XOEX vs. BNO
XOEX (Xtrackers S&P 100 Ex Top 20 ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - XOEX is a Large Cap Blend Equities fund tracking the S&P 100 Ex-Top 20 Select Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 3 years, XOEX returned 16.00%/yr vs 20.31%/yr for BNO. Their 0.00 correlation means their historical movements had little consistent relationship. XOEX charges 0.15%/yr vs 1.00%/yr for BNO.
Performance
XOEX vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, XOEX achieves a 10.64% return, which is significantly lower than BNO's 77.90% return.
XOEX
- 1D
- -0.01%
- 1M
- -1.22%
- 6M
- 9.22%
- YTD
- 10.64%
- 1Y
- 25.33%
- 3Y*
- 16.00%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.43%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $8.95M | $4.29M | $2.05M |
XOEX vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XOEX Xtrackers S&P 100 Ex Top 20 ETF | 10.64% | 18.97% | 12.07% | 15.99% | 2.98% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | -9.39% |
Correlation
The correlation between XOEX and BNO is -0.27, 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. | -0.27 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022 | 0.00 |
The correlation between XOEX and BNO shifts across timeframes, from -0.27 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XOEX vs. BNO — Risk / Return Rank
XOEX
BNO
XOEX vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) 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.
| XOEX | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.24 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.28 | 1.70 | +1.58 |
| Martin ratioReturn relative to average drawdown | 12.82 | 5.15 | +7.67 |
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Drawdowns
XOEX vs. BNO - Drawdown Comparison
The maximum XOEX drawdown since its inception was -14.68%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for XOEX and BNO.
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Drawdown Indicators
| XOEX | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.68% | -87.06% | +72.38% |
Max Drawdown (1Y)Largest decline over 1 year | -7.31% | -34.46% | +27.15% |
Max Drawdown (3Y)Largest decline over 3 years | -14.68% | -34.46% | +19.78% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -1.36% | -16.21% | +14.85% |
Average DrawdownAverage peak-to-trough decline | -2.58% | -39.99% | +37.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 11.86% | -9.99% |
Volatility
XOEX vs. BNO - Volatility Comparison
The current volatility for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) is 3.03%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that XOEX 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
| XOEX | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.03% | 17.47% | -14.44% |
Volatility (6M)Calculated over the trailing 6-month period | 8.93% | 40.96% | -32.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.43% | 44.54% | -33.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.36% | 36.41% | -23.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.36% | 36.98% | -23.62% |
XOEX vs. BNO - Expense Ratio Comparison
XOEX has a 0.15% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
XOEX vs. BNO - Dividend Comparison
XOEX's dividend yield for the trailing twelve months is around 1.46%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XOEX Xtrackers S&P 100 Ex Top 20 ETF | 1.46% | 1.95% | 2.09% | 1.72% | 0.42% |
Frequently Asked Questions
XOEX 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 (17.47%) compared to XOEX (3.03%). In terms of maximum drawdown, XOEX dropped -14.68% vs BNO's -87.06%.
On 3-year performance, BNO leads with 20.31% vs 16.00% for XOEX. On fees, XOEX is cheaper at 0.15% per year. On volatility, XOEX has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 20.31% return vs 16.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XOEX is cheaper with a 0.15% expense ratio, compared with 1.00% for BNO.
XOEX has the higher dividend yield at 1.46%, compared with 0.00% for BNO.
XOEX is categorized as Large Cap Blend Equities, while BNO is Oil & Gas. XOEX tracks S&P 100 Ex-Top 20 Select Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Xtrackers and USCF. Their fees differ too: 0.15% for XOEX and 1.00% for BNO.
XOEX currently has the higher Sharpe Ratio (2.10 vs 1.32), 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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