SAWS vs. BNO
SAWS (AAM Sawgrass U.S. Small Cap Quality Growth ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SAWS is a Small Cap Growth Equities fund actively managed by AAM, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. SAWS is actively managed, while BNO is passively managed. Over the past year, SAWS returned 19.24% vs 91.89% for BNO. At a correlation of -0.10, they often move in opposite directions. SAWS charges 0.55%/yr vs 0.90%/yr for BNO.
Performance
SAWS vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, SAWS achieves a 11.45% return, which is significantly lower than BNO's 90.47% return.
SAWS
- 1D
- 0.61%
- 1M
- 0.03%
- YTD
- 11.45%
- 6M
- 12.55%
- 1Y
- 19.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
SAWS vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SAWS AAM Sawgrass U.S. Small Cap Quality Growth ETF | 11.45% | 7.26% | 3.52% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | -4.31% |
Correlation
The correlation between SAWS and BNO is -0.25, 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 (All Time) Calculated using the full available price history since Aug 1, 2024 | -0.10 |
The correlation between SAWS and BNO shifts across timeframes, from -0.25 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SAWS vs. BNO — Risk / Return Rank
SAWS
BNO
SAWS vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) 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.
| SAWS | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.38 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 5.17 | -3.28 |
| Martin ratioReturn relative to average drawdown | 6.12 | 9.76 | -3.64 |
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
| SAWS | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 2.23 | -1.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.14 | +0.45 |
Drawdowns
SAWS vs. BNO - Drawdown Comparison
The maximum SAWS drawdown since its inception was -22.04%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SAWS and BNO.
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Drawdown Indicators
| SAWS | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.04% | -87.06% | +65.02% |
Max Drawdown (1Y)Largest decline over 1 year | -10.23% | -17.87% | +7.64% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -2.52% | -10.29% | +7.77% |
Average DrawdownAverage peak-to-trough decline | -5.61% | -40.17% | +34.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.15% | 9.45% | -6.30% |
Volatility
SAWS vs. BNO - Volatility Comparison
The current volatility for AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) is 5.16%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that SAWS 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
| SAWS | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.16% | 14.22% | -9.06% |
Volatility (6M)Calculated over the trailing 6-month period | 13.70% | 36.10% | -22.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.14% | 41.46% | -23.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.03% | 35.38% | -14.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.03% | 36.68% | -15.65% |
SAWS vs. BNO - Expense Ratio Comparison
SAWS has a 0.55% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
SAWS vs. BNO - Dividend Comparison
SAWS's dividend yield for the trailing twelve months is around 0.02%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% |
SAWS AAM Sawgrass U.S. Small Cap Quality Growth ETF | 0.02% | 0.02% | 0.03% |
Frequently Asked Questions
SAWS and BNO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.22%) compared to SAWS (5.16%). In terms of maximum drawdown, SAWS dropped -22.04% vs BNO's -87.06%.
On 1-year performance, BNO leads with 91.89% vs 19.24% for SAWS. On fees, SAWS is cheaper at 0.55% per year. On volatility, SAWS has been the lower-risk option at 5.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNO has performed better with a 91.89% return vs 19.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SAWS is cheaper with a 0.55% expense ratio, compared with 0.90% for BNO.
SAWS has the higher dividend yield at 0.02%, compared with 0.00% for BNO.
SAWS is categorized as Small Cap Growth Equities, while BNO is Oil & Gas. They also come from different issuers: AAM and Concierge Technologies. Their fees differ too: 0.55% for SAWS and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 1.07), 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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