RCGE vs. BNO

Last updated Aug 1, 2026

RCGE (RockCreek Global Equality ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - RCGE is a Global Equities fund actively managed by Alpha Architect, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. RCGE is actively managed, while BNO is passively managed. Over the past year, RCGE returned 18.47% vs 62.83% for BNO. Their -0.26 correlation means they have often moved in opposite directions in the past. RCGE charges 0.95%/yr vs 1.00%/yr for BNO.

Performance

RCGE vs. BNO - Performance Comparison

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

Returns By Period

In the year-to-date period, RCGE achieves a 9.52% return, which is significantly lower than BNO's 77.90% return.

RCGE

• 1D: -0.72%
• 1M: 2.70%
• 6M: 7.02%
• YTD: 9.52%
• 1Y: 18.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.42%

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
RCGE RockCreek Global Equality ETF	$848.09	$796.67	$990.58

RCGE vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
RCGE RockCreek Global Equality ETF	9.52%	13.33%
BNO United States Brent Oil Fund LP	77.90%	-4.93%

Correlation

The correlation between RCGE and BNO is -0.36, 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.	-0.36
Correlation (All Time) Calculated using the full available price history since Feb 27, 2025	-0.26

The correlation between RCGE and BNO shifts across timeframes, from -0.36 (1 year) to -0.26 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RCGE vs. BNO — Risk / Return Rank

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

RCGE

RCGE Risk / Return Rank: 60
RCGE Sharpe Ratio Rank: 63
RCGE Sortino Ratio Rank: 65
RCGE Omega Ratio Rank: 63
RCGE Calmar Ratio Rank: 54
RCGE Martin Ratio Rank: 57

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.

RCGE vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RockCreek Global Equality ETF (RCGE) 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.

	RCGE	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.32	+0.18
Sortino ratio: Return per unit of downside risk	2.19	1.90	+0.28
Omega ratio: Gain probability vs. loss probability	1.27	1.24	+0.03
Calmar ratio: Return relative to maximum drawdown	1.97	1.70	+0.28
Martin ratio: Return relative to average drawdown	6.92	5.15	+1.77

RCGE vs. BNO - Sharpe Ratio Comparison

The current RCGE Sharpe Ratio is 1.49, which is comparable to the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of RCGE 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.

Drawdowns

RCGE vs. BNO - Drawdown Comparison

The maximum RCGE drawdown since its inception was -13.32%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for RCGE and BNO.

Drawdown Indicators

	RCGE	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-13.32%	-87.06%	+73.74%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-34.46%	+25.13%
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	-0.72%	-16.21%	+15.49%
Average Drawdown Average peak-to-trough decline	-1.88%	-39.99%	+38.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	11.86%	-9.20%

Volatility

RCGE vs. BNO - Volatility Comparison

The current volatility for RockCreek Global Equality ETF (RCGE) is 3.88%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that RCGE 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.

Volatility by Period

	RCGE	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	17.47%	-13.59%
Volatility (6M) Calculated over the trailing 6-month period	10.28%	40.96%	-30.68%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	44.54%	-32.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.17%	36.41%	-21.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.17%	36.98%	-21.81%

RCGE vs. BNO - Expense Ratio Comparison

RCGE has a 0.95% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

RCGE vs. BNO - Dividend Comparison

RCGE's dividend yield for the trailing twelve months is around 1.66%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
RCGE RockCreek Global Equality ETF	1.66%	1.81%

Frequently Asked Questions

Can I hold both RCGE and BNO in my portfolio?

RCGE and BNO have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RCGE or BNO?

BNO has higher volatility (17.47%) compared to RCGE (3.88%). In terms of maximum drawdown, RCGE dropped -13.32% vs BNO's -87.06%.

Which ETF is better, RCGE or BNO?

On 1-year performance, BNO leads with 62.83% vs 18.47% for RCGE. On fees, RCGE is cheaper at 0.95% per year. On volatility, RCGE has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RCGE or BNO?

Over the 1-year period, BNO has performed better with a 62.83% return vs 18.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RCGE or BNO?

RCGE is cheaper with a 0.95% expense ratio, compared with 1.00% for BNO.

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

RCGE has the higher dividend yield at 1.66%, compared with 0.00% for BNO.

What is the main difference between RCGE and BNO?

RCGE is categorized as Global Equities, while BNO is Oil & Gas. They also come from different issuers: Alpha Architect and USCF. Their fees differ too: 0.95% for RCGE and 1.00% for BNO.

Which has better risk-adjusted returns?

RCGE currently has the higher Sharpe Ratio (1.49 vs 1.32), 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.