VIS vs. BNO
VIS (Vanguard Industrials ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - VIS is a Industrials Equities fund tracking the MSCI US Investable Market Industrials 25/50 Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, VIS returned 14.06%/yr vs 13.60%/yr for BNO. At a 0.25 correlation, their price movements are largely independent. VIS charges 0.10%/yr vs 0.90%/yr for BNO.
Performance
VIS vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, VIS achieves a 14.63% return, which is significantly lower than BNO's 90.47% return. Both investments have delivered pretty close results over the past 10 years, with VIS having a 14.06% annualized return and BNO not far behind at 13.60%.
VIS
- 1D
- -0.31%
- 1M
- 2.27%
- YTD
- 14.63%
- 6M
- 15.23%
- 1Y
- 26.72%
- 3Y*
- 22.52%
- 5Y*
- 12.60%
- 10Y*
- 14.06%
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%
VIS vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIS Vanguard Industrials ETF | 14.63% | 18.57% | 16.85% | 22.50% | -8.57% | 20.80% | 12.34% | 30.09% | -14.01% | 21.47% |
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 VIS and BNO is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
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 | 0.25 |
The correlation between VIS and BNO shifts across timeframes, from -0.22 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VIS vs. BNO — Risk / Return Rank
VIS
BNO
VIS vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Industrials ETF (VIS) 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.
| VIS | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.38 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 5.17 | -2.99 |
| Martin ratioReturn relative to average drawdown | 9.06 | 9.76 | -0.70 |
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
| VIS | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.64 | 2.23 | -0.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 0.69 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.69 | 0.37 | +0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.14 | +0.38 |
Drawdowns
VIS vs. BNO - Drawdown Comparison
The maximum VIS drawdown since its inception was -63.51%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for VIS and BNO.
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Drawdown Indicators
| VIS | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.51% | -87.06% | +23.55% |
Max Drawdown (1Y)Largest decline over 1 year | -12.29% | -17.87% | +5.58% |
Max Drawdown (3Y)Largest decline over 3 years | -20.80% | -23.75% | +2.95% |
Max Drawdown (5Y)Largest decline over 5 years | -22.96% | -33.70% | +10.74% |
Max Drawdown (10Y)Largest decline over 10 years | -42.42% | -75.18% | +32.76% |
Current DrawdownCurrent decline from peak | -1.22% | -10.29% | +9.07% |
Average DrawdownAverage peak-to-trough decline | -8.38% | -40.17% | +31.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 9.45% | -6.49% |
Volatility
VIS vs. BNO - Volatility Comparison
The current volatility for Vanguard Industrials ETF (VIS) is 5.15%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that VIS 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
| VIS | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.15% | 14.22% | -9.07% |
Volatility (6M)Calculated over the trailing 6-month period | 13.47% | 36.10% | -22.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.42% | 41.46% | -25.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.35% | 35.38% | -17.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.43% | 36.68% | -16.25% |
VIS vs. BNO - Expense Ratio Comparison
VIS has a 0.10% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
VIS vs. BNO - Dividend Comparison
VIS's dividend yield for the trailing twelve months is around 0.89%, 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% |
VIS Vanguard Industrials ETF | 0.89% | 1.01% | 1.23% | 1.36% | 1.52% | 1.11% | 1.38% | 1.68% | 1.90% | 1.60% | 1.81% | 1.94% |
Frequently Asked Questions
VIS and BNO have a correlation of -0.22, 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 VIS (5.15%). In terms of maximum drawdown, VIS dropped -63.51% vs BNO's -87.06%.
On 10-year performance, VIS leads with 14.06% vs 13.60% for BNO. On fees, VIS is cheaper at 0.10% per year. On volatility, VIS has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VIS has performed better with a 14.06% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIS is cheaper with a 0.10% expense ratio, compared with 0.90% for BNO.
VIS has the higher dividend yield at 0.89%, compared with 0.00% for BNO.
VIS is categorized as Industrials Equities, while BNO is Oil & Gas. VIS tracks MSCI US Investable Market Industrials 25/50 Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Vanguard and Concierge Technologies. Their fees differ too: 0.10% for VIS and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 1.64), 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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