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VOT vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VOT vs. BNO

Last updated Jun 4, 2026

VOT (Vanguard Mid-Cap Growth ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - VOT is a Mid Cap Growth Equities fund tracking the CRSP US Mid Cap Growth Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, VOT returned 12.18%/yr vs 13.60%/yr for BNO. At a 0.23 correlation, their price movements are largely independent. VOT charges 0.07%/yr vs 0.90%/yr for BNO.

Performance

VOT vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Growth ETF (VOT) 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, VOT achieves a 8.39% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, VOT has underperformed BNO with an annualized return of 12.18%, while BNO has yielded a comparatively higher 13.60% annualized return.

VOT

1D
-0.83%
1M
5.62%
YTD
8.39%
6M
6.44%
1Y
11.36%
3Y*
16.24%
5Y*
6.88%
10Y*
12.18%

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)

VOT vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VOT
Vanguard Mid-Cap Growth ETF		8.39%10.72%16.38%23.10%-28.87%20.50%34.50%33.76%-5.56%21.80%
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 VOT and BNO is -0.27, 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

-0.27

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

-0.04

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

0.08

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

0.16

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.23

The correlation between VOT and BNO shifts across timeframes, from -0.27 (1 year) to 0.23 (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.

Vanguard Mid-Cap Growth ETF

United States Brent Oil Fund LP

Often compared with VOT:
VOT vs. VOVOT vs. VOEVOT vs. IWPVOT vs. VMGMXVOT vs. IJHVOT vs. IMCGVOT vs. FMDGX
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

VOT vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VOT
VOT Risk / Return Rank: 1919
Overall Rank
VOT Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
VOT Sortino Ratio Rank: 2020
Sortino Ratio Rank
VOT Omega Ratio Rank: 1919
Omega Ratio Rank
VOT Calmar Ratio Rank: 1717
Calmar Ratio Rank
VOT Martin Ratio Rank: 1919
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.

VOT vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Growth ETF (VOT) 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.

VOTBNODifference
Sharpe ratioReturn per unit of total volatility
0.72
2.23

-1.51

Sortino ratioReturn per unit of downside risk
1.10
2.73

-1.62

Omega ratioGain probability vs. loss probability

1.13

1.38

-0.24

Calmar ratioReturn relative to maximum drawdown

0.72

5.17

-4.45

Martin ratioReturn relative to average drawdown

2.14

9.76

-7.62

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

VOT vs. BNO - Sharpe Ratio Comparison

The current VOT Sharpe Ratio is 0.72, which is lower than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of VOT 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

VOTBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.72

2.23

-1.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

0.69

-0.36

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.37

+0.21

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.14

+0.31

Drawdowns

VOT vs. BNO - Drawdown Comparison

The maximum VOT drawdown since its inception was -60.16%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for VOT and BNO.

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Drawdown Indicators

VOTBNODifference

Max Drawdown

Largest peak-to-trough decline

-60.16%

-87.06%

+26.90%

Max Drawdown (1Y)

Largest decline over 1 year

-15.96%

-17.87%

+1.91%

Max Drawdown (3Y)

Largest decline over 3 years

-21.77%

-23.75%

+1.98%

Max Drawdown (5Y)

Largest decline over 5 years

-37.19%

-33.70%

-3.49%

Max Drawdown (10Y)

Largest decline over 10 years

-37.19%

-75.18%

+37.99%

Current Drawdown

Current decline from peak

-0.83%

-10.29%

+9.46%

Average Drawdown

Average peak-to-trough decline

-9.96%

-40.17%

+30.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.32%

9.45%

-4.13%

Volatility

VOT vs. BNO - Volatility Comparison

The current volatility for Vanguard Mid-Cap Growth ETF (VOT) is 4.37%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that VOT 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

VOTBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.37%

14.22%

-9.85%

Volatility (6M)

Calculated over the trailing 6-month period

12.36%

36.10%

-23.74%

Volatility (1Y)

Calculated over the trailing 1-year period

15.81%

41.46%

-25.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.36%

35.38%

-14.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.99%

36.68%

-15.69%

VOT vs. BNO - Expense Ratio Comparison

VOT has a 0.07% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

VOT vs. BNO - Dividend Comparison

VOT's dividend yield for the trailing twelve months is around 0.61%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
VOT
Vanguard Mid-Cap Growth ETF		0.61%0.64%0.67%0.71%0.78%0.34%0.56%0.78%0.84%0.72%0.81%0.81%

Frequently Asked Questions

VOT and BNO have a correlation of -0.27, 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 VOT (4.37%). In terms of maximum drawdown, VOT dropped -60.16% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.60% vs 12.18% for VOT. On fees, VOT is cheaper at 0.07% per year. On volatility, VOT has been the lower-risk option at 4.37%. 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 12.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOT is cheaper with a 0.07% expense ratio, compared with 0.90% for BNO.

VOT has the higher dividend yield at 0.61%, compared with 0.00% for BNO.

VOT is categorized as Mid Cap Growth Equities, while BNO is Oil & Gas. VOT tracks CRSP US Mid Cap Growth Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Vanguard and Concierge Technologies. Their fees differ too: 0.07% for VOT and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.23 vs 0.72), 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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