VTG vs. BNO

Last updated Aug 2, 2026

VTG (Vanguard Total Treasury ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - VTG is a Government Bonds fund tracking the Bloomberg U.S. Treasury Total Return Unhedged USD Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past year, VTG returned 1.06% vs 62.83% for BNO. Their -0.43 correlation means they have often moved in opposite directions in the past. VTG charges 0.03%/yr vs 1.00%/yr for BNO.

Performance

VTG vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Treasury ETF (VTG) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTG achieves a -0.78% return, which is significantly lower than BNO's 77.90% return.

VTG

• 1D: -0.22%
• 1M: -1.11%
• 6M: -0.79%
• YTD: -0.78%
• 1Y: 1.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.14%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
VTG Vanguard Total Treasury ETF	$2.81M	$3.14M	$2.90M

VTG vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
VTG Vanguard Total Treasury ETF	-0.78%	3.07%
BNO United States Brent Oil Fund LP	77.90%	-7.90%

Correlation

The correlation between VTG and BNO is -0.44, 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.	-0.44
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	-0.43

Return for Risk

VTG vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VTG

VTG Risk / Return Rank: 23
VTG Sharpe Ratio Rank: 25
VTG Sortino Ratio Rank: 23
VTG Omega Ratio Rank: 22
VTG Calmar Ratio Rank: 23
VTG Martin Ratio Rank: 23

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VTG vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Treasury ETF (VTG) 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.

	VTG	BNO	Difference
Sharpe ratio: Return per unit of total volatility	0.57	1.32	-0.75
Sortino ratio: Return per unit of downside risk	0.85	1.90	-1.05
Omega ratio: Gain probability vs. loss probability	1.10	1.24	-0.14
Calmar ratio: Return relative to maximum drawdown	0.68	1.70	-1.01
Martin ratio: Return relative to average drawdown	1.62	5.15	-3.53

VTG vs. BNO - Sharpe Ratio Comparison

The current VTG Sharpe Ratio is 0.57, which is lower than the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of VTG 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.

Drawdowns

VTG vs. BNO - Drawdown Comparison

The maximum VTG drawdown since its inception was -2.89%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for VTG and BNO.

Drawdown Indicators

	VTG	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-2.89%	-87.06%	+84.17%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-34.46%	+31.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-2.55%	-16.21%	+13.66%
Average Drawdown Average peak-to-trough decline	-0.90%	-39.99%	+39.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	11.86%	-10.64%

Volatility

VTG vs. BNO - Volatility Comparison

The current volatility for Vanguard Total Treasury ETF (VTG) is 0.88%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that VTG 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.

Volatility by Period

	VTG	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	17.47%	-16.59%
Volatility (6M) Calculated over the trailing 6-month period	2.68%	40.96%	-38.28%
Volatility (1Y) Calculated over the trailing 1-year period	3.49%	44.54%	-41.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	36.41%	-32.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	36.98%	-33.47%

VTG vs. BNO - Expense Ratio Comparison

VTG has a 0.03% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

VTG vs. BNO - Dividend Comparison

VTG's dividend yield for the trailing twelve months is around 3.57%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
VTG Vanguard Total Treasury ETF	3.31%	1.65%

Frequently Asked Questions

Can I hold both VTG and BNO in my portfolio?

VTG and BNO have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTG or BNO?

BNO has higher volatility (17.47%) compared to VTG (0.88%). In terms of maximum drawdown, VTG dropped -2.89% vs BNO's -87.06%.

Which ETF is better, VTG or BNO?

On 1-year performance, BNO leads with 62.83% vs 1.06% for VTG. On fees, VTG is cheaper at 0.03% per year. On volatility, VTG has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VTG or BNO?

Over the 1-year period, BNO has performed better with a 62.83% return vs 1.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VTG or BNO?

VTG is cheaper with a 0.03% expense ratio, compared with 1.00% for BNO.

Which ETF pays a higher dividend yield, VTG or BNO?

VTG has the higher dividend yield at 3.31%, compared with 0.00% for BNO.

What is the main difference between VTG and BNO?

VTG is categorized as Government Bonds, while BNO is Oil & Gas. VTG tracks Bloomberg U.S. Treasury Total Return Unhedged USD 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 VTG and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (1.32 vs 0.57), 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.