United States Brent Oil Fund LP (BNO) Performance
BNO total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +150.7% since Dec 31, 2025
- 1 year
- +138.8% total return
- 5 years
- +25.8% a year
- 10 years
- +16.8% a year
- Since first price
- +6.4% a year since 2010
BNO trailing returns vs SPY, QQQ, AGG
| Period | BNO total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +17.6% | +17.6% | −1.0% | −5.0% | +0.9% |
| 3 months | +32.8% | +32.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +34.7% | +34.7% | +7.8% | +8.4% | −1.5% |
| YTD | +150.7% | +150.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +138.8% | +138.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +125.1%+31.1%/yr | +125.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +214.5%+25.8%/yr | +214.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +371.1%+16.8%/yr | +371.1% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +88.2%+4.3%/yr | +88.2% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJun 2, 2010 | +177.4%+6.4%/yr | +177.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: BNO vs SPY
From Jun 2, 2010: BNO grew to $27,741, SPY to $92,147.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
BNO returns by calendar year
9 of 15 full years positive. Best 2021 (+62.3%), worst 2014 (−49.0%). 2026 is year to date.
BNO annual returns table
| Year | BNO | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +150.7% | −34.5% | +12.3% | +15.1% | −1.0% |
| 2025 | −5.4% | −23.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +9.7% | −18.9% | +24.9% | +25.6% | +1.3% |
| 2023 | −3.4% | −20.4% | +26.2% | +54.9% | +5.7% |
| 2022 | +35.2% | −30.9% | −18.2% | −32.6% | −13.0% |
| 2021 | +62.3% | −19.3% | +28.7% | +27.4% | −1.8% |
| 2020 | −38.2% | −72.3% | +18.3% | +48.6% | +7.5% |
| 2019 | +36.0% | −19.5% | +31.2% | +39.0% | +8.5% |
| 2018 | −15.3% | −39.3% | −4.6% | −0.1% | +0.1% |
| 2017 | +15.4% | −24.0% | +21.7% | +32.7% | +3.6% |
| 2016 | +28.1% | −25.4% | +12.0% | +7.1% | +2.4% |
| 2015 | −46.1% | −51.6% | +1.2% | +9.4% | +0.5% |
| 2014 | −49.0% | −51.6% | +13.5% | +19.2% | +6.0% |
| 2013 | +8.5% | −16.5% | +32.3% | +36.6% | −2.0% |
| 2012 | +10.0% | −28.4% | +16.0% | +18.1% | +3.8% |
| 2011 | +19.5% | −19.9% | +1.9% | +3.4% | +7.7% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
BNO largest drawdowns
At an all-time high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 19, 2014 | −87.1% | Apr 28, 2020 | Mar 12, 2026 | 5.9 years | 11.7 years |
| May 4, 2026 | −34.5% | Jul 1, 2026 | Sep 10, 2026 | 58 days | 4 months |
| Mar 1, 2012 | −28.4% | Jun 21, 2012 | Feb 13, 2013 | 4 months | 11 months |
| Apr 8, 2011 | −19.9% | Oct 3, 2011 | Feb 21, 2012 | 6 months | 10 months |
| Apr 6, 2026 | −16.8% | Apr 17, 2026 | Apr 28, 2026 | 11 days | 22 days |
| Feb 14, 2013 | −16.5% | Apr 17, 2013 | Aug 28, 2013 | 2 months | 6 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
BNO risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2010 |
|---|---|---|---|---|
| Annualized return | +23.3% | +23.8% | +15.3% | +5.4% |
| Volatility (annualized) | 41.0% | 36.5% | 38.6% | 35.2% |
| Sharpe ratio | 0.59 | 0.66 | 0.51 | 0.29 |
| Sortino ratio | 1.23 | 1.30 | 0.81 | 0.44 |
| Best month | +49.4% | +49.4% | +49.4% | +49.4% |
| Worst month | −19.6% | −19.6% | −51.2% | −51.2% |
| Best 12 months | +126.6% | +126.6% | +141.6% | +141.6% |
| Worst 12 months | −19.2% | −28.1% | −66.0% | −66.0% |
| Positive months | 53% | 53% | 59% | 57% |
| Beta vs S&P 500 | -0.58 | -0.02 | 0.72 | — |
| Correlation with S&P 500 | -0.18 | -0.01 | 0.29 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
BNO rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 185 | −66.0% | +4.6% | +141.6% | 59% |
| 3-year (a year) | 161 | −35.9% | +3.6% | +56.6% | 57% |
| 5-year (a year) | 137 | −22.0% | +2.8% | +31.6% | 52% |
| 10-year (a year) | 77 | −10.2% | −3.4% | +17.7% | 31% |
Every holding period starting at a month-end since 2010. Returns for 3 years and longer are annualized.
BNO performance overview
United States Brent Oil Fund LP (BNO) returned +138.8% over the past year and +16.8% a year over ten years, with distributions reinvested. Since its first recorded price in 2010 it has returned +6.4% a year, turning $10,000 into about $27,741. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −87.1%, from Jun 19, 2014 to Apr 28, 2020, and it took 5.9 years to get back to the old high. BNO finished 9 of its 15 full calendar years with a gain; the best year was 2021 (+62.3%) and the worst 2014 (−49.0%). Volatility has been 35.2% a year.
Related: BNO chart. See the BNO overview for the latest quote and fund facts.
BNO performance FAQ
What is the BNO return over the past year?
BNO returned +138.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 138.8%.
What is the average annual return of BNO?
BNO has returned +25.8% a year over 5 years, +16.8% a year over 10 years, +6.4% a year since June 2, 2010 (total return, distributions reinvested).
How much would $10,000 invested in BNO be worth?
$10,000 invested in BNO at its first recorded close on June 2, 2010 would be worth about $27,741 on October 23, 2026 with distributions reinvested.
What was the worst year for BNO?
The worst calendar year was 2014, with a total return of −49.0%. The best was 2021 at +62.3%.
What is the biggest drawdown of BNO?
The largest peak-to-trough decline was −87.1% between June 19, 2014 and April 28, 2020. It recovered to the old high on March 12, 2026, 5.9 years after the bottom.
How volatile is BNO?
Over the past 3 years BNO had an annualized volatility of 41.0% and a Sharpe ratio of 0.59 (excess return over 1–3 month T-bills per unit of risk).