ZSC vs. BNO

Last updated Aug 2, 2026

ZSC (USCF Sustainable Commodity Strategy Fund) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - ZSC is a Commodities fund actively managed by USCF, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. ZSC is actively managed, while BNO is passively managed. Over the past year, ZSC returned 29.04% vs 62.83% for BNO. Their 0.13 correlation means their historical movements had little consistent relationship. ZSC charges 0.59%/yr vs 1.00%/yr for BNO.

Performance

ZSC vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Sustainable Commodity Strategy Fund (ZSC) 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, ZSC achieves a 5.92% return, which is significantly lower than BNO's 77.90% return.

ZSC

• 1D: -0.88%
• 1M: 0.51%
• 6M: 3.11%
• YTD: 5.92%
• 1Y: 29.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.35%

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
ZSC USCF Sustainable Commodity Strategy Fund	$3.54K	$12.33K	$12.42K

ZSC vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZSC USCF Sustainable Commodity Strategy Fund	5.92%	28.43%	-14.39%	-10.63%
BNO United States Brent Oil Fund LP	77.90%	-5.44%	9.67%	-6.63%

Correlation

The correlation between ZSC and BNO is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (All Time) Calculated using the full available price history since Aug 9, 2023	0.13

Return for Risk

ZSC vs. BNO — Risk / Return Rank

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

ZSC

ZSC Risk / Return Rank: 86
ZSC Sharpe Ratio Rank: 89
ZSC Sortino Ratio Rank: 87
ZSC Omega Ratio Rank: 90
ZSC Calmar Ratio Rank: 89
ZSC Martin Ratio Rank: 74

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.

ZSC vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Sustainable Commodity Strategy Fund (ZSC) 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.

	ZSC	BNO	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.32	+0.89
Sortino ratio: Return per unit of downside risk	2.93	1.90	+1.02
Omega ratio: Gain probability vs. loss probability	1.41	1.24	+0.17
Calmar ratio: Return relative to maximum drawdown	3.67	1.70	+1.98
Martin ratio: Return relative to average drawdown	9.13	5.15	+3.98

ZSC vs. BNO - Sharpe Ratio Comparison

The current ZSC Sharpe Ratio is 2.20, which is higher than the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of ZSC 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

ZSC vs. BNO - Drawdown Comparison

The maximum ZSC drawdown since its inception was -26.49%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for ZSC and BNO.

Drawdown Indicators

	ZSC	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-26.49%	-87.06%	+60.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.69%	-34.46%	+26.77%
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	-5.87%	-16.21%	+10.34%
Average Drawdown Average peak-to-trough decline	-14.19%	-39.99%	+25.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	11.86%	-8.77%

Volatility

ZSC vs. BNO - Volatility Comparison

The current volatility for USCF Sustainable Commodity Strategy Fund (ZSC) is 3.21%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that ZSC 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

	ZSC	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	17.47%	-14.26%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	40.96%	-32.08%
Volatility (1Y) Calculated over the trailing 1-year period	12.86%	44.54%	-31.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	36.41%	-24.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.19%	36.98%	-24.79%

ZSC vs. BNO - Expense Ratio Comparison

ZSC has a 0.59% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

ZSC vs. BNO - Dividend Comparison

ZSC's dividend yield for the trailing twelve months is around 1.65%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%	0.00%
ZSC USCF Sustainable Commodity Strategy Fund	1.65%	1.75%	2.18%	1.40%

Frequently Asked Questions

Can I hold both ZSC and BNO in my portfolio?

ZSC and BNO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZSC or BNO?

BNO has higher volatility (17.47%) compared to ZSC (3.21%). In terms of maximum drawdown, ZSC dropped -26.49% vs BNO's -87.06%.

Which ETF is better, ZSC or BNO?

On 1-year performance, BNO leads with 62.83% vs 29.04% for ZSC. On fees, ZSC is cheaper at 0.59% per year. On volatility, ZSC has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSC or BNO?

Over the 1-year period, BNO has performed better with a 62.83% return vs 29.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSC or BNO?

ZSC is cheaper with a 0.59% expense ratio, compared with 1.00% for BNO.

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

ZSC has the higher dividend yield at 1.65%, compared with 0.00% for BNO.

What is the main difference between ZSC and BNO?

ZSC is categorized as Commodities, while BNO is Oil & Gas. Their fees differ too: 0.59% for ZSC and 1.00% for BNO.

Which has better risk-adjusted returns?

ZSC currently has the higher Sharpe Ratio (2.20 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.