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LRGF vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

LRGF vs. BNO

Last updated Jun 3, 2026

LRGF (iShares MSCI USA Multifactor ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - LRGF is a Large Cap Blend Equities fund tracking the MSCI USA Diversified Multi-Factor, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, LRGF returned 14.11%/yr vs 13.38%/yr for BNO. At a 0.19 correlation, their price movements are largely independent. LRGF charges 0.20%/yr vs 0.90%/yr for BNO.

Performance

LRGF vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Multifactor ETF (LRGF) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, LRGF achieves a 11.29% return, which is significantly lower than BNO's 86.76% return. Over the past 10 years, LRGF has outperformed BNO with an annualized return of 14.11%, while BNO has yielded a comparatively lower 13.38% annualized return.

LRGF

1D
0.18%
1M
6.67%
YTD
11.29%
6M
11.73%
1Y
26.79%
3Y*
23.10%
5Y*
14.20%
10Y*
14.11%

BNO

1D
0.76%
1M
-7.65%
YTD
86.76%
6M
83.45%
1Y
89.50%
3Y*
27.10%
5Y*
23.77%
10Y*
13.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

LRGF vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
LRGF
iShares MSCI USA Multifactor ETF		11.29%16.48%26.59%25.85%-14.77%25.01%11.11%26.11%-9.66%21.13%
BNO
United States Brent Oil Fund LP		86.76%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between LRGF and BNO is -0.30, 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

-0.31

Correlation (3Y)
Calculated over the trailing 3-year period

-0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.09

Correlation (10Y)
Calculated over the trailing 10-year period

0.19

Correlation (All Time)
Calculated using the full available price history since May 1, 2015

0.19

The correlation between LRGF and BNO shifts across timeframes, from -0.30 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Multifactor ETF

United States Brent Oil Fund LP

Often compared with LRGF:
LRGF vs. VOOLRGF vs. QUALLRGF vs. INTFLRGF vs. SPYLRGF vs. FNDALRGF vs. JQUALRGF vs. VV
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

LRGF vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
LRGF
LRGF Risk / Return Rank: 6565
Overall Rank
LRGF Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
LRGF Sortino Ratio Rank: 6565
Sortino Ratio Rank
LRGF Omega Ratio Rank: 6565
Omega Ratio Rank
LRGF Calmar Ratio Rank: 6161
Calmar Ratio Rank
LRGF Martin Ratio Rank: 6868
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8989
Calmar Ratio Rank
BNO Martin Ratio Rank: 5757
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LRGF vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Multifactor ETF (LRGF) 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.

LRGFBNODifference

Sharpe ratio

Return per unit of total volatility

2.24

2.17

+0.06

Sortino ratio

Return per unit of downside risk

3.06

2.68

+0.38

Omega ratio

Gain probability vs. loss probability

1.40

1.37

+0.03

Calmar ratio

Return relative to maximum drawdown

3.08

5.39

-2.31

Martin ratio

Return relative to average drawdown

12.80

10.23

+2.57

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LRGF vs. BNO - Sharpe Ratio Comparison

The current LRGF Sharpe Ratio is 2.24, which is comparable to the BNO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of LRGF and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

LRGFBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.24

2.17

+0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.84

0.68

+0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.77

0.37

+0.41

Sharpe Ratio (All Time)

Calculated using the full available price history

0.70

0.14

+0.56

Drawdowns

LRGF vs. BNO - Drawdown Comparison

The maximum LRGF drawdown since its inception was -36.03%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for LRGF and BNO.

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Drawdown Indicators

LRGFBNODifference

Max Drawdown

Largest peak-to-trough decline

-36.03%

-87.06%

+51.03%

Max Drawdown (1Y)

Largest decline over 1 year

-8.92%

-17.87%

+8.95%

Max Drawdown (3Y)

Largest decline over 3 years

-19.44%

-23.75%

+4.31%

Max Drawdown (5Y)

Largest decline over 5 years

-21.62%

-33.70%

+12.08%

Max Drawdown (10Y)

Largest decline over 10 years

-36.03%

-75.18%

+39.15%

Current Drawdown

Current decline from peak

0.00%

-12.04%

+12.04%

Average Drawdown

Average peak-to-trough decline

-4.54%

-40.18%

+35.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.14%

9.43%

-7.29%

Volatility

LRGF vs. BNO - Volatility Comparison

The current volatility for iShares MSCI USA Multifactor ETF (LRGF) is 2.79%, while United States Brent Oil Fund LP (BNO) has a volatility of 15.03%. This indicates that LRGF 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

LRGFBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.79%

15.03%

-12.24%

Volatility (6M)

Calculated over the trailing 6-month period

9.07%

36.08%

-27.01%

Volatility (1Y)

Calculated over the trailing 1-year period

12.04%

41.56%

-29.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.02%

35.37%

-18.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.31%

36.68%

-18.37%

LRGF vs. BNO - Expense Ratio Comparison

LRGF has a 0.20% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

LRGF vs. BNO - Dividend Comparison

LRGF's dividend yield for the trailing twelve months is around 1.05%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
BNO
United States Brent Oil Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
LRGF
iShares MSCI USA Multifactor ETF		1.05%1.16%1.23%1.49%1.78%1.05%1.35%1.76%3.27%1.68%1.56%0.83%

Frequently Asked Questions

LRGF and BNO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (15.03%) compared to LRGF (2.79%). In terms of maximum drawdown, LRGF dropped -36.03% vs BNO's -87.06%.

On 10-year performance, LRGF leads with 14.11% vs 13.38% for BNO. On fees, LRGF is cheaper at 0.20% per year. On volatility, LRGF has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, LRGF has performed better with a 14.11% return vs 13.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

LRGF is cheaper with a 0.20% expense ratio, compared with 0.90% for BNO.

LRGF has the higher dividend yield at 1.05%, compared with 0.00% for BNO.

LRGF is categorized as Large Cap Blend Equities, while BNO is Oil & Gas. LRGF tracks MSCI USA Diversified Multi-Factor, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.20% for LRGF and 0.90% for BNO.

LRGF currently has the higher Sharpe Ratio (2.24 vs 2.17), 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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