ANEW vs. BBUS

Last updated Jun 4, 2026

ANEW (ProShares MSCI Transformational Changes ETF) and BBUS (JP Morgan Betabuilders U.S. Equity ETF) are both Large Cap Growth Equities funds - ANEW tracks the MSCI Global Transformational Changes Index while BBUS tracks the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past 5 years, ANEW returned 3.83%/yr vs 13.43%/yr for BBUS. Their correlation of 0.89 suggests significant overlap in exposure. ANEW charges 0.45%/yr vs 0.02%/yr for BBUS.

Performance

ANEW vs. BBUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares MSCI Transformational Changes ETF (ANEW) and JP Morgan Betabuilders U.S. Equity ETF (BBUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ANEW achieves a 1.92% return, which is significantly lower than BBUS's 10.60% return.

ANEW

• 1D: -0.48%
• 1M: 4.91%
• YTD: 1.92%
• 6M: 0.88%
• 1Y: 6.05%
• 3Y*: 13.69%
• 5Y*: 3.83%
• 10Y*: —

BBUS

• 1D: -0.74%
• 1M: 5.12%
• YTD: 10.60%
• 6M: 10.47%
• 1Y: 27.47%
• 3Y*: 22.46%
• 5Y*: 13.43%
• 10Y*: —

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

ANEW vs. BBUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ANEW ProShares MSCI Transformational Changes ETF	1.92%	12.01%	19.37%	22.81%	-29.62%	6.95%	5.77%
BBUS JP Morgan Betabuilders U.S. Equity ETF	10.60%	17.77%	24.89%	27.20%	-19.46%	27.13%	8.77%

Correlation

The correlation between ANEW and BBUS is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.89

The correlation between ANEW and BBUS has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

ANEW vs. BBUS - Sectors Allocation Comparison

Sectors	ANEW	BBUS
Healthcare	23.3%	8.1%
Technology	22.6%	37.1%
Communication Services	16.0%	10.8%
Basic Materials	11.6%	1.2%
Consumer Cyclical	11.2%	9.4%
Industrials	7.0%	7.2%
Consumer Defensive	4.6%	4.5%
Financial Services	3.6%	10.8%
Real Estate	0.2%	1.7%
Energy	-	3.2%
Utilities	-	2.6%

Return for Risk

ANEW vs. BBUS — Risk / Return Rank

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

ANEW

ANEW Risk / Return Rank: 15
ANEW Sharpe Ratio Rank: 16
ANEW Sortino Ratio Rank: 15
ANEW Omega Ratio Rank: 15
ANEW Calmar Ratio Rank: 14
ANEW Martin Ratio Rank: 14

BBUS

BBUS Risk / Return Rank: 68
BBUS Sharpe Ratio Rank: 70
BBUS Sortino Ratio Rank: 68
BBUS Omega Ratio Rank: 68
BBUS Calmar Ratio Rank: 60
BBUS Martin Ratio Rank: 72

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.

ANEW vs. BBUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares MSCI Transformational Changes ETF (ANEW) and JP Morgan Betabuilders U.S. Equity ETF (BBUS). 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.

	ANEW	BBUS	Difference
Sharpe ratio Return per unit of total volatility	0.46	2.33	-1.87
Sortino ratio Return per unit of downside risk	0.73	3.18	-2.45
Omega ratio Gain probability vs. loss probability	1.09	1.42	-0.33
Calmar ratio Return relative to maximum drawdown	0.38	3.00	-2.62
Martin ratio Return relative to average drawdown	1.08	13.76	-12.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ANEW vs. BBUS - Sharpe Ratio Comparison

The current ANEW Sharpe Ratio is 0.46, which is lower than the BBUS Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of ANEW and BBUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ANEW	BBUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	2.33	-1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.79	-0.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.84	-0.56

Drawdowns

ANEW vs. BBUS - Drawdown Comparison

The maximum ANEW drawdown since its inception was -39.87%, which is greater than BBUS's maximum drawdown of -35.35%. Use the drawdown chart below to compare losses from any high point for ANEW and BBUS.

Drawdown Indicators

	ANEW	BBUS	Difference
Max Drawdown Largest peak-to-trough decline	-39.87%	-35.35%	-4.52%
Max Drawdown (1Y) Largest decline over 1 year	-16.12%	-9.21%	-6.91%
Max Drawdown (3Y) Largest decline over 3 years	-20.26%	-19.01%	-1.25%
Max Drawdown (5Y) Largest decline over 5 years	-39.87%	-25.46%	-14.41%
Current Drawdown Current decline from peak	-3.05%	-0.74%	-2.31%
Average Drawdown Average peak-to-trough decline	-13.37%	-5.46%	-7.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.62%	2.00%	+3.62%

Volatility

ANEW vs. BBUS - Volatility Comparison

ProShares MSCI Transformational Changes ETF (ANEW) has a higher volatility of 3.09% compared to JP Morgan Betabuilders U.S. Equity ETF (BBUS) at 2.88%. This indicates that ANEW's price experiences larger fluctuations and is considered to be riskier than BBUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ANEW	BBUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	2.88%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	8.96%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	13.19%	11.87%	+1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.81%	17.03%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	19.59%	-0.79%

ANEW vs. BBUS - Expense Ratio Comparison

ANEW has a 0.45% expense ratio, which is higher than BBUS's 0.02% expense ratio.

Dividends

ANEW vs. BBUS - Dividend Comparison

ANEW's dividend yield for the trailing twelve months is around 0.61%, less than BBUS's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ANEW ProShares MSCI Transformational Changes ETF	0.61%	0.54%	1.08%	0.87%	1.05%	0.24%	0.04%	0.00%
BBUS JP Morgan Betabuilders U.S. Equity ETF	0.98%	1.07%	1.21%	1.38%	1.57%	1.11%	1.43%	1.37%

Frequently Asked Questions

Can I hold both ANEW and BBUS in my portfolio?

ANEW and BBUS have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ANEW or BBUS?

ANEW has higher volatility (3.09%) compared to BBUS (2.88%). In terms of maximum drawdown, ANEW dropped -39.87% vs BBUS's -35.35%.

Which ETF is better, ANEW or BBUS?

On 5-year performance, BBUS leads with 13.43% vs 3.83% for ANEW. On fees, BBUS is cheaper at 0.02% per year. On volatility, BBUS has been the lower-risk option at 2.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ANEW or BBUS?

Over the 5-year period, BBUS has performed better with a 13.43% return vs 3.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ANEW or BBUS?

BBUS is cheaper with a 0.02% expense ratio, compared with 0.45% for ANEW.

Which ETF pays a higher dividend yield, ANEW or BBUS?

BBUS has the higher dividend yield at 0.98%, compared with 0.61% for ANEW.

What is the main difference between ANEW and BBUS?

ANEW tracks MSCI Global Transformational Changes Index, while BBUS tracks Morningstar US Target Market Exposure Index. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.45% for ANEW and 0.02% for BBUS.

Which has better risk-adjusted returns?

BBUS currently has the higher Sharpe Ratio (2.33 vs 0.46), 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.