RNRG vs. BNO
RNRG (Global X Funds Global X Renewable Energy Producers ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - RNRG is a Alternative Energy Equities fund tracking the Indxx Renewable Energy Producers Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, RNRG returned 4.26%/yr vs 13.13%/yr for BNO. At a 0.17 correlation, their price movements are largely independent. RNRG charges 0.65%/yr vs 0.90%/yr for BNO.
Performance
RNRG vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, RNRG achieves a 16.42% return, which is significantly lower than BNO's 85.31% return. Over the past 10 years, RNRG has underperformed BNO with an annualized return of 4.26%, while BNO has yielded a comparatively higher 13.13% annualized return.
RNRG
- 1D
- -1.05%
- 1M
- -1.46%
- YTD
- 16.42%
- 6M
- 15.60%
- 1Y
- 40.09%
- 3Y*
- 4.03%
- 5Y*
- -2.90%
- 10Y*
- 4.26%
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
RNRG vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RNRG Global X Funds Global X Renewable Energy Producers ETF | 16.42% | 29.61% | -22.00% | -12.82% | -15.30% | -12.78% | 26.67% | 37.04% | -6.22% | 21.16% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between RNRG and BNO is -0.24, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.17 |
The correlation between RNRG and BNO shifts across timeframes, from -0.24 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RNRG vs. BNO — Risk / Return Rank
RNRG
BNO
RNRG vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Funds Global X Renewable Energy Producers ETF (RNRG) 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.
| RNRG | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.36 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 6.77 | 4.99 | +1.78 |
| Martin ratioReturn relative to average drawdown | 18.73 | 9.39 | +9.35 |
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
| RNRG | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.55 | 2.15 | +0.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.15 | 0.67 | -0.81 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | 0.36 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.14 | -0.07 |
Drawdowns
RNRG vs. BNO - Drawdown Comparison
The maximum RNRG drawdown since its inception was -58.79%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for RNRG and BNO.
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Drawdown Indicators
| RNRG | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.79% | -87.06% | +28.27% |
Max Drawdown (1Y)Largest decline over 1 year | -5.95% | -17.87% | +11.92% |
Max Drawdown (3Y)Largest decline over 3 years | -35.23% | -23.75% | -11.48% |
Max Drawdown (5Y)Largest decline over 5 years | -52.17% | -33.70% | -18.47% |
Max Drawdown (10Y)Largest decline over 10 years | -58.79% | -75.18% | +16.39% |
Current DrawdownCurrent decline from peak | -31.11% | -12.72% | -18.39% |
Average DrawdownAverage peak-to-trough decline | -24.45% | -40.16% | +15.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 9.48% | -7.33% |
Volatility
RNRG vs. BNO - Volatility Comparison
The current volatility for Global X Funds Global X Renewable Energy Producers ETF (RNRG) is 5.50%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that RNRG 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
| RNRG | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.50% | 14.12% | -8.62% |
Volatility (6M)Calculated over the trailing 6-month period | 12.14% | 36.21% | -24.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.82% | 41.56% | -25.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.09% | 35.40% | -15.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.67% | 36.69% | -17.02% |
RNRG vs. BNO - Expense Ratio Comparison
RNRG has a 0.65% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
RNRG vs. BNO - Dividend Comparison
RNRG's dividend yield for the trailing twelve months is around 1.29%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
RNRG Global X Funds Global X Renewable Energy Producers ETF | 1.29% | 1.50% | 1.48% | 1.44% | 1.15% | 1.10% | 3.16% | 2.97% | 5.22% | 4.14% | 5.02% | 3.48% |
Frequently Asked Questions
RNRG and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to RNRG (5.50%). In terms of maximum drawdown, RNRG dropped -58.79% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.13% vs 4.26% for RNRG. On fees, RNRG is cheaper at 0.65% per year. On volatility, RNRG has been the lower-risk option at 5.50%. 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 13.13% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RNRG is cheaper with a 0.65% expense ratio, compared with 0.90% for BNO.
RNRG has the higher dividend yield at 1.29%, compared with 0.00% for BNO.
RNRG is categorized as Alternative Energy Equities, while BNO is Oil & Gas. RNRG tracks Indxx Renewable Energy Producers Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Global X and Concierge Technologies. Their fees differ too: 0.65% for RNRG and 0.90% for BNO.
RNRG currently has the higher Sharpe Ratio (2.55 vs 2.15), 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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