RONB vs. BNO

Last updated Jun 24, 2026

RONB (Baron First Principles ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - RONB is a Large Cap Growth Equities fund actively managed by Baron Capital, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. RONB is actively managed, while BNO is passively managed. At a correlation of -0.22, they often move in opposite directions. Both charge a 1.00% expense ratio.

Performance

RONB vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron First Principles ETF (RONB) 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, RONB achieves a -6.63% return, which is significantly lower than BNO's 50.21% return.

RONB

• 1D: -0.34%
• 1M: -1.56%
• YTD: -6.63%
• 6M: -8.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

RONB vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
RONB Baron First Principles ETF	-6.63%	-0.76%
BNO United States Brent Oil Fund LP	50.21%	0.25%

Correlation

The correlation between RONB 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 (All Time) Calculated using the full available price history since Dec 15, 2025	-0.22

Return for Risk

RONB vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RONB

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

BNO

BNO Risk / Return Rank: 29
BNO Sharpe Ratio Rank: 27
BNO Sortino Ratio Rank: 28
BNO Omega Ratio Rank: 29
BNO Calmar Ratio Rank: 28
BNO Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RONB vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron First Principles ETF (RONB) 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.

	RONB	BNO	Difference
Sharpe ratio: Return per unit of total volatility	—	0.95	—
Sortino ratio: Return per unit of downside risk	—	1.49	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	1.33	—
Martin ratio: Return relative to average drawdown	—	4.21	—

Drawdowns

RONB vs. BNO - Drawdown Comparison

The maximum RONB drawdown since its inception was -13.08%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for RONB and BNO.

Drawdown Indicators

	RONB	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-13.08%	-87.06%	+73.98%
Max Drawdown (1Y) Largest decline over 1 year	—	-29.25%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-29.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-10.26%	-29.25%	+18.99%
Average Drawdown Average peak-to-trough decline	-6.19%	-40.10%	+33.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.28%	—

Volatility

Volatility by Period

	RONB	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	37.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.43%	41.67%	-21.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	35.65%	-15.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.43%	36.68%	-16.25%

RONB vs. BNO - Expense Ratio Comparison

Both RONB and BNO have an expense ratio of 1.00%.

Dividends

RONB vs. BNO - Dividend Comparison

Neither RONB nor BNO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both RONB and BNO in my portfolio?

RONB 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.

Which ETF is better, RONB or BNO?

Both ETFs have the same 1.00% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RONB or BNO?

RONB and BNO have the same expense ratio: 1.00% per year.

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

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

What is the main difference between RONB and BNO?

RONB is categorized as Large Cap Growth Equities, while BNO is Oil & Gas. They also come from different issuers: Baron Capital and USCF Investments.