TIPB vs. BNO

Last updated Jun 4, 2026

TIPB (Northern Trust 2035 Inflation-Linked Distributing Ladder ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TIPB is a Inflation-Protected Bonds fund actively managed by Northern Trust, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. TIPB is actively managed, while BNO is passively managed. At a correlation of -0.10, they often move in opposite directions.

Performance

TIPB vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust 2035 Inflation-Linked Distributing Ladder ETF (TIPB) 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, TIPB achieves a 1.86% return, which is significantly lower than BNO's 90.47% return.

TIPB

• 1D: -0.12%
• 1M: -0.22%
• YTD: 1.86%
• 6M: 1.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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%

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

TIPB vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
TIPB Northern Trust 2035 Inflation-Linked Distributing Ladder ETF	1.86%	0.79%
BNO United States Brent Oil Fund LP	90.47%	-3.58%

Correlation

The correlation between TIPB and BNO is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025	-0.10

Return for Risk

TIPB vs. BNO — Risk / Return Rank

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

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

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.

TIPB vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2035 Inflation-Linked Distributing Ladder ETF (TIPB) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TIPB	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.23	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	0.14	+1.21

Drawdowns

TIPB vs. BNO - Drawdown Comparison

The maximum TIPB drawdown since its inception was -1.32%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TIPB and BNO.

Drawdown Indicators

	TIPB	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-1.32%	-87.06%	+85.74%
Max Drawdown (1Y) Largest decline over 1 year	—	-17.87%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-23.75%	—
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	-0.31%	-10.29%	+9.98%
Average Drawdown Average peak-to-trough decline	-0.37%	-40.17%	+39.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.45%	—

Volatility

Volatility by Period

	TIPB	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.54%	41.46%	-38.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.54%	35.38%	-32.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.54%	36.68%	-34.14%

Dividends

TIPB vs. BNO - Dividend Comparison

TIPB's dividend yield for the trailing twelve months is around 3.02%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
TIPB Northern Trust 2035 Inflation-Linked Distributing Ladder ETF	3.02%	1.09%

Frequently Asked Questions

Can I hold both TIPB and BNO in my portfolio?

TIPB and BNO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

TIPB has the higher dividend yield at 3.02%, compared with 0.00% for BNO.

What is the main difference between TIPB and BNO?

TIPB is categorized as Inflation-Protected Bonds, while BNO is Oil & Gas. They also come from different issuers: Northern Trust and Concierge Technologies.