differ too: 0.50% for PAWZ and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.43 vs -0.75), 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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