RAYJ vs. BNO

Last updated Aug 2, 2026

RAYJ (Rayliant SMDAM Japan Equity ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - RAYJ is a Japan Equities fund actively managed by Rayliant, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. RAYJ is actively managed, while BNO is passively managed. RAYJ charges 0.72%/yr vs 1.00%/yr for BNO.

Performance

RAYJ vs. BNO - Performance Comparison

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

Returns By Period

RAYJ

• 1D: 0.00%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BNO

• 1D: 1.45%
• 1M: 27.00%
• 6M: 52.90%
• YTD: 77.90%
• 1Y: 62.83%
• 3Y*: 20.31%
• 5Y*: 20.89%
• 10Y*: 15.06%
• ALL TIME*: 4.31%

*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	$107.13M	$97.34M	$147.52M
RAYJ Rayliant SMDAM Japan Equity ETF	$0.00	$0.00	$0.00

RAYJ vs. BNO - Yearly Performance Comparison

	2026 (YTD)
RAYJ Rayliant SMDAM Japan Equity ETF	0.00%
BNO United States Brent Oil Fund LP	1.45%

Return for Risk

RAYJ vs. BNO — Risk / Return Rank

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

RAYJ

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

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

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.

RAYJ vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant SMDAM Japan Equity ETF (RAYJ) 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.

	RAYJ	BNO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.32	—
Sortino ratio: Return per unit of downside risk	—	1.90	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	1.70	—
Martin ratio: Return relative to average drawdown	—	5.15	—

Drawdowns

RAYJ vs. BNO - Drawdown Comparison

The maximum RAYJ drawdown since its inception was 0.00%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for RAYJ and BNO.

Drawdown Indicators

	RAYJ	BNO	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-87.06%	+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	0.00%	-16.21%	+16.21%
Average Drawdown Average peak-to-trough decline	0.00%	-39.99%	+39.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.86%	—

Volatility

Volatility by Period

	RAYJ	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	40.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	44.54%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	36.41%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	36.98%	—

RAYJ vs. BNO - Expense Ratio Comparison

RAYJ has a 0.72% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

RAYJ vs. BNO - Dividend Comparison

Neither RAYJ nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Which ETF is better, RAYJ or BNO?

On fees, RAYJ is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RAYJ or BNO?

RAYJ is cheaper with a 0.72% expense ratio, compared with 1.00% for BNO.

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

RAYJ and BNO have nearly identical dividend yields, around 0.00%.

What is the main difference between RAYJ and BNO?

RAYJ is categorized as Japan Equities, while BNO is Oil & Gas. They also come from different issuers: Rayliant and USCF. Their fees differ too: 0.72% for RAYJ and 1.00% for BNO.