TAN vs. BNO
TAN (Invesco Solar ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TAN is a Alternative Energy Equities fund tracking the MAC Global Solar Energy Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, TAN returned 13.50%/yr vs 13.60%/yr for BNO. At a 0.21 correlation, their price movements are largely independent. TAN charges 0.69%/yr vs 0.90%/yr for BNO.
Performance
TAN vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TAN achieves a 43.10% return, which is significantly lower than BNO's 90.47% return. Both investments have delivered pretty close results over the past 10 years, with TAN having a 13.50% annualized return and BNO not far ahead at 13.60%.
TAN
- 1D
- -2.74%
- 1M
- 20.40%
- YTD
- 43.10%
- 6M
- 48.35%
- 1Y
- 112.42%
- 3Y*
- -0.64%
- 5Y*
- -1.65%
- 10Y*
- 13.50%
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%
TAN vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TAN Invesco Solar ETF | 43.10% | 48.31% | -37.61% | -26.79% | -5.24% | -25.10% | 233.96% | 66.53% | -25.67% | 54.38% |
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 TAN and BNO is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.21 |
The correlation between TAN and BNO shifts across timeframes, from -0.20 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TAN vs. BNO — Risk / Return Rank
TAN
BNO
TAN vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Solar ETF (TAN) 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.
| TAN | BNO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.05 | 2.23 | +0.82 |
Sortino ratioReturn per unit of downside risk | 3.62 | 2.73 | +0.89 |
Omega ratioGain probability vs. loss probability | 1.44 | 1.38 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 8.30 | 5.17 | +3.13 |
Martin ratioReturn relative to average drawdown | 20.09 | 9.76 | +10.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TAN | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.05 | 2.23 | +0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | 0.69 | -0.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 0.37 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.12 | 0.14 | -0.26 |
Drawdowns
TAN vs. BNO - Drawdown Comparison
The maximum TAN drawdown since its inception was -95.29%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TAN and BNO.
Loading charts...
Drawdown Indicators
| TAN | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.29% | -87.06% | -8.23% |
Max Drawdown (1Y)Largest decline over 1 year | -13.62% | -17.87% | +4.25% |
Max Drawdown (3Y)Largest decline over 3 years | -64.40% | -23.75% | -40.65% |
Max Drawdown (5Y)Largest decline over 5 years | -73.95% | -33.70% | -40.25% |
Max Drawdown (10Y)Largest decline over 10 years | -78.53% | -75.18% | -3.35% |
Current DrawdownCurrent decline from peak | -67.72% | -10.29% | -57.43% |
Average DrawdownAverage peak-to-trough decline | -78.51% | -40.17% | -38.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.62% | 9.45% | -3.83% |
Volatility
TAN vs. BNO - Volatility Comparison
The current volatility for Invesco Solar ETF (TAN) is 12.15%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that TAN 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.
Loading charts...
Volatility by Period
| TAN | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.15% | 14.22% | -2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 25.32% | 36.10% | -10.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.29% | 41.46% | -4.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.74% | 35.38% | +4.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.98% | 36.68% | +1.30% |
TAN vs. BNO - Expense Ratio Comparison
TAN has a 0.69% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
TAN vs. BNO - Dividend Comparison
Neither TAN nor BNO has 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% |
TAN Invesco Solar ETF | 0.00% | 0.00% | 0.50% | 0.09% | 0.00% | 0.00% | 0.09% | 0.30% | 0.69% | 1.77% | 5.04% | 1.60% |
Frequently Asked Questions
TAN and BNO have a correlation of -0.20, 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 TAN (12.15%). In terms of maximum drawdown, TAN dropped -95.29% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.60% vs 13.50% for TAN. On fees, TAN is cheaper at 0.69% per year. On volatility, TAN has been the lower-risk option at 12.15%. 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 13.60% return vs 13.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TAN is cheaper with a 0.69% expense ratio, compared with 0.90% for BNO.
TAN and BNO have nearly identical dividend yields, around 0.00%.
TAN is categorized as Alternative Energy Equities, while BNO is Oil & Gas. TAN tracks MAC Global Solar Energy Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.69% for TAN and 0.90% for BNO.
TAN currently has the higher Sharpe Ratio (3.05 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.
Find the right allocation for TAN and BNO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer