XOUT vs. BNO
XOUT (GraniteShares XOUT U.S. Large Cap ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - XOUT is a Large Cap Growth Equities fund tracking the XOUT U.S. Large Cap Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 5 years, XOUT returned 8.53%/yr vs 17.15%/yr for BNO. At a 0.11 correlation, their price movements are largely independent. XOUT charges 0.60%/yr vs 1.00%/yr for BNO.
Performance
XOUT vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, XOUT achieves a -10.33% return, which is significantly lower than BNO's 50.21% return.
XOUT
- 1D
- 0.51%
- 1M
- -4.09%
- YTD
- -10.33%
- 6M
- -11.73%
- 1Y
- -0.34%
- 3Y*
- 15.07%
- 5Y*
- 8.53%
- 10Y*
- —
BNO
- 1D
- -1.35%
- 1M
- -22.65%
- YTD
- 50.21%
- 6M
- 47.81%
- 1Y
- 38.79%
- 3Y*
- 19.32%
- 5Y*
- 17.15%
- 10Y*
- 11.25%
XOUT vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XOUT GraniteShares XOUT U.S. Large Cap ETF | -10.33% | 18.18% | 23.11% | 42.32% | -28.18% | 26.13% | 28.71% | 11.72% |
BNO United States Brent Oil Fund LP | 50.21% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 16.87% |
Correlation
The correlation between XOUT 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 | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2019 | 0.11 |
The correlation between XOUT and BNO shifts across timeframes, from -0.14 (1 year) to 0.11 (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.
Return for Risk
XOUT vs. BNO — Risk / Return Rank
XOUT
BNO
XOUT vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares XOUT U.S. Large Cap ETF (XOUT) 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.
| XOUT | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.19 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | 1.33 | -1.35 |
| Martin ratioReturn relative to average drawdown | -0.04 | 4.21 | -4.24 |
Loading charts...
Drawdowns
XOUT vs. BNO - Drawdown Comparison
The maximum XOUT drawdown since its inception was -31.29%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for XOUT and BNO.
Loading charts...
Drawdown Indicators
| XOUT | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.29% | -87.06% | +55.77% |
Max Drawdown (1Y)Largest decline over 1 year | -23.21% | -29.25% | +6.04% |
Max Drawdown (3Y)Largest decline over 3 years | -23.77% | -29.25% | +5.48% |
Max Drawdown (5Y)Largest decline over 5 years | -31.29% | -33.70% | +2.41% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -12.97% | -29.25% | +16.28% |
Average DrawdownAverage peak-to-trough decline | -8.42% | -40.10% | +31.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.55% | 9.28% | +0.27% |
Volatility
XOUT vs. BNO - Volatility Comparison
The current volatility for GraniteShares XOUT U.S. Large Cap ETF (XOUT) is 8.52%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that XOUT 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.
Loading charts...
Volatility by Period
| XOUT | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.52% | 10.92% | -2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 16.61% | 37.29% | -20.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.02% | 41.67% | -21.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.87% | 35.65% | -13.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.22% | 36.68% | -13.46% |
XOUT vs. BNO - Expense Ratio Comparison
XOUT has a 0.60% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
XOUT vs. BNO - Dividend Comparison
Neither XOUT nor BNO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XOUT GraniteShares XOUT U.S. Large Cap ETF | 0.00% | 0.00% | 0.00% | 0.40% | 0.51% | 0.28% | 0.53% | 0.19% |
Frequently Asked Questions
XOUT 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.
BNO has higher volatility (10.92%) compared to XOUT (8.52%). In terms of maximum drawdown, XOUT dropped -31.29% vs BNO's -87.06%.
On 5-year performance, BNO leads with 17.15% vs 8.53% for XOUT. On fees, XOUT is cheaper at 0.60% per year. On volatility, XOUT has been the lower-risk option at 8.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 17.15% return vs 8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XOUT is cheaper with a 0.60% expense ratio, compared with 1.00% for BNO.
XOUT and BNO have nearly identical dividend yields, around 0.00%.
XOUT is categorized as Large Cap Growth Equities, while BNO is Oil & Gas. XOUT tracks XOUT U.S. Large Cap Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: GraniteShares and USCF Investments. Their fees differ too: 0.60% for XOUT and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (0.95 vs -0.02), 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.
Find the right allocation for XOUT 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