WBIL vs. BNO
WBIL (WBI BullBear Quality 3000 ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - WBIL is a Global Equities fund actively managed by WBI, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. WBIL is actively managed, while BNO is passively managed. Over the past 10 years, WBIL returned 6.93%/yr vs 11.27%/yr for BNO. At a 0.16 correlation, their price movements are largely independent. WBIL charges 1.23%/yr vs 1.00%/yr for BNO.
Performance
WBIL vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, WBIL achieves a 12.59% return, which is significantly lower than BNO's 47.88% return. Over the past 10 years, WBIL has underperformed BNO with an annualized return of 6.93%, while BNO has yielded a comparatively higher 11.27% annualized return.
WBIL
- 1D
- 0.02%
- 1M
- 0.88%
- YTD
- 12.59%
- 6M
- 10.68%
- 1Y
- 23.27%
- 3Y*
- 11.37%
- 5Y*
- 5.75%
- 10Y*
- 6.93%
BNO
- 1D
- 2.80%
- 1M
- -21.13%
- YTD
- 47.88%
- 6M
- 45.90%
- 1Y
- 43.47%
- 3Y*
- 18.48%
- 5Y*
- 16.63%
- 10Y*
- 11.27%
WBIL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WBIL WBI BullBear Quality 3000 ETF | 12.59% | -0.47% | 13.29% | 11.79% | -9.60% | 18.67% | -2.19% | 11.65% | -9.67% | 19.31% |
BNO United States Brent Oil Fund LP | 47.88% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between WBIL and BNO is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Aug 27, 2014 | 0.16 |
The correlation between WBIL and BNO shifts across timeframes, from -0.18 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
WBIL vs. BNO — Risk / Return Rank
WBIL
BNO
WBIL vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WBI BullBear Quality 3000 ETF (WBIL) 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.
| WBIL | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.21 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 1.35 | +1.02 |
| Martin ratioReturn relative to average drawdown | 9.81 | 4.51 | +5.29 |
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Drawdowns
WBIL vs. BNO - Drawdown Comparison
The maximum WBIL drawdown since its inception was -25.30%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for WBIL and BNO.
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Drawdown Indicators
| WBIL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.30% | -87.06% | +61.76% |
Max Drawdown (1Y)Largest decline over 1 year | -9.85% | -32.25% | +22.40% |
Max Drawdown (3Y)Largest decline over 3 years | -25.30% | -32.25% | +6.95% |
Max Drawdown (5Y)Largest decline over 5 years | -25.30% | -33.70% | +8.40% |
Max Drawdown (10Y)Largest decline over 10 years | -25.30% | -75.18% | +49.88% |
Current DrawdownCurrent decline from peak | -4.06% | -30.35% | +26.29% |
Average DrawdownAverage peak-to-trough decline | -6.96% | -40.09% | +33.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.38% | 9.66% | -7.28% |
Volatility
WBIL vs. BNO - Volatility Comparison
The current volatility for WBI BullBear Quality 3000 ETF (WBIL) is 6.91%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.84%. This indicates that WBIL 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
| WBIL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.91% | 11.84% | -4.93% |
Volatility (6M)Calculated over the trailing 6-month period | 12.03% | 37.59% | -25.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.36% | 41.00% | -25.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.89% | 35.72% | -21.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.78% | 36.70% | -23.92% |
WBIL vs. BNO - Expense Ratio Comparison
WBIL has a 1.23% expense ratio, which is higher than BNO's 1.00% expense ratio.
Dividends
WBIL vs. BNO - Dividend Comparison
WBIL's dividend yield for the trailing twelve months is around 0.04%, 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% |
WBIL WBI BullBear Quality 3000 ETF | 0.04% | 0.05% | 0.07% | 0.29% | 1.03% | 2.02% | 0.19% | 0.73% | 0.75% | 0.83% | 0.58% | 0.20% |
Frequently Asked Questions
WBIL and BNO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (11.84%) compared to WBIL (6.91%). In terms of maximum drawdown, WBIL dropped -25.30% vs BNO's -87.06%.
On 10-year performance, BNO leads with 11.27% vs 6.93% for WBIL. On fees, BNO is cheaper at 1.00% per year. On volatility, WBIL has been the lower-risk option at 6.91%. 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 11.27% return vs 6.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 1.00% expense ratio, compared with 1.23% for WBIL.
WBIL has the higher dividend yield at 0.04%, compared with 0.00% for BNO.
WBIL is categorized as Global Equities, while BNO is Oil & Gas. They also come from different issuers: WBI and USCF Investments. Their fees differ too: 1.23% for WBIL and 1.00% for BNO.
WBIL currently has the higher Sharpe Ratio (1.52 vs 1.07), 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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