RAA vs. BNO
RAA (SMI 3Fourteen REAL Asset Allocation ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - RAA is a Diversified Portfolio fund actively managed by SMI Advisory Services, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. RAA is actively managed, while BNO is passively managed. Over the past year, RAA returned 24.53% vs 91.89% for BNO. At a correlation of -0.07, they often move in opposite directions. RAA charges 0.85%/yr vs 0.90%/yr for BNO.
Performance
RAA vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, RAA achieves a 11.05% return, which is significantly lower than BNO's 90.47% return.
RAA
- 1D
- -0.40%
- 1M
- 3.67%
- YTD
- 11.05%
- 6M
- 11.04%
- 1Y
- 24.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
RAA vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
RAA SMI 3Fourteen REAL Asset Allocation ETF | 11.05% | 12.12% |
BNO United States Brent Oil Fund LP | 90.47% | -4.93% |
Correlation
The correlation between RAA and BNO is -0.22, 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 | -0.22 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2025 | -0.07 |
The correlation between RAA and BNO shifts across timeframes, from -0.22 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RAA vs. BNO — Risk / Return Rank
RAA
BNO
RAA vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SMI 3Fourteen REAL Asset Allocation ETF (RAA) 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.
| RAA | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.38 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 4.17 | 5.17 | -1.00 |
| Martin ratioReturn relative to average drawdown | 16.80 | 9.76 | +7.04 |
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
| RAA | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.60 | 2.23 | +0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.49 | 0.14 | +1.35 |
Drawdowns
RAA vs. BNO - Drawdown Comparison
The maximum RAA drawdown since its inception was -11.80%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for RAA and BNO.
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Drawdown Indicators
| RAA | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.80% | -87.06% | +75.26% |
Max Drawdown (1Y)Largest decline over 1 year | -5.91% | -17.87% | +11.96% |
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 | -0.40% | -10.29% | +9.89% |
Average DrawdownAverage peak-to-trough decline | -1.41% | -40.17% | +38.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 9.45% | -7.99% |
Volatility
RAA vs. BNO - Volatility Comparison
The current volatility for SMI 3Fourteen REAL Asset Allocation ETF (RAA) is 2.92%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that RAA 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
| RAA | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.92% | 14.22% | -11.30% |
Volatility (6M)Calculated over the trailing 6-month period | 7.44% | 36.10% | -28.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.49% | 41.46% | -31.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.71% | 35.38% | -22.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.71% | 36.68% | -23.97% |
RAA vs. BNO - Expense Ratio Comparison
RAA has a 0.85% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
RAA vs. BNO - Dividend Comparison
RAA's dividend yield for the trailing twelve months is around 2.10%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% |
RAA SMI 3Fourteen REAL Asset Allocation ETF | 2.10% | 2.14% |
Frequently Asked Questions
RAA and BNO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to RAA (2.92%). In terms of maximum drawdown, RAA dropped -11.80% vs BNO's -87.06%.
On 1-year performance, BNO leads with 91.89% vs 24.53% for RAA. On fees, RAA is cheaper at 0.85% per year. On volatility, RAA has been the lower-risk option at 2.92%. 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 91.89% return vs 24.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RAA is cheaper with a 0.85% expense ratio, compared with 0.90% for BNO.
RAA has the higher dividend yield at 2.10%, compared with 0.00% for BNO.
RAA is categorized as Diversified Portfolio, while BNO is Oil & Gas. They also come from different issuers: SMI Advisory Services and Concierge Technologies. Their fees differ too: 0.85% for RAA and 0.90% for BNO.
RAA currently has the higher Sharpe Ratio (2.60 vs 2.23), 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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