PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
RSP vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RSP vs. BNO

Last updated Jun 3, 2026

RSP (Invesco S&P 500 Equal Weight ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, RSP returned 11.90%/yr vs 13.38%/yr for BNO. At a 0.28 correlation, their price movements are largely independent. RSP charges 0.20%/yr vs 0.90%/yr for BNO.

Performance

RSP vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Equal Weight ETF (RSP) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, RSP achieves a 10.12% return, which is significantly lower than BNO's 86.76% return. Over the past 10 years, RSP has underperformed BNO with an annualized return of 11.90%, while BNO has yielded a comparatively higher 13.38% annualized return.

RSP

1D
0.40%
1M
3.56%
YTD
10.12%
6M
11.44%
1Y
20.95%
3Y*
15.37%
5Y*
8.52%
10Y*
11.90%

BNO

1D
0.76%
1M
-7.65%
YTD
86.76%
6M
83.45%
1Y
89.50%
3Y*
27.10%
5Y*
23.77%
10Y*
13.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RSP vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RSP
Invesco S&P 500 Equal Weight ETF		10.12%11.21%12.79%13.70%-11.62%29.41%12.66%28.91%-7.84%18.52%
BNO
United States Brent Oil Fund LP		86.76%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between RSP and BNO is -0.23, 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

-0.23

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

-0.03

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

0.12

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

0.22

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

0.28

The correlation between RSP and BNO shifts across timeframes, from -0.23 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P 500 Equal Weight ETF

United States Brent Oil Fund LP

Often compared with RSP:
RSP vs. SPYRSP vs. VOORSP vs. VTIRSP vs. FXAIXRSP vs. IVVRSP vs. EUSARSP vs. GSEW
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

RSP vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RSP
RSP Risk / Return Rank: 5454
Overall Rank
RSP Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
RSP Sortino Ratio Rank: 5454
Sortino Ratio Rank
RSP Omega Ratio Rank: 5151
Omega Ratio Rank
RSP Calmar Ratio Rank: 5353
Calmar Ratio Rank
RSP Martin Ratio Rank: 5757
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8989
Calmar Ratio Rank
BNO Martin Ratio Rank: 5757
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.

RSP vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight ETF (RSP) 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.

RSPBNODifference

Sharpe ratio

Return per unit of total volatility

1.82

2.17

-0.35

Sortino ratio

Return per unit of downside risk

2.63

2.68

-0.04

Omega ratio

Gain probability vs. loss probability

1.32

1.37

-0.05

Calmar ratio

Return relative to maximum drawdown

2.68

5.39

-2.71

Martin ratio

Return relative to average drawdown

10.20

10.23

-0.03

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

RSP vs. BNO - Sharpe Ratio Comparison

The current RSP Sharpe Ratio is 1.82, which is comparable to the BNO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of RSP 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.

Loading charts...

Sharpe Ratios by Period

RSPBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.82

2.17

-0.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

0.68

-0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

0.37

+0.28

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.14

+0.43

Drawdowns

RSP vs. BNO - Drawdown Comparison

The maximum RSP drawdown since its inception was -59.92%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for RSP and BNO.

Loading charts...

Drawdown Indicators

RSPBNODifference

Max Drawdown

Largest peak-to-trough decline

-59.92%

-87.06%

+27.14%

Max Drawdown (1Y)

Largest decline over 1 year

-7.85%

-17.87%

+10.02%

Max Drawdown (3Y)

Largest decline over 3 years

-17.81%

-23.75%

+5.94%

Max Drawdown (5Y)

Largest decline over 5 years

-21.38%

-33.70%

+12.32%

Max Drawdown (10Y)

Largest decline over 10 years

-39.04%

-75.18%

+36.14%

Current Drawdown

Current decline from peak

0.00%

-12.04%

+12.04%

Average Drawdown

Average peak-to-trough decline

-6.65%

-40.18%

+33.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.06%

9.43%

-7.37%

Volatility

RSP vs. BNO - Volatility Comparison

The current volatility for Invesco S&P 500 Equal Weight ETF (RSP) is 2.61%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.03%. This indicates that RSP 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.

Loading charts...

Volatility by Period

RSPBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.61%

15.03%

-12.42%

Volatility (6M)

Calculated over the trailing 6-month period

8.31%

36.08%

-27.77%

Volatility (1Y)

Calculated over the trailing 1-year period

11.56%

41.56%

-30.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.18%

35.37%

-19.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.36%

36.68%

-18.32%

RSP vs. BNO - Expense Ratio Comparison

RSP has a 0.20% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

RSP vs. BNO - Dividend Comparison

RSP's dividend yield for the trailing twelve months is around 1.48%, 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%
RSP
Invesco S&P 500 Equal Weight ETF		1.48%1.64%1.52%1.64%1.82%1.28%1.64%1.69%2.02%1.52%1.20%1.70%

Frequently Asked Questions

RSP and BNO have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (15.03%) compared to RSP (2.61%). In terms of maximum drawdown, RSP dropped -59.92% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.38% vs 11.90% for RSP. On fees, RSP is cheaper at 0.20% per year. On volatility, RSP has been the lower-risk option at 2.61%. 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 13.38% return vs 11.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

RSP is cheaper with a 0.20% expense ratio, compared with 0.90% for BNO.

RSP has the higher dividend yield at 1.48%, compared with 0.00% for BNO.

RSP is categorized as S&P 500, while BNO is Oil & Gas. RSP tracks S&P 500 Equal Weight Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.20% for RSP and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.17 vs 1.82), 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.

Portfolio Optimizer

Find the right allocation for RSP and BNO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer