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XSD vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSD vs. BNO

Last updated Jun 4, 2026

XSD (SPDR S&P Semiconductor ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - XSD is a Semiconductors fund tracking the S&P Semiconductor Select Industry, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, XSD returned 31.10%/yr vs 13.60%/yr for BNO. At a 0.18 correlation, their price movements are largely independent. XSD charges 0.35%/yr vs 0.90%/yr for BNO.

Performance

XSD vs. BNO - Performance Comparison

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

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Returns By Period

In the year-to-date period, XSD achieves a 102.14% return, which is significantly higher than BNO's 90.47% return. Over the past 10 years, XSD has outperformed BNO with an annualized return of 31.10%, while BNO has yielded a comparatively lower 13.60% annualized return.

XSD

1D
1.51%
1M
30.91%
YTD
102.14%
6M
92.84%
1Y
180.25%
3Y*
46.41%
5Y*
29.69%
10Y*
31.10%

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)

XSD vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XSD
SPDR S&P Semiconductor ETF		102.14%29.85%10.75%34.87%-30.92%42.54%61.95%64.66%-6.35%25.21%
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 XSD and BNO is -0.19, 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

-0.19

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

-0.00

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

0.07

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

0.13

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

0.18

The correlation between XSD and BNO shifts across timeframes, from -0.19 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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SPDR S&P Semiconductor ETF

United States Brent Oil Fund LP

Often compared with XSD:
XSD vs. SMHXSD vs. SOXXXSD vs. SOXQXSD vs. FSELXXSD vs. PSIXSD vs. QQQXSD vs. FTXL
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

XSD vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSD
XSD Risk / Return Rank: 9595
Overall Rank
XSD Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
XSD Sortino Ratio Rank: 9494
Sortino Ratio Rank
XSD Omega Ratio Rank: 9393
Omega Ratio Rank
XSD Calmar Ratio Rank: 9696
Calmar Ratio Rank
XSD Martin Ratio Rank: 9696
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.

XSD vs. BNO - Risk-Adjusted Trends Comparison

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

XSDBNODifference
Sharpe ratioReturn per unit of total volatility
5.00
2.23

+2.78

Sortino ratioReturn per unit of downside risk
5.03
2.73

+2.30

Omega ratioGain probability vs. loss probability

1.65

1.38

+0.27

Calmar ratioReturn relative to maximum drawdown

9.75

5.17

+4.58

Martin ratioReturn relative to average drawdown

33.91

9.76

+24.15

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

XSD vs. BNO - Sharpe Ratio Comparison

The current XSD Sharpe Ratio is 5.00, which is higher than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of XSD 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.

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Sharpe Ratios by Period

XSDBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

5.00

2.23

+2.78

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.78

0.69

+0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.89

0.37

+0.52

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.14

+0.30

Drawdowns

XSD vs. BNO - Drawdown Comparison

The maximum XSD drawdown since its inception was -64.56%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for XSD and BNO.

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Drawdown Indicators

XSDBNODifference

Max Drawdown

Largest peak-to-trough decline

-64.56%

-87.06%

+22.50%

Max Drawdown (1Y)

Largest decline over 1 year

-18.61%

-17.87%

-0.74%

Max Drawdown (3Y)

Largest decline over 3 years

-41.25%

-23.75%

-17.50%

Max Drawdown (5Y)

Largest decline over 5 years

-42.27%

-33.70%

-8.57%

Max Drawdown (10Y)

Largest decline over 10 years

-42.27%

-75.18%

+32.91%

Current Drawdown

Current decline from peak

0.00%

-10.29%

+10.29%

Average Drawdown

Average peak-to-trough decline

-13.74%

-40.17%

+26.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.34%

9.45%

-4.11%

Volatility

XSD vs. BNO - Volatility Comparison

SPDR S&P Semiconductor ETF (XSD) has a higher volatility of 14.94% compared to United States Brent Oil Fund LP (BNO) at 14.22%. This indicates that XSD'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.

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Volatility by Period

XSDBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

14.94%

14.22%

+0.72%

Volatility (6M)

Calculated over the trailing 6-month period

27.89%

36.10%

-8.21%

Volatility (1Y)

Calculated over the trailing 1-year period

36.39%

41.46%

-5.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.25%

35.38%

+2.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.96%

36.68%

-1.72%

XSD vs. BNO - Expense Ratio Comparison

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

Dividends

XSD vs. BNO - Dividend Comparison

XSD's dividend yield for the trailing twelve months is around 0.12%, 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%
XSD
SPDR S&P Semiconductor ETF		0.12%0.26%0.20%0.31%0.44%0.10%0.26%0.51%1.16%0.59%0.64%0.58%

Frequently Asked Questions

XSD and BNO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XSD has higher volatility (14.94%) compared to BNO (14.22%). In terms of maximum drawdown, XSD dropped -64.56% vs BNO's -87.06%.

On 10-year performance, XSD leads with 31.10% vs 13.60% for BNO. On fees, XSD is cheaper at 0.35% 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, XSD has performed better with a 31.10% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

XSD has the higher dividend yield at 0.12%, compared with 0.00% for BNO.

XSD is categorized as Semiconductors, while BNO is Oil & Gas. XSD tracks S&P Semiconductor Select Industry, 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 XSD and 0.90% for BNO.

XSD currently has the higher Sharpe Ratio (5.00 vs 2.23), 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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