PY vs. BNO
PY (Principal Value ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PY is a Large Cap Value Equities fund actively managed by Principal, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. PY is actively managed, while BNO is passively managed. Over the past 10 years, PY returned 10.73%/yr vs 13.60%/yr for BNO. At a 0.17 correlation, their price movements are largely independent. PY charges 0.15%/yr vs 0.90%/yr for BNO.
Performance
PY vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, PY achieves a 4.14% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, PY has underperformed BNO with an annualized return of 10.73%, while BNO has yielded a comparatively higher 13.60% annualized return.
PY
- 1D
- -0.49%
- 1M
- 1.70%
- YTD
- 4.14%
- 6M
- 4.52%
- 1Y
- 14.24%
- 3Y*
- 13.22%
- 5Y*
- 7.32%
- 10Y*
- 10.73%
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%
PY vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PY Principal Value ETF | 4.14% | 7.74% | 16.79% | 9.11% | -5.10% | 34.83% | 2.71% | 26.87% | -13.34% | 18.87% |
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 PY and BNO is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Mar 23, 2016 | 0.17 |
The correlation between PY and BNO shifts across timeframes, from -0.17 (1 year) to 0.17 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
PY vs. BNO — Risk / Return Rank
PY
BNO
PY vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Value ETF (PY) 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.
| PY | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.38 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 5.17 | -2.86 |
| Martin ratioReturn relative to average drawdown | 7.73 | 9.76 | -2.03 |
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
| PY | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.36 | 2.23 | -0.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.69 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.37 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.14 | +0.39 |
Drawdowns
PY vs. BNO - Drawdown Comparison
The maximum PY drawdown since its inception was -45.44%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for PY and BNO.
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Drawdown Indicators
| PY | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.44% | -87.06% | +41.62% |
Max Drawdown (1Y)Largest decline over 1 year | -6.20% | -17.87% | +11.67% |
Max Drawdown (3Y)Largest decline over 3 years | -17.84% | -23.75% | +5.91% |
Max Drawdown (5Y)Largest decline over 5 years | -17.84% | -33.70% | +15.86% |
Max Drawdown (10Y)Largest decline over 10 years | -45.44% | -75.18% | +29.74% |
Current DrawdownCurrent decline from peak | -1.00% | -10.29% | +9.29% |
Average DrawdownAverage peak-to-trough decline | -5.05% | -40.17% | +35.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.85% | 9.45% | -7.60% |
Volatility
PY vs. BNO - Volatility Comparison
The current volatility for Principal Value ETF (PY) is 2.28%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that PY 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
| PY | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.28% | 14.22% | -11.94% |
Volatility (6M)Calculated over the trailing 6-month period | 7.28% | 36.10% | -28.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.53% | 41.46% | -30.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.77% | 35.38% | -19.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.07% | 36.68% | -16.61% |
PY vs. BNO - Expense Ratio Comparison
PY has a 0.15% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
PY vs. BNO - Dividend Comparison
PY's dividend yield for the trailing twelve months is around 2.13%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PY Principal Value ETF | 2.13% | 2.14% | 2.22% | 2.68% | 3.02% | 2.83% | 2.95% | 2.25% | 2.34% | 1.68% | 1.85% |
Frequently Asked Questions
PY and BNO have a correlation of -0.17, 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 PY (2.28%). In terms of maximum drawdown, PY dropped -45.44% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.60% vs 10.73% for PY. On fees, PY is cheaper at 0.15% per year. On volatility, PY has been the lower-risk option at 2.28%. 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 10.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PY is cheaper with a 0.15% expense ratio, compared with 0.90% for BNO.
PY has the higher dividend yield at 2.13%, compared with 0.00% for BNO.
PY is categorized as Large Cap Value Equities, while BNO is Oil & Gas. They also come from different issuers: Principal and Concierge Technologies. Their fees differ too: 0.15% for PY and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 1.36), 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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