SWP vs. BNO

Last updated Jun 27, 2026

SWP (SWP Growth & Income ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SWP is a Large Cap Blend Equities fund actively managed by SWP Investment Management, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. SWP is actively managed, while BNO is passively managed. Over the past year, SWP returned 17.36% vs 38.47% for BNO. At a correlation of -0.14, they often move in opposite directions. SWP charges 0.99%/yr vs 1.00%/yr for BNO.

Performance

SWP vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SWP Growth & Income ETF (SWP) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWP achieves a 5.22% return, which is significantly lower than BNO's 42.34% return.

SWP

• 1D: 0.90%
• 1M: -1.61%
• YTD: 5.22%
• 6M: 4.17%
• 1Y: 17.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNO

• 1D: -3.75%
• 1M: -21.47%
• YTD: 42.34%
• 6M: 43.50%
• 1Y: 38.47%
• 3Y*: 18.02%
• 5Y*: 15.74%
• 10Y*: 10.59%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SWP vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SWP SWP Growth & Income ETF	5.22%	16.86%	0.95%
BNO United States Brent Oil Fund LP	42.34%	-5.44%	2.04%

Correlation

The correlation between SWP and BNO is -0.25, 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	-0.25
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	-0.14

The correlation between SWP and BNO shifts across timeframes, from -0.25 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SWP vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SWP

SWP Risk / Return Rank: 48
SWP Sharpe Ratio Rank: 49
SWP Sortino Ratio Rank: 49
SWP Omega Ratio Rank: 49
SWP Calmar Ratio Rank: 40
SWP Martin Ratio Rank: 52

BNO

BNO Risk / Return Rank: 27
BNO Sharpe Ratio Rank: 26
BNO Sortino Ratio Rank: 28
BNO Omega Ratio Rank: 28
BNO Calmar Ratio Rank: 25
BNO Martin Ratio Rank: 29

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.

SWP vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SWP Growth & Income ETF (SWP) 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.

	SWP	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.49	0.92	+0.58
Sortino ratio: Return per unit of downside risk	2.14	1.45	+0.68
Omega ratio: Gain probability vs. loss probability	1.27	1.19	+0.09
Calmar ratio: Return relative to maximum drawdown	1.80	1.14	+0.66
Martin ratio: Return relative to average drawdown	7.82	3.81	+4.01

SWP vs. BNO - Sharpe Ratio Comparison

The current SWP Sharpe Ratio is 1.49, which is higher than the BNO Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of SWP 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.

Drawdowns

SWP vs. BNO - Drawdown Comparison

The maximum SWP drawdown since its inception was -16.41%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SWP and BNO.

Drawdown Indicators

	SWP	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-16.41%	-87.06%	+70.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.97%	-32.96%	+22.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.96%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-2.39%	-32.96%	+30.57%
Average Drawdown Average peak-to-trough decline	-2.40%	-40.09%	+37.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	9.88%	-7.59%

Volatility

SWP vs. BNO - Volatility Comparison

The current volatility for SWP Growth & Income ETF (SWP) is 3.19%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.86%. This indicates that SWP 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.

Volatility by Period

	SWP	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	11.86%	-8.67%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	37.82%	-28.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.05%	41.19%	-29.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.42%	35.75%	-21.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.42%	36.72%	-22.30%

SWP vs. BNO - Expense Ratio Comparison

SWP has a 0.99% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

SWP vs. BNO - Dividend Comparison

SWP's dividend yield for the trailing twelve months is around 6.95%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%
SWP SWP Growth & Income ETF	6.43%	5.64%	0.44%

Frequently Asked Questions

Can I hold both SWP and BNO in my portfolio?

SWP and BNO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWP or BNO?

BNO has higher volatility (11.86%) compared to SWP (3.19%). In terms of maximum drawdown, SWP dropped -16.41% vs BNO's -87.06%.

Which ETF is better, SWP or BNO?

On 1-year performance, BNO leads with 38.47% vs 17.36% for SWP. On fees, SWP is cheaper at 0.99% per year. On volatility, SWP has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SWP or BNO?

Over the 1-year period, BNO has performed better with a 38.47% return vs 17.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SWP or BNO?

SWP is cheaper with a 0.99% expense ratio, compared with 1.00% for BNO.

Which ETF pays a higher dividend yield, SWP or BNO?

SWP has the higher dividend yield at 6.43%, compared with 0.00% for BNO.

What is the main difference between SWP and BNO?

SWP is categorized as Large Cap Blend Equities, while BNO is Oil & Gas. They also come from different issuers: SWP Investment Management and USCF Investments. Their fees differ too: 0.99% for SWP and 1.00% for BNO.

Which has better risk-adjusted returns?

SWP currently has the higher Sharpe Ratio (1.49 vs 0.92), 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.