CGRO vs. BNO
CGRO (CoreValues Alpha Greater China Growth ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - CGRO is a China Equities fund actively managed by CoreValues Alpha, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. CGRO is actively managed, while BNO is passively managed. Over the past year, CGRO returned -12.15% vs 88.71% for BNO. At a 0.02 correlation, their price movements are largely independent. CGRO charges 0.75%/yr vs 0.90%/yr for BNO.
Performance
CGRO vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, CGRO achieves a -15.64% return, which is significantly lower than BNO's 85.31% return.
CGRO
- 1D
- -0.69%
- 1M
- -6.61%
- YTD
- -15.64%
- 6M
- -16.66%
- 1Y
- -12.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
CGRO vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CGRO CoreValues Alpha Greater China Growth ETF | -15.64% | 20.23% | 14.75% | 2.03% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -13.25% |
Correlation
The correlation between CGRO and BNO is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2023 | 0.02 |
The correlation between CGRO and BNO shifts across timeframes, from -0.18 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CGRO vs. BNO — Risk / Return Rank
CGRO
BNO
CGRO vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CoreValues Alpha Greater China Growth ETF (CGRO) and United States Brent Oil Fund LP (BNO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| CGRO | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.70 | ||
| Sortino ratioReturn per unit of downside risk | -3.31 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.36 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 4.99 | -5.43 |
| Martin ratioReturn relative to average drawdown | -0.83 | 9.39 | -10.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CGRO | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.55 | 2.15 | -2.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.14 | +0.10 |
Drawdowns
CGRO vs. BNO - Drawdown Comparison
The maximum CGRO drawdown since its inception was -27.90%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for CGRO and BNO.
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Drawdown Indicators
| CGRO | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.90% | -87.06% | +59.16% |
Max Drawdown (1Y)Largest decline over 1 year | -27.90% | -17.87% | -10.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -27.90% | -12.72% | -15.18% |
Average DrawdownAverage peak-to-trough decline | -10.25% | -40.16% | +29.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.67% | 9.48% | +5.19% |
Volatility
CGRO vs. BNO - Volatility Comparison
The current volatility for CoreValues Alpha Greater China Growth ETF (CGRO) is 7.68%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that CGRO experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGRO | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.68% | 14.12% | -6.44% |
Volatility (6M)Calculated over the trailing 6-month period | 15.54% | 36.21% | -20.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.47% | 41.56% | -19.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.97% | 35.40% | -6.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.97% | 36.69% | -7.72% |
CGRO vs. BNO - Expense Ratio Comparison
CGRO has a 0.75% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
CGRO vs. BNO - Dividend Comparison
CGRO's dividend yield for the trailing twelve months is around 3.32%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
CGRO CoreValues Alpha Greater China Growth ETF | 3.32% | 2.48% | 2.47% | 0.21% |
Frequently Asked Questions
CGRO and BNO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to CGRO (7.68%). In terms of maximum drawdown, CGRO dropped -27.90% vs BNO's -87.06%.
On 1-year performance, BNO leads with 88.71% vs -12.15% for CGRO. On fees, CGRO is cheaper at 0.75% per year. On volatility, CGRO has been the lower-risk option at 7.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNO has performed better with a 88.71% return vs -12.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CGRO is cheaper with a 0.75% expense ratio, compared with 0.90% for BNO.
CGRO has the higher dividend yield at 3.32%, compared with 0.00% for BNO.
CGRO is categorized as China Equities, while BNO is Oil & Gas. They also come from different issuers: CoreValues Alpha and Concierge Technologies. Their fees differ too: 0.75% for CGRO and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.55), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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