ZDEK vs. BNO

Last updated Aug 1, 2026

ZDEK (Innovator Equity Defined Protection ETF - 1 Yr December) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - ZDEK is a Defined Outcome fund actively managed by Innovator, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. ZDEK is actively managed, while BNO is passively managed. Over the past year, ZDEK returned 7.82% vs 62.83% for BNO. Their -0.13 correlation means they have often moved in opposite directions in the past. ZDEK charges 0.79%/yr vs 1.00%/yr for BNO.

Performance

ZDEK vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZDEK achieves a 3.22% return, which is significantly lower than BNO's 77.90% return.

ZDEK

• 1D: 0.29%
• 1M: 0.55%
• 6M: 2.85%
• YTD: 3.22%
• 1Y: 7.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.42%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December	$110.83K	$191.70K	$210.54K

ZDEK vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December	3.22%	7.78%	-0.33%
BNO United States Brent Oil Fund LP	77.90%	-5.44%	3.28%

Correlation

The correlation between ZDEK and BNO is -0.23, 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.	-0.23
Correlation (All Time) Calculated using the full available price history since Dec 2, 2024	-0.13

Return for Risk

ZDEK vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZDEK

ZDEK Risk / Return Rank: 95
ZDEK Sharpe Ratio Rank: 95
ZDEK Sortino Ratio Rank: 96
ZDEK Omega Ratio Rank: 95
ZDEK Calmar Ratio Rank: 94
ZDEK Martin Ratio Rank: 96

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZDEK vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) 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.

	ZDEK	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.76	1.32	+1.44
Sortino ratio: Return per unit of downside risk	4.21	1.90	+2.31
Omega ratio: Gain probability vs. loss probability	1.58	1.24	+0.33
Calmar ratio: Return relative to maximum drawdown	4.87	1.70	+3.18
Martin ratio: Return relative to average drawdown	24.85	5.15	+19.70

ZDEK vs. BNO - Sharpe Ratio Comparison

The current ZDEK Sharpe Ratio is 2.76, which is higher than the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of ZDEK 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.

Drawdowns

ZDEK vs. BNO - Drawdown Comparison

The maximum ZDEK drawdown since its inception was -3.40%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for ZDEK and BNO.

Drawdown Indicators

	ZDEK	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-3.40%	-87.06%	+83.66%
Max Drawdown (1Y) Largest decline over 1 year	-1.51%	-34.46%	+32.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	0.00%	-16.21%	+16.21%
Average Drawdown Average peak-to-trough decline	-0.42%	-39.99%	+39.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	11.86%	-11.56%

Volatility

ZDEK vs. BNO - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) is 0.65%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that ZDEK 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.

Volatility by Period

	ZDEK	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	17.47%	-16.82%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	40.96%	-39.20%
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	44.54%	-41.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.24%	36.41%	-33.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.24%	36.98%	-33.74%

ZDEK vs. BNO - Expense Ratio Comparison

ZDEK has a 0.79% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

ZDEK vs. BNO - Dividend Comparison

Neither ZDEK nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZDEK and BNO in my portfolio?

ZDEK and BNO have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZDEK or BNO?

BNO has higher volatility (17.47%) compared to ZDEK (0.65%). In terms of maximum drawdown, ZDEK dropped -3.40% vs BNO's -87.06%.

Which ETF is better, ZDEK or BNO?

On 1-year performance, BNO leads with 62.83% vs 7.82% for ZDEK. On fees, ZDEK is cheaper at 0.79% per year. On volatility, ZDEK has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZDEK or BNO?

Over the 1-year period, BNO has performed better with a 62.83% return vs 7.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZDEK or BNO?

ZDEK is cheaper with a 0.79% expense ratio, compared with 1.00% for BNO.

Which ETF pays a higher dividend yield, ZDEK or BNO?

ZDEK and BNO have nearly identical dividend yields, around 0.00%.

What is the main difference between ZDEK and BNO?

ZDEK is categorized as Defined Outcome, while BNO is Oil & Gas. They also come from different issuers: Innovator and USCF. Their fees differ too: 0.79% for ZDEK and 1.00% for BNO.

Which has better risk-adjusted returns?

ZDEK currently has the higher Sharpe Ratio (2.76 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.