UAUG vs. BNO
UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - UAUG is a Defined Outcome fund tracking the S&P 500, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 5 years, UAUG returned 8.19%/yr vs 20.89%/yr for BNO. Their 0.11 correlation means their historical movements had little consistent relationship. UAUG charges 0.79%/yr vs 1.00%/yr for BNO.
Performance
UAUG vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, UAUG achieves a 6.34% return, which is significantly lower than BNO's 77.90% return.
UAUG
- 1D
- 0.21%
- 1M
- 0.84%
- 6M
- 5.54%
- YTD
- 6.34%
- 1Y
- 11.67%
- 3Y*
- 12.57%
- 5Y*
- 8.19%
- 10Y*
- —
- ALL TIME*
- 7.99%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $1.28M | $713.51K | $430.25K |
UAUG vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
UAUG Innovator U.S. Equity Ultra Buffer ETF - August | 6.34% | 12.42% | 15.51% | 17.71% | -10.81% | 4.94% | 7.95% | 4.26% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 8.93% |
Correlation
The correlation between UAUG and BNO is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.22 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.04 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019 | 0.11 |
The correlation between UAUG and BNO shifts across timeframes, from -0.22 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UAUG vs. BNO — Risk / Return Rank
UAUG
BNO
UAUG vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) 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.
| UAUG | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.24 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 1.70 | +1.08 |
| Martin ratioReturn relative to average drawdown | 14.78 | 5.15 | +9.63 |
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Drawdowns
UAUG vs. BNO - Drawdown Comparison
The maximum UAUG drawdown since its inception was -13.91%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for UAUG and BNO.
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Drawdown Indicators
| UAUG | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.91% | -87.06% | +73.15% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | -34.46% | +30.50% |
Max Drawdown (3Y)Largest decline over 3 years | -10.35% | -34.46% | +24.11% |
Max Drawdown (5Y)Largest decline over 5 years | -13.91% | -34.46% | +20.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | 0.00% | -16.21% | +16.21% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -39.99% | +37.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 11.86% | -11.11% |
Volatility
UAUG vs. BNO - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) is 0.41%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that UAUG 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
| UAUG | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 17.47% | -17.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.99% | 40.96% | -36.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.11% | 44.54% | -39.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.91% | 36.41% | -28.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.62% | 36.98% | -28.36% |
UAUG vs. BNO - Expense Ratio Comparison
UAUG has a 0.79% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
UAUG vs. BNO - Dividend Comparison
Neither UAUG nor BNO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UAUG Innovator U.S. Equity Ultra Buffer ETF - August | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.83% |
Frequently Asked Questions
UAUG 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 (17.47%) compared to UAUG (0.41%). In terms of maximum drawdown, UAUG dropped -13.91% vs BNO's -87.06%.
On 5-year performance, BNO leads with 20.89% vs 8.19% for UAUG. On fees, UAUG is cheaper at 0.79% per year. On volatility, UAUG has been the lower-risk option at 0.41%. 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 20.89% return vs 8.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UAUG is cheaper with a 0.79% expense ratio, compared with 1.00% for BNO.
UAUG and BNO have nearly identical dividend yields, around 0.00%.
UAUG is categorized as Defined Outcome, while BNO is Oil & Gas. UAUG tracks S&P 500, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Innovator and USCF. Their fees differ too: 0.79% for UAUG and 1.00% for BNO.
UAUG currently has the higher Sharpe Ratio (2.16 vs 1.32), 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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