QHY vs. BNO
QHY (WisdomTree U.S. Short-Term Corporate Bond Fund) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - QHY is a High Yield Bonds fund tracking the WisdomTree U.S. High Yield Corporate Bond Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, QHY returned 4.90%/yr vs 11.25%/yr for BNO. At a 0.13 correlation, their price movements are largely independent. QHY charges 0.38%/yr vs 1.00%/yr for BNO.
Performance
QHY vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, QHY achieves a 1.63% return, which is significantly lower than BNO's 50.21% return. Over the past 10 years, QHY has underperformed BNO with an annualized return of 4.90%, while BNO has yielded a comparatively higher 11.25% annualized return.
QHY
- 1D
- 0.07%
- 1M
- 0.57%
- YTD
- 1.63%
- 6M
- 2.08%
- 1Y
- 6.48%
- 3Y*
- 8.38%
- 5Y*
- 3.11%
- 10Y*
- 4.90%
BNO
- 1D
- -1.35%
- 1M
- -22.65%
- YTD
- 50.21%
- 6M
- 47.81%
- 1Y
- 38.79%
- 3Y*
- 19.32%
- 5Y*
- 17.15%
- 10Y*
- 11.25%
QHY vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QHY WisdomTree U.S. Short-Term Corporate Bond Fund | 1.63% | 9.61% | 5.92% | 10.12% | -11.81% | 4.12% | 5.99% | 15.65% | -0.06% | 5.66% |
BNO United States Brent Oil Fund LP | 50.21% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between QHY and BNO is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2016 | 0.13 |
The correlation between QHY and BNO shifts across timeframes, from -0.34 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QHY vs. BNO — Risk / Return Rank
QHY
BNO
QHY vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree U.S. Short-Term Corporate Bond Fund (QHY) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| QHY | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.19 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 1.33 | +1.02 |
| Martin ratioReturn relative to average drawdown | 10.64 | 4.21 | +6.44 |
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Drawdowns
QHY vs. BNO - Drawdown Comparison
The maximum QHY drawdown since its inception was -22.74%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for QHY and BNO.
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Drawdown Indicators
| QHY | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.74% | -87.06% | +64.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -29.25% | +26.48% |
Max Drawdown (3Y)Largest decline over 3 years | -4.58% | -29.25% | +24.67% |
Max Drawdown (5Y)Largest decline over 5 years | -16.21% | -33.70% | +17.49% |
Max Drawdown (10Y)Largest decline over 10 years | -22.74% | -75.18% | +52.44% |
Current DrawdownCurrent decline from peak | -0.23% | -29.25% | +29.02% |
Average DrawdownAverage peak-to-trough decline | -2.74% | -40.10% | +37.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 9.28% | -8.67% |
Volatility
QHY vs. BNO - Volatility Comparison
The current volatility for WisdomTree U.S. Short-Term Corporate Bond Fund (QHY) is 0.94%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that QHY 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
| QHY | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 10.92% | -9.98% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 37.29% | -34.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 41.67% | -37.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.58% | 35.65% | -28.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.20% | 36.68% | -28.48% |
QHY vs. BNO - Expense Ratio Comparison
QHY has a 0.38% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
QHY vs. BNO - Dividend Comparison
QHY's dividend yield for the trailing twelve months is around 6.25%, 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% |
QHY WisdomTree U.S. Short-Term Corporate Bond Fund | 6.25% | 6.26% | 6.40% | 6.11% | 5.44% | 4.09% | 4.80% | 5.21% | 5.93% | 6.47% | 4.39% |
Frequently Asked Questions
QHY and BNO have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (10.92%) compared to QHY (0.94%). In terms of maximum drawdown, QHY dropped -22.74% vs BNO's -87.06%.
On 10-year performance, BNO leads with 11.25% vs 4.90% for QHY. On fees, QHY is cheaper at 0.38% per year. On volatility, QHY has been the lower-risk option at 0.94%. 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 11.25% return vs 4.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QHY is cheaper with a 0.38% expense ratio, compared with 1.00% for BNO.
QHY has the higher dividend yield at 6.25%, compared with 0.00% for BNO.
QHY is categorized as High Yield Bonds, while BNO is Oil & Gas. QHY tracks WisdomTree U.S. High Yield Corporate Bond Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: WisdomTree and USCF Investments. Their fees differ too: 0.38% for QHY and 1.00% for BNO.
QHY currently has the higher Sharpe Ratio (1.77 vs 0.95), 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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