UYG vs. BNO
UYG (ProShares Ultra Financials) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials Index (200%), while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, UYG returned 18.46%/yr vs 15.06%/yr for BNO. Their 0.21 correlation means their historical movements had little consistent relationship. UYG charges 0.95%/yr vs 1.00%/yr for BNO.
Performance
UYG vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, UYG achieves a 4.93% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, UYG has outperformed BNO with an annualized return of 18.46%, while BNO has yielded a comparatively lower 15.06% annualized return.
UYG
- 1D
- -0.08%
- 1M
- 4.45%
- 6M
- 11.10%
- YTD
- 4.93%
- 1Y
- 17.13%
- 3Y*
- 29.68%
- 5Y*
- 13.85%
- 10Y*
- 18.46%
- ALL TIME*
- 0.73%
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 | |
| $2.19M | $2.00M | $1.41M |
UYG vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UYG ProShares Ultra Financials | 4.93% | 19.77% | 55.71% | 22.14% | -32.11% | 76.26% | -20.32% | 66.15% | -22.61% | 39.28% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between UYG and BNO is -0.25, 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. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.21 |
The correlation between UYG and BNO shifts across timeframes, from -0.25 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UYG vs. BNO — Risk / Return Rank
UYG
BNO
UYG vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Financials (UYG) 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.
| UYG | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.24 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 1.70 | -1.24 |
| Martin ratioReturn relative to average drawdown | 1.06 | 5.15 | -4.09 |
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Drawdowns
UYG vs. BNO - Drawdown Comparison
The maximum UYG drawdown since its inception was -97.90%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for UYG and BNO.
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Drawdown Indicators
| UYG | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.90% | -87.06% | -10.84% |
Max Drawdown (1Y)Largest decline over 1 year | -28.91% | -34.46% | +5.55% |
Max Drawdown (3Y)Largest decline over 3 years | -30.35% | -34.46% | +4.11% |
Max Drawdown (5Y)Largest decline over 5 years | -47.77% | -34.46% | -13.31% |
Max Drawdown (10Y)Largest decline over 10 years | -69.98% | -75.18% | +5.20% |
Current DrawdownCurrent decline from peak | -2.23% | -16.21% | +13.98% |
Average DrawdownAverage peak-to-trough decline | -62.90% | -39.99% | -22.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.35% | 11.86% | +0.49% |
Volatility
UYG vs. BNO - Volatility Comparison
The current volatility for ProShares Ultra Financials (UYG) is 8.12%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that UYG 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
| UYG | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.12% | 17.47% | -9.35% |
Volatility (6M)Calculated over the trailing 6-month period | 22.26% | 40.96% | -18.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.46% | 44.54% | -15.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.02% | 36.41% | -0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.91% | 36.98% | +3.93% |
UYG vs. BNO - Expense Ratio Comparison
UYG has a 0.95% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
UYG vs. BNO - Dividend Comparison
UYG's dividend yield for the trailing twelve months is around 11.12%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UYG ProShares Ultra Financials | 11.12% | 11.72% | 0.51% | 0.79% | 0.77% | 9.39% | 0.66% | 0.90% | 1.28% | 0.56% | 0.76% | 0.72% |
Frequently Asked Questions
UYG and BNO have a correlation of -0.25, 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 UYG (8.12%). In terms of maximum drawdown, UYG dropped -97.90% vs BNO's -87.06%.
On 10-year performance, UYG leads with 18.46% vs 15.06% for BNO. On fees, UYG is cheaper at 0.95% per year. On volatility, UYG has been the lower-risk option at 8.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UYG has performed better with a 18.46% return vs 15.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UYG is cheaper with a 0.95% expense ratio, compared with 1.00% for BNO.
UYG has the higher dividend yield at 11.12%, compared with 0.00% for BNO.
UYG is categorized as Leveraged Equities, while BNO is Oil & Gas. UYG tracks Dow Jones U.S. Financials Index (200%), while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for UYG and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs 0.45), 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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