VGLT vs. BNO
VGLT (Vanguard Long-Term Treasury ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - VGLT is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index, 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, VGLT returned -1.80%/yr vs 15.06%/yr for BNO. Their -0.22 correlation means they have often moved in opposite directions in the past. VGLT charges 0.03%/yr vs 1.00%/yr for BNO.
Performance
VGLT vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, VGLT achieves a -3.26% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, VGLT has underperformed BNO with an annualized return of -1.80%, while BNO has yielded a comparatively higher 15.06% annualized return.
VGLT
- 1D
- -0.62%
- 1M
- -3.51%
- 6M
- -3.14%
- YTD
- -3.26%
- 1Y
- -1.67%
- 3Y*
- -0.62%
- 5Y*
- -7.07%
- 10Y*
- -1.80%
- ALL TIME*
- 2.27%
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 | |
| $95.69M | $98.86M | $108.97M |
VGLT vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGLT Vanguard Long-Term Treasury ETF | -3.26% | 5.35% | -6.28% | 3.27% | -29.34% | -4.98% | 17.57% | 14.30% | -1.54% | 8.64% |
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 VGLT 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. | -0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | -0.22 |
Over the past year, the inverse relationship between VGLT and BNO has strengthened: their correlation has moved from -0.22 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
VGLT vs. BNO — Risk / Return Rank
VGLT
BNO
VGLT vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury ETF (VGLT) 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.
| VGLT | 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
VGLT vs. BNO - Drawdown Comparison
The maximum VGLT drawdown since its inception was -46.18%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for VGLT and BNO.
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Drawdown Indicators
| VGLT | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.18% | -87.06% | +40.88% |
Max Drawdown (1Y)Largest decline over 1 year | -7.03% | -34.46% | +27.43% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -34.46% | +21.08% |
Max Drawdown (5Y)Largest decline over 5 years | -40.98% | -34.46% | -6.52% |
Max Drawdown (10Y)Largest decline over 10 years | -46.18% | -75.18% | +29.00% |
Current DrawdownCurrent decline from peak | -38.64% | -16.21% | -22.43% |
Average DrawdownAverage peak-to-trough decline | -15.26% | -39.99% | +24.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 11.86% | -8.67% |
Volatility
VGLT vs. BNO - Volatility Comparison
The current volatility for Vanguard Long-Term Treasury ETF (VGLT) is 2.24%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that VGLT 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
| VGLT | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.24% | 17.47% | -15.23% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 40.96% | -34.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.47% | 44.54% | -36.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.45% | 36.41% | -21.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.75% | 36.98% | -23.23% |
VGLT vs. BNO - Expense Ratio Comparison
VGLT has a 0.03% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
VGLT vs. BNO - Dividend Comparison
VGLT's dividend yield for the trailing twelve months is around 4.77%, 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% |
VGLT Vanguard Long-Term Treasury ETF | 4.37% | 4.44% | 4.33% | 3.33% | 2.84% | 1.82% | 2.15% | 2.46% | 2.71% | 2.55% | 2.69% | 3.21% |
Frequently Asked Questions
VGLT 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 VGLT (2.24%). In terms of maximum drawdown, VGLT dropped -46.18% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs -1.80% for VGLT. On fees, VGLT is cheaper at 0.03% per year. On volatility, VGLT has been the lower-risk option at 2.24%. 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 15.06% return vs -1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGLT is cheaper with a 0.03% expense ratio, compared with 1.00% for BNO.
VGLT has the higher dividend yield at 4.37%, compared with 0.00% for BNO.
VGLT is categorized as Government Bonds, while BNO is Oil & Gas. VGLT tracks Bloomberg U.S. Long Treasury Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Vanguard and USCF. Their fees differ too: 0.03% for VGLT and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.04), 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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