VB vs. BNO
VB (Vanguard Small-Cap ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - VB is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, VB returned 11.30%/yr vs 13.60%/yr for BNO. At a 0.27 correlation, their price movements are largely independent. VB charges 0.05%/yr vs 0.90%/yr for BNO.
Performance
VB vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, VB achieves a 14.16% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, VB has underperformed BNO with an annualized return of 11.30%, while BNO has yielded a comparatively higher 13.60% annualized return.
VB
- 1D
- -0.65%
- 1M
- 3.52%
- YTD
- 14.16%
- 6M
- 14.12%
- 1Y
- 28.82%
- 3Y*
- 17.05%
- 5Y*
- 7.11%
- 10Y*
- 11.30%
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%
VB vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VB Vanguard Small-Cap ETF | 14.16% | 8.87% | 14.17% | 18.22% | -17.51% | 17.57% | 19.19% | 27.34% | -9.34% | 16.26% |
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 VB and BNO is -0.25, 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 | -0.25 |
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 | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.27 |
The correlation between VB and BNO shifts across timeframes, from -0.25 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VB vs. BNO — Risk / Return Rank
VB
BNO
VB vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap ETF (VB) 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.
| VB | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.38 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 5.17 | -1.94 |
| Martin ratioReturn relative to average drawdown | 11.87 | 9.76 | +2.11 |
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
| VB | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.78 | 2.23 | -0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | 0.69 | -0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | 0.37 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.14 | +0.30 |
Drawdowns
VB vs. BNO - Drawdown Comparison
The maximum VB drawdown since its inception was -59.56%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for VB and BNO.
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Drawdown Indicators
| VB | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.56% | -87.06% | +27.50% |
Max Drawdown (1Y)Largest decline over 1 year | -8.98% | -17.87% | +8.89% |
Max Drawdown (3Y)Largest decline over 3 years | -25.36% | -23.75% | -1.61% |
Max Drawdown (5Y)Largest decline over 5 years | -28.15% | -33.70% | +5.55% |
Max Drawdown (10Y)Largest decline over 10 years | -42.05% | -75.18% | +33.13% |
Current DrawdownCurrent decline from peak | -0.65% | -10.29% | +9.64% |
Average DrawdownAverage peak-to-trough decline | -8.44% | -40.17% | +31.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.43% | 9.45% | -7.02% |
Volatility
VB vs. BNO - Volatility Comparison
The current volatility for Vanguard Small-Cap ETF (VB) is 4.42%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that VB 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
| VB | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.42% | 14.22% | -9.80% |
Volatility (6M)Calculated over the trailing 6-month period | 11.72% | 36.10% | -24.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.28% | 41.46% | -25.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.74% | 35.38% | -14.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.42% | 36.68% | -15.26% |
VB vs. BNO - Expense Ratio Comparison
VB has a 0.05% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
VB vs. BNO - Dividend Comparison
VB's dividend yield for the trailing twelve months is around 1.19%, 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% |
VB Vanguard Small-Cap ETF | 1.19% | 1.33% | 1.30% | 1.55% | 1.59% | 1.24% | 1.14% | 1.39% | 1.67% | 1.35% | 1.50% | 1.48% |
Frequently Asked Questions
VB 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 (14.22%) compared to VB (4.42%). In terms of maximum drawdown, VB dropped -59.56% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.60% vs 11.30% for VB. On fees, VB is cheaper at 0.05% per year. On volatility, VB has been the lower-risk option at 4.42%. 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 11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VB is cheaper with a 0.05% expense ratio, compared with 0.90% for BNO.
VB has the higher dividend yield at 1.19%, compared with 0.00% for BNO.
VB is categorized as Small Cap Blend Equities, while BNO is Oil & Gas. VB tracks CRSP US Small Cap Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Vanguard and Concierge Technologies. Their fees differ too: 0.05% for VB and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 1.78), 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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