United States Brent Oil Fund (BNO): Historical Returns

Data Source: from January 1982 to February 2024 (~42 years)
Consolidated Returns as of 29 February 2024
Live Update: Mar 01 2024
Category: Commodities
United States Brent Oil Fund (BNO) ETF
ETF • LIVE PERFORMANCE (USD currency)
1.88%
1 Day
Mar 01 2024
1.88%
Current Month
March 2024

In the last 30 Years, the United States Brent Oil Fund (BNO) ETF obtained a 6.58% compound annual return, with a 33.11% standard deviation.

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The ETF is related to the following investment themes:

  • Asset Class: Commodity
  • Commodity: Brent Oil

Investment Returns as of Feb 29, 2024

The United States Brent Oil Fund (BNO) ETF guaranteed the following returns.

Returns are calculated in USD, assuming:
  • no fees or capital gain taxes.
  • the actual US Inflation rates.
UNITED STATES BRENT OIL FUND (BNO) ETF
Consolidated returns as of 29 February 2024
Live Update: Mar 01 2024
Swipe left to see all data
  Chg (%) Return (%) Return (%) as of Feb 29, 2024
  1 Day Time ET(*) Mar 2024 1M 6M 1Y 5Y 10Y 30Y MAX
(~42Y)
United States Brent Oil Fund (BNO) ETF 1.88 1.88 3.05 0.03 7.95 9.61 -3.71 6.58 2.13
US Inflation Adjusted return 3.05 -1.10 5.10 5.29 -6.31 3.95 -0.72
Returns over 1 year are annualized | Available data source: since Jan 1982
(*) Eastern Time (ET - America/New York)
US Inflation is updated to Jan 2024. Pending updates, the monthly inflation is set at 0% for the subsequent periods. Current inflation (annualized) is 1Y: 2.71% , 5Y: 4.10% , 10Y: 2.77% , 30Y: 2.52%

Capital Growth as of Feb 29, 2024

An investment of 1$, since March 1994, now would be worth 6.76$, with a total return of 575.76% (6.58% annualized).

The Inflation Adjusted Capital now would be 3.20$, with a net total return of 220.11% (3.95% annualized).
An investment of 1$, since January 1982, now would be worth 2.43$, with a total return of 143.03% (2.13% annualized).

The Inflation Adjusted Capital now would be 0.74$, with a net total return of -26.15% (-0.72% annualized).

Investment Metrics as of Feb 29, 2024

Metrics of United States Brent Oil Fund (BNO) ETF, updated as of 29 February 2024.

Metrics are calculated based on monthly returns, assuming:
  • no fees or capital gain taxes.
  • the actual US Inflation rates.
UNITED STATES BRENT OIL FUND (BNO) ETF
Advanced Metrics
Data Source: 1 January 1982 - 29 February 2024 (~42 years)
Swipe left to see all data
Metrics as of Feb 29, 2024
1M 3M 6M 1Y 3Y 5Y 10Y 20Y 30Y MAX
(~42Y)
Investment Return (%) 3.05 4.57 0.03 7.95 22.43 9.61 -3.71 5.28 6.58 2.13
Infl. Adjusted Return (%) details 3.05 4.01 -1.10 5.10 16.03 5.29 -6.31 2.65 3.95 -0.72
US Inflation (%) 0.00 0.54 1.14 2.71 5.52 4.10 2.77 2.56 2.52 2.87
Pending updates, the monthly inflation after Jan 2024 is set at 0%. Returns / Inflation rates over 1 year are annualized.
DRAWDOWN
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y 20Y 30Y MAX
Deepest Drawdown Depth (%) -14.84 -28.14 -66.33 -84.53 -84.77 -84.77 -84.77
Start to Recovery (# months) details 5* 21* 22 116* 188* 188* 188*
Start (yyyy mm) 2023 10 2022 06 2020 01 2014 07 2008 07 2008 07 2008 07
Start to Bottom (# months) 3 12 4 70 142 142 142
Bottom (yyyy mm) 2023 12 2023 05 2020 04 2020 04 2020 04 2020 04 2020 04
Bottom to End (# months) 2 9 18 46 46 46 46
End (yyyy mm) - - 2021 10 - - - -
Longest Drawdown Depth (%)
same as
deepest

same as
deepest

same as
deepest

same as
deepest

same as
deepest

same as
deepest

same as
deepest
Start to Recovery (# months) details
Start (yyyy mm) 2023 10 2022 06 2020 01 2014 07 2008 07 2008 07 2008 07
Start to Bottom (# months) 3 12 4 70 142 142 142
Bottom (yyyy mm) 2023 12 2023 05 2020 04 2020 04 2020 04 2020 04 2020 04
Bottom to End (# months) 2 9 18 46 46 46 46
End (yyyy mm) - - 2021 10 - - - -
Longest negative period (# months) details 10 23* 33 120* 202 283 467
Period Start (yyyy mm) 2023 03 2022 04 2019 03 2014 03 2006 08 1996 10 1982 01
Period End (yyyy mm) 2023 12 2024 02 2021 11 2024 02 2023 05 2020 04 2020 11
Annualized Return (%) -1.00 -0.35 -0.17 -3.71 -0.09 -0.36 -0.07
Drawdowns / Negative periods marked with * are in progress
Deepest Drawdown Depth (%) -15.24 -30.98 -66.12 -85.67 -87.07 -87.07 -87.07
Start to Recovery (# months) details 5* 21* 33 116* 188* 188* 188*
Start (yyyy mm) 2023 10 2022 06 2019 05 2014 07 2008 07 2008 07 2008 07
Start to Bottom (# months) 3 12 12 70 142 142 142
Bottom (yyyy mm) 2023 12 2023 05 2020 04 2020 04 2020 04 2020 04 2020 04
Bottom to End (# months) 2 9 21 46 46 46 46
End (yyyy mm) - - 2022 01 - - - -
Longest Drawdown Depth (%)
same as
deepest

same as
deepest

same as
deepest

same as
deepest

same as
deepest

same as
deepest
-83.84
Start to Recovery (# months) details 310
Start (yyyy mm) 2023 10 2022 06 2019 05 2014 07 2008 07 2008 07 1982 01
Start to Bottom (# months) 3 12 12 70 142 142 203
Bottom (yyyy mm) 2023 12 2023 05 2020 04 2020 04 2020 04 2020 04 1998 11
Bottom to End (# months) 2 9 21 46 46 46 107
End (yyyy mm) - - 2022 01 - - - 2007 10
Longest negative period (# months) details 10 23 49 120* 225 317 506*
Period Start (yyyy mm) 2023 03 2022 03 2019 05 2014 03 2005 04 1994 06 1982 01
Period End (yyyy mm) 2023 12 2024 01 2023 05 2024 02 2023 12 2020 10 2024 02
Annualized Return (%) -3.78 -1.26 -0.15 -6.31 -0.25 -0.03 -0.72
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
1Y 3Y 5Y 10Y 20Y 30Y MAX
Standard Deviation (%) 22.45 25.98 41.19 36.99 33.38 33.11 33.06
Sharpe Ratio 0.12 0.77 0.19 -0.13 0.12 0.13 -0.06
Sortino Ratio 0.18 1.09 0.25 -0.18 0.16 0.18 -0.08
Ulcer Index 7.55 12.73 24.50 56.22 44.31 38.39 45.42
Ratio: Return / Standard Deviation 0.35 0.86 0.23 -0.10 0.16 0.20 0.06
Ratio: Return / Deepest Drawdown 0.54 0.80 0.14 -0.04 0.06 0.08 0.03
% Positive Months details 58% 55% 60% 55% 57% 56% 54%
Positive Months 7 20 36 67 138 205 274
Negative Months 5 16 24 53 102 155 232
LONG TERM RETURNS
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y 20Y 30Y MAX
Best 10 Years Return (%) - Annualized -3.71 15.28 26.45 26.45
Worst 10 Years Return (%) - Annualized -13.17 -13.17 -13.17
Best 10 Years Return (%) - Annualized -6.31 12.63 22.84 22.84
Worst 10 Years Return (%) - Annualized -14.58 -14.58 -14.58
ROLLING PERIODS
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y 20Y 30Y MAX
Over the latest 30Y
Best Rolling Return (%) - Annualized 158.18 56.56 37.62 26.45 12.12 6.58
Worst Rolling Return (%) - Annualized -66.00 -35.91 -21.99 -13.17 -0.57
% Positive Periods 61% 67% 73% 58% 97% 100%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 46.60 12.59 7.53 3.79 6.51 6.95
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - - - 4.78
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Best Rolling Return (%) - Annualized 150.13 48.03 32.96 22.84 9.50 3.95
Worst Rolling Return (%) - Annualized -66.12 -36.45 -23.24 -14.58 -2.56
% Positive Periods 58% 62% 70% 57% 92% 100%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 46.60 12.59 7.53 3.79 6.51 6.95
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - - - 4.78
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Over all the available data source (Jan 1982 - Feb 2024)
Best Rolling Return (%) - Annualized 158.18 56.56 37.62 26.45 12.33 6.58
Worst Rolling Return (%) - Annualized -66.00 -35.91 -21.99 -13.17 -3.07 -0.63
% Positive Periods 54% 58% 61% 55% 89% 98%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 46.60 12.59 7.53 3.79 1.80 1.41
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - - - -
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Best Rolling Return (%) - Annualized 150.13 48.03 32.96 22.84 9.71 3.95
Worst Rolling Return (%) - Annualized -66.12 -36.45 -23.24 -14.58 -6.09 -2.84
% Positive Periods 50% 50% 50% 45% 82% 86%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 46.60 12.59 7.53 3.79 1.80 1.41
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - - - -
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Terms and Definitions
  • Annualized Portfolio Return: it's the annualized geometric mean return of the portfolio.
  • Deepest/Longest Drawdown: a drawdown refers to the decline in value from a relative peak value to a relative trough. The deepest (or maximum) drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained. The longest drawdown is the period observed from a peak to the subsequent peak with the greatest duration.
  • Longest negative period: it's the maximum period for which an overall negative return has been observed.
  • Standard Deviation: it's a measure of the dispersion of returns around the mean.
  • Sharpe Ratio: it's a measure of risk-adjusted performance of the portfolio. It's calculated by dividing the excess return of the portfolio over the risk-free rate by the portfolio standard deviation. The risk-free rate here considered is the 1-3 Mth T-Bill return.
  • Sortino Ratio: another measure of risk-adjusted performance of the portfolio. It's a modification of the Sharpe Ratio (same formula but the denominator is the portfolio downside standard deviation).
  • Ulcer Index: it's a measure of downside risk that quantifies the depth and duration of drawdowns in an investment portfolio.
  • Best/Worst 10Y returns: the best and the worst 10-year return over a time frame.
  • Rolling Returns: N-year returns over a time frame, calculated over all the available data source (best, worst, % of positive returns). Each rolling period, longer than the longest negative period, yielded a non-negative minimum return.
  • Safe Withdrawal Rate (SWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, without the portfolio running out of money in any case (money amount withdrawal).
    For instance: Your initial invested capital is 100.000$; withdrawal rate (annualized) is 4%. This means that, in the first month, you will withdraw 100.000 * 4% * 1/12 = 333.33$. The second month, you’ll withdraw 333.33$ plus the inflation monthly rate. You’ll continue adjusting your withdraw monthly for inflation.
  • Perpetual Withdrawal Rate (PWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, preserving the original invested capital, adjusted for inflation too.

Correlations as of Feb 29, 2024

Correlation measures to what degree the returns of the two assets move in relation to each other.

Correlation coefficient is a numerical value between -1 and +1. If one variable goes up by a certain amount, the correlation coefficient indicates which way the other variable moves and by how much.
Asset correlations are calculated based on monthly returns.

Monthly correlations of United States Brent Oil Fund (BNO) ETF vs the main Asset Classes, over different timeframes. Columns are sortable (click on table header to sort).

UNITED STATES BRENT OIL FUND (BNO) ETF
Monthly correlations as of 29 February 2024
Swipe left to see all data
Correlation vs BNO
Asset Class 1 Year 5 Years 10 Years 30 Years Since
Jan 1992
VTI
US Total Stock Market
-0.11
0.44
0.41
0.29
0.28
SPY
US Large Cap
-0.13
0.42
0.39
0.27
0.27
IJR
US Small Cap
0.01
0.53
0.46
0.33
0.32
VNQ
US REITs
-0.18
0.37
0.20
0.14
0.15
QQQ
US Technology
-0.42
0.24
0.25
0.21
0.20
PFF
Preferred Stocks
0.14
0.31
0.26
0.15
0.15
EFA
EAFE Stocks
-0.03
0.51
0.48
0.36
0.35
VT
World All Countries
-0.06
0.49
0.46
0.34
0.34
EEM
Emerging Markets
0.04
0.43
0.40
0.33
0.31
VGK
Europe
-0.03
0.52
0.49
0.33
0.33
VPL
Pacific
-0.07
0.46
0.42
0.36
0.33
FLLA
Latin America
-0.11
0.60
0.49
0.37
0.35
BND
US Total Bond Market
-0.38
-0.07
-0.11
-0.09
-0.07
TLT
Long Term Treasuries
-0.42
-0.35
-0.37
-0.27
-0.26
BIL
US Cash
-0.05
-0.23
-0.08
-0.01
-0.01
TIP
TIPS
-0.29
0.05
0.06
0.09
0.09
LQD
Invest. Grade Bonds
-0.35
0.13
0.09
0.03
0.03
HYG
High Yield Bonds
-0.18
0.43
0.46
0.26
0.26
CWB
US Convertible Bonds
-0.10
0.46
0.44
0.32
0.31
BNDX
International Bonds
-0.56
-0.05
-0.12
0.03
0.02
EMB
Emerg. Market Bonds
-0.24
0.40
0.35
0.18
0.17
GLD
Gold
-0.40
-0.09
-0.03
0.14
0.13
DBC
Commodities
0.90
0.89
0.91
0.83
0.83

If you want to learn more about historical correlations, you can find out here how the main asset class are correlated to each other.

Drawdowns

A drawdown refers to the decline in value from a relative peak value to a relative trough. A maximum drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained.

UNITED STATES BRENT OIL FUND (BNO) ETF
Drawdown periods
Drawdown periods - Inflation Adjusted
Data Source: 1 March 1994 - 29 February 2024 (30 Years)
Data Source: 1 January 1982 - 29 February 2024 (~42 years)
Inflation Adjusted:
Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months Ulcer Index
-84.77% Jul 2008 Apr 2020 142 in progress 46 188 49.83
-56.07% Jan 1997 Nov 1998 23 Dec 1999 13 36 32.52
-39.96% Dec 2000 Nov 2001 12 Feb 2003 15 27 22.45
-27.78% Mar 2003 Apr 2003 2 Apr 2004 12 14 13.64
-23.62% Aug 2006 Jan 2007 6 Jul 2007 6 12 13.95
-17.86% Sep 2005 Nov 2005 3 Apr 2006 5 8 9.03
-17.39% Nov 2004 Dec 2004 2 Feb 2005 2 4 8.85
-16.00% May 1995 Jul 1995 3 Mar 1996 8 11 11.24
-14.95% Mar 2000 Apr 2000 2 May 2000 1 3 9.53
-12.64% Aug 1994 Aug 1994 1 Apr 1995 8 9 8.38
-11.91% Jul 2000 Jul 2000 1 Aug 2000 1 2 6.87
-8.29% Apr 1996 May 1996 2 Aug 1996 3 5 3.79
-6.96% Jun 2004 Jun 2004 1 Jul 2004 1 2 4.02
-6.56% Apr 2005 May 2005 2 Jun 2005 1 3 4.41
-5.93% Sep 2000 Sep 2000 1 Nov 2000 2 3 3.33
Swipe left to see all data
Drawdown (DD)
Occurrencies (EOM)
Drawdown (DD)
Range #Num Every (Avg) Frequency Cumulative Frequency
All Time High (DD=0%) 40 9.0 Months 11.08%
 
DD = 0% 11.08%
 
0% < DD <= -5% 24 15.0 Months 6.65%
 
DD <= -5% 17.73%
 
-5% < DD <= -10% 42 8.6 Months 11.63%
 
DD <= -10% 29.36%
 
-10% < DD <= -15% 30 12.0 Months 8.31%
 
DD <= -15% 37.67%
 
-15% < DD <= -20% 39 9.3 Months 10.80%
 
DD <= -20% 48.48%
 
-20% < DD <= -25% 16 22.6 Months 4.43%
 
DD <= -25% 52.91%
 
-25% < DD <= -30% 11 32.8 Months 3.05%
 
DD <= -30% 55.96%
 
-30% < DD <= -35% 10 36.1 Months 2.77%
 
DD <= -35% 58.73%
 
-35% < DD <= -40% 21 17.2 Months 5.82%
 
DD <= -40% 64.54%
 
-40% < DD <= -45% 18 20.1 Months 4.99%
 
DD <= -45% 69.53%
 
-45% < DD <= -50% 14 25.8 Months 3.88%
 
DD <= -50% 73.41%
 
-50% < DD <= -55% 18 20.1 Months 4.99%
 
DD <= -55% 78.39%
 
-55% < DD <= -60% 18 20.1 Months 4.99%
 
DD <= -60% 83.38%
 
-60% < DD <= -65% 21 17.2 Months 5.82%
 
DD <= -65% 89.20%
 
-65% < DD <= -70% 20 18.1 Months 5.54%
 
DD <= -70% 94.74%
 
-70% < DD <= -100% 19 19.0 Months 5.26%
 
DD <= -100% 100.00%
 
Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months Ulcer Index
-87.07% Jul 2008 Apr 2020 142 in progress 46 188 54.87
-57.41% Jan 1997 Nov 1998 23 Dec 1999 13 36 33.86
-41.29% Sep 2000 Nov 2001 15 Apr 2004 29 44 21.21
-23.82% Aug 2006 Jan 2007 6 Jul 2007 6 12 14.27
-18.69% Sep 2005 Nov 2005 3 Apr 2006 5 8 9.90
-17.78% Nov 2004 Dec 2004 2 Feb 2005 2 4 9.13
-16.44% May 1995 Jul 1995 3 Aug 1996 13 16 10.44
-15.40% Mar 2000 Apr 2000 2 May 2000 1 3 9.87
-12.99% Aug 1994 Aug 1994 1 Apr 1995 8 9 9.22
-12.16% Jul 2000 Jul 2000 1 Aug 2000 1 2 7.02
-7.30% Jun 2004 Jun 2004 1 Jul 2004 1 2 4.22
-6.80% Apr 2005 May 2005 2 Jun 2005 1 3 4.60
-5.69% Aug 2007 Aug 2007 1 Sep 2007 1 2 3.28
-3.37% Nov 2007 Nov 2007 1 Dec 2007 1 2 1.95
-2.64% Oct 1996 Oct 1996 1 Dec 1996 2 3 1.82
Swipe left to see all data
Drawdown (DD)
Occurrencies (EOM)
Drawdown (DD)
Range #Num Every (Avg) Frequency Cumulative Frequency
All Time High (DD=0%) 36 10.0 Months 9.97%
 
DD = 0% 9.97%
 
0% < DD <= -5% 17 21.2 Months 4.71%
 
DD <= -5% 14.68%
 
-5% < DD <= -10% 27 13.4 Months 7.48%
 
DD <= -10% 22.16%
 
-10% < DD <= -15% 38 9.5 Months 10.53%
 
DD <= -15% 32.69%
 
-15% < DD <= -20% 39 9.3 Months 10.80%
 
DD <= -20% 43.49%
 
-20% < DD <= -25% 31 11.6 Months 8.59%
 
DD <= -25% 52.08%
 
-25% < DD <= -30% 9 40.1 Months 2.49%
 
DD <= -30% 54.57%
 
-30% < DD <= -35% 7 51.6 Months 1.94%
 
DD <= -35% 56.51%
 
-35% < DD <= -40% 5 72.2 Months 1.39%
 
DD <= -40% 57.89%
 
-40% < DD <= -45% 16 22.6 Months 4.43%
 
DD <= -45% 62.33%
 
-45% < DD <= -50% 14 25.8 Months 3.88%
 
DD <= -50% 66.20%
 
-50% < DD <= -55% 19 19.0 Months 5.26%
 
DD <= -55% 71.47%
 
-55% < DD <= -60% 21 17.2 Months 5.82%
 
DD <= -60% 77.29%
 
-60% < DD <= -65% 21 17.2 Months 5.82%
 
DD <= -65% 83.10%
 
-65% < DD <= -70% 24 15.0 Months 6.65%
 
DD <= -70% 89.75%
 
-70% < DD <= -100% 37 9.8 Months 10.25%
 
DD <= -100% 100.00%
 
Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months Ulcer Index
-84.77% Jul 2008 Apr 2020 142 in progress 46 188 49.83
-74.41% Jan 1982 Jul 1986 55 Sep 1990 50 105 42.45
-73.25% Oct 1990 Nov 1998 98 Jul 2004 68 166 47.81
-23.62% Aug 2006 Jan 2007 6 Jul 2007 6 12 13.95
-17.86% Sep 2005 Nov 2005 3 Apr 2006 5 8 9.03
-17.39% Nov 2004 Dec 2004 2 Feb 2005 2 4 8.85
-6.56% Apr 2005 May 2005 2 Jun 2005 1 3 4.41
-5.66% Aug 2007 Aug 2007 1 Sep 2007 1 2 3.27
-2.62% Nov 2007 Nov 2007 1 Dec 2007 1 2 1.51
-2.24% May 2006 May 2006 1 Jun 2006 1 2 1.29
-1.75% Jan 2008 Jan 2008 1 Feb 2008 1 2 1.01
-1.05% Aug 2004 Aug 2004 1 Sep 2004 1 2 0.61
Swipe left to see all data
Drawdown (DD)
Occurrencies (EOM)
Drawdown (DD)
Range #Num Every (Avg) Frequency Cumulative Frequency
All Time High (DD=0%) 22 23.0 Months 4.34%
 
DD = 0% 4.34%
 
0% < DD <= -5% 12 42.3 Months 2.37%
 
DD <= -5% 6.71%
 
-5% < DD <= -10% 32 15.8 Months 6.31%
 
DD <= -10% 13.02%
 
-10% < DD <= -15% 17 29.8 Months 3.35%
 
DD <= -15% 16.37%
 
-15% < DD <= -20% 39 13.0 Months 7.69%
 
DD <= -20% 24.06%
 
-20% < DD <= -25% 28 18.1 Months 5.52%
 
DD <= -25% 29.59%
 
-25% < DD <= -30% 31 16.4 Months 6.11%
 
DD <= -30% 35.70%
 
-30% < DD <= -35% 20 25.4 Months 3.94%
 
DD <= -35% 39.64%
 
-35% < DD <= -40% 24 21.1 Months 4.73%
 
DD <= -40% 44.38%
 
-40% < DD <= -45% 21 24.1 Months 4.14%
 
DD <= -45% 48.52%
 
-45% < DD <= -50% 43 11.8 Months 8.48%
 
DD <= -50% 57.00%
 
-50% < DD <= -55% 68 7.5 Months 13.41%
 
DD <= -55% 70.41%
 
-55% < DD <= -60% 56 9.1 Months 11.05%
 
DD <= -60% 81.46%
 
-60% < DD <= -65% 39 13.0 Months 7.69%
 
DD <= -65% 89.15%
 
-65% < DD <= -70% 31 16.4 Months 6.11%
 
DD <= -70% 95.27%
 
-70% < DD <= -100% 24 21.1 Months 4.73%
 
DD <= -100% 100.00%
 
Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months Ulcer Index
-87.07% Jul 2008 Apr 2020 142 in progress 46 188 54.87
-83.84% Jan 1982 Nov 1998 203 Oct 2007 107 310 57.75
-3.37% Nov 2007 Nov 2007 1 Dec 2007 1 2 1.95
-2.09% Jan 2008 Jan 2008 1 Feb 2008 1 2 1.20
-0.16% Mar 2008 Mar 2008 1 Apr 2008 1 2 0.09
Swipe left to see all data
Drawdown (DD)
Occurrencies (EOM)
Drawdown (DD)
Range #Num Every (Avg) Frequency Cumulative Frequency
All Time High (DD=0%) 7 72.4 Months 1.38%
 
DD = 0% 1.38%
 
0% < DD <= -5% 5 101.4 Months 0.99%
 
DD <= -5% 2.37%
 
-5% < DD <= -10% 7 72.4 Months 1.38%
 
DD <= -10% 3.75%
 
-10% < DD <= -15% 24 21.1 Months 4.73%
 
DD <= -15% 8.48%
 
-15% < DD <= -20% 28 18.1 Months 5.52%
 
DD <= -20% 14.00%
 
-20% < DD <= -25% 24 21.1 Months 4.73%
 
DD <= -25% 18.74%
 
-25% < DD <= -30% 22 23.0 Months 4.34%
 
DD <= -30% 23.08%
 
-30% < DD <= -35% 19 26.7 Months 3.75%
 
DD <= -35% 26.82%
 
-35% < DD <= -40% 12 42.3 Months 2.37%
 
DD <= -40% 29.19%
 
-40% < DD <= -45% 9 56.3 Months 1.78%
 
DD <= -45% 30.97%
 
-45% < DD <= -50% 17 29.8 Months 3.35%
 
DD <= -50% 34.32%
 
-50% < DD <= -55% 24 21.1 Months 4.73%
 
DD <= -55% 39.05%
 
-55% < DD <= -60% 42 12.1 Months 8.28%
 
DD <= -60% 47.34%
 
-60% < DD <= -65% 87 5.8 Months 17.16%
 
DD <= -65% 64.50%
 
-65% < DD <= -70% 78 6.5 Months 15.38%
 
DD <= -70% 79.88%
 
-70% < DD <= -100% 102 5.0 Months 20.12%
 
DD <= -100% 100.00%
 

Rolling Returns

( more details)

A rolling return is a measure of investment performance that calculates the return of an investment over a set period of time, with the starting date rolling forward. This approach can provide a more accurate representation of the investment's historical performance and helps investors to evaluate the investment's consistency over time.

UNITED STATES BRENT OIL FUND (BNO) ETF
Annualized Rolling Returns
Annualized Rolling Returns - Inflation Adjusted
Data Source: 1 March 1994 - 29 February 2024 (30 Years)
Data Source: 1 January 1982 - 29 February 2024 (~42 years)
Inflation Adjusted:
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Rolling
Period
Worst Period
15th Percentile
50th Percentile
85th Percentile
Best Period
Latest Negative
Periods
Ann.
Return
From
To
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
From
To
Growth
of 1$
1Y -66.00 05/2019
04/2020
0.33$ -28.88 0.71$ 7.35 1.07$ 55.32 1.55$ 158.18 03/1999
02/2000
2.58$ 7.95 38.11%
2Y -48.80 03/2014
02/2016
0.26$ -15.88 0.70$ 9.42 1.19$ 31.80 1.73$ 108.61 05/2020
04/2022
4.35$ 4.62 35.01%
3Y -35.91 02/2013
01/2016
0.26$ -10.28 0.72$ 7.58 1.24$ 26.68 2.03$ 56.56 05/2020
04/2023
3.83$ 22.43 32.31%
5Y -21.99 05/2015
04/2020
0.28$ -13.15 0.49$ 8.37 1.49$ 19.54 2.44$ 37.62 07/2003
06/2008
4.93$ 9.61 26.91%
7Y -21.59 05/2013
04/2020
0.18$ -8.77 0.52$ 8.62 1.78$ 16.89 2.98$ 28.59 02/1999
01/2006
5.81$ 9.87 31.05%
10Y -13.17 05/2010
04/2020
0.24$ -5.28 0.58$ 9.33 2.43$ 16.00 4.41$ 26.45 07/1998
06/2008
10.45$ -3.71 41.08%
15Y -5.67 05/2005
04/2020
0.41$ -0.60 0.91$ 4.94 2.05$ 13.11 6.34$ 18.55 01/1999
12/2013
12.83$ 4.54 17.13%
20Y -0.57 05/2000
04/2020
0.89$ 3.32 1.92$ 5.64 2.99$ 7.89 4.56$ 12.12 03/1994
02/2014
9.86$ 5.28 2.48%
30Y 6.58 03/1994
02/2024
6.75$ 6.58 6.75$ 6.58 6.75$ 6.58 6.75$ 6.58 03/1994
02/2024
6.75$ 6.58 0.00%
Annualized rolling and percentiles/median returns over full calendar month periods
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Rolling
Period
Worst Period
15th Percentile
50th Percentile
85th Percentile
Best Period
Latest Negative
Periods
Ann.
Return
From
To
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
From
To
Growth
of 1$
1Y -66.12 05/2019
04/2020
0.33$ -30.27 0.69$ 5.10 1.05$ 49.04 1.49$ 150.13 03/1999
02/2000
2.50$ 5.10 41.55%
2Y -49.00 03/2014
02/2016
0.26$ -17.47 0.68$ 6.87 1.14$ 28.28 1.64$ 96.47 05/2020
04/2022
3.85$ 0.29 37.98%
3Y -36.45 02/2013
01/2016
0.25$ -11.68 0.68$ 5.21 1.16$ 22.59 1.84$ 48.03 05/2020
04/2023
3.24$ 16.03 37.54%
5Y -23.24 05/2015
04/2020
0.26$ -14.48 0.45$ 5.57 1.31$ 16.15 2.11$ 32.96 07/2003
06/2008
4.15$ 5.29 29.90%
7Y -22.70 05/2013
04/2020
0.16$ -10.13 0.47$ 5.79 1.48$ 14.17 2.52$ 25.14 02/1999
01/2006
4.80$ 6.19 32.13%
10Y -14.58 05/2010
04/2020
0.20$ -6.85 0.49$ 6.74 1.91$ 13.27 3.47$ 22.84 07/1998
06/2008
7.82$ -6.31 42.74%
15Y -7.41 05/2005
04/2020
0.31$ -2.86 0.64$ 2.71 1.49$ 10.44 4.43$ 15.77 01/1999
12/2013
8.98$ 1.95 27.62%
20Y -2.56 05/2000
04/2020
0.59$ 1.17 1.26$ 3.04 1.82$ 5.58 2.96$ 9.50 04/1994
03/2014
6.14$ 2.65 7.44%
30Y 3.95 03/1994
02/2024
3.20$ 3.95 3.20$ 3.95 3.20$ 3.95 3.20$ 3.95 03/1994
02/2024
3.20$ 3.95 0.00%
Annualized rolling and percentiles/median returns over full calendar month periods
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Rolling
Period
Worst Period
15th Percentile
50th Percentile
85th Percentile
Best Period
Latest Negative
Periods
Ann.
Return
From
To
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
From
To
Growth
of 1$
1Y -66.00 05/2019
04/2020
0.33$ -27.93 0.72$ 2.69 1.02$ 47.31 1.47$ 158.18 03/1999
02/2000
2.58$ 7.95 45.45%
2Y -48.80 03/2014
02/2016
0.26$ -17.08 0.68$ 2.83 1.05$ 27.42 1.62$ 108.61 05/2020
04/2022
4.35$ 4.62 45.34%
3Y -35.91 02/2013
01/2016
0.26$ -14.44 0.62$ 3.43 1.10$ 22.43 1.83$ 56.56 05/2020
04/2023
3.83$ 22.43 41.83%
5Y -21.99 05/2015
04/2020
0.28$ -11.31 0.54$ 3.21 1.17$ 15.57 2.06$ 37.62 07/2003
06/2008
4.93$ 9.61 38.93%
7Y -21.59 05/2013
04/2020
0.18$ -8.18 0.55$ 2.79 1.21$ 14.94 2.64$ 28.59 02/1999
01/2006
5.81$ 9.87 41.13%
10Y -13.17 05/2010
04/2020
0.24$ -5.27 0.58$ 1.71 1.18$ 14.84 3.99$ 26.45 07/1998
06/2008
10.45$ -3.71 44.70%
15Y -6.57 12/1983
11/1998
0.36$ -2.04 0.73$ 4.40 1.90$ 11.52 5.13$ 18.55 01/1999
12/2013
12.83$ 4.54 22.63%
20Y -3.07 01/1982
12/2001
0.53$ 1.22 1.27$ 6.19 3.32$ 9.51 6.15$ 12.33 01/1994
12/2013
10.23$ 5.28 10.11%
30Y -0.63 10/1990
09/2020
0.82$ 2.64 2.18$ 4.14 3.38$ 5.23 4.61$ 6.58 03/1994
02/2024
6.75$ 6.58 1.36%
Annualized rolling and percentiles/median returns over full calendar month periods
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Rolling
Period
Worst Period
15th Percentile
50th Percentile
85th Percentile
Best Period
Latest Negative
Periods
Ann.
Return
From
To
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
From
To
Growth
of 1$
1Y -66.12 05/2019
04/2020
0.33$ -28.91 0.71$ 0.15 1.00$ 42.34 1.42$ 150.13 03/1999
02/2000
2.50$ 5.10 49.70%
2Y -49.00 03/2014
02/2016
0.26$ -18.37 0.66$ -0.59 0.98$ 23.63 1.52$ 96.47 05/2020
04/2022
3.85$ 0.29 50.72%
3Y -36.45 02/2013
01/2016
0.25$ -16.68 0.57$ 0.52 1.01$ 18.69 1.67$ 48.03 05/2020
04/2023
3.24$ 16.03 49.04%
5Y -23.24 05/2015
04/2020
0.26$ -14.06 0.46$ 0.42 1.02$ 12.74 1.82$ 32.96 07/2003
06/2008
4.15$ 5.29 49.44%
7Y -22.70 05/2013
04/2020
0.16$ -10.00 0.47$ -0.33 0.97$ 11.98 2.20$ 25.14 02/1999
01/2006
4.80$ 6.19 50.35%
10Y -14.58 05/2010
04/2020
0.20$ -8.08 0.43$ -1.01 0.90$ 12.13 3.14$ 22.84 07/1998
06/2008
7.82$ -6.31 54.26%
15Y -9.54 12/1983
11/1998
0.22$ -4.29 0.51$ 1.78 1.30$ 8.84 3.56$ 15.77 01/1999
12/2013
8.98$ 1.95 35.47%
20Y -6.09 01/1982
12/2001
0.28$ -1.27 0.77$ 3.58 2.01$ 6.75 3.69$ 9.71 01/1994
12/2013
6.38$ 2.65 17.98%
30Y -2.84 10/1990
09/2020
0.42$ 0.05 1.01$ 1.51 1.56$ 2.55 2.13$ 3.95 03/1994
02/2024
3.20$ 3.95 13.61%
Annualized rolling and percentiles/median returns over full calendar month periods

If you need a deeper detail about rolling returns, please refer to the United States Brent Oil Fund (BNO) ETF: Rolling Returns page.

Seasonality

In which months is it better to invest in United States Brent Oil Fund (BNO) ETF?

Both the Average Return and the Gain Frequency (Win %) are useful to get an idea of what happened in the past.
For further information about the seasonality, check the Asset Class Seasonality page.
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Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
2.97
60%
3.99
60%
-8.84
40%
1.33
80%
6.31
60%
5.28
80%
4.02
80%
-2.84
40%
0.76
60%
0.45
60%
0.50
40%
4.92
60%
Best 15.7
2022
17.9
2021
10.2
2022
7.4
2019
39.3
2020
10.3
2020
14.0
2023
3.1
2020
10.4
2021
10.5
2022
25.7
2020
11.8
2021
Worst -12.8
2020
-11.0
2020
-51.2
2020
-11.0
2020
-13.2
2019
-3.5
2022
-1.1
2022
-7.9
2019
-8.8
2022
-11.0
2020
-16.0
2021
-3.9
2023
Monthly Seasonality over the period Feb 1982 - Feb 2024
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Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
0.98
50%
4.05
70%
-4.71
40%
4.81
80%
3.54
60%
2.30
60%
-1.74
50%
-0.31
60%
0.52
60%
-1.29
50%
-4.05
40%
-0.40
50%
Best 15.7
2022
17.9
2021
10.2
2022
18.5
2015
39.3
2020
10.3
2020
14.0
2023
7.5
2016
10.4
2021
10.5
2022
25.7
2020
11.8
2021
Worst -12.8
2020
-11.0
2020
-51.2
2020
-11.0
2020
-13.2
2019
-4.2
2015
-19.0
2015
-7.9
2019
-10.6
2015
-11.0
2020
-21.1
2018
-18.8
2014
Monthly Seasonality over the period Feb 1982 - Feb 2024
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Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
0.20
53%
0.74
58%
0.66
52%
3.14
67%
1.56
48%
0.69
52%
0.78
60%
2.51
57%
1.93
57%
-1.79
50%
-2.19
45%
-0.59
50%
Best 15.9
1987
17.9
2021
40.1
1999
18.5
2015
39.3
2020
17.5
1999
22.9
1990
41.4
1986
46.2
1990
14.5
2007
25.7
2020
13.9
2002
Worst -29.0
1991
-22.7
1986
-51.2
2020
-12.9
2003
-14.6
2010
-16.9
1986
-19.8
1986
-12.6
1994
-16.2
1988
-33.5
2008
-21.1
2018
-25.1
2000
Monthly Seasonality over the period Feb 1982 - Feb 2024

Monthly Returns

This section provides a visual/tabular representation of the performance variability in the United States Brent Oil Fund (BNO) ETF over time. It illustrates the distribution of monthly returns, showcasing the range and frequency of positive and negative returns.

UNITED STATES BRENT OIL FUND (BNO) ETF
Monthly Returns Distribution
Data Source: 1 March 1994 - 29 February 2024 (30 Years)
Data Source: 1 January 1982 - 29 February 2024 (~42 years)
205 Positive Months (57%) - 155 Negative Months (43%)
274 Positive Months (54%) - 232 Negative Months (46%)
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Investment Returns, up to December 2010, have been derived using the historical series of equivalent ETFs / Assets.
You can find additional information on extended Data Sources here.

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