PSP vs. BNO
PSP (Invesco Global Listed Private Equity ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, PSP returned 7.70%/yr vs 13.13%/yr for BNO. At a 0.26 correlation, their price movements are largely independent. PSP charges 1.44%/yr vs 0.90%/yr for BNO.
Performance
PSP vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, PSP achieves a -11.51% return, which is significantly lower than BNO's 85.31% return. Over the past 10 years, PSP has underperformed BNO with an annualized return of 7.70%, while BNO has yielded a comparatively higher 13.13% annualized return.
PSP
- 1D
- 2.30%
- 1M
- -4.24%
- YTD
- -11.51%
- 6M
- -9.04%
- 1Y
- -6.20%
- 3Y*
- 10.99%
- 5Y*
- 0.33%
- 10Y*
- 7.70%
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%
PSP vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSP Invesco Global Listed Private Equity ETF | -11.51% | 6.49% | 17.42% | 37.72% | -37.37% | 27.30% | 12.47% | 35.73% | -15.12% | 24.13% |
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 PSP and BNO is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.26 |
The correlation between PSP and BNO shifts across timeframes, from -0.32 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSP vs. BNO — Risk / Return Rank
PSP
BNO
PSP vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) 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.
| PSP | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.46 | ||
| Sortino ratioReturn per unit of downside risk | -2.95 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.36 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 4.99 | -5.27 |
| Martin ratioReturn relative to average drawdown | -0.64 | 9.39 | -10.03 |
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
| PSP | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.31 | 2.15 | -2.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.67 | -0.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.34 | 0.36 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.14 | -0.05 |
Drawdowns
PSP vs. BNO - Drawdown Comparison
The maximum PSP drawdown since its inception was -85.40%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PSP and BNO.
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Drawdown Indicators
| PSP | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.40% | -87.06% | +1.66% |
Max Drawdown (1Y)Largest decline over 1 year | -22.37% | -17.87% | -4.50% |
Max Drawdown (3Y)Largest decline over 3 years | -22.94% | -23.75% | +0.81% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -33.70% | -13.46% |
Max Drawdown (10Y)Largest decline over 10 years | -47.16% | -75.18% | +28.02% |
Current DrawdownCurrent decline from peak | -15.83% | -12.72% | -3.11% |
Average DrawdownAverage peak-to-trough decline | -30.69% | -40.16% | +9.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.73% | 9.48% | +0.25% |
Volatility
PSP vs. BNO - Volatility Comparison
The current volatility for Invesco Global Listed Private Equity ETF (PSP) is 7.14%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that PSP 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
| PSP | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.14% | 14.12% | -6.98% |
Volatility (6M)Calculated over the trailing 6-month period | 16.37% | 36.21% | -19.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.05% | 41.56% | -21.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.81% | 35.40% | -11.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.46% | 36.69% | -14.23% |
PSP vs. BNO - Expense Ratio Comparison
PSP has a 1.44% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
PSP vs. BNO - Dividend Comparison
PSP's dividend yield for the trailing twelve months is around 6.53%, 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% |
PSP Invesco Global Listed Private Equity ETF | 6.53% | 5.87% | 8.62% | 3.96% | 2.88% | 10.34% | 4.66% | 5.87% | 6.81% | 10.18% | 4.12% | 6.23% |
Frequently Asked Questions
PSP and BNO have a correlation of -0.32, 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 PSP (7.14%). In terms of maximum drawdown, PSP dropped -85.40% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.13% vs 7.70% for PSP. On fees, BNO is cheaper at 0.90% per year. On volatility, PSP has been the lower-risk option at 7.14%. 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 7.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 0.90% expense ratio, compared with 1.44% for PSP.
PSP has the higher dividend yield at 6.53%, compared with 0.00% for BNO.
PSP is categorized as Global Equities, while BNO is Oil & Gas. PSP tracks Red Rocks Global Listed Private Equity Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 1.44% for PSP and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.31), 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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