PortfoliosLab logoPortfoliosLab logo

Documentation

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

XPP vs. BNO

Last updated Jun 4, 2026

XPP (ProShares Ultra FTSE China 50) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - XPP is a Leveraged Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, XPP returned -5.30%/yr vs 13.60%/yr for BNO. At a 0.24 correlation, their price movements are largely independent. XPP charges 0.95%/yr vs 0.90%/yr for BNO.

Performance

XPP vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) 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, XPP achieves a -17.68% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, XPP has underperformed BNO with an annualized return of -5.30%, while BNO has yielded a comparatively higher 13.60% annualized return.

XPP

1D
-4.83%
1M
-6.40%
YTD
-17.68%
6M
-20.01%
1Y
-5.89%
3Y*
7.34%
5Y*
-20.12%
10Y*
-5.30%

BNO

1D
1.99%
1M
-10.29%
YTD
90.47%
6M
86.00%
1Y
91.89%
3Y*
27.93%
5Y*
24.16%
10Y*
13.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XPP vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XPP
ProShares Ultra FTSE China 50		-17.68%45.84%38.18%-34.77%-50.06%-40.45%7.07%24.88%-31.36%80.21%
BNO
United States Brent Oil Fund LP		90.47%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between XPP and BNO is -0.15, 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

-0.15

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

0.05

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

0.09

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

0.18

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

0.24

The correlation between XPP and BNO shifts across timeframes, from -0.15 (1 year) to 0.24 (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.

ProShares Ultra FTSE China 50

United States Brent Oil Fund LP

Often compared with XPP:
XPP vs. YINNXPP vs. EETXPP vs. KLIPXPP vs. QQQXPP vs. TSLLXPP vs. VTIXPP vs. TQQQ
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

XPP vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XPP
XPP Risk / Return Rank: 77
Overall Rank
XPP Sharpe Ratio Rank: 77
Sharpe Ratio Rank
XPP Sortino Ratio Rank: 88
Sortino Ratio Rank
XPP Omega Ratio Rank: 88
Omega Ratio Rank
XPP Calmar Ratio Rank: 77
Calmar Ratio Rank
XPP Martin Ratio Rank: 77
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
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.

XPP vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.

XPPBNODifference

Sharpe ratio

Return per unit of total volatility

-0.15

2.23

-2.38

Sortino ratio

Return per unit of downside risk

0.06

2.73

-2.67

Omega ratio

Gain probability vs. loss probability

1.01

1.38

-0.37

Calmar ratio

Return relative to maximum drawdown

-0.18

5.17

-5.35

Martin ratio

Return relative to average drawdown

-0.37

9.76

-10.13

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

XPP vs. BNO - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.15, which is lower than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of XPP 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

XPPBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.15

2.23

-2.38

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.32

0.69

-1.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.10

0.37

-0.47

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.09

0.14

-0.24

Drawdowns

XPP vs. BNO - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for XPP and BNO.

Loading charts...

Drawdown Indicators

XPPBNODifference

Max Drawdown

Largest peak-to-trough decline

-89.90%

-87.06%

-2.84%

Max Drawdown (1Y)

Largest decline over 1 year

-32.60%

-17.87%

-14.73%

Max Drawdown (3Y)

Largest decline over 3 years

-52.95%

-23.75%

-29.20%

Max Drawdown (5Y)

Largest decline over 5 years

-85.24%

-33.70%

-51.54%

Max Drawdown (10Y)

Largest decline over 10 years

-89.90%

-75.18%

-14.72%

Current Drawdown

Current decline from peak

-78.21%

-10.29%

-67.92%

Average Drawdown

Average peak-to-trough decline

-47.82%

-40.17%

-7.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

15.95%

9.45%

+6.50%

Volatility

XPP vs. BNO - Volatility Comparison

ProShares Ultra FTSE China 50 (XPP) and United States Brent Oil Fund LP (BNO) have volatilities of 14.45% and 14.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XPPBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

14.45%

14.22%

+0.23%

Volatility (6M)

Calculated over the trailing 6-month period

28.79%

36.10%

-7.31%

Volatility (1Y)

Calculated over the trailing 1-year period

39.27%

41.46%

-2.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

62.75%

35.38%

+27.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

54.91%

36.68%

+18.23%

XPP vs. BNO - Expense Ratio Comparison

XPP has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

XPP vs. BNO - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.63%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
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%
XPP
ProShares Ultra FTSE China 50		2.63%2.32%2.96%2.87%0.00%0.00%0.00%3.81%1.47%

Frequently Asked Questions

XPP and BNO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XPP has higher volatility (14.45%) compared to BNO (14.22%). In terms of maximum drawdown, XPP dropped -89.90% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.60% vs -5.30% for XPP. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 14.22%. 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 13.60% return vs -5.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BNO is cheaper with a 0.90% expense ratio, compared with 0.95% for XPP.

XPP has the higher dividend yield at 2.63%, compared with 0.00% for BNO.

XPP is categorized as Leveraged Equities, while BNO is Oil & Gas. XPP tracks FTSE/Xinhua China 25 Index (200%), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for XPP and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.23 vs -0.15), 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 XPP 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