USO vs. BNO
USO (United States Oil Fund LP) and BNO (United States Brent Oil Fund LP) are both Oil & Gas funds - USO tracks the Front Month Light Sweet Crude Oil while BNO tracks the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, USO returned 3.13%/yr vs 12.62%/yr for BNO. Their correlation of 0.92 suggests significant overlap in exposure. USO charges 0.86%/yr vs 0.90%/yr for BNO.
Performance
USO vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, USO achieves a 92.34% return, which is significantly higher than BNO's 80.79% return. Over the past 10 years, USO has underperformed BNO with an annualized return of 3.13%, while BNO has yielded a comparatively higher 12.62% annualized return.
USO
- 1D
- -2.72%
- 1M
- -0.69%
- YTD
- 92.34%
- 6M
- 84.96%
- 1Y
- 90.22%
- 3Y*
- 27.76%
- 5Y*
- 22.99%
- 10Y*
- 3.13%
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%
USO vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 92.34% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
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 USO and BNO is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
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 | 0.92 |
The correlation between USO and BNO has been stable across timeframes, ranging from 0.92 to 0.99 - a consistent structural relationship.
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Return for Risk
USO vs. BNO — Risk / Return Rank
USO
BNO
USO vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) 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.
| USO | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.34 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 4.45 | 4.66 | -0.22 |
| Martin ratioReturn relative to average drawdown | 8.33 | 8.73 | -0.41 |
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
| USO | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 2.00 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | 0.65 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.08 | 0.35 | -0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.13 | -0.31 |
Drawdowns
USO vs. BNO - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for USO and BNO.
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Drawdown Indicators
| USO | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -87.06% | -11.13% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | -17.87% | -2.52% |
Max Drawdown (3Y)Largest decline over 3 years | -26.05% | -23.75% | -2.30% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -33.70% | -2.53% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -75.18% | -11.57% |
Current DrawdownCurrent decline from peak | -85.85% | -14.85% | -71.00% |
Average DrawdownAverage peak-to-trough decline | -75.30% | -40.16% | -35.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.87% | 9.53% | +1.34% |
Volatility
USO vs. BNO - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.30% compared to United States Brent Oil Fund LP (BNO) at 11.71%. This indicates that USO'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
| USO | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.30% | 11.71% | +1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 38.49% | 36.33% | +2.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.41% | 41.63% | +2.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.09% | 35.41% | +0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.01% | 36.69% | +2.32% |
USO vs. BNO - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
USO vs. BNO - Dividend Comparison
Neither USO nor BNO has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, USO 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.
USO has higher volatility (13.30%) compared to BNO (11.71%). In terms of maximum drawdown, USO dropped -98.19% vs BNO's -87.06%.
On 10-year performance, BNO leads with 12.62% vs 3.13% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, BNO has been the lower-risk option at 11.71%. 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 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.90% for BNO.
USO and BNO have nearly identical dividend yields, around 0.00%.
USO tracks Front Month Light Sweet Crude Oil, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: USCF and Concierge Technologies. Their fees differ too: 0.86% for USO and 0.90% for BNO.
USO currently has the higher Sharpe Ratio (2.04 vs 2.00), 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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