SDCI vs. BNO
SDCI (USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SDCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 5 years, SDCI returned 19.43%/yr vs 17.50%/yr for BNO. A 0.64 correlation means they provide meaningful diversification when combined. SDCI charges 0.60%/yr vs 1.00%/yr for BNO.
Performance
SDCI vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SDCI achieves a 20.29% return, which is significantly lower than BNO's 52.26% return.
SDCI
- 1D
- -0.08%
- 1M
- -6.85%
- YTD
- 20.29%
- 6M
- 18.15%
- 1Y
- 22.52%
- 3Y*
- 20.41%
- 5Y*
- 19.43%
- 10Y*
- —
BNO
- 1D
- -1.73%
- 1M
- -21.60%
- YTD
- 52.26%
- 6M
- 50.77%
- 1Y
- 30.19%
- 3Y*
- 19.86%
- 5Y*
- 17.50%
- 10Y*
- 11.40%
SDCI vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 20.29% | 17.60% | 17.91% | -0.88% | 33.23% | 36.52% | -10.61% | -2.36% | -13.91% |
BNO United States Brent Oil Fund LP | 52.26% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -24.71% |
Correlation
The correlation between SDCI and BNO is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since May 3, 2018 | 0.64 |
The correlation between SDCI and BNO shifts across timeframes, from 0.64 (all time) to 0.76 (1 year), 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.
Return for Risk
SDCI vs. BNO — Risk / Return Rank
SDCI
BNO
SDCI vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) 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.
| SDCI | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.16 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 1.07 | +1.30 |
| Martin ratioReturn relative to average drawdown | 7.98 | 3.33 | +4.65 |
Loading charts...
Drawdowns
SDCI vs. BNO - Drawdown Comparison
The maximum SDCI drawdown since its inception was -45.79%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SDCI and BNO.
Loading charts...
Drawdown Indicators
| SDCI | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.79% | -87.06% | +41.27% |
Max Drawdown (1Y)Largest decline over 1 year | -9.53% | -28.29% | +18.76% |
Max Drawdown (3Y)Largest decline over 3 years | -11.96% | -28.29% | +16.33% |
Max Drawdown (5Y)Largest decline over 5 years | -18.55% | -33.70% | +15.15% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -9.53% | -28.29% | +18.76% |
Average DrawdownAverage peak-to-trough decline | -11.55% | -40.10% | +28.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.93% | 10.51% | -7.58% |
Volatility
SDCI vs. BNO - Volatility Comparison
The current volatility for USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) is 3.15%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.98%. This indicates that SDCI 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
| SDCI | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.15% | 10.98% | -7.83% |
Volatility (6M)Calculated over the trailing 6-month period | 14.31% | 37.28% | -22.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.94% | 41.73% | -24.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.37% | 35.65% | -17.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.06% | 36.71% | -19.65% |
SDCI vs. BNO - Expense Ratio Comparison
SDCI has a 0.60% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
SDCI vs. BNO - Dividend Comparison
SDCI's dividend yield for the trailing twelve months is around 3.06%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 3.06% | 3.68% | 5.92% | 3.46% | 33.49% | 19.26% | 0.20% | 0.93% | 0.68% |
Frequently Asked Questions
SDCI and BNO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (10.98%) compared to SDCI (3.15%). In terms of maximum drawdown, SDCI dropped -45.79% vs BNO's -87.06%.
On 5-year performance, SDCI leads with 19.43% vs 17.50% for BNO. On fees, SDCI is cheaper at 0.60% per year. On volatility, SDCI has been the lower-risk option at 3.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SDCI has performed better with a 19.43% return vs 17.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDCI is cheaper with a 0.60% expense ratio, compared with 1.00% for BNO.
SDCI has the higher dividend yield at 3.06%, compared with 0.00% for BNO.
SDCI is categorized as Commodities, while BNO is Oil & Gas. SDCI tracks SummerHaven Dynamic Commodity Index Total Return, while BNO tracks Crude Oil Brent ICE Near Term Futures. Their fees differ too: 0.60% for SDCI and 1.00% for BNO.
SDCI currently has the higher Sharpe Ratio (1.34 vs 0.73), 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.
Find the right allocation for SDCI 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