XTWY vs. BNO
XTWY (BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - XTWY is a Government Bonds fund tracking the Bloomberg US Treasury 20 Year Target Duration Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 3 years, XTWY returned -3.43%/yr vs 20.31%/yr for BNO. Their -0.20 correlation means they have often moved in opposite directions in the past. XTWY charges 0.12%/yr vs 1.00%/yr for BNO.
Performance
XTWY vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, XTWY achieves a -4.63% return, which is significantly lower than BNO's 77.90% return.
XTWY
- 1D
- -0.90%
- 1M
- -5.01%
- 6M
- -4.62%
- YTD
- -4.63%
- 1Y
- -4.02%
- 3Y*
- -3.43%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.67%
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 | |
| $1.02M | $1.21M | $1.83M |
XTWY vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XTWY BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF | -4.63% | 2.52% | -10.25% | 2.73% | -7.81% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | -4.91% |
Correlation
The correlation between XTWY and BNO is -0.39, 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. | -0.39 |
Correlation (3Y) Balances recent behavior with more history. | -0.24 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2022 | -0.20 |
The correlation between XTWY and BNO shifts across timeframes, from -0.39 (1 year) to -0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XTWY vs. BNO — Risk / Return Rank
XTWY
BNO
XTWY vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF (XTWY) 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.
| XTWY | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.24 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 1.70 | -1.96 |
| Martin ratioReturn relative to average drawdown | -0.57 | 5.15 | -5.72 |
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Drawdowns
XTWY vs. BNO - Drawdown Comparison
The maximum XTWY drawdown since its inception was -25.92%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for XTWY and BNO.
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Drawdown Indicators
| XTWY | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.92% | -87.06% | +61.14% |
Max Drawdown (1Y)Largest decline over 1 year | -9.89% | -34.46% | +24.57% |
Max Drawdown (3Y)Largest decline over 3 years | -18.22% | -34.46% | +16.24% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -18.88% | -16.21% | -2.67% |
Average DrawdownAverage peak-to-trough decline | -12.35% | -39.99% | +27.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.59% | 11.86% | -7.27% |
Volatility
XTWY vs. BNO - Volatility Comparison
The current volatility for BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF (XTWY) is 3.06%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that XTWY 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
| XTWY | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 17.47% | -14.41% |
Volatility (6M)Calculated over the trailing 6-month period | 8.15% | 40.96% | -32.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.19% | 44.54% | -33.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.41% | 36.41% | -19.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.41% | 36.98% | -19.57% |
XTWY vs. BNO - Expense Ratio Comparison
XTWY has a 0.13% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
XTWY vs. BNO - Dividend Comparison
XTWY's dividend yield for the trailing twelve months is around 4.93%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XTWY BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF | 4.49% | 4.56% | 4.65% | 3.86% | 1.08% |
Frequently Asked Questions
XTWY and BNO have a correlation of -0.39, 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 XTWY (3.06%). In terms of maximum drawdown, XTWY dropped -25.92% vs BNO's -87.06%.
On 3-year performance, BNO leads with 20.31% vs -3.43% for XTWY. On fees, XTWY is cheaper at 0.12% per year. On volatility, XTWY has been the lower-risk option at 3.06%. 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 20.31% return vs -3.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTWY is cheaper with a 0.12% expense ratio, compared with 1.00% for BNO.
XTWY has the higher dividend yield at 4.49%, compared with 0.00% for BNO.
XTWY is categorized as Government Bonds, while BNO is Oil & Gas. XTWY tracks Bloomberg US Treasury 20 Year Target Duration Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: BondBloxx and USCF. Their fees differ too: 0.12% for XTWY and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.23), 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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