USD vs. BNO
USD (ProShares Ultra Semiconductors) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, USD returned 62.16%/yr vs 13.60%/yr for BNO. At a 0.17 correlation, their price movements are largely independent. USD charges 0.95%/yr vs 0.90%/yr for BNO.
Performance
USD vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 114.00% return, which is significantly higher than BNO's 90.47% return. Over the past 10 years, USD has outperformed BNO with an annualized return of 62.16%, while BNO has yielded a comparatively lower 13.60% annualized return.
USD
- 1D
- -1.14%
- 1M
- 44.53%
- YTD
- 114.00%
- 6M
- 111.06%
- 1Y
- 274.62%
- 3Y*
- 127.67%
- 5Y*
- 69.52%
- 10Y*
- 62.16%
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%
USD vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 114.00% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
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 USD and BNO is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.17 |
The correlation between USD and BNO shifts across timeframes, from -0.19 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USD vs. BNO — Risk / Return Rank
USD
BNO
USD vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) 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.
| USD | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.30 | ||
| Sortino ratioReturn per unit of downside risk | +1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.38 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 8.70 | 5.17 | +3.53 |
| Martin ratioReturn relative to average drawdown | 25.16 | 9.76 | +15.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USD | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.53 | 2.23 | +2.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.91 | 0.69 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.90 | 0.37 | +0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.14 | +0.35 |
Drawdowns
USD vs. BNO - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for USD and BNO.
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Drawdown Indicators
| USD | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -87.06% | -1.57% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -17.87% | -13.93% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -23.75% | -40.71% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -33.70% | -44.15% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -75.18% | -2.67% |
Current DrawdownCurrent decline from peak | -1.14% | -10.29% | +9.15% |
Average DrawdownAverage peak-to-trough decline | -32.35% | -40.17% | +7.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.97% | 9.45% | +1.52% |
Volatility
USD vs. BNO - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 20.36% compared to United States Brent Oil Fund LP (BNO) at 14.22%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier 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
| USD | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.36% | 14.22% | +6.14% |
Volatility (6M)Calculated over the trailing 6-month period | 46.39% | 36.10% | +10.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.22% | 41.46% | +19.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.55% | 35.38% | +41.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.23% | 36.68% | +32.55% |
USD vs. BNO - Expense Ratio Comparison
USD has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.
Dividends
USD vs. BNO - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.21%, while BNO has not 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% |
USD ProShares Ultra Semiconductors | 0.21% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
USD and BNO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (20.36%) compared to BNO (14.22%). In terms of maximum drawdown, USD dropped -88.63% vs BNO's -87.06%.
On 10-year performance, USD leads with 62.16% vs 13.60% for BNO. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 14.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 62.16% return vs 13.60%. 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 USD.
USD has the higher dividend yield at 0.21%, compared with 0.00% for BNO.
USD is categorized as Leveraged Equities, while BNO is Oil & Gas. USD tracks Dow Jones U.S. Semiconductors Index (200%), 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 USD and 0.90% for BNO.
USD currently has the higher Sharpe Ratio (4.53 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.
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