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PPA vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PPA vs. BNO

Last updated Jun 4, 2026

PPA (Invesco Aerospace & Defense ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PPA is a Aerospace & Defense fund tracking the SPADE Defense Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, PPA returned 17.38%/yr vs 13.60%/yr for BNO. At a 0.22 correlation, their price movements are largely independent. PPA charges 0.58%/yr vs 0.90%/yr for BNO.

Performance

PPA vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Aerospace & Defense ETF (PPA) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PPA achieves a 8.54% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, PPA has outperformed BNO with an annualized return of 17.38%, while BNO has yielded a comparatively lower 13.60% annualized return.

PPA

1D
-1.74%
1M
3.19%
YTD
8.54%
6M
13.46%
1Y
26.57%
3Y*
28.92%
5Y*
17.82%
10Y*
17.38%

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)

PPA vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PPA
Invesco Aerospace & Defense ETF		8.54%37.15%25.28%18.41%9.52%7.09%0.45%39.63%-7.51%30.10%
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%15.43%

Correlation

The correlation between PPA and BNO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.08

Correlation (3Y)
Calculated over the trailing 3-year period

0.02

Correlation (5Y)
Calculated over the trailing 5-year period

0.13

Correlation (10Y)
Calculated over the trailing 10-year period

0.18

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.22

The correlation between PPA and BNO shifts across timeframes, from -0.08 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Invesco Aerospace & Defense ETF

United States Brent Oil Fund LP

Often compared with PPA:
PPA vs. ITAPPA vs. XARPPA vs. SHLDPPA vs. SPYPPA vs. FSDAXPPA vs. DFNS.LPPA vs. DFEN
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

PPA vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PPA
PPA Risk / Return Rank: 3737
Overall Rank
PPA Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
PPA Sortino Ratio Rank: 3939
Sortino Ratio Rank
PPA Omega Ratio Rank: 3535
Omega Ratio Rank
PPA Calmar Ratio Rank: 3838
Calmar Ratio Rank
PPA Martin Ratio Rank: 3636
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

PPA vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) 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.

PPABNODifference
Sharpe ratioReturn per unit of total volatility
1.40
2.23

-0.83

Sortino ratioReturn per unit of downside risk
2.05
2.73

-0.67

Omega ratioGain probability vs. loss probability

1.24

1.38

-0.13

Calmar ratioReturn relative to maximum drawdown

1.95

5.17

-3.22

Martin ratioReturn relative to average drawdown

5.68

9.76

-4.08

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPA vs. BNO - Sharpe Ratio Comparison

The current PPA Sharpe Ratio is 1.40, which is lower than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of PPA 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.

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Sharpe Ratios by Period

PPABNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.40

2.23

-0.83

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.97

0.69

+0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

0.37

+0.47

Sharpe Ratio (All Time)

Calculated using the full available price history

0.66

0.14

+0.52

Drawdowns

PPA vs. BNO - Drawdown Comparison

The maximum PPA drawdown since its inception was -57.37%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PPA and BNO.

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Drawdown Indicators

PPABNODifference

Max Drawdown

Largest peak-to-trough decline

-57.37%

-87.06%

+29.69%

Max Drawdown (1Y)

Largest decline over 1 year

-13.71%

-17.87%

+4.16%

Max Drawdown (3Y)

Largest decline over 3 years

-15.24%

-23.75%

+8.51%

Max Drawdown (5Y)

Largest decline over 5 years

-18.37%

-33.70%

+15.33%

Max Drawdown (10Y)

Largest decline over 10 years

-43.92%

-75.18%

+31.26%

Current Drawdown

Current decline from peak

-8.40%

-10.29%

+1.89%

Average Drawdown

Average peak-to-trough decline

-9.18%

-40.17%

+30.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.69%

9.45%

-4.76%

Volatility

PPA vs. BNO - Volatility Comparison

The current volatility for Invesco Aerospace & Defense ETF (PPA) is 6.73%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that PPA 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

PPABNODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.73%

14.22%

-7.49%

Volatility (6M)

Calculated over the trailing 6-month period

15.95%

36.10%

-20.15%

Volatility (1Y)

Calculated over the trailing 1-year period

19.03%

41.46%

-22.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.49%

35.38%

-16.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.64%

36.68%

-16.04%

PPA vs. BNO - Expense Ratio Comparison

PPA has a 0.58% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

PPA vs. BNO - Dividend Comparison

PPA's dividend yield for the trailing twelve months is around 0.39%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
PPA
Invesco Aerospace & Defense ETF		0.39%0.42%0.61%0.67%0.83%0.59%0.88%0.95%0.90%0.67%1.70%1.41%

Frequently Asked Questions

PPA and BNO have a correlation of -0.08, 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 PPA (6.73%). In terms of maximum drawdown, PPA dropped -57.37% vs BNO's -87.06%.

On 10-year performance, PPA leads with 17.38% vs 13.60% for BNO. On fees, PPA is cheaper at 0.58% per year. On volatility, PPA has been the lower-risk option at 6.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PPA has performed better with a 17.38% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PPA is cheaper with a 0.58% expense ratio, compared with 0.90% for BNO.

PPA has the higher dividend yield at 0.39%, compared with 0.00% for BNO.

PPA is categorized as Aerospace & Defense, while BNO is Oil & Gas. PPA tracks SPADE Defense Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.58% for PPA and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.23 vs 1.40), 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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