PBUS vs. BNO
PBUS (Invesco PureBeta MSCI USA ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PBUS is a Large Cap Growth Equities fund tracking the MSCI USA Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, PBUS returned 13.48%/yr vs 24.16%/yr for BNO. At a 0.15 correlation, their price movements are largely independent. PBUS charges 0.04%/yr vs 0.90%/yr for BNO.
Performance
PBUS vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, PBUS achieves a 10.82% return, which is significantly lower than BNO's 90.47% return.
PBUS
- 1D
- -0.64%
- 1M
- 5.14%
- YTD
- 10.82%
- 6M
- 10.68%
- 1Y
- 27.65%
- 3Y*
- 22.61%
- 5Y*
- 13.48%
- 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%
PBUS vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBUS Invesco PureBeta MSCI USA ETF | 10.82% | 17.58% | 24.99% | 27.33% | -19.64% | 26.77% | 21.75% | 31.60% | -4.77% | 7.13% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 20.11% |
Correlation
The correlation between PBUS and BNO is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2017 | 0.15 |
The correlation between PBUS and BNO shifts across timeframes, from -0.31 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PBUS vs. BNO — Risk / Return Rank
PBUS
BNO
PBUS vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco PureBeta MSCI USA ETF (PBUS) 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.
| PBUS | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.38 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 5.17 | -2.09 |
| Martin ratioReturn relative to average drawdown | 13.93 | 9.76 | +4.17 |
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
| PBUS | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.30 | 2.23 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.80 | 0.69 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 0.14 | +0.65 |
Drawdowns
PBUS vs. BNO - Drawdown Comparison
The maximum PBUS drawdown since its inception was -33.15%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PBUS and BNO.
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Drawdown Indicators
| PBUS | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.15% | -87.06% | +53.91% |
Max Drawdown (1Y)Largest decline over 1 year | -9.02% | -17.87% | +8.85% |
Max Drawdown (3Y)Largest decline over 3 years | -19.07% | -23.75% | +4.68% |
Max Drawdown (5Y)Largest decline over 5 years | -25.40% | -33.70% | +8.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.64% | -10.29% | +9.65% |
Average DrawdownAverage peak-to-trough decline | -5.13% | -40.17% | +35.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.99% | 9.45% | -7.46% |
Volatility
PBUS vs. BNO - Volatility Comparison
The current volatility for Invesco PureBeta MSCI USA ETF (PBUS) is 2.94%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that PBUS 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
| PBUS | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.94% | 14.22% | -11.28% |
Volatility (6M)Calculated over the trailing 6-month period | 9.13% | 36.10% | -26.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.06% | 41.46% | -29.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.05% | 35.38% | -18.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.33% | 36.68% | -17.35% |
PBUS vs. BNO - Expense Ratio Comparison
PBUS has a 0.04% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
PBUS vs. BNO - Dividend Comparison
PBUS's dividend yield for the trailing twelve months is around 0.98%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
PBUS Invesco PureBeta MSCI USA ETF | 0.98% | 1.05% | 1.20% | 1.36% | 1.71% | 0.98% | 1.35% | 1.53% | 2.33% | 0.50% |
Frequently Asked Questions
PBUS and BNO have a correlation of -0.31, 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 PBUS (2.94%). In terms of maximum drawdown, PBUS dropped -33.15% vs BNO's -87.06%.
On 5-year performance, BNO leads with 24.16% vs 13.48% for PBUS. On fees, PBUS is cheaper at 0.04% per year. On volatility, PBUS has been the lower-risk option at 2.94%. 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 24.16% return vs 13.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBUS is cheaper with a 0.04% expense ratio, compared with 0.90% for BNO.
PBUS has the higher dividend yield at 0.98%, compared with 0.00% for BNO.
PBUS is categorized as Large Cap Growth Equities, while BNO is Oil & Gas. PBUS tracks MSCI USA Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.04% for PBUS and 0.90% for BNO.
PBUS currently has the higher Sharpe Ratio (2.30 vs 2.23), 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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