UTWY vs. BNO
UTWY (F/m US Treasury 20 Year Bond ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - UTWY is a Government Bonds fund tracking the Bloomberg US Treasury Bellwether 20 Year Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 3 years, UTWY returned -0.41%/yr vs 20.31%/yr for BNO. Their -0.22 correlation means they have often moved in opposite directions in the past. UTWY charges 0.15%/yr vs 1.00%/yr for BNO.
Performance
UTWY vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, UTWY achieves a -3.22% return, which is significantly lower than BNO's 77.90% return.
UTWY
- 1D
- -0.65%
- 1M
- -3.22%
- 6M
- -3.26%
- YTD
- -3.22%
- 1Y
- -1.66%
- 3Y*
- -0.41%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.63%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $108.36K | $60.31K | $63.45K |
UTWY vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTWY F/m US Treasury 20 Year Bond ETF | -3.22% | 4.82% | -4.92% | -1.86% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | 5.48% |
Correlation
The correlation between UTWY and BNO is -0.42, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.42 |
Correlation (3Y) Balances recent behavior with more history. | -0.25 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | -0.22 |
The correlation between UTWY and BNO shifts across timeframes, from -0.42 (1 year) to -0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UTWY vs. BNO — Risk / Return Rank
UTWY
BNO
UTWY vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/m US Treasury 20 Year Bond ETF (UTWY) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| UTWY | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.24 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 1.70 | -1.75 |
| Martin ratioReturn relative to average drawdown | -0.12 | 5.15 | -5.27 |
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Drawdowns
UTWY vs. BNO - Drawdown Comparison
The maximum UTWY drawdown since its inception was -18.19%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for UTWY and BNO.
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Drawdown Indicators
| UTWY | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.19% | -87.06% | +68.87% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | -34.46% | +27.74% |
Max Drawdown (3Y)Largest decline over 3 years | -11.88% | -34.46% | +22.58% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -8.47% | -16.21% | +7.74% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -39.99% | +33.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 11.86% | -8.86% |
Volatility
UTWY vs. BNO - Volatility Comparison
The current volatility for F/m US Treasury 20 Year Bond ETF (UTWY) is 2.09%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that UTWY 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
| UTWY | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 17.47% | -15.38% |
Volatility (6M)Calculated over the trailing 6-month period | 6.01% | 40.96% | -34.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 44.54% | -36.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 36.41% | -25.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 36.98% | -26.01% |
UTWY vs. BNO - Expense Ratio Comparison
UTWY has a 0.15% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
UTWY vs. BNO - Dividend Comparison
UTWY's dividend yield for the trailing twelve months is around 5.27%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
UTWY F/m US Treasury 20 Year Bond ETF | 4.85% | 4.62% | 4.56% | 2.94% |
Frequently Asked Questions
UTWY and BNO have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to UTWY (2.09%). In terms of maximum drawdown, UTWY dropped -18.19% vs BNO's -87.06%.
On 3-year performance, BNO leads with 20.31% vs -0.41% for UTWY. On fees, UTWY is cheaper at 0.15% per year. On volatility, UTWY has been the lower-risk option at 2.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 20.31% return vs -0.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTWY is cheaper with a 0.15% expense ratio, compared with 1.00% for BNO.
UTWY has the higher dividend yield at 4.85%, compared with 0.00% for BNO.
UTWY is categorized as Government Bonds, while BNO is Oil & Gas. UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: F/m and USCF. Their fees differ too: 0.15% for UTWY and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.05), 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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