RFEM vs. BNO
RFEM (First Trust RiverFront Dynamic Emerging Markets ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - RFEM is a Emerging Markets Equities fund actively managed by First Trust, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. RFEM is actively managed, while BNO is passively managed. Over the past 10 years, RFEM returned 9.39%/yr vs 11.25%/yr for BNO. At a 0.20 correlation, their price movements are largely independent. RFEM charges 0.95%/yr vs 1.00%/yr for BNO.
Performance
RFEM vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, RFEM achieves a 18.11% return, which is significantly lower than BNO's 50.21% return. Over the past 10 years, RFEM has underperformed BNO with an annualized return of 9.39%, while BNO has yielded a comparatively higher 11.25% annualized return.
RFEM
- 1D
- -3.04%
- 1M
- 0.28%
- YTD
- 18.11%
- 6M
- 18.72%
- 1Y
- 36.93%
- 3Y*
- 22.77%
- 5Y*
- 8.62%
- 10Y*
- 9.39%
BNO
- 1D
- -1.35%
- 1M
- -22.65%
- YTD
- 50.21%
- 6M
- 47.81%
- 1Y
- 38.79%
- 3Y*
- 19.32%
- 5Y*
- 17.15%
- 10Y*
- 11.25%
RFEM vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RFEM First Trust RiverFront Dynamic Emerging Markets ETF | 18.11% | 27.71% | 10.85% | 20.78% | -19.05% | 0.97% | 8.19% | 20.33% | -18.80% | 35.73% |
BNO United States Brent Oil Fund LP | 50.21% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between RFEM and BNO is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2016 | 0.20 |
The correlation between RFEM and BNO shifts across timeframes, from -0.27 (1 year) to 0.20 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
RFEM vs. BNO — Risk / Return Rank
RFEM
BNO
RFEM vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) 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.
| RFEM | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.19 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 1.33 | +1.85 |
| Martin ratioReturn relative to average drawdown | 12.49 | 4.21 | +8.28 |
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Drawdowns
RFEM vs. BNO - Drawdown Comparison
The maximum RFEM drawdown since its inception was -42.22%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for RFEM and BNO.
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Drawdown Indicators
| RFEM | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.22% | -87.06% | +44.84% |
Max Drawdown (1Y)Largest decline over 1 year | -11.65% | -29.25% | +17.60% |
Max Drawdown (3Y)Largest decline over 3 years | -15.81% | -29.25% | +13.44% |
Max Drawdown (5Y)Largest decline over 5 years | -34.25% | -33.70% | -0.55% |
Max Drawdown (10Y)Largest decline over 10 years | -42.22% | -75.18% | +32.96% |
Current DrawdownCurrent decline from peak | -4.26% | -29.25% | +24.99% |
Average DrawdownAverage peak-to-trough decline | -11.93% | -40.10% | +28.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 9.28% | -6.31% |
Volatility
RFEM vs. BNO - Volatility Comparison
The current volatility for First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) is 8.40%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that RFEM 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
| RFEM | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.40% | 10.92% | -2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 15.94% | 37.29% | -21.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.14% | 41.67% | -23.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.15% | 35.65% | -17.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.85% | 36.68% | -16.83% |
RFEM vs. BNO - Expense Ratio Comparison
RFEM has a 0.95% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
RFEM vs. BNO - Dividend Comparison
RFEM's dividend yield for the trailing twelve months is around 1.73%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
RFEM First Trust RiverFront Dynamic Emerging Markets ETF | 1.73% | 1.98% | 3.64% | 3.28% | 7.74% | 3.21% | 1.22% | 3.75% | 2.37% | 1.62% | 3.73% |
Frequently Asked Questions
RFEM and BNO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (10.92%) compared to RFEM (8.40%). In terms of maximum drawdown, RFEM dropped -42.22% vs BNO's -87.06%.
On 10-year performance, BNO leads with 11.25% vs 9.39% for RFEM. On fees, RFEM is cheaper at 0.95% per year. On volatility, RFEM has been the lower-risk option at 8.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 11.25% return vs 9.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RFEM is cheaper with a 0.95% expense ratio, compared with 1.00% for BNO.
RFEM has the higher dividend yield at 1.73%, compared with 0.00% for BNO.
RFEM is categorized as Emerging Markets Equities, while BNO is Oil & Gas. They also come from different issuers: First Trust and USCF Investments. Their fees differ too: 0.95% for RFEM and 1.00% for BNO.
RFEM currently has the higher Sharpe Ratio (2.05 vs 0.95), 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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