PJIO vs. BNO

Last updated Jun 25, 2026

PJIO (PGIM Jennison International Opportunities ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PJIO is a Foreign Large Cap Equities fund actively managed by PGIM, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. PJIO is actively managed, while BNO is passively managed. Over the past year, PJIO returned 10.72% vs 39.47% for BNO. At a correlation of -0.11, they often move in opposite directions. PJIO charges 0.90%/yr vs 1.00%/yr for BNO.

Performance

PJIO vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Jennison International Opportunities ETF (PJIO) 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, PJIO achieves a 10.23% return, which is significantly lower than BNO's 43.86% return.

PJIO

• 1D: 0.41%
• 1M: 6.71%
• YTD: 10.23%
• 6M: 9.73%
• 1Y: 10.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -4.23%
• 1M: -25.93%
• YTD: 43.86%
• 6M: 41.93%
• 1Y: 39.47%
• 3Y*: 17.61%
• 5Y*: 15.98%
• 10Y*: 10.77%

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

PJIO vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PJIO PGIM Jennison International Opportunities ETF	10.23%	17.75%	4.59%	-0.27%
BNO United States Brent Oil Fund LP	43.86%	-5.44%	9.67%	-1.73%

Correlation

The correlation between PJIO 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 (All Time) Calculated using the full available price history since Dec 19, 2023	-0.11

Over the past year, the inverse relationship between PJIO and BNO has strengthened: their correlation has moved from -0.11 to -0.31, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

PJIO vs. BNO — Risk / Return Rank

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

PJIO

PJIO Risk / Return Rank: 16
PJIO Sharpe Ratio Rank: 16
PJIO Sortino Ratio Rank: 16
PJIO Omega Ratio Rank: 16
PJIO Calmar Ratio Rank: 16
PJIO Martin Ratio Rank: 18

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 29
BNO Sortino Ratio Rank: 30
BNO Omega Ratio Rank: 31
BNO Calmar Ratio Rank: 27
BNO Martin Ratio Rank: 31

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.

PJIO vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Jennison International Opportunities ETF (PJIO) 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.

	PJIO	BNO	Difference
Sharpe ratio: Return per unit of total volatility	0.44	0.97	-0.52
Sortino ratio: Return per unit of downside risk	0.80	1.51	-0.71
Omega ratio: Gain probability vs. loss probability	1.10	1.20	-0.09
Calmar ratio: Return relative to maximum drawdown	0.56	1.23	-0.67
Martin ratio: Return relative to average drawdown	1.79	4.18	-2.39

PJIO vs. BNO - Sharpe Ratio Comparison

The current PJIO Sharpe Ratio is 0.44, which is lower than the BNO Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of PJIO 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.

Drawdowns

PJIO vs. BNO - Drawdown Comparison

The maximum PJIO drawdown since its inception was -19.26%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PJIO and BNO.

Drawdown Indicators

	PJIO	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-19.26%	-87.06%	+67.80%
Max Drawdown (1Y) Largest decline over 1 year	-19.26%	-32.25%	+12.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.25%	—
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	-4.69%	-32.25%	+27.56%
Average Drawdown Average peak-to-trough decline	-4.23%	-40.10%	+35.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.01%	9.47%	-3.46%

Volatility

PJIO vs. BNO - Volatility Comparison

PGIM Jennison International Opportunities ETF (PJIO) has a higher volatility of 12.61% compared to United States Brent Oil Fund LP (BNO) at 11.33%. This indicates that PJIO's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJIO	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.61%	11.33%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	21.89%	37.57%	-15.68%
Volatility (1Y) Calculated over the trailing 1-year period	24.29%	41.20%	-16.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.75%	35.70%	-13.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.75%	36.70%	-14.95%

PJIO vs. BNO - Expense Ratio Comparison

PJIO has a 0.90% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

PJIO vs. BNO - Dividend Comparison

PJIO's dividend yield for the trailing twelve months is around 0.17%, 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%
PJIO PGIM Jennison International Opportunities ETF	0.17%	0.19%	0.22%

Frequently Asked Questions

Can I hold both PJIO and BNO in my portfolio?

PJIO 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.

Which is riskier, PJIO or BNO?

PJIO has higher volatility (12.61%) compared to BNO (11.33%). In terms of maximum drawdown, PJIO dropped -19.26% vs BNO's -87.06%.

Which ETF is better, PJIO or BNO?

On 1-year performance, BNO leads with 39.47% vs 10.72% for PJIO. On fees, PJIO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 11.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJIO or BNO?

Over the 1-year period, BNO has performed better with a 39.47% return vs 10.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJIO or BNO?

PJIO is cheaper with a 0.90% expense ratio, compared with 1.00% for BNO.

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

PJIO has the higher dividend yield at 0.17%, compared with 0.00% for BNO.

What is the main difference between PJIO and BNO?

PJIO is categorized as Foreign Large Cap Equities, while BNO is Oil & Gas. They also come from different issuers: PGIM and USCF Investments. Their fees differ too: 0.90% for PJIO and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (0.97 vs 0.44), 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.