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VEGA vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEGA vs. BNO

Last updated Jun 4, 2026

VEGA (AdvisorShares STAR Global Buy-Write ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - VEGA is a Global Equities fund actively managed by AdvisorShares, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. VEGA is actively managed, while BNO is passively managed. Over the past 10 years, VEGA returned 7.95%/yr vs 13.60%/yr for BNO. At a 0.16 correlation, their price movements are largely independent. VEGA charges 2.02%/yr vs 0.90%/yr for BNO.

Performance

VEGA vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares STAR Global Buy-Write ETF (VEGA) 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, VEGA achieves a 7.10% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, VEGA has underperformed BNO with an annualized return of 7.95%, while BNO has yielded a comparatively higher 13.60% annualized return.

VEGA

1D
-0.52%
1M
3.04%
YTD
7.10%
6M
6.87%
1Y
18.86%
3Y*
13.94%
5Y*
7.25%
10Y*
7.95%

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)

VEGA vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEGA
AdvisorShares STAR Global Buy-Write ETF		7.10%15.83%11.20%15.12%-15.02%12.36%8.37%19.29%-6.58%11.50%
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 VEGA and BNO is -0.32, 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

-0.32

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

-0.03

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

0.08

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

0.15

Correlation (All Time)
Calculated using the full available price history since Sep 19, 2012

0.16

The correlation between VEGA and BNO shifts across timeframes, from -0.32 (1 year) to 0.16 (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.

AdvisorShares STAR Global Buy-Write ETF

United States Brent Oil Fund LP

Often compared with VEGA:
VEGA vs. SPYVEGA vs. JEPIVEGA vs. DIVOVEGA vs. CAPEVEGA vs. VTVEGA vs. AVTMVEGA vs. AVGV
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

VEGA vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEGA
VEGA Risk / Return Rank: 6363
Overall Rank
VEGA Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
VEGA Sortino Ratio Rank: 6464
Sortino Ratio Rank
VEGA Omega Ratio Rank: 6464
Omega Ratio Rank
VEGA Calmar Ratio Rank: 5656
Calmar Ratio Rank
VEGA Martin Ratio Rank: 6868
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.

VEGA vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares STAR Global Buy-Write ETF (VEGA) 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.

VEGABNODifference
Sharpe ratioReturn per unit of total volatility
2.09
2.23

-0.14

Sortino ratioReturn per unit of downside risk
2.96
2.73

+0.23

Omega ratioGain probability vs. loss probability

1.39

1.38

+0.01

Calmar ratioReturn relative to maximum drawdown

2.76

5.17

-2.41

Martin ratioReturn relative to average drawdown

12.41

9.76

+2.65

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

VEGA vs. BNO - Sharpe Ratio Comparison

The current VEGA Sharpe Ratio is 2.09, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of VEGA 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

VEGABNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.09

2.23

-0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

0.69

-0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.37

+0.26

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.14

+0.39

Drawdowns

VEGA vs. BNO - Drawdown Comparison

The maximum VEGA drawdown since its inception was -28.37%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for VEGA and BNO.

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Drawdown Indicators

VEGABNODifference

Max Drawdown

Largest peak-to-trough decline

-28.37%

-87.06%

+58.69%

Max Drawdown (1Y)

Largest decline over 1 year

-6.86%

-17.87%

+11.01%

Max Drawdown (3Y)

Largest decline over 3 years

-11.62%

-23.75%

+12.13%

Max Drawdown (5Y)

Largest decline over 5 years

-22.78%

-33.70%

+10.92%

Max Drawdown (10Y)

Largest decline over 10 years

-28.37%

-75.18%

+46.81%

Current Drawdown

Current decline from peak

-0.52%

-10.29%

+9.77%

Average Drawdown

Average peak-to-trough decline

-3.79%

-40.17%

+36.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.52%

9.45%

-7.93%

Volatility

VEGA vs. BNO - Volatility Comparison

The current volatility for AdvisorShares STAR Global Buy-Write ETF (VEGA) is 2.71%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that VEGA 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

VEGABNODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.71%

14.22%

-11.51%

Volatility (6M)

Calculated over the trailing 6-month period

7.45%

36.10%

-28.65%

Volatility (1Y)

Calculated over the trailing 1-year period

9.06%

41.46%

-32.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.29%

35.38%

-23.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.70%

36.68%

-23.98%

VEGA vs. BNO - Expense Ratio Comparison

VEGA has a 2.02% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

VEGA vs. BNO - Dividend Comparison

VEGA's dividend yield for the trailing twelve months is around 1.25%, while BNO has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
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%
VEGA
AdvisorShares STAR Global Buy-Write ETF		1.25%1.34%1.05%1.12%1.89%0.55%0.28%0.44%0.45%0.00%0.81%

Frequently Asked Questions

VEGA and BNO have a correlation of -0.32, 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 VEGA (2.71%). In terms of maximum drawdown, VEGA dropped -28.37% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.60% vs 7.95% for VEGA. On fees, BNO is cheaper at 0.90% per year. On volatility, VEGA has been the lower-risk option at 2.71%. 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 13.60% return vs 7.95%. 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 2.02% for VEGA.

VEGA has the higher dividend yield at 1.25%, compared with 0.00% for BNO.

VEGA is categorized as Global Equities, while BNO is Oil & Gas. They also come from different issuers: AdvisorShares and Concierge Technologies. Their fees differ too: 2.02% for VEGA and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.23 vs 2.09), 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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