XSLV vs. BNO
XSLV (Invesco S&P SmallCap Low Volatility ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - XSLV is a Low Volatility fund tracking the S&P SmallCap 600 Low Volatility Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, XSLV returned 6.00%/yr vs 15.06%/yr for BNO. Their 0.13 correlation means their historical movements had little consistent relationship. XSLV charges 0.25%/yr vs 1.00%/yr for BNO.
Performance
XSLV vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, XSLV achieves a 16.90% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, XSLV has underperformed BNO with an annualized return of 6.00%, while BNO has yielded a comparatively higher 15.06% annualized return.
XSLV
- 1D
- 0.11%
- 1M
- 1.52%
- 6M
- 12.18%
- YTD
- 16.90%
- 1Y
- 23.10%
- 3Y*
- 10.59%
- 5Y*
- 4.97%
- 10Y*
- 6.00%
- ALL TIME*
- 8.21%
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 | |
| $818.81K | $536.56K | $433.11K |
XSLV vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSLV Invesco S&P SmallCap Low Volatility ETF | 16.90% | 0.31% | 9.81% | 1.34% | -11.83% | 29.34% | -17.40% | 22.35% | -5.41% | 8.57% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between XSLV and BNO is -0.31, 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. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2013 | 0.13 |
The correlation between XSLV and BNO shifts across timeframes, from -0.31 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XSLV vs. BNO — Risk / Return Rank
XSLV
BNO
XSLV vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Low Volatility ETF (XSLV) 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.
| XSLV | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.24 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 1.70 | +1.30 |
| Martin ratioReturn relative to average drawdown | 8.88 | 5.15 | +3.73 |
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Drawdowns
XSLV vs. BNO - Drawdown Comparison
The maximum XSLV drawdown since its inception was -44.34%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for XSLV and BNO.
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Drawdown Indicators
| XSLV | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.34% | -87.06% | +42.72% |
Max Drawdown (1Y)Largest decline over 1 year | -7.46% | -34.46% | +27.00% |
Max Drawdown (3Y)Largest decline over 3 years | -18.35% | -34.46% | +16.11% |
Max Drawdown (5Y)Largest decline over 5 years | -24.72% | -34.46% | +9.74% |
Max Drawdown (10Y)Largest decline over 10 years | -44.34% | -75.18% | +30.84% |
Current DrawdownCurrent decline from peak | -1.13% | -16.21% | +15.08% |
Average DrawdownAverage peak-to-trough decline | -7.21% | -39.99% | +32.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 11.86% | -9.35% |
Volatility
XSLV vs. BNO - Volatility Comparison
The current volatility for Invesco S&P SmallCap Low Volatility ETF (XSLV) is 4.04%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that XSLV 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
| XSLV | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.04% | 17.47% | -13.43% |
Volatility (6M)Calculated over the trailing 6-month period | 9.46% | 40.96% | -31.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.39% | 44.54% | -31.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.70% | 36.41% | -19.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.93% | 36.98% | -17.05% |
XSLV vs. BNO - Expense Ratio Comparison
XSLV has a 0.25% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
XSLV vs. BNO - Dividend Comparison
XSLV's dividend yield for the trailing twelve months is around 2.06%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XSLV Invesco S&P SmallCap Low Volatility ETF | 2.06% | 2.14% | 2.55% | 2.35% | 2.78% | 1.05% | 2.49% | 2.43% | 2.75% | 1.87% | 1.96% | 2.20% |
Frequently Asked Questions
XSLV and BNO have a correlation of -0.31, 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 XSLV (4.04%). In terms of maximum drawdown, XSLV dropped -44.34% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs 6.00% for XSLV. On fees, XSLV is cheaper at 0.25% per year. On volatility, XSLV has been the lower-risk option at 4.04%. 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 15.06% return vs 6.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XSLV is cheaper with a 0.25% expense ratio, compared with 1.00% for BNO.
XSLV has the higher dividend yield at 2.06%, compared with 0.00% for BNO.
XSLV is categorized as Low Volatility, while BNO is Oil & Gas. XSLV tracks S&P SmallCap 600 Low Volatility Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.25% for XSLV and 1.00% for BNO.
XSLV currently has the higher Sharpe Ratio (1.67 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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