PNQI vs. BNO
PNQI (Invesco NASDAQ Internet ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PNQI is a Large Cap Growth Equities fund tracking the NASDAQ Internet Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, PNQI returned 11.85%/yr vs 13.13%/yr for BNO. At a 0.19 correlation, their price movements are largely independent. PNQI charges 0.62%/yr vs 0.90%/yr for BNO.
Performance
PNQI vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, PNQI achieves a -10.35% return, which is significantly lower than BNO's 85.31% return. Over the past 10 years, PNQI has underperformed BNO with an annualized return of 11.85%, while BNO has yielded a comparatively higher 13.13% annualized return.
PNQI
- 1D
- 0.96%
- 1M
- -0.42%
- YTD
- -10.35%
- 6M
- -11.05%
- 1Y
- -2.59%
- 3Y*
- 16.78%
- 5Y*
- 0.30%
- 10Y*
- 11.85%
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
PNQI vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PNQI Invesco NASDAQ Internet ETF | -10.35% | 15.56% | 29.44% | 60.69% | -47.92% | -5.57% | 61.36% | 28.76% | -5.08% | 40.05% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between PNQI and BNO is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.19 |
The correlation between PNQI and BNO shifts across timeframes, from -0.22 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PNQI vs. BNO — Risk / Return Rank
PNQI
BNO
PNQI vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Internet ETF (PNQI) 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.
| PNQI | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.29 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.36 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | 4.99 | -5.09 |
| Martin ratioReturn relative to average drawdown | -0.25 | 9.39 | -9.63 |
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
| PNQI | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.14 | 2.15 | -2.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.67 | -0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.36 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.14 | +0.39 |
Drawdowns
PNQI vs. BNO - Drawdown Comparison
The maximum PNQI drawdown since its inception was -59.70%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PNQI and BNO.
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Drawdown Indicators
| PNQI | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.70% | -87.06% | +27.36% |
Max Drawdown (1Y)Largest decline over 1 year | -24.85% | -17.87% | -6.98% |
Max Drawdown (3Y)Largest decline over 3 years | -24.85% | -23.75% | -1.10% |
Max Drawdown (5Y)Largest decline over 5 years | -59.56% | -33.70% | -25.86% |
Max Drawdown (10Y)Largest decline over 10 years | -59.70% | -75.18% | +15.48% |
Current DrawdownCurrent decline from peak | -15.27% | -12.72% | -2.55% |
Average DrawdownAverage peak-to-trough decline | -12.96% | -40.16% | +27.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.56% | 9.48% | +1.08% |
Volatility
PNQI vs. BNO - Volatility Comparison
The current volatility for Invesco NASDAQ Internet ETF (PNQI) is 4.77%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that PNQI 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
| PNQI | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 14.12% | -9.35% |
Volatility (6M)Calculated over the trailing 6-month period | 13.87% | 36.21% | -22.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.10% | 41.56% | -23.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.80% | 35.40% | -8.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.29% | 36.69% | -11.40% |
PNQI vs. BNO - Expense Ratio Comparison
PNQI has a 0.62% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
PNQI vs. BNO - Dividend Comparison
PNQI's dividend yield for the trailing twelve months is around 0.02%, 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% |
PNQI Invesco NASDAQ Internet ETF | 0.02% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% |
Frequently Asked Questions
PNQI and BNO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to PNQI (4.77%). In terms of maximum drawdown, PNQI dropped -59.70% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.13% vs 11.85% for PNQI. On fees, PNQI is cheaper at 0.62% per year. On volatility, PNQI has been the lower-risk option at 4.77%. 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 13.13% return vs 11.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PNQI is cheaper with a 0.62% expense ratio, compared with 0.90% for BNO.
PNQI has the higher dividend yield at 0.02%, compared with 0.00% for BNO.
PNQI is categorized as Large Cap Growth Equities, while BNO is Oil & Gas. PNQI tracks NASDAQ Internet Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.62% for PNQI and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.14), 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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