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BNO vs USO

United States Brent Oil Fund LP

BNOCNYSE Arca

United States Oil Fund, LP

USOBNYSE Arca

Overlap

Expense ratio

USO −0.29pt a year

BNO1.15%USO0.86%

Avg volume · 30D

USO 3.1×the volume

BNO1.83MUSO5.73M

10Y return · a year

BNO +10.6pt

BNO+17.8%USO+7.2%

BNO vs USO Performance

Oct 29, 2021 – Oct 30, 2026

+220.9%BNO+195.4%USO

Oct 29, 2021 to Oct 30, 2026. BNO +220.9%. USO +195.4%. Use the arrow keys to read each point.0%50%100%150%Oct 2021Apr 2024Oct 2026
Expense ratio
BNO 1.15%
USO 0.86%, better
Fund size
BNO $946M
USO $1.95B
1Y total return
BNO +141.4%, better
USO +132.7%
Holdings
BNO 10
USO 17
Avg volume (30D)
BNO 1.83M sh
USO 5.73M sh, better
NAV per share
BNO $71.97
USO $170.39
52W range

ETF.net Grade

BNO: Cost 30, Risk 46, Mission not scored, Tradability 58, Holdings not scored, Durability 67. USO: Cost 65, Risk 43, Mission not scored, Tradability 70, Holdings 100, Durability 71.
Pillar letters and Scores for BNO, USO, with each pillar’s weight
PillarBNOUSO
Cost30% weightD30B65Higher
Mission25% weightNot scoredNot scored
Risk15% weightC46HigherC43
Tradability15% weightB58A70Higher
Holdings10% weightNot scoredA100
Durability5% weightB67A71Higher

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 USO 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 ›

USO ranks 4th 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 5CUSLUnited States 12 Month Oil FundScore 51
  6. Rank 6CUGAUnited States Gasoline Fund, LPScore 47
  7. Rank 7CBNOUnited States Brent Oil Fund LPScore 42
  8. Rank 8DMWHSSkylar Electricity Futures ETFScore 36

Our read on each fund

ETF.net Research

BNOCUnited States Brent Oil Fund LP

USOBUnited States Oil Fund, LP

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.

USO The original US crude oil ETF, trading since 2006 and still one of the busiest ways to get WTI exposure without opening a futures account. It holds oil futures near the front of the curve, not barrels in a tank.

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.

USO USO seeks daily NAV percentage changes that reflect changes in the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, measured by the Benchmark Oil Futures Contract, plus collateral interest and less expenses.

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.
  • USO Cheap for this corner of the market: 0.86% a year against a cohort median of 1.08%.
  • Live since 2006 and one of the most actively traded funds in its category, so bids and offers are usually there when you need them.
  • Targets daily moves in light, sweet crude delivered to Cushing, Oklahoma, via its benchmark futures contract. No margin account, no expiries to roll yourself.sec.gov
  • Since April 2020 the portfolio has reached past pure front-month into later-dated contracts, a change the fund disclosed in its filings.sec.gov

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.
  • USO It's a commodity pool, so tax season brings a Schedule K-1 rather than a 1099. Peer OILK is built specifically to skip that paperwork.uscfinvestments.com
  • Futures, not barrels. Rolling contracts forward can cost when later months trade above nearer ones, which pulls results away from headline spot oil.sec.gov
  • One commodity, one price driver, and no income stream: the fund hasn't been paying distributions, so everything rides on the oil move.

Full BNO profile⁠

Full USO profile⁠

BNO vs USO 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 USO Cost

Overpaying BNO vs USO

$4,709

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

  • BNO 1.15%

    $21,077

  • USO 0.86%

    $16,368

$10,000
30 years

Cost over time

  • BNO 1.15%
  • USO 0.86%
  • 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 $21,077USO $16,368

Year by year

YearBNOUSOOverpaying
10$2,015$1,525$490
20$7,521$5,768$1,753
30$21,077$16,368$4,709

Expense ratio

  • 1.15%BNO
  • 0.86%USO, cheaper
  • Middle half of Energy Futures funds
  • Median 1.01%

USO 4th cheapest of 11 funds

BNO 8th cheapest of 11 funds

BNO vs USO Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
BNO None
USO None

Distribution history

BNOAll BNO payments⁠

No distribution history available.

USOAll USO payments⁠

No distribution history available.

BNO vs USO Risk

Fall from peak · 5 years

  • BNO
  • USO
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%, betterUSO 43.1%
Return per unit of riskSharpe ratio, 3 years
BNO 0.77, betterUSO 0.71
Worst fallMax drawdown, 5 years
BNO −34.5%, betterUSO −36.2%
Market sensitivityBeta, 5 years
BNO 2.16USO 2.22

BNO and USO in the news

All news⁠

Popular comparisons

  • BNOCvsOILKA

    United States Brent Oil Fund LP · ProShares K-1 Free Crude Oil ETF

    Expense ratio
    1.15% · 0.70%
    Category
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  • USOBvsOILKA

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    Expense ratio
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  • BNOCvsDBEB

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    Expense ratio
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  • USOBvsDBEB

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    Expense ratio
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  • BNOCvsDBOB

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    Expense ratio
    1.15% · 0.81%
    Category
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  • USOBvsDBOB

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    Expense ratio
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    Category
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