XTOC vs. BNO
XTOC (Innovator U.S. Equity Accelerated Plus ETF - October) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - XTOC is a Options Trading fund actively managed by Innovator, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. XTOC is actively managed, while BNO is passively managed. Over the past 3 years, XTOC returned 14.71%/yr vs 27.93%/yr for BNO. At a 0.04 correlation, their price movements are largely independent. XTOC charges 0.79%/yr vs 0.90%/yr for BNO.
Performance
XTOC vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, XTOC achieves a 7.31% return, which is significantly lower than BNO's 90.47% return.
XTOC
- 1D
- -0.20%
- 1M
- 2.52%
- YTD
- 7.31%
- 6M
- 8.16%
- 1Y
- 18.28%
- 3Y*
- 14.71%
- 5Y*
- —
- 10Y*
- —
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%
XTOC vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XTOC Innovator U.S. Equity Accelerated Plus ETF - October | 7.31% | 13.87% | 10.47% | 25.42% | -17.85% | 6.18% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 0.10% |
Correlation
The correlation between XTOC and BNO is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2021 | 0.04 |
The correlation between XTOC and BNO shifts across timeframes, from -0.27 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XTOC vs. BNO — Risk / Return Rank
XTOC
BNO
XTOC vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated Plus ETF - October (XTOC) 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.
| XTOC | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.38 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 5.17 | -2.69 |
| Martin ratioReturn relative to average drawdown | 13.28 | 9.76 | +3.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XTOC | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 2.23 | -0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.14 | +0.44 |
Drawdowns
XTOC vs. BNO - Drawdown Comparison
The maximum XTOC drawdown since its inception was -24.09%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for XTOC and BNO.
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Drawdown Indicators
| XTOC | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.09% | -87.06% | +62.97% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -17.87% | +10.46% |
Max Drawdown (3Y)Largest decline over 3 years | -18.02% | -23.75% | +5.73% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.20% | -10.29% | +10.09% |
Average DrawdownAverage peak-to-trough decline | -4.87% | -40.17% | +35.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 9.45% | -8.07% |
Volatility
XTOC vs. BNO - Volatility Comparison
The current volatility for Innovator U.S. Equity Accelerated Plus ETF - October (XTOC) is 1.11%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that XTOC 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
| XTOC | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 14.22% | -13.11% |
Volatility (6M)Calculated over the trailing 6-month period | 7.51% | 36.10% | -28.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.19% | 41.46% | -32.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.16% | 35.38% | -20.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.16% | 36.68% | -21.52% |
XTOC vs. BNO - Expense Ratio Comparison
XTOC has a 0.79% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
XTOC vs. BNO - Dividend Comparison
Neither XTOC nor BNO has paid dividends to shareholders.
Frequently Asked Questions
XTOC 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 (14.22%) compared to XTOC (1.11%). In terms of maximum drawdown, XTOC dropped -24.09% vs BNO's -87.06%.
On 3-year performance, BNO leads with 27.93% vs 14.71% for XTOC. On fees, XTOC is cheaper at 0.79% per year. On volatility, XTOC has been the lower-risk option at 1.11%. 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 27.93% return vs 14.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTOC is cheaper with a 0.79% expense ratio, compared with 0.90% for BNO.
XTOC and BNO have nearly identical dividend yields, around 0.00%.
XTOC is categorized as Options Trading, while BNO is Oil & Gas. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for XTOC and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 2.00), 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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