PortfoliosLab logoPortfoliosLab logo

Documentation

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

SLVP vs. BNO

Last updated Jun 3, 2026

SLVP (iShares MSCI Global Silver and Metals Miners ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SLVP is a Silver fund tracking the MSCI ACWI Select Silver Miners Investable Market Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, SLVP returned 14.27%/yr vs 13.38%/yr for BNO. At a 0.15 correlation, their price movements are largely independent. SLVP charges 0.39%/yr vs 0.90%/yr for BNO.

Performance

SLVP vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Silver and Metals Miners ETF (SLVP) 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, SLVP achieves a 7.79% return, which is significantly lower than BNO's 86.76% return. Over the past 10 years, SLVP has outperformed BNO with an annualized return of 14.27%, while BNO has yielded a comparatively lower 13.38% annualized return.

SLVP

1D
1.74%
1M
4.23%
YTD
7.79%
6M
18.02%
1Y
126.39%
3Y*
54.77%
5Y*
17.51%
10Y*
14.27%

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)

SLVP vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SLVP
iShares MSCI Global Silver and Metals Miners ETF		7.79%202.84%14.47%-2.31%-18.06%-23.53%56.45%37.71%-22.10%4.53%
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 SLVP 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

0.04

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

0.13

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

0.12

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2012

0.15

The correlation between SLVP and BNO shifts across timeframes, from -0.17 (1 year) to 0.15 (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.

iShares MSCI Global Silver and Metals Miners ETF

United States Brent Oil Fund LP

Often compared with SLVP:
SLVP vs. SLVSLVP vs. SILSLVP vs. SSLN.LSLVP vs. PSLVSLVP vs. SIVRSLVP vs. RINGSLVP vs. SLVR.DE
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

SLVP vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SLVP
SLVP Risk / Return Rank: 6565
Overall Rank
SLVP Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
SLVP Sortino Ratio Rank: 5353
Sortino Ratio Rank
SLVP Omega Ratio Rank: 5858
Omega Ratio Rank
SLVP Calmar Ratio Rank: 8080
Calmar Ratio Rank
SLVP Martin Ratio Rank: 6060
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.

SLVP vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Silver and Metals Miners ETF (SLVP) 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.

SLVPBNODifference

Sharpe ratio

Return per unit of total volatility

2.41

2.17

+0.24

Sortino ratio

Return per unit of downside risk

2.60

2.68

-0.08

Omega ratio

Gain probability vs. loss probability

1.36

1.37

-0.01

Calmar ratio

Return relative to maximum drawdown

4.19

5.39

-1.21

Martin ratio

Return relative to average drawdown

10.75

10.23

+0.52

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

SLVP vs. BNO - Sharpe Ratio Comparison

The current SLVP Sharpe Ratio is 2.41, which is comparable to the BNO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of SLVP 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

SLVPBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.41

2.17

+0.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

0.68

-0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.34

0.37

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.10

0.14

-0.04

Drawdowns

SLVP vs. BNO - Drawdown Comparison

The maximum SLVP drawdown since its inception was -80.47%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SLVP and BNO.

Loading charts...

Drawdown Indicators

SLVPBNODifference

Max Drawdown

Largest peak-to-trough decline

-80.47%

-87.06%

+6.59%

Max Drawdown (1Y)

Largest decline over 1 year

-33.57%

-17.87%

-15.70%

Max Drawdown (3Y)

Largest decline over 3 years

-33.57%

-23.75%

-9.82%

Max Drawdown (5Y)

Largest decline over 5 years

-54.78%

-33.70%

-21.08%

Max Drawdown (10Y)

Largest decline over 10 years

-62.03%

-75.18%

+13.15%

Current Drawdown

Current decline from peak

-22.25%

-12.04%

-10.21%

Average Drawdown

Average peak-to-trough decline

-46.82%

-40.18%

-6.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.08%

9.43%

+3.65%

Volatility

SLVP vs. BNO - Volatility Comparison

iShares MSCI Global Silver and Metals Miners ETF (SLVP) has a higher volatility of 16.92% compared to United States Brent Oil Fund LP (BNO) at 15.03%. This indicates that SLVP's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

SLVPBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

16.92%

15.03%

+1.89%

Volatility (6M)

Calculated over the trailing 6-month period

42.90%

36.08%

+6.82%

Volatility (1Y)

Calculated over the trailing 1-year period

53.09%

41.56%

+11.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

42.73%

35.37%

+7.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

42.22%

36.68%

+5.54%

SLVP vs. BNO - Expense Ratio Comparison

SLVP has a 0.39% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

SLVP vs. BNO - Dividend Comparison

SLVP's dividend yield for the trailing twelve months is around 1.65%, 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%
SLVP
iShares MSCI Global Silver and Metals Miners ETF		1.65%1.78%1.05%0.88%0.63%1.63%2.39%2.03%1.28%0.85%2.32%0.72%

Frequently Asked Questions

SLVP 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.

SLVP has higher volatility (16.92%) compared to BNO (15.03%). In terms of maximum drawdown, SLVP dropped -80.47% vs BNO's -87.06%.

On 10-year performance, SLVP leads with 14.27% vs 13.38% for BNO. On fees, SLVP is cheaper at 0.39% per year. On volatility, BNO has been the lower-risk option at 15.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SLVP has performed better with a 14.27% return vs 13.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SLVP is cheaper with a 0.39% expense ratio, compared with 0.90% for BNO.

SLVP has the higher dividend yield at 1.65%, compared with 0.00% for BNO.

SLVP is categorized as Silver, while BNO is Oil & Gas. SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.39% for SLVP and 0.90% for BNO.

SLVP currently has the higher Sharpe Ratio (2.41 vs 2.17), 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 SLVP 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