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SPTI vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPTI vs. BNO

Last updated Jun 3, 2026

SPTI (SPDR Portfolio Intermediate Term Treasury ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SPTI is a Government Bonds fund tracking the Bloomberg 3-10 Year U.S. Treasury Bond Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, SPTI returned 1.35%/yr vs 13.38%/yr for BNO. At a correlation of -0.20, they often move in opposite directions. SPTI charges 0.06%/yr vs 0.90%/yr for BNO.

Performance

SPTI vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Intermediate Term Treasury ETF (SPTI) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPTI achieves a -0.24% return, which is significantly lower than BNO's 86.76% return. Over the past 10 years, SPTI has underperformed BNO with an annualized return of 1.35%, while BNO has yielded a comparatively higher 13.38% annualized return.

SPTI

1D
0.04%
1M
-0.23%
YTD
-0.24%
6M
-0.24%
1Y
3.68%
3Y*
3.50%
5Y*
0.14%
10Y*
1.35%

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)

SPTI vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPTI
SPDR Portfolio Intermediate Term Treasury ETF		-0.24%7.46%1.32%4.24%-10.65%-2.55%7.70%6.01%2.27%1.04%
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 SPTI and BNO is -0.38, 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

-0.38

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

-0.23

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

-0.17

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

-0.20

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

-0.20

The correlation between SPTI and BNO shifts across timeframes, from -0.38 (1 year) to -0.17 (5 years), reflecting how their relationship changes across market environments.

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SPDR Portfolio Intermediate Term Treasury ETF

United States Brent Oil Fund LP

Often compared with SPTI:
SPTI vs. SPTSSPTI vs. SCHRSPTI vs. VGITSPTI vs. SPYSPTI vs. IEFSPTI vs. SPMBSPTI vs. HYG
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

SPTI vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPTI
SPTI Risk / Return Rank: 2828
Overall Rank
SPTI Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
SPTI Sortino Ratio Rank: 3131
Sortino Ratio Rank
SPTI Omega Ratio Rank: 2828
Omega Ratio Rank
SPTI Calmar Ratio Rank: 2525
Calmar Ratio Rank
SPTI Martin Ratio Rank: 2727
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.

SPTI vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Intermediate Term Treasury ETF (SPTI) 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.

SPTIBNODifference

Sharpe ratio

Return per unit of total volatility

1.09

2.17

-1.09

Sortino ratio

Return per unit of downside risk

1.65

2.68

-1.03

Omega ratio

Gain probability vs. loss probability

1.19

1.37

-0.18

Calmar ratio

Return relative to maximum drawdown

1.24

5.39

-4.15

Martin ratio

Return relative to average drawdown

3.78

10.23

-6.44

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

SPTI vs. BNO - Sharpe Ratio Comparison

The current SPTI Sharpe Ratio is 1.09, which is lower than the BNO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of SPTI 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.

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Sharpe Ratios by Period

SPTIBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.09

2.17

-1.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.03

0.68

-0.65

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.31

0.37

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.14

+0.41

Drawdowns

SPTI vs. BNO - Drawdown Comparison

The maximum SPTI drawdown since its inception was -16.12%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SPTI and BNO.

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Drawdown Indicators

SPTIBNODifference

Max Drawdown

Largest peak-to-trough decline

-16.12%

-87.06%

+70.94%

Max Drawdown (1Y)

Largest decline over 1 year

-2.80%

-17.87%

+15.07%

Max Drawdown (3Y)

Largest decline over 3 years

-4.35%

-23.75%

+19.40%

Max Drawdown (5Y)

Largest decline over 5 years

-15.06%

-33.70%

+18.64%

Max Drawdown (10Y)

Largest decline over 10 years

-16.12%

-75.18%

+59.06%

Current Drawdown

Current decline from peak

-2.21%

-12.04%

+9.83%

Average Drawdown

Average peak-to-trough decline

-2.92%

-40.18%

+37.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.92%

9.43%

-8.51%

Volatility

SPTI vs. BNO - Volatility Comparison

The current volatility for SPDR Portfolio Intermediate Term Treasury ETF (SPTI) is 1.08%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.03%. This indicates that SPTI 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

SPTIBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.08%

15.03%

-13.95%

Volatility (6M)

Calculated over the trailing 6-month period

2.35%

36.08%

-33.73%

Volatility (1Y)

Calculated over the trailing 1-year period

3.42%

41.56%

-38.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.35%

35.37%

-30.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.37%

36.68%

-32.31%

SPTI vs. BNO - Expense Ratio Comparison

SPTI has a 0.06% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

SPTI vs. BNO - Dividend Comparison

SPTI's dividend yield for the trailing twelve months is around 3.85%, 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%
SPTI
SPDR Portfolio Intermediate Term Treasury ETF		3.85%3.79%3.77%2.99%1.45%0.53%0.75%2.02%1.97%1.46%1.23%1.18%

Frequently Asked Questions

SPTI and BNO have a correlation of -0.38, 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 SPTI (1.08%). In terms of maximum drawdown, SPTI dropped -16.12% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.38% vs 1.35% for SPTI. On fees, SPTI is cheaper at 0.06% per year. On volatility, SPTI has been the lower-risk option at 1.08%. 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 1.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPTI is cheaper with a 0.06% expense ratio, compared with 0.90% for BNO.

SPTI has the higher dividend yield at 3.85%, compared with 0.00% for BNO.

SPTI is categorized as Government Bonds, while BNO is Oil & Gas. SPTI tracks Bloomberg 3-10 Year U.S. Treasury Bond Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.06% for SPTI and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.17 vs 1.09), 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

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