PJBF vs. BNO

Last updated Jun 4, 2026

PJBF (PGIM Jennison Better Future ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PJBF is a Global Equities fund actively managed by PGIM, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. PJBF is actively managed, while BNO is passively managed. Over the past year, PJBF returned 16.62% vs 91.89% for BNO. At a correlation of -0.06, they often move in opposite directions. PJBF charges 0.59%/yr vs 0.90%/yr for BNO.

Performance

PJBF vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Jennison Better Future ETF (PJBF) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJBF achieves a 8.99% return, which is significantly lower than BNO's 90.47% return.

PJBF

• 1D: -1.20%
• 1M: 4.04%
• YTD: 8.99%
• 6M: 7.01%
• 1Y: 16.62%
• 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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PJBF vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PJBF PGIM Jennison Better Future ETF	8.99%	5.13%	19.91%	-0.80%
BNO United States Brent Oil Fund LP	90.47%	-5.44%	9.67%	-3.50%

Correlation

The correlation between PJBF and BNO is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	-0.06

Over the past year, the inverse relationship between PJBF and BNO has strengthened: their correlation has moved from -0.06 to -0.30, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

PJBF vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PJBF

PJBF Risk / Return Rank: 24
PJBF Sharpe Ratio Rank: 25
PJBF Sortino Ratio Rank: 25
PJBF Omega Ratio Rank: 24
PJBF Calmar Ratio Rank: 21
PJBF Martin Ratio Rank: 23

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PJBF vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Jennison Better Future ETF (PJBF) 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.

	PJBF	BNO	Difference
Sharpe ratio Return per unit of total volatility	0.85	2.23	-1.38
Sortino ratio Return per unit of downside risk	1.30	2.73	-1.42
Omega ratio Gain probability vs. loss probability	1.16	1.38	-0.21
Calmar ratio Return relative to maximum drawdown	0.91	5.17	-4.26
Martin ratio Return relative to average drawdown	2.90	9.76	-6.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PJBF vs. BNO - Sharpe Ratio Comparison

The current PJBF Sharpe Ratio is 0.85, which is lower than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of PJBF and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PJBF	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	2.23	-1.38
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	0.63	0.14	+0.49

Drawdowns

PJBF vs. BNO - Drawdown Comparison

The maximum PJBF drawdown since its inception was -25.67%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PJBF and BNO.

Drawdown Indicators

	PJBF	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-25.67%	-87.06%	+61.39%
Max Drawdown (1Y) Largest decline over 1 year	-18.41%	-17.87%	-0.54%
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 Drawdown Current decline from peak	-1.20%	-10.29%	+9.09%
Average Drawdown Average peak-to-trough decline	-5.31%	-40.17%	+34.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.74%	9.45%	-3.71%

Volatility

PJBF vs. BNO - Volatility Comparison

The current volatility for PGIM Jennison Better Future ETF (PJBF) is 6.31%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that PJBF 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.

Volatility by Period

	PJBF	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	14.22%	-7.91%
Volatility (6M) Calculated over the trailing 6-month period	15.81%	36.10%	-20.29%
Volatility (1Y) Calculated over the trailing 1-year period	19.58%	41.46%	-21.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.52%	35.38%	-13.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.52%	36.68%	-15.16%

PJBF vs. BNO - Expense Ratio Comparison

PJBF has a 0.59% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

PJBF vs. BNO - Dividend Comparison

PJBF's dividend yield for the trailing twelve months is around 0.22%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%
PJBF PGIM Jennison Better Future ETF	0.22%	0.24%	0.16%

Frequently Asked Questions

Can I hold both PJBF and BNO in my portfolio?

PJBF and BNO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PJBF or BNO?

BNO has higher volatility (14.22%) compared to PJBF (6.31%). In terms of maximum drawdown, PJBF dropped -25.67% vs BNO's -87.06%.

Which ETF is better, PJBF or BNO?

On 1-year performance, BNO leads with 91.89% vs 16.62% for PJBF. On fees, PJBF is cheaper at 0.59% per year. On volatility, PJBF has been the lower-risk option at 6.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJBF or BNO?

Over the 1-year period, BNO has performed better with a 91.89% return vs 16.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJBF or BNO?

PJBF is cheaper with a 0.59% expense ratio, compared with 0.90% for BNO.

Which ETF pays a higher dividend yield, PJBF or BNO?

PJBF has the higher dividend yield at 0.22%, compared with 0.00% for BNO.

What is the main difference between PJBF and BNO?

PJBF is categorized as Global Equities, while BNO is Oil & Gas. They also come from different issuers: PGIM and Concierge Technologies. Their fees differ too: 0.59% for PJBF and 0.90% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (2.23 vs 0.85), 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.