TOTR vs. BNO
TOTR (T. Rowe Price Total Return ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TOTR is a Intermediate Core-Plus Bond fund actively managed by T. Rowe Price, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. TOTR is actively managed, while BNO is passively managed. Over the past 3 years, TOTR returned 4.48%/yr vs 19.32%/yr for BNO. At a correlation of -0.16, they often move in opposite directions. TOTR charges 0.31%/yr vs 1.00%/yr for BNO.
Performance
TOTR vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, TOTR achieves a 0.57% return, which is significantly lower than BNO's 50.21% return.
TOTR
- 1D
- 0.10%
- 1M
- 0.66%
- YTD
- 0.57%
- 6M
- 0.71%
- 1Y
- 4.46%
- 3Y*
- 4.48%
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -1.35%
- 1M
- -22.65%
- YTD
- 50.21%
- 6M
- 47.81%
- 1Y
- 38.79%
- 3Y*
- 19.32%
- 5Y*
- 17.15%
- 10Y*
- 11.25%
TOTR vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TOTR T. Rowe Price Total Return ETF | 0.57% | 7.41% | 2.43% | 6.27% | -15.88% | 0.11% |
BNO United States Brent Oil Fund LP | 50.21% | -5.44% | 9.67% | -3.43% | 35.25% | 1.95% |
Correlation
The correlation between TOTR and BNO is -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021 | -0.16 |
Over the past year, the inverse relationship between TOTR and BNO has strengthened: their correlation has moved from -0.16 to -0.41, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
TOTR vs. BNO — Risk / Return Rank
TOTR
BNO
TOTR vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Total Return ETF (TOTR) 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.
| TOTR | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.19 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 1.33 | +0.42 |
| Martin ratioReturn relative to average drawdown | 5.00 | 4.21 | +0.79 |
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Drawdowns
TOTR vs. BNO - Drawdown Comparison
The maximum TOTR drawdown since its inception was -19.63%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TOTR and BNO.
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Drawdown Indicators
| TOTR | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.63% | -87.06% | +67.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -29.25% | +26.69% |
Max Drawdown (3Y)Largest decline over 3 years | -6.16% | -29.25% | +23.09% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -1.72% | -29.25% | +27.53% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -40.10% | +31.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 9.28% | -8.39% |
Volatility
TOTR vs. BNO - Volatility Comparison
The current volatility for T. Rowe Price Total Return ETF (TOTR) is 0.92%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that TOTR 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
| TOTR | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 10.92% | -10.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 37.29% | -34.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.19% | 41.67% | -37.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.19% | 35.65% | -29.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.19% | 36.68% | -30.49% |
TOTR vs. BNO - Expense Ratio Comparison
TOTR has a 0.31% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
TOTR vs. BNO - Dividend Comparison
TOTR's dividend yield for the trailing twelve months is around 5.30%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TOTR T. Rowe Price Total Return ETF | 5.30% | 5.14% | 5.32% | 4.71% | 3.45% | 0.56% |
Frequently Asked Questions
TOTR and BNO have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (10.92%) compared to TOTR (0.92%). In terms of maximum drawdown, TOTR dropped -19.63% vs BNO's -87.06%.
On 3-year performance, BNO leads with 19.32% vs 4.48% for TOTR. On fees, TOTR is cheaper at 0.31% per year. On volatility, TOTR has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 19.32% return vs 4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TOTR is cheaper with a 0.31% expense ratio, compared with 1.00% for BNO.
TOTR has the higher dividend yield at 5.30%, compared with 0.00% for BNO.
TOTR is categorized as Intermediate Core-Plus Bond, while BNO is Oil & Gas. They also come from different issuers: T. Rowe Price and USCF Investments. Their fees differ too: 0.31% for TOTR and 1.00% for BNO.
TOTR currently has the higher Sharpe Ratio (1.08 vs 0.95), 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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