SPXV vs. BNO
SPXV (ProShares S&P 500 Ex-Health Care ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SPXV is a S&P 500 fund tracking the S&P 500 Ex-Health Care 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, SPXV returned 16.08%/yr vs 13.19%/yr for BNO. Their 0.14 correlation means their historical movements had little consistent relationship. SPXV charges 0.09%/yr vs 1.00%/yr for BNO.
Performance
SPXV vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, SPXV achieves a 14.38% return, which is significantly lower than BNO's 60.03% return. Over the past 10 years, SPXV has outperformed BNO with an annualized return of 16.08%, while BNO has yielded a comparatively lower 13.19% annualized return.
SPXV
- 1D
- 2.17%
- 1M
- 4.02%
- 6M
- 13.32%
- YTD
- 14.38%
- 1Y
- 23.58%
- 3Y*
- 23.14%
- 5Y*
- 14.29%
- 10Y*
- 16.08%
- ALL TIME*
- 16.18%
BNO
- 1D
- -5.25%
- 1M
- 14.24%
- 6M
- 41.10%
- YTD
- 60.03%
- 1Y
- 48.54%
- 3Y*
- 15.74%
- 5Y*
- 19.59%
- 10Y*
- 13.19%
- ALL TIME*
- 3.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $121.14M | $105.09M | $141.08M | |
| $33.61K | $57.87K | $76.34K |
SPXV vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXV ProShares S&P 500 Ex-Health Care ETF | 14.38% | 18.40% | 28.02% | 30.71% | -20.47% | 28.37% | 18.99% | 33.58% | -3.81% | 17.01% |
BNO United States Brent Oil Fund LP | 60.03% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between SPXV and BNO is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015 | 0.14 |
The correlation between SPXV and BNO shifts across timeframes, from -0.24 (1 year) to 0.15 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPXV vs. BNO — Risk / Return Rank
SPXV
BNO
SPXV vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Health Care ETF (SPXV) 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.
| SPXV | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.21 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 1.42 | +1.17 |
| Martin ratioReturn relative to average drawdown | 9.93 | 4.24 | +5.69 |
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Drawdowns
SPXV vs. BNO - Drawdown Comparison
The maximum SPXV drawdown since its inception was -34.34%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SPXV and BNO.
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Drawdown Indicators
| SPXV | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.34% | -87.06% | +52.72% |
Max Drawdown (1Y)Largest decline over 1 year | -9.15% | -34.46% | +25.31% |
Max Drawdown (3Y)Largest decline over 3 years | -19.89% | -34.46% | +14.57% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -34.46% | +7.88% |
Max Drawdown (10Y)Largest decline over 10 years | -34.34% | -75.18% | +40.84% |
Current DrawdownCurrent decline from peak | 0.00% | -24.63% | +24.63% |
Average DrawdownAverage peak-to-trough decline | -4.49% | -39.98% | +35.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.38% | 11.49% | -9.11% |
Volatility
SPXV vs. BNO - Volatility Comparison
The current volatility for ProShares S&P 500 Ex-Health Care ETF (SPXV) is 4.67%, while United States Brent Oil Fund LP (BNO) has a volatility of 19.63%. This indicates that SPXV 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
| SPXV | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 19.63% | -14.96% |
Volatility (6M)Calculated over the trailing 6-month period | 11.10% | 41.36% | -30.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.90% | 45.04% | -31.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.95% | 36.52% | -18.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.09% | 37.04% | -18.95% |
SPXV vs. BNO - Expense Ratio Comparison
SPXV has a 0.09% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
SPXV vs. BNO - Dividend Comparison
SPXV's dividend yield for the trailing twelve months is around 0.90%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXV ProShares S&P 500 Ex-Health Care ETF | 0.90% | 0.97% | 1.12% | 1.27% | 1.67% | 1.11% | 1.45% | 1.58% | 1.89% | 1.57% | 2.66% | 0.56% |
Frequently Asked Questions
SPXV and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (19.63%) compared to SPXV (4.67%). In terms of maximum drawdown, SPXV dropped -34.34% vs BNO's -87.06%.
On 10-year performance, SPXV leads with 16.08% vs 13.19% for BNO. On fees, SPXV is cheaper at 0.09% per year. On volatility, SPXV has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXV has performed better with a 16.08% return vs 13.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXV is cheaper with a 0.09% expense ratio, compared with 1.00% for BNO.
SPXV has the higher dividend yield at 0.90%, compared with 0.00% for BNO.
SPXV is categorized as S&P 500, while BNO is Oil & Gas. SPXV tracks S&P 500 Ex-Health Care Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.09% for SPXV and 1.00% for BNO.
SPXV currently has the higher Sharpe Ratio (1.71 vs 1.08), 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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