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BNO vs DBO

United States Brent Oil Fund LP

BNOCNYSE Arca

Invesco DB Oil Fund

DBOBNYSE Arca

Overlap

0.0%by weight

Expense ratio

DBO −0.34pt a year

BNO1.15%DBO0.81%

Avg volume · 30D

BNO 3.8×the volume

BNO1.83MDBO482K

10Y return · a year

BNO +3.7pt

BNO+17.8%DBO+14.1%

BNO vs DBO Performance

Oct 29, 2021 – Oct 30, 2026

+220.9%BNO+104.2%DBO

Oct 29, 2021 to Oct 30, 2026. BNO +220.9%. DBO +104.2%. Use the arrow keys to read each point.0%50%150%Oct 2021Apr 2024Oct 2026
Expense ratio
BNO 1.15%
DBO 0.81%, better
Fund size
BNO $946M
DBO $330M
1Y total return
BNO +141.4%, better
DBO +111.8%
Yield (12M)
BNO No data
DBO 1.58%
Holdings
BNO 10
DBO 4
Avg volume (30D)
BNO 1.83M sh, better
DBO 482K sh
NAV per share
BNO $71.97
DBO $27.27
52W range

ETF.net Grade

BNO: Cost 30, Risk 46, Mission not scored, Tradability 58, Holdings not scored, Durability 67. DBO: Cost 74, Risk 54, Mission not scored, Tradability 66, Holdings 64, Durability 69.
Pillar letters and Scores for BNO, DBO, with each pillar’s weight
PillarBNODBO
Cost30% weightD30A74Higher
Mission25% weightNot scoredNot scored
Risk15% weightC46C54Higher
Tradability15% weightB58B66Higher
Holdings10% weightNot scoredB64
Durability5% weightB67B69Higher

Rank among Energy Futures funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BNO and DBO are both graded against the same 11 Energy Futures funds, so their Grades compare head to head.

Energy Futures⁠

Category · 11 funds
See all 11 ›

DBO ranks 3rd and BNO 7th of 11 funds in the Energy Futures Category.

  1. Rank 1AOILKProShares K-1 Free Crude Oil ETFScore 79
  2. Rank 2BDBEInvesco DB Energy FundScore 69
  3. Rank 3BDBOInvesco DB Oil FundScore 67
  4. Rank 4BUSOUnited States Oil Fund, LPScore 61
  5. Rank 6CUGAUnited States Gasoline Fund, LPScore 47
  6. Rank 7CBNOUnited States Brent Oil Fund LPScore 42
  7. Rank 8DMWHSSkylar Electricity Futures ETFScore 36

Our read on each fund

ETF.net Research

BNOCUnited States Brent Oil Fund LP

DBOBInvesco DB Oil Fund

In short

BNO Most US oil funds follow WTI. BNO follows Brent, the barrel the rest of the world prices off, through short-term Brent futures. Running since 2010, it is a plain wrapper on that specific price.

DBO Oil exposure with a roll rule. DBO tracks a WTI crude futures index whose Optimum Yield design shops across contract months instead of camping in the front month, and it has run that way since 2007.

Stated mandate

BNO BNO seeks to track daily percentage changes in Brent crude oil’s spot price through a specified short-term Brent crude oil futures contract, plus collateral interest and less expenses.

DBO The fund seeks to track positive or negative changes in the level of the DBIQ Optimum Yield Crude Oil Index Excess Return.

Why people hold it

  • BNO Brent, not WTI. It targets daily percentage changes in Brent crude through a specified short-term Brent futures contract, plus collateral interest, less expenses.
  • Futures exposure with no oil-company stocks in the middle, so refinery margins and drilling budgets do not sit between you and the barrel price.
  • Trading since 2010, a few hundred million dollars in size and actively traded: not a thin, brand-new wrapper on a niche benchmark.
  • DBO The index picks the contract month its rules score as most favorable rather than automatically buying the nearest one, a design built to soften the drag of an upward-sloping futures curve.invesco.com
  • Charges 0.81% a year, meaningfully below the median for energy-futures funds in its group.
  • Launched in 2007 and traded through multiple oil booms and busts, it sits in the upper half of a small, well-known peer group.

Worth knowing

  • BNO The 1.15% expense ratio is commodity-pool pricing. WTI-based peers OILK (0.69%) and DBO (0.81%) charge less, though they track a different barrel.
  • A limited partnership commodity pool, so tax paperwork runs through partnership reporting rather than the 1099 most ETFs send. Peer OILK exists as the K-1 free route.
  • The stated objective is daily, using one short-term contract that gets rolled forward. Over longer holds, results can separate from spot Brent as the futures curve shifts.
  • DBO It's a commodity pool, so tax paperwork follows partnership rules rather than ordinary fund reporting. Peer OILK charges 0.69% and is built to skip that step.
  • You own a futures index, not a barrel. Results track the DBIQ Optimum Yield Crude Oil Index Excess Return and can diverge from headline spot crude.
  • One commodity, one curve. There are no operating businesses underneath to cushion a move in crude, and payouts come on an annual or semiannual schedule.

Full BNO profile⁠

Full DBO profile⁠

BNO vs DBO Holdings

How BNO and DBO differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BNO and 0.0% of DBO.

Level by level

  • Asset classCommodities, Alternatives0.0%
  • Holdings0 in both0.0%
  • Countryby domicile100%

Sector

No Sector split for BNO.

Country, concentration and asset class

Country by domicile

Country weights in BNO and DBO, widest gap first
CountryMore in BNOMore in DBO
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • BNO100.0%
  • DBO226.8%

Securities held

  • BNO8
  • DBO2

Asset class

BNO
Commodities
DBO
Alternatives

Holdings

  • Only in BNO8
  • In both0
  • Only in DBO2

Only in BNO

8 securities, 91.9% of BNO by weight

  • BRENT CRUDE FUTR Jan2752.20%
  • Drey Inst Pref Gov Mm Inst 654617.60%
  • Morgan Stanley Liq Govt Inst 830211.99%

Only in DBO

2 securities, 100% of DBO by weight

  • Invesco Government & Agency Portfolio92.82%
  • Invesco Short Term Treasury ETF20.91%

Weight gaps

BNO and DBO share no securities.

All BNO holdings⁠All 3 DBO holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BNO vs DBO Cost

Overpaying BNO vs DBO

$5,559

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BNO 1.15%

    $21,077

  • DBO 0.81%

    $15,518

$10,000
30 years

Cost over time

  • BNO 1.15%
  • DBO 0.81%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530BNO $21,077DBO $15,518

Year by year

YearBNODBOOverpaying
10$2,015$1,439$576
20$7,521$5,456$2,065
30$21,077$15,518$5,559

Expense ratio

  • 1.15%BNO
  • 0.81%DBO, cheaper
  • Middle half of Energy Futures funds
  • Median 1.01%

DBO 3rd cheapest of 11 funds

BNO 8th cheapest of 11 funds

BNO vs DBO Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BNO No data
DBO 1.58%
Payout (12M)
BNO None
DBO $0.43
Last payment
BNO No data
DBO $0.43
Ex-dividend
BNO No data
DBO Dec 22, 2025
Paid on
BNO No data
DBO Dec 26, 2025
Frequency
BNO No data
DBO Annual

Distribution history

Per share, 2017 to 2026, same scale for both

BNOAll BNO payments⁠

No distribution history available.

DBOAnnual · 6 paymentsAll DBO payments⁠
One bar per payment. 6 payments from 2017 to 2026 YTD. Dec 24, 2018 $0.13; Dec 23, 2019 $0.17; Dec 19, 2022 $0.10; Dec 18, 2023 $0.64; Dec 23, 2024 $0.67; Dec 22, 2025 $0.43. Use the arrow keys to read each point.$0$0.502017202020232026YTD

BNO vs DBO Risk

Fall from peak · 5 years

  • BNO
  • DBO
Oct 29, 2021 to Oct 30, 2026. Worst fall: BNO −34.5% · Jul 2026. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
BNO 41.7%DBO 33.8%, better
Return per unit of riskSharpe ratio, 3 years
BNO 0.77, betterDBO 0.63
Worst fallMax drawdown, 5 years
BNO −34.5%, betterDBO −37.7%
Market sensitivityBeta, 5 years
BNO 2.16DBO 1.77

BNO and DBO in the news

All news⁠

Popular comparisons

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    Expense ratio
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