Data as of Oct 28, 2026.
BNO vs USO: Differences, Returns & Fees
BNO and USO are both commodity futures funds, and over the year to Oct 28, 2026, BNO returned +141.2% against +133.3%.
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Net assets on Oct 28, 2026: $924m for United States Brent Oil Fund, LP ETV and $1.9bn for United States Oil Fund, LP.
Pair scorecard
USO costs 0.29 points a year less; their one-year returns differ by 7.9 points; USO is 2.1 times larger.
| Measure | BNO | USO |
|---|---|---|
| Return | ||
| Total return, 1 year | +141.2% | +133.3% |
| Drawdown | ||
| Below its high | 82.3%, high on Jul 14, 2008 | |
| Benchmark | ||
| What it tracks | Energy futures | Oil futures |
| Cost and size | ||
| Expense ratio | 1.15% | 0.86% |
| Net assets | $924m | $1.9bn |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
Jun 11, 2010 to Oct 23, 2026 · 854 weekly returnsBNO returned more: +177.7% to −38.1%. BNO swung slightly less: 34.2% to 36.8%. BNO fell slightly less at its worst: −85.7% to −94.8%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | BNO | USO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +177.7% | −38.1% | BNO | Price change plus distributions, reinvested. |
| Annualized | +6.4% | −2.9% | BNO | Total return as a yearly rate. |
| Price return | +177.7% | −38.1% | BNO | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 34.2% | 36.8% | BNO (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 23.4% | 26.3% | BNO | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −85.7% | −94.8% | BNO (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.31 | 0.07 | BNO | Return above Treasury bills per unit of volatility. |
| Sortino | 0.45 | 0.09 | BNO | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.07 | −0.03 | 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 and USO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
BNO and USO are built for the same job. How do they differ in cost, holdings and results?
- What each follows. BNO follows Energy futures and USO follows Oil futures.
- One-year total return. Over 1 year to Oct 28, 2026 BNO returned +141.2% and USO +133.3% with distributions reinvested, a gap of 7.9 points.
- Cost. BNO charges 1.15% of assets a year and USO 0.86%, a gap of 0.29 points.
Data as of Oct 28, 2026.
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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.
USO
USO holds oil futures. Over the year to Oct 28, 2026 it returned +133.3% with distributions reinvested. The prospectus expense ratio is 0.86% a year. It sat 82.3% below its high of Jul 14, 2008 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, BNO or USO?
- In the year to Oct 28, 2026, with distributions reinvested, BNO returned +141.2% and USO +133.3%.
- Which is cheaper, BNO or USO?
- USO is cheaper, by 0.29 percentage points a year. That is about $29 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
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ETFIQ, BNO against USO, data as of Oct 28, 2026. https://etfiq.com/compare/any/bno-vs-uso
ETFIQ. (Oct 28, 2026). BNO against USO. Retrieved from https://etfiq.com/compare/any/bno-vs-uso
[BNO against USO (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/bno-vs-uso)
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