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SPYX vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPYX vs. BNO

Last updated Jun 4, 2026

SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, SPYX returned 15.55%/yr vs 13.60%/yr for BNO. At a 0.17 correlation, their price movements are largely independent. SPYX charges 0.20%/yr vs 0.90%/yr for BNO.

Performance

SPYX vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) 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, SPYX achieves a 10.04% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, SPYX has outperformed BNO with an annualized return of 15.55%, while BNO has yielded a comparatively lower 13.60% annualized return.

SPYX

1D
-0.77%
1M
5.02%
YTD
10.04%
6M
10.06%
1Y
27.01%
3Y*
22.32%
5Y*
13.41%
10Y*
15.55%

BNO

1D
1.99%
1M
-10.29%
YTD
90.47%
6M
86.00%
1Y
91.89%
3Y*
27.93%
5Y*
24.16%
10Y*
13.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPYX vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPYX
State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF		10.04%17.87%25.46%26.38%-19.59%28.06%19.87%31.62%-4.26%23.25%
BNO
United States Brent Oil Fund LP		90.47%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between SPYX and BNO is -0.34, 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

-0.34

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

-0.10

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

0.05

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

0.16

Correlation (All Time)
Calculated using the full available price history since Dec 2, 2015

0.17

The correlation between SPYX and BNO shifts across timeframes, from -0.34 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF

United States Brent Oil Fund LP

Often compared with SPYX:
SPYX vs. SPYSPYX vs. EFIVSPYX vs. QQQSPYX vs. SPYGSPYX vs. EFAXSPYX vs. USXFSPYX vs. SCHD
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

SPYX vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPYX
SPYX Risk / Return Rank: 6464
Overall Rank
SPYX Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
SPYX Sortino Ratio Rank: 6565
Sortino Ratio Rank
SPYX Omega Ratio Rank: 6666
Omega Ratio Rank
SPYX Calmar Ratio Rank: 5555
Calmar Ratio Rank
SPYX Martin Ratio Rank: 6868
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
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.

SPYX vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) 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.

SPYXBNODifference
Sharpe ratioReturn per unit of total volatility
2.24
2.23

+0.01

Sortino ratioReturn per unit of downside risk
3.07
2.73

+0.35

Omega ratioGain probability vs. loss probability

1.40

1.38

+0.03

Calmar ratioReturn relative to maximum drawdown

2.76

5.17

-2.41

Martin ratioReturn relative to average drawdown

12.68

9.76

+2.92

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

SPYX vs. BNO - Sharpe Ratio Comparison

The current SPYX Sharpe Ratio is 2.24, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of SPYX 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

SPYXBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.24

2.23

+0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.79

0.69

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.87

0.37

+0.49

Sharpe Ratio (All Time)

Calculated using the full available price history

0.83

0.14

+0.69

Drawdowns

SPYX vs. BNO - Drawdown Comparison

The maximum SPYX drawdown since its inception was -32.84%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SPYX and BNO.

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Drawdown Indicators

SPYXBNODifference

Max Drawdown

Largest peak-to-trough decline

-32.84%

-87.06%

+54.22%

Max Drawdown (1Y)

Largest decline over 1 year

-9.84%

-17.87%

+8.03%

Max Drawdown (3Y)

Largest decline over 3 years

-18.74%

-23.75%

+5.01%

Max Drawdown (5Y)

Largest decline over 5 years

-26.14%

-33.70%

+7.56%

Max Drawdown (10Y)

Largest decline over 10 years

-32.84%

-75.18%

+42.34%

Current Drawdown

Current decline from peak

-0.77%

-10.29%

+9.52%

Average Drawdown

Average peak-to-trough decline

-4.53%

-40.17%

+35.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.14%

9.45%

-7.31%

Volatility

SPYX vs. BNO - Volatility Comparison

The current volatility for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) is 3.00%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that SPYX 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

SPYXBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.00%

14.22%

-11.22%

Volatility (6M)

Calculated over the trailing 6-month period

9.23%

36.10%

-26.87%

Volatility (1Y)

Calculated over the trailing 1-year period

12.12%

41.46%

-29.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.05%

35.38%

-18.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.01%

36.68%

-18.67%

SPYX vs. BNO - Expense Ratio Comparison

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

Dividends

SPYX vs. BNO - Dividend Comparison

SPYX's dividend yield for the trailing twelve months is around 0.84%, 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%
SPYX
State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF		0.84%0.91%1.05%1.21%1.41%1.04%1.33%1.56%1.92%1.68%1.91%0.16%

Frequently Asked Questions

SPYX and BNO have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (14.22%) compared to SPYX (3.00%). In terms of maximum drawdown, SPYX dropped -32.84% vs BNO's -87.06%.

On 10-year performance, SPYX leads with 15.55% vs 13.60% for BNO. On fees, SPYX is cheaper at 0.20% per year. On volatility, SPYX has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPYX has performed better with a 15.55% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SPYX has the higher dividend yield at 0.84%, compared with 0.00% for BNO.

SPYX is categorized as S&P 500, while BNO is Oil & Gas. SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.20% for SPYX and 0.90% for BNO.

SPYX currently has the higher Sharpe Ratio (2.24 vs 2.23), 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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