SVAL vs. BNO
SVAL (iShares US Small Cap Value Factor ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SVAL is a Small Cap Value Equities fund tracking the Russell 2000 Focused Value Select Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, SVAL returned 6.47%/yr vs 24.16%/yr for BNO. At a 0.17 correlation, their price movements are largely independent. SVAL charges 0.20%/yr vs 0.90%/yr for BNO.
Performance
SVAL vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, SVAL achieves a 15.99% return, which is significantly lower than BNO's 90.47% return.
SVAL
- 1D
- -1.51%
- 1M
- 2.08%
- YTD
- 15.99%
- 6M
- 15.39%
- 1Y
- 34.88%
- 3Y*
- 17.30%
- 5Y*
- 6.47%
- 10Y*
- —
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%
SVAL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SVAL iShares US Small Cap Value Factor ETF | 15.99% | 8.23% | 7.54% | 12.27% | -10.15% | 33.18% | 27.93% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | 33.89% |
Correlation
The correlation between SVAL and BNO is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Oct 30, 2020 | 0.17 |
The correlation between SVAL and BNO shifts across timeframes, from -0.22 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SVAL vs. BNO — Risk / Return Rank
SVAL
BNO
SVAL vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares US Small Cap Value Factor ETF (SVAL) 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.
| SVAL | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.38 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.92 | 5.17 | -1.25 |
| Martin ratioReturn relative to average drawdown | 12.29 | 9.76 | +2.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SVAL | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.97 | 2.23 | -0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 0.69 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.70 | 0.14 | +0.56 |
Drawdowns
SVAL vs. BNO - Drawdown Comparison
The maximum SVAL drawdown since its inception was -27.44%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SVAL and BNO.
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Drawdown Indicators
| SVAL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.44% | -87.06% | +59.62% |
Max Drawdown (1Y)Largest decline over 1 year | -8.94% | -17.87% | +8.93% |
Max Drawdown (3Y)Largest decline over 3 years | -27.44% | -23.75% | -3.69% |
Max Drawdown (5Y)Largest decline over 5 years | -27.44% | -33.70% | +6.26% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -1.51% | -10.29% | +8.78% |
Average DrawdownAverage peak-to-trough decline | -8.51% | -40.17% | +31.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.85% | 9.45% | -6.60% |
Volatility
SVAL vs. BNO - Volatility Comparison
The current volatility for iShares US Small Cap Value Factor ETF (SVAL) is 4.31%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that SVAL 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
| SVAL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.31% | 14.22% | -9.91% |
Volatility (6M)Calculated over the trailing 6-month period | 11.62% | 36.10% | -24.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.87% | 41.46% | -23.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.33% | 35.38% | -13.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.27% | 36.68% | -13.41% |
SVAL vs. BNO - Expense Ratio Comparison
SVAL has a 0.20% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
SVAL vs. BNO - Dividend Comparison
SVAL's dividend yield for the trailing twelve months is around 2.27%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SVAL iShares US Small Cap Value Factor ETF | 2.27% | 2.33% | 1.82% | 2.25% | 2.09% | 2.33% | 0.28% |
Frequently Asked Questions
SVAL and BNO have a correlation of -0.22, 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 SVAL (4.31%). In terms of maximum drawdown, SVAL dropped -27.44% vs BNO's -87.06%.
On 5-year performance, BNO leads with 24.16% vs 6.47% for SVAL. On fees, SVAL is cheaper at 0.20% per year. On volatility, SVAL has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 24.16% return vs 6.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SVAL is cheaper with a 0.20% expense ratio, compared with 0.90% for BNO.
SVAL has the higher dividend yield at 2.27%, compared with 0.00% for BNO.
SVAL is categorized as Small Cap Value Equities, while BNO is Oil & Gas. SVAL tracks Russell 2000 Focused Value Select Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.20% for SVAL and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 1.97), 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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