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UDOW vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UDOW vs. BNO

Last updated Jun 5, 2026

UDOW (ProShares UltraPro Dow30) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - UDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (300%), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, UDOW returned 23.64%/yr vs 13.13%/yr for BNO. At a 0.25 correlation, their price movements are largely independent. UDOW charges 0.95%/yr vs 0.90%/yr for BNO.

Performance

UDOW vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Dow30 (UDOW) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UDOW achieves a 17.76% return, which is significantly lower than BNO's 85.31% return. Over the past 10 years, UDOW has outperformed BNO with an annualized return of 23.64%, while BNO has yielded a comparatively lower 13.13% annualized return.

UDOW

1D
4.89%
1M
14.00%
YTD
17.76%
6M
18.56%
1Y
61.82%
3Y*
35.94%
5Y*
13.83%
10Y*
23.64%

BNO

1D
-2.71%
1M
-9.80%
YTD
85.31%
6M
79.66%
1Y
88.71%
3Y*
26.74%
5Y*
23.48%
10Y*
13.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UDOW vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UDOW
ProShares UltraPro Dow30		17.76%24.46%28.47%32.72%-32.39%65.67%-17.15%75.24%-23.86%99.07%
BNO
United States Brent Oil Fund LP		85.31%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between UDOW and BNO is -0.34, 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

-0.34

Correlation (3Y)
Calculated over the trailing 3-year period

-0.10

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (10Y)
Calculated over the trailing 10-year period

0.19

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.25

The correlation between UDOW and BNO shifts across timeframes, from -0.34 (1 year) to 0.25 (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.

ProShares UltraPro Dow30

United States Brent Oil Fund LP

Often compared with UDOW:
UDOW vs. TQQQUDOW vs. DIAUDOW vs. DDMUDOW vs. SDOWUDOW vs. UPROUDOW vs. SPYUDOW vs. DUSL
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

UDOW vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UDOW
UDOW Risk / Return Rank: 4747
Overall Rank
UDOW Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
UDOW Sortino Ratio Rank: 4848
Sortino Ratio Rank
UDOW Omega Ratio Rank: 4545
Omega Ratio Rank
UDOW Calmar Ratio Rank: 4545
Calmar Ratio Rank
UDOW Martin Ratio Rank: 4848
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5757
Sortino Ratio Rank
BNO Omega Ratio Rank: 6161
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

UDOW vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) 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.

UDOWBNODifference
Sharpe ratioReturn per unit of total volatility
1.71
2.15

-0.44

Sortino ratioReturn per unit of downside risk
2.33
2.65

-0.33

Omega ratioGain probability vs. loss probability

1.28

1.36

-0.08

Calmar ratioReturn relative to maximum drawdown

2.21

4.99

-2.78

Martin ratioReturn relative to average drawdown

7.85

9.39

-1.53

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UDOW vs. BNO - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.71, which is comparable to the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of UDOW 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.

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Sharpe Ratios by Period

UDOWBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.71

2.15

-0.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.31

0.67

-0.35

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.36

+0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.14

+0.41

Drawdowns

UDOW vs. BNO - Drawdown Comparison

The maximum UDOW drawdown since its inception was -80.29%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for UDOW and BNO.

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Drawdown Indicators

UDOWBNODifference

Max Drawdown

Largest peak-to-trough decline

-80.29%

-87.06%

+6.77%

Max Drawdown (1Y)

Largest decline over 1 year

-28.07%

-17.87%

-10.20%

Max Drawdown (3Y)

Largest decline over 3 years

-44.83%

-23.75%

-21.08%

Max Drawdown (5Y)

Largest decline over 5 years

-55.79%

-33.70%

-22.09%

Max Drawdown (10Y)

Largest decline over 10 years

-80.29%

-75.18%

-5.11%

Current Drawdown

Current decline from peak

0.00%

-12.72%

+12.72%

Average Drawdown

Average peak-to-trough decline

-14.39%

-40.16%

+25.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.90%

9.48%

-1.58%

Volatility

UDOW vs. BNO - Volatility Comparison

The current volatility for ProShares UltraPro Dow30 (UDOW) is 9.70%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that UDOW 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

UDOWBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.70%

14.12%

-4.42%

Volatility (6M)

Calculated over the trailing 6-month period

27.98%

36.21%

-8.23%

Volatility (1Y)

Calculated over the trailing 1-year period

36.40%

41.56%

-5.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

44.23%

35.40%

+8.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

51.77%

36.69%

+15.08%

UDOW vs. BNO - Expense Ratio Comparison

UDOW has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

UDOW vs. BNO - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.15%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
UDOW
ProShares UltraPro Dow30		1.15%1.38%0.95%0.95%0.83%0.26%0.19%0.61%0.73%0.13%0.26%0.21%

Frequently Asked Questions

UDOW and BNO have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (14.12%) compared to UDOW (9.70%). In terms of maximum drawdown, UDOW dropped -80.29% vs BNO's -87.06%.

On 10-year performance, UDOW leads with 23.64% vs 13.13% for BNO. On fees, BNO is cheaper at 0.90% per year. On volatility, UDOW has been the lower-risk option at 9.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UDOW has performed better with a 23.64% return vs 13.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BNO is cheaper with a 0.90% expense ratio, compared with 0.95% for UDOW.

UDOW has the higher dividend yield at 1.15%, compared with 0.00% for BNO.

UDOW is categorized as Leveraged Equities, while BNO is Oil & Gas. UDOW tracks Dow Jones Industrial Average (300%), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for UDOW and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.15 vs 1.71), 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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