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UWM vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UWM vs. BNO

Last updated Jun 4, 2026

UWM (ProShares Ultra Russell2000) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - UWM is a Leveraged Equities fund tracking the Russell 2000 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, UWM returned 12.16%/yr vs 13.60%/yr for BNO. At a 0.26 correlation, their price movements are largely independent. UWM charges 0.95%/yr vs 0.90%/yr for BNO.

Performance

UWM vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Russell2000 (UWM) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UWM achieves a 31.87% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, UWM has underperformed BNO with an annualized return of 12.16%, while BNO has yielded a comparatively higher 13.60% annualized return.

UWM

1D
-2.69%
1M
6.41%
YTD
31.87%
6M
28.56%
1Y
76.77%
3Y*
25.03%
5Y*
1.71%
10Y*
12.16%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UWM vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UWM
ProShares Ultra Russell2000		31.87%13.59%11.32%22.62%-43.69%23.91%16.57%48.62%-25.89%26.92%
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 UWM and BNO is -0.26, 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

-0.26

Correlation (3Y)
Calculated over the trailing 3-year period

-0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.12

Correlation (10Y)
Calculated over the trailing 10-year period

0.20

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.26

The correlation between UWM and BNO shifts across timeframes, from -0.26 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Russell2000

United States Brent Oil Fund LP

Often compared with UWM:
UWM vs. IWMUWM vs. TNAUWM vs. URTYUWM vs. SPYUWM vs. TQQQUWM vs. VTWOUWM vs. IWO
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

UWM vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UWM
UWM Risk / Return Rank: 5959
Overall Rank
UWM Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
UWM Sortino Ratio Rank: 5454
Sortino Ratio Rank
UWM Omega Ratio Rank: 4949
Omega Ratio Rank
UWM Calmar Ratio Rank: 6969
Calmar Ratio Rank
UWM Martin Ratio Rank: 6565
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UWM vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) 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.

UWMBNODifference
Sharpe ratioReturn per unit of total volatility
2.03
2.23

-0.19

Sortino ratioReturn per unit of downside risk
2.63
2.73

-0.10

Omega ratioGain probability vs. loss probability

1.31

1.38

-0.07

Calmar ratioReturn relative to maximum drawdown

3.46

5.17

-1.71

Martin ratioReturn relative to average drawdown

11.85

9.76

+2.09

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UWM vs. BNO - Sharpe Ratio Comparison

The current UWM Sharpe Ratio is 2.03, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of UWM and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UWMBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.03

2.23

-0.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.04

0.69

-0.65

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.26

0.37

-0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.14

0.14

0.00

Drawdowns

UWM vs. BNO - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for UWM and BNO.

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Drawdown Indicators

UWMBNODifference

Max Drawdown

Largest peak-to-trough decline

-88.21%

-87.06%

-1.15%

Max Drawdown (1Y)

Largest decline over 1 year

-22.28%

-17.87%

-4.41%

Max Drawdown (3Y)

Largest decline over 3 years

-49.79%

-23.75%

-26.04%

Max Drawdown (5Y)

Largest decline over 5 years

-61.62%

-33.70%

-27.92%

Max Drawdown (10Y)

Largest decline over 10 years

-71.46%

-75.18%

+3.72%

Current Drawdown

Current decline from peak

-3.55%

-10.29%

+6.74%

Average Drawdown

Average peak-to-trough decline

-30.88%

-40.17%

+9.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.50%

9.45%

-2.95%

Volatility

UWM vs. BNO - Volatility Comparison

The current volatility for ProShares Ultra Russell2000 (UWM) is 11.45%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that UWM 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

UWMBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

11.45%

14.22%

-2.77%

Volatility (6M)

Calculated over the trailing 6-month period

26.82%

36.10%

-9.28%

Volatility (1Y)

Calculated over the trailing 1-year period

38.04%

41.46%

-3.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.01%

35.38%

+9.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

46.08%

36.68%

+9.40%

UWM vs. BNO - Expense Ratio Comparison

UWM has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

UWM vs. BNO - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.78%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
UWM
ProShares Ultra Russell2000		0.78%1.05%1.16%0.34%0.40%0.00%0.07%0.55%0.41%0.11%0.27%0.23%

Frequently Asked Questions

UWM and BNO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (14.22%) compared to UWM (11.45%). In terms of maximum drawdown, UWM dropped -88.21% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.60% vs 12.16% for UWM. On fees, BNO is cheaper at 0.90% per year. On volatility, UWM has been the lower-risk option at 11.45%. 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 13.60% return vs 12.16%. 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 UWM.

UWM has the higher dividend yield at 0.78%, compared with 0.00% for BNO.

UWM is categorized as Leveraged Equities, while BNO is Oil & Gas. UWM tracks Russell 2000 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 UWM and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.23 vs 2.03), 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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