TGRW vs. BNO
TGRW (T. Rowe Price Growth Stock ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TGRW is a Large Cap Growth Equities fund actively managed by T. Rowe Price, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. TGRW is actively managed, while BNO is passively managed. Over the past 5 years, TGRW returned 7.54%/yr vs 17.15%/yr for BNO. At a 0.05 correlation, their price movements are largely independent. TGRW charges 0.52%/yr vs 1.00%/yr for BNO.
Performance
TGRW vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, TGRW achieves a 0.74% return, which is significantly lower than BNO's 50.21% return.
TGRW
- 1D
- -1.34%
- 1M
- -3.27%
- YTD
- 0.74%
- 6M
- -0.34%
- 1Y
- 15.30%
- 3Y*
- 19.72%
- 5Y*
- 7.54%
- 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%
TGRW vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TGRW T. Rowe Price Growth Stock ETF | 0.74% | 15.62% | 29.94% | 48.87% | -38.42% | 14.97% | 16.40% |
BNO United States Brent Oil Fund LP | 50.21% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | 12.00% |
Correlation
The correlation between TGRW 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2020 | 0.05 |
The correlation between TGRW and BNO shifts across timeframes, from -0.24 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TGRW vs. BNO — Risk / Return Rank
TGRW
BNO
TGRW vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Growth Stock ETF (TGRW) 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.
| TGRW | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.19 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.82 | 1.33 | -0.52 |
| Martin ratioReturn relative to average drawdown | 2.53 | 4.21 | -1.67 |
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Drawdowns
TGRW vs. BNO - Drawdown Comparison
The maximum TGRW drawdown since its inception was -43.33%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TGRW and BNO.
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Drawdown Indicators
| TGRW | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -87.06% | +43.73% |
Max Drawdown (1Y)Largest decline over 1 year | -18.84% | -29.25% | +10.41% |
Max Drawdown (3Y)Largest decline over 3 years | -23.18% | -29.25% | +6.07% |
Max Drawdown (5Y)Largest decline over 5 years | -43.33% | -33.70% | -9.63% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -6.51% | -29.25% | +22.74% |
Average DrawdownAverage peak-to-trough decline | -12.40% | -40.10% | +27.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.05% | 9.28% | -3.23% |
Volatility
TGRW vs. BNO - Volatility Comparison
The current volatility for T. Rowe Price Growth Stock ETF (TGRW) is 6.40%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that TGRW 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
| TGRW | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.40% | 10.92% | -4.52% |
Volatility (6M)Calculated over the trailing 6-month period | 13.54% | 37.29% | -23.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.40% | 41.67% | -24.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.40% | 35.65% | -12.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.04% | 36.68% | -13.64% |
TGRW vs. BNO - Expense Ratio Comparison
TGRW has a 0.52% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
TGRW vs. BNO - Dividend Comparison
Neither TGRW nor BNO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TGRW T. Rowe Price Growth Stock ETF | 0.00% | 0.00% | 0.00% | 0.01% | 0.00% | 0.40% | 0.21% |
Frequently Asked Questions
TGRW 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 (10.92%) compared to TGRW (6.40%). In terms of maximum drawdown, TGRW dropped -43.33% vs BNO's -87.06%.
On 5-year performance, BNO leads with 17.15% vs 7.54% for TGRW. On fees, TGRW is cheaper at 0.52% per year. On volatility, TGRW has been the lower-risk option at 6.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 17.15% return vs 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TGRW is cheaper with a 0.52% expense ratio, compared with 1.00% for BNO.
TGRW and BNO have nearly identical dividend yields, around 0.00%.
TGRW is categorized as Large Cap Growth Equities, while BNO is Oil & Gas. They also come from different issuers: T. Rowe Price and USCF Investments. Their fees differ too: 0.52% for TGRW and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (0.95 vs 0.88), 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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