PLDR vs. BNO

Last updated Aug 6, 2026

PLDR (Putnam Sustainable Leaders ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - PLDR is a Sustainable fund actively managed by Putnam, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. PLDR is actively managed, while BNO is passively managed. Their 0.02 correlation means their historical movements had little consistent relationship. PLDR charges 0.59%/yr vs 1.00%/yr for BNO.

Performance

PLDR vs. BNO - Performance Comparison

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

Returns By Period

PLDR

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BNO

• 1D: 0.20%
• 1M: 13.70%
• 6M: 40.54%
• YTD: 60.35%
• 1Y: 50.86%
• 3Y*: 15.82%
• 5Y*: 19.89%
• 10Y*: 13.21%
• ALL TIME*: 3.64%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$122.16M	$108.92M	$136.49M

PLDR vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PLDR Putnam Sustainable Leaders ETF	1.69%	12.03%	23.47%	27.47%	-22.52%	11.54%
BNO United States Brent Oil Fund LP	60.35%	-5.44%	9.67%	-3.43%	35.25%	20.03%

Correlation

The correlation between PLDR and BNO is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.28
Correlation (3Y) Balances recent behavior with more history.	-0.11
Correlation (5Y) Shows whether the relationship held over a longer period.	0.02
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.02

The correlation between PLDR and BNO shifts across timeframes, from -0.28 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PLDR vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PLDR

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BNO

BNO Risk / Return Rank: 39
BNO Sharpe Ratio Rank: 40
BNO Sortino Ratio Rank: 41
BNO Omega Ratio Rank: 40
BNO Calmar Ratio Rank: 37
BNO Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PLDR vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Sustainable Leaders ETF (PLDR) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PLDR	BNO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.14	—
Sortino ratio: Return per unit of downside risk	—	1.71	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.48	—
Martin ratio: Return relative to average drawdown	—	4.41	—

Drawdowns

Drawdown Indicators

	PLDR	BNO	Difference
Max Drawdown Largest peak-to-trough decline	—	-87.06%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-34.46%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	—	-24.48%	—
Average Drawdown Average peak-to-trough decline	—	-39.98%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.58%	—

Volatility

Volatility by Period

	PLDR	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	19.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	41.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	45.01%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	36.51%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	37.04%	—

PLDR vs. BNO - Expense Ratio Comparison

PLDR has a 0.59% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

PLDR vs. BNO - Dividend Comparison

Neither PLDR nor BNO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PLDR Putnam Sustainable Leaders ETF	0.37%	0.37%	0.38%	0.56%	0.63%	0.39%

Frequently Asked Questions

Can I hold both PLDR and BNO in my portfolio?

PLDR and BNO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PLDR or BNO?

On fees, PLDR is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PLDR or BNO?

PLDR is cheaper with a 0.59% expense ratio, compared with 1.00% for BNO.

Which ETF pays a higher dividend yield, PLDR or BNO?

PLDR has the higher dividend yield at 0.37%, compared with 0.00% for BNO.

What is the main difference between PLDR and BNO?

PLDR is categorized as Sustainable, while BNO is Oil & Gas. They also come from different issuers: Putnam and USCF. Their fees differ too: 0.59% for PLDR and 1.00% for BNO.