PBOG vs. BNO
PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PBOG is a Energy Equities fund tracking the BITA Global Oil & Gas Select Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. A 0.71 correlation means they provide meaningful diversification when combined. PBOG charges 0.13%/yr vs 1.00%/yr for BNO.
Performance
PBOG vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, PBOG achieves a 20.33% return, which is significantly lower than BNO's 50.21% return.
PBOG
- 1D
- 0.25%
- 1M
- -9.73%
- YTD
- 20.33%
- 6M
- 21.36%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -1.35%
- 1M
- -22.65%
- YTD
- 50.21%
- 6M
- 47.81%
- 1Y
- 38.79%
- 3Y*
- 19.32%
- 5Y*
- 17.15%
- 10Y*
- 11.25%
PBOG vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 20.33% | 1.39% |
BNO United States Brent Oil Fund LP | 50.21% | -2.28% |
Correlation
The correlation between PBOG and BNO is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025 | 0.71 |
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Return for Risk
PBOG vs. BNO — Risk / Return Rank
PBOG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BNO
PBOG vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG) 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.
| PBOG | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.19 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.33 | — |
| Martin ratioReturn relative to average drawdown | — | 4.21 | — |
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Drawdowns
PBOG vs. BNO - Drawdown Comparison
The maximum PBOG drawdown since its inception was -16.46%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PBOG and BNO.
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Drawdown Indicators
| PBOG | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.46% | -87.06% | +70.60% |
Max Drawdown (1Y)Largest decline over 1 year | — | -29.25% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -29.25% | — |
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 | -15.19% | -29.25% | +14.06% |
Average DrawdownAverage peak-to-trough decline | -3.86% | -40.10% | +36.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 9.28% | — |
Volatility
PBOG vs. BNO - Volatility Comparison
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Volatility by Period
| PBOG | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 10.92% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 37.29% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 23.95% | 41.67% | -17.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.95% | 35.65% | -11.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.95% | 36.68% | -12.73% |
PBOG vs. BNO - Expense Ratio Comparison
PBOG has a 0.13% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
PBOG vs. BNO - Dividend Comparison
PBOG's dividend yield for the trailing twelve months is around 0.14%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% |
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF | 0.14% | 0.17% |
Frequently Asked Questions
PBOG and BNO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PBOG is cheaper with a 0.13% expense ratio, compared with 1.00% for BNO.
PBOG has the higher dividend yield at 0.14%, compared with 0.00% for BNO.
PBOG is categorized as Energy Equities, while BNO is Oil & Gas. PBOG tracks BITA Global Oil & Gas Select Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Portfolio Building Blocks and USCF Investments. Their fees differ too: 0.13% for PBOG and 1.00% for BNO.
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