USL vs. BNO
Compare and contrast key facts about United States 12 Month Oil Fund LP (USL) and United States Brent Oil Fund LP (BNO).
USL and BNO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USL is a passively managed fund by Concierge Technologies that tracks the performance of the 12 Month Light Sweet Crude Oil. It was launched on Dec 6, 2007. BNO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Brent Crude Oil. It was launched on Jun 2, 2010. Both USL and BNO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: USL or BNO.
Key characteristics
| USL | BNO | |
|---|---|---|
| YTD Return | 10.94% | 13.07% |
| 1Y Return | 22.05% | 23.13% |
| 3Y Return (Ann) | 18.93% | 20.94% |
| 5Y Return (Ann) | 10.74% | 8.35% |
| 10Y Return (Ann) | -1.40% | -3.50% |
| Sharpe Ratio | 0.91 | 0.85 |
| Daily Std Dev | 23.34% | 25.86% |
| Max Drawdown | -89.06% | -87.06% |
| Current Drawdown | -55.66% | -33.52% |
Correlation
The correlation between USL and BNO is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
USL vs. BNO - Performance Comparison
In the year-to-date period, USL achieves a 10.94% return, which is significantly lower than BNO's 13.07% return. Over the past 10 years, USL has outperformed BNO with an annualized return of -1.40%, while BNO has yielded a comparatively lower -3.50% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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USL vs. BNO - Expense Ratio Comparison
USL has a 0.88% expense ratio, which is lower than BNO's 0.90% expense ratio.
Risk-Adjusted Performance
USL vs. BNO - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) 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.
Dividends
USL vs. BNO - Dividend Comparison
Neither USL nor BNO has paid dividends to shareholders.
Drawdowns
USL vs. BNO - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for USL and BNO. For additional features, visit the drawdowns tool.
Volatility
USL vs. BNO - Volatility Comparison
The current volatility for United States 12 Month Oil Fund LP (USL) is 4.70%, while United States Brent Oil Fund LP (BNO) has a volatility of 5.45%. This indicates that USL 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.