USL vs. BNO
USL (United States 12 Month Oil Fund LP) and BNO (United States Brent Oil Fund LP) are both Oil & Gas funds from Concierge Technologies - USL tracks the 12 Month Light Sweet Crude Oil while BNO tracks the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, USL returned 10.15%/yr vs 12.62%/yr for BNO. Their correlation of 0.93 suggests significant overlap in exposure. USL charges 0.88%/yr vs 0.90%/yr for BNO.
Performance
USL vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, USL achieves a 57.21% return, which is significantly lower than BNO's 80.79% return. Over the past 10 years, USL has underperformed BNO with an annualized return of 10.15%, while BNO has yielded a comparatively higher 12.62% annualized return.
USL
- 1D
- -2.09%
- 1M
- 2.40%
- YTD
- 57.21%
- 6M
- 51.69%
- 1Y
- 52.34%
- 3Y*
- 17.22%
- 5Y*
- 16.56%
- 10Y*
- 10.15%
BNO
- 1D
- -2.44%
- 1M
- -4.35%
- YTD
- 80.79%
- 6M
- 73.97%
- 1Y
- 82.92%
- 3Y*
- 25.89%
- 5Y*
- 22.87%
- 10Y*
- 12.62%
USL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USL United States 12 Month Oil Fund LP | 57.21% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
BNO United States Brent Oil Fund LP | 80.79% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between USL and BNO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.93 |
The correlation between USL and BNO has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
USL vs. BNO — Risk / Return Rank
USL
BNO
USL vs. BNO - Risk-Adjusted Trends 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.
| USL | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.34 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.14 | 4.66 | -1.53 |
| Martin ratioReturn relative to average drawdown | 6.33 | 8.73 | -2.40 |
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
| USL | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.84 | 2.00 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.55 | 0.65 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | 0.35 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.00 | 0.13 | -0.13 |
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.
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Drawdown Indicators
| USL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -87.06% | -2.00% |
Max Drawdown (1Y)Largest decline over 1 year | -16.76% | -17.87% | +1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -23.75% | +0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -33.70% | -0.12% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | -75.18% | +9.16% |
Current DrawdownCurrent decline from peak | -40.38% | -14.85% | -25.53% |
Average DrawdownAverage peak-to-trough decline | -61.45% | -40.16% | -21.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.29% | 9.53% | -1.24% |
Volatility
USL vs. BNO - Volatility Comparison
The current volatility for United States 12 Month Oil Fund LP (USL) is 8.50%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.71%. 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.
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Volatility by Period
| USL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.50% | 11.71% | -3.21% |
Volatility (6M)Calculated over the trailing 6-month period | 23.47% | 36.33% | -12.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.66% | 41.63% | -12.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.09% | 35.41% | -5.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.35% | 36.69% | -4.34% |
USL vs. BNO - Expense Ratio Comparison
USL has a 0.88% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
USL vs. BNO - Dividend Comparison
Neither USL nor BNO has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, USL and BNO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BNO has higher volatility (11.71%) compared to USL (8.50%). In terms of maximum drawdown, USL dropped -89.06% vs BNO's -87.06%.
On 10-year performance, BNO leads with 12.62% vs 10.15% for USL. On fees, USL is cheaper at 0.88% per year. On volatility, USL has been the lower-risk option at 8.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 12.62% return vs 10.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USL is cheaper with a 0.88% expense ratio, compared with 0.90% for BNO.
USL and BNO have nearly identical dividend yields, around 0.00%.
USL tracks 12 Month Light Sweet Crude Oil, while BNO tracks Front Month Brent Crude Oil. Their fees differ too: 0.88% for USL and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.00 vs 1.84), 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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