PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XME vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XME vs. BNO

Last updated Jun 6, 2026

XME (SPDR S&P Metals & Mining ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, XME returned 19.09%/yr vs 12.62%/yr for BNO. At a 0.33 correlation, their price movements are largely independent. XME charges 0.35%/yr vs 0.90%/yr for BNO.

Performance

XME vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Metals & Mining ETF (XME) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XME achieves a 14.54% return, which is significantly lower than BNO's 80.79% return. Over the past 10 years, XME has outperformed BNO with an annualized return of 19.09%, while BNO has yielded a comparatively lower 12.62% annualized return.

XME

1D
-7.81%
1M
-4.46%
YTD
14.54%
6M
19.13%
1Y
85.74%
3Y*
35.87%
5Y*
21.62%
10Y*
19.09%

BNO

1D
-2.44%
1M
-4.35%
YTD
80.79%
6M
73.97%
1Y
82.92%
3Y*
25.89%
5Y*
22.87%
10Y*
12.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XME vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XME
SPDR S&P Metals & Mining ETF		14.54%83.47%-4.54%21.51%13.13%34.92%15.95%14.69%-26.78%21.17%
BNO
United States Brent Oil Fund LP		80.79%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between XME and BNO is -0.14, 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

-0.14

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

0.10

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

0.23

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

0.27

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

0.33

The correlation between XME and BNO shifts across timeframes, from -0.14 (1 year) to 0.33 (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.

SPDR S&P Metals & Mining ETF

United States Brent Oil Fund LP

Often compared with XME:
XME vs. PICKXME vs. SETMXME vs. SLXXME vs. XBM.TOXME vs. VAWXME vs. VOOXME vs. QQQ
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. UNL

Return for Risk

XME vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XME
XME Risk / Return Rank: 6767
Overall Rank
XME Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XME Sortino Ratio Rank: 6363
Sortino Ratio Rank
XME Omega Ratio Rank: 6464
Omega Ratio Rank
XME Calmar Ratio Rank: 7777
Calmar Ratio Rank
XME Martin Ratio Rank: 5757
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6262
Overall Rank
BNO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5454
Sortino Ratio Rank
BNO Omega Ratio Rank: 5757
Omega Ratio Rank
BNO Calmar Ratio Rank: 8686
Calmar Ratio Rank
BNO Martin Ratio Rank: 5353
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.

XME vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Metals & Mining ETF (XME) 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.

XMEBNODifference
Sharpe ratioReturn per unit of total volatility
2.43
2.00

+0.42

Sortino ratioReturn per unit of downside risk
2.87
2.53

+0.34

Omega ratioGain probability vs. loss probability

1.38

1.34

+0.03

Calmar ratioReturn relative to maximum drawdown

3.81

4.66

-0.85

Martin ratioReturn relative to average drawdown

9.67

8.73

+0.94

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

XME vs. BNO - Sharpe Ratio Comparison

The current XME Sharpe Ratio is 2.43, which is comparable to the BNO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of XME 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.

Loading charts...

Sharpe Ratios by Period

XMEBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.43

2.00

+0.42

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.66

0.65

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.35

+0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

0.16

0.13

+0.03

Drawdowns

XME vs. BNO - Drawdown Comparison

The maximum XME drawdown since its inception was -85.89%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for XME and BNO.

Loading charts...

Drawdown Indicators

XMEBNODifference

Max Drawdown

Largest peak-to-trough decline

-85.89%

-87.06%

+1.17%

Max Drawdown (1Y)

Largest decline over 1 year

-22.60%

-17.87%

-4.73%

Max Drawdown (3Y)

Largest decline over 3 years

-30.47%

-23.75%

-6.72%

Max Drawdown (5Y)

Largest decline over 5 years

-37.27%

-33.70%

-3.57%

Max Drawdown (10Y)

Largest decline over 10 years

-61.69%

-75.18%

+13.49%

Current Drawdown

Current decline from peak

-10.71%

-14.85%

+4.14%

Average Drawdown

Average peak-to-trough decline

-44.13%

-40.16%

-3.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.89%

9.53%

-0.64%

Volatility

XME vs. BNO - Volatility Comparison

SPDR S&P Metals & Mining ETF (XME) has a higher volatility of 14.30% compared to United States Brent Oil Fund LP (BNO) at 11.71%. This indicates that XME's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XMEBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

14.30%

11.71%

+2.59%

Volatility (6M)

Calculated over the trailing 6-month period

27.85%

36.33%

-8.48%

Volatility (1Y)

Calculated over the trailing 1-year period

35.53%

41.63%

-6.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.72%

35.41%

-2.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.93%

36.69%

-3.76%

XME vs. BNO - Expense Ratio Comparison

XME has a 0.35% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

XME vs. BNO - Dividend Comparison

XME's dividend yield for the trailing twelve months is around 0.32%, 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%
XME
SPDR S&P Metals & Mining ETF		0.32%0.38%0.65%1.00%1.64%0.70%0.99%2.43%2.23%1.15%1.02%2.61%

Frequently Asked Questions

XME and BNO have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XME has higher volatility (14.30%) compared to BNO (11.71%). In terms of maximum drawdown, XME dropped -85.89% vs BNO's -87.06%.

On 10-year performance, XME leads with 19.09% vs 12.62% for BNO. On fees, XME is cheaper at 0.35% per year. On volatility, BNO has been the lower-risk option at 11.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XME has performed better with a 19.09% return vs 12.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XME is cheaper with a 0.35% expense ratio, compared with 0.90% for BNO.

XME has the higher dividend yield at 0.32%, compared with 0.00% for BNO.

XME is categorized as Materials, while BNO is Oil & Gas. XME tracks S&P Metals & Mining Select Industry Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.35% for XME and 0.90% for BNO.

XME currently has the higher Sharpe Ratio (2.43 vs 2.00), 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.

Portfolio Optimizer

Find the right allocation for XME and BNO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer