PEJ vs. BNO
PEJ (Invesco Dynamic Leisure & Entertainment ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PEJ is a Consumer Discretionary Equities fund tracking the Dynamic Leisure and Entertainment Intellidex Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, PEJ returned 7.51%/yr vs 15.06%/yr for BNO. Their 0.16 correlation means their historical movements had little consistent relationship. PEJ charges 0.55%/yr vs 1.00%/yr for BNO.
Performance
PEJ vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, PEJ achieves a 9.41% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, PEJ has underperformed BNO with an annualized return of 7.51%, while BNO has yielded a comparatively higher 15.06% annualized return.
PEJ
- 1D
- -0.27%
- 1M
- -0.54%
- 6M
- 11.47%
- YTD
- 9.41%
- 1Y
- 18.36%
- 3Y*
- 16.45%
- 5Y*
- 6.78%
- 10Y*
- 7.51%
- ALL TIME*
- 8.11%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $2.30M | $2.56M | $2.67M |
PEJ vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PEJ Invesco Dynamic Leisure & Entertainment ETF | 9.41% | 17.78% | 25.08% | 15.73% | -25.37% | 22.78% | -10.29% | 13.82% | -9.31% | 11.22% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between PEJ and BNO is -0.36, 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. | -0.36 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.16 |
The correlation between PEJ and BNO shifts across timeframes, from -0.36 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PEJ vs. BNO — Risk / Return Rank
PEJ
BNO
PEJ vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Leisure & Entertainment ETF (PEJ) 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.
| PEJ | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.24 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 1.70 | -0.07 |
| Martin ratioReturn relative to average drawdown | 4.23 | 5.15 | -0.92 |
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Drawdowns
PEJ vs. BNO - Drawdown Comparison
The maximum PEJ drawdown since its inception was -66.03%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PEJ and BNO.
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Drawdown Indicators
| PEJ | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.03% | -87.06% | +21.03% |
Max Drawdown (1Y)Largest decline over 1 year | -10.29% | -34.46% | +24.17% |
Max Drawdown (3Y)Largest decline over 3 years | -25.75% | -34.46% | +8.71% |
Max Drawdown (5Y)Largest decline over 5 years | -34.74% | -34.46% | -0.28% |
Max Drawdown (10Y)Largest decline over 10 years | -58.96% | -75.18% | +16.22% |
Current DrawdownCurrent decline from peak | -1.43% | -16.21% | +14.78% |
Average DrawdownAverage peak-to-trough decline | -12.24% | -39.99% | +27.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.95% | 11.86% | -7.91% |
Volatility
PEJ vs. BNO - Volatility Comparison
The current volatility for Invesco Dynamic Leisure & Entertainment ETF (PEJ) is 4.73%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that PEJ 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
| PEJ | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.73% | 17.47% | -12.74% |
Volatility (6M)Calculated over the trailing 6-month period | 14.85% | 40.96% | -26.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.67% | 44.54% | -25.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.69% | 36.41% | -13.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.72% | 36.98% | -12.26% |
PEJ vs. BNO - Expense Ratio Comparison
PEJ has a 0.55% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
PEJ vs. BNO - Dividend Comparison
PEJ's dividend yield for the trailing twelve months is around 0.50%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
PEJ Invesco Dynamic Leisure & Entertainment ETF | 0.50% | 0.24% | 0.40% | 0.46% | 0.43% | 0.34% | 0.92% | 0.39% | 0.78% | 0.68% | 0.68% | 0.52% |
Frequently Asked Questions
PEJ and BNO have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to PEJ (4.73%). In terms of maximum drawdown, PEJ dropped -66.03% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs 7.51% for PEJ. On fees, PEJ is cheaper at 0.55% per year. On volatility, PEJ has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 15.06% return vs 7.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PEJ is cheaper with a 0.55% expense ratio, compared with 1.00% for BNO.
PEJ has the higher dividend yield at 0.50%, compared with 0.00% for BNO.
PEJ is categorized as Consumer Discretionary Equities, while BNO is Oil & Gas. PEJ tracks Dynamic Leisure and Entertainment Intellidex Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.55% for PEJ and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs 0.90), 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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