Which returned more over the last year, BNO or DBO?

In the year to Oct 28, 2026, with distributions reinvested, BNO returned +141.2% and DBO +113.3%.

Which is cheaper, BNO or DBO?

DBO is cheaper, by 0.42 percentage points a year. That is about $42 on $10,000 held for a year. Fees come from each fund's own filings.

Data as of Oct 28, 2026.

Across categories

BNO vs DBO: Differences, Returns & Fees

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BNO and DBO are both commodity futures funds, and over the year to Oct 28, 2026, BNO returned +141.2% against +113.3%.

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Net assets: $924m on Oct 28, 2026 for United States Brent Oil Fund, LP ETV, and $286m on Oct 27, 2026 for Invesco DB Oil Fund.

BNO on its own →DBO on its own →

At a glance

+141.2%

BNO total return, 1 year

+113.3%

DBO total return, 1 year

1.15%

BNO expense ratio

0.73%

DBO expense ratio

Pair scorecard

DBO costs 0.42 points a year less; their one-year returns differ by 27.9 points; BNO is 3.2 times larger.

BNO vs DBO: Differences, Returns & Fees
Measure	BNO	DBO
Return
Measure	BNO	DBO
Total return, 1 year	+141.2%	+113.3%
Drawdown
Measure	BNO	DBO
Below its high		42.2%, high on Jul 14, 2008
Benchmark
Measure	BNO	DBO
What it tracks	Energy futures	Energy futures
Cost and size
Measure	BNO	DBO
Expense ratio	1.15%	0.73%
Net assets, as of Oct 27, 2026	$906m	$286m
Holdings
Measure	BNO	DBO
Holdings in common	not published

Method

Risk and return

Jun 11, 2010 to Oct 23, 2026 · 854 weekly returns

BNO DBO

Return

Total return edge BNO +177.7% +28.8%

Annualized edge BNO +6.4% +1.6%

Price return edge BNO +177.7% +9.3%

Risk

Volatility edge DBO 34.2% 29.5%

Max drawdown edge DBO (slight) −85.7% −83.9%

Risk-adjusted

Sharpe edge BNO 0.31 0.15

Sortino edge BNO 0.45 0.21

Calmar edge BNO 0.07 0.02

Reading

BNO returned more: +177.7% to +28.8%. DBO swung less: 29.5% to 34.2%. DBO fell slightly less at its worst: −83.9% to −85.7%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: BNO vs DBO: Differences, Returns & Fees
Measure	BNO	DBO	Edge	How it is measured
Return
Total return	+177.7%	+28.8%	BNO	Price change plus distributions, reinvested.
Annualized	+6.4%	+1.6%	BNO	Total return as a yearly rate.
Price return	+177.7%	+9.3%	BNO	Price change alone, distributions left out.
Risk
Volatility	34.2%	29.5%	DBO	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	23.4%	20.7%	DBO	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−85.7%	−83.9%	DBO (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.31	0.15	BNO	Return above Treasury bills per unit of volatility.
Sortino	0.45	0.21	BNO	Return above Treasury bills per unit of downside deviation.
Calmar	0.07	0.02	BNO	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 854 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

BNO United States Brent Oil Fund, LP ETV DBO Invesco DB Oil Fund

Where it sits Commodity ETF Commodity ETF

Issuer USCF Invesco

What it is Holds energy futures Holds energy futures

Total return, 1 year +141.2% +113.3%

Expense ratio 1.15% 0.73%

Net assets, BNO as of Oct 28, 2026 and DBO as of Oct 27, 2026 $924m $286m

BNO and DBO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-60285A0768

BNO and DBO are built for the same job. How do they differ in cost, holdings and results?

One-year total return. Over 1 year to Oct 28, 2026 BNO returned +141.2% and DBO +113.3% with distributions reinvested, a gap of 27.9 points.
Cost. BNO charges 1.15% of assets a year and DBO 0.73%, a gap of 0.42 points.
Size. BNO has $906m in net assets and DBO $286m (net assets, as of Oct 27, 2026); BNO is 3.2 times larger.

Data as of Oct 28, 2026.

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About each fund

BNO

BNO holds energy futures. Over the year to Oct 28, 2026 it returned +141.2% with distributions reinvested. The prospectus expense ratio is 1.15% a year.

DBO

Its expense ratio is 0.73% a year, for the three months to Jun 30, 2026, as its 10-Q states.

DBO holds energy futures. Over the year to Oct 28, 2026 it returned +113.3% with distributions reinvested. It sat 42.2% below its high of Jul 14, 2008 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, BNO or DBO?: In the year to Oct 28, 2026, with distributions reinvested, BNO returned +141.2% and DBO +113.3%.
Which is cheaper, BNO or DBO?: DBO is cheaper, by 0.42 percentage points a year. That is about $42 on $10,000 held for a year. Fees come from each fund's own filings.

Other comparisons

BNO vs OILK BNO vs USO DBO vs USO DBO vs OILK

Where to next

BNO on its own →DBO on its own →Hold both: look the portfolio through →Rankings →DBO dividend history →Standards and sources →

Sources and dates

BNO filings on SEC EDGAR ↗

USCF website ↗

DBO filings on SEC EDGAR ↗

Invesco page for DBO ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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ETFIQ, BNO against DBO, data as of Oct 28, 2026. https://etfiq.com/compare/any/bno-vs-dbo

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