PSL vs. BNO
PSL (Invesco DWA Consumer Staples Momentum ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PSL is a Momentum fund tracking the DWA Consumer Staples Technical Leaders Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, PSL returned 7.88%/yr vs 13.60%/yr for BNO. At a 0.15 correlation, their price movements are largely independent. PSL charges 0.60%/yr vs 0.90%/yr for BNO.
Performance
PSL vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, PSL achieves a 9.10% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, PSL has underperformed BNO with an annualized return of 7.88%, while BNO has yielded a comparatively higher 13.60% annualized return.
PSL
- 1D
- 0.57%
- 1M
- -1.77%
- YTD
- 9.10%
- 6M
- 9.15%
- 1Y
- -1.02%
- 3Y*
- 9.29%
- 5Y*
- 3.68%
- 10Y*
- 7.88%
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%
PSL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSL Invesco DWA Consumer Staples Momentum ETF | 9.10% | -3.47% | 15.42% | 12.32% | -7.76% | 6.88% | 18.15% | 14.16% | 0.92% | 21.82% |
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 PSL and BNO is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.15 |
The correlation between PSL and BNO shifts across timeframes, from -0.12 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSL vs. BNO — Risk / Return Rank
PSL
BNO
PSL vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Consumer Staples Momentum ETF (PSL) 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.
| PSL | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.31 | ||
| Sortino ratioReturn per unit of downside risk | -2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.38 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 5.17 | -5.24 |
| Martin ratioReturn relative to average drawdown | -0.17 | 9.76 | -9.93 |
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
| PSL | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.08 | 2.23 | -2.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.69 | -0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.37 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.14 | +0.41 |
Drawdowns
PSL vs. BNO - Drawdown Comparison
The maximum PSL drawdown since its inception was -41.58%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PSL and BNO.
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Drawdown Indicators
| PSL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.58% | -87.06% | +45.48% |
Max Drawdown (1Y)Largest decline over 1 year | -13.64% | -17.87% | +4.23% |
Max Drawdown (3Y)Largest decline over 3 years | -13.64% | -23.75% | +10.11% |
Max Drawdown (5Y)Largest decline over 5 years | -22.35% | -33.70% | +11.35% |
Max Drawdown (10Y)Largest decline over 10 years | -34.67% | -75.18% | +40.51% |
Current DrawdownCurrent decline from peak | -6.41% | -10.29% | +3.88% |
Average DrawdownAverage peak-to-trough decline | -5.82% | -40.17% | +34.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.09% | 9.45% | -3.36% |
Volatility
PSL vs. BNO - Volatility Comparison
The current volatility for Invesco DWA Consumer Staples Momentum ETF (PSL) is 3.29%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that PSL 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
| PSL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.29% | 14.22% | -10.93% |
Volatility (6M)Calculated over the trailing 6-month period | 8.51% | 36.10% | -27.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.80% | 41.46% | -28.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.15% | 35.38% | -20.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.50% | 36.68% | -20.18% |
PSL vs. BNO - Expense Ratio Comparison
PSL has a 0.60% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
PSL vs. BNO - Dividend Comparison
PSL's dividend yield for the trailing twelve months is around 0.84%, 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% |
PSL Invesco DWA Consumer Staples Momentum ETF | 0.84% | 0.93% | 0.60% | 1.37% | 1.98% | 1.24% | 0.80% | 0.47% | 0.75% | 0.34% | 2.08% | 1.18% |
Frequently Asked Questions
PSL and BNO have a correlation of -0.12, 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 PSL (3.29%). In terms of maximum drawdown, PSL dropped -41.58% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.60% vs 7.88% for PSL. On fees, PSL is cheaper at 0.60% per year. On volatility, PSL has been the lower-risk option at 3.29%. 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 13.60% return vs 7.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSL is cheaper with a 0.60% expense ratio, compared with 0.90% for BNO.
PSL has the higher dividend yield at 0.84%, compared with 0.00% for BNO.
PSL is categorized as Momentum, while BNO is Oil & Gas. PSL tracks DWA Consumer Staples Technical Leaders Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.60% for PSL and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs -0.08), 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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