XTR vs. BNO
XTR (Global X S&P 500 Tail Risk ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - XTR is a Equity Hedged fund tracking the Cboe S&P 500 Tail Risk Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 3 years, XTR returned 17.70%/yr vs 25.89%/yr for BNO. At a 0.07 correlation, their price movements are largely independent. XTR charges 0.25%/yr vs 0.90%/yr for BNO.
Performance
XTR vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, XTR achieves a 6.37% return, which is significantly lower than BNO's 80.79% return.
XTR
- 1D
- -2.51%
- 1M
- 0.50%
- YTD
- 6.37%
- 6M
- 5.98%
- 1Y
- 20.97%
- 3Y*
- 17.70%
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -2.44%
- 1M
- -4.35%
- YTD
- 80.79%
- 6M
- 73.97%
- 1Y
- 82.92%
- 3Y*
- 25.89%
- 5Y*
- 22.87%
- 10Y*
- 12.62%
XTR vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XTR Global X S&P 500 Tail Risk ETF | 6.37% | 13.66% | 21.85% | 21.16% | -17.67% | 4.43% |
BNO United States Brent Oil Fund LP | 80.79% | -5.44% | 9.67% | -3.43% | 35.25% | 13.39% |
Correlation
The correlation between XTR and BNO is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021 | 0.07 |
The correlation between XTR and BNO shifts across timeframes, from -0.29 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XTR vs. BNO — Risk / Return Rank
XTR
BNO
XTR vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Tail Risk ETF (XTR) 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.
| XTR | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.34 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 4.66 | -2.19 |
| Martin ratioReturn relative to average drawdown | 10.52 | 8.73 | +1.79 |
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
| XTR | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.91 | 2.00 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.65 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 0.13 | +0.55 |
Drawdowns
XTR vs. BNO - Drawdown Comparison
The maximum XTR drawdown since its inception was -20.83%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for XTR and BNO.
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Drawdown Indicators
| XTR | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.83% | -87.06% | +66.23% |
Max Drawdown (1Y)Largest decline over 1 year | -8.51% | -17.87% | +9.36% |
Max Drawdown (3Y)Largest decline over 3 years | -14.35% | -23.75% | +9.40% |
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 | -2.74% | -14.85% | +12.11% |
Average DrawdownAverage peak-to-trough decline | -5.94% | -40.16% | +34.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 9.53% | -7.53% |
Volatility
XTR vs. BNO - Volatility Comparison
The current volatility for Global X S&P 500 Tail Risk ETF (XTR) is 3.77%, while United States Brent Oil Fund LP (BNO) has a volatility of 11.71%. This indicates that XTR 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
| XTR | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 11.71% | -7.94% |
Volatility (6M)Calculated over the trailing 6-month period | 8.57% | 36.33% | -27.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.06% | 41.63% | -30.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.82% | 35.41% | -21.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.82% | 36.69% | -22.87% |
XTR vs. BNO - Expense Ratio Comparison
XTR has a 0.25% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
XTR vs. BNO - Dividend Comparison
XTR's dividend yield for the trailing twelve months is around 16.75%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XTR Global X S&P 500 Tail Risk ETF | 16.75% | 17.82% | 20.89% | 1.09% | 1.08% | 2.32% |
Frequently Asked Questions
XTR and BNO have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (11.71%) compared to XTR (3.77%). In terms of maximum drawdown, XTR dropped -20.83% vs BNO's -87.06%.
On 3-year performance, BNO leads with 25.89% vs 17.70% for XTR. On fees, XTR is cheaper at 0.25% per year. On volatility, XTR has been the lower-risk option at 3.77%. 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 25.89% return vs 17.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTR is cheaper with a 0.25% expense ratio, compared with 0.90% for BNO.
XTR has the higher dividend yield at 16.75%, compared with 0.00% for BNO.
XTR is categorized as Equity Hedged, while BNO is Oil & Gas. XTR tracks Cboe S&P 500 Tail Risk Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Global X and Concierge Technologies. Their fees differ too: 0.25% for XTR and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.00 vs 1.91), 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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