BBUS vs. RAFE

Last updated Jul 14, 2026

BBUS (JPMorgan BetaBuilders U.S. Equity ETF) and RAFE (PIMCO RAFI ESG U.S. ETF) are both Large Cap Blend Equities funds - BBUS tracks the Morningstar US Target Market Exposure Index while RAFE tracks the RAFI ESG US Index. Both are passively managed. Over the past 5 years, BBUS returned 12.52%/yr vs 11.46%/yr for RAFE. Their correlation of 0.86 suggests significant overlap in exposure. BBUS charges 0.02%/yr vs 0.30%/yr for RAFE.

Performance

BBUS vs. RAFE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan BetaBuilders U.S. Equity ETF (BBUS) and PIMCO RAFI ESG U.S. ETF (RAFE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBUS achieves a 10.07% return, which is significantly lower than RAFE's 15.70% return.

BBUS

• 1D: -0.78%
• 1M: 1.32%
• 6M: 7.98%
• YTD: 10.07%
• 1Y: 20.96%
• 3Y*: 20.14%
• 5Y*: 12.52%
• 10Y*: —

RAFE

• 1D: -0.06%
• 1M: 1.59%
• 6M: 13.30%
• YTD: 15.70%
• 1Y: 28.06%
• 3Y*: 18.76%
• 5Y*: 11.46%
• 10Y*: —

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

BBUS vs. RAFE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BBUS JPMorgan BetaBuilders U.S. Equity ETF	10.07%	17.77%	24.89%	27.20%	-19.46%	27.13%	20.69%	1.17%
RAFE PIMCO RAFI ESG U.S. ETF	15.70%	17.60%	13.81%	18.80%	-13.76%	30.16%	5.29%	0.43%

Correlation

The correlation between BBUS and RAFE is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 19, 2019	0.86

The correlation between BBUS and RAFE has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

Return for Risk

BBUS vs. RAFE — Risk / Return Rank

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

BBUS

BBUS Risk / Return Rank: 63
BBUS Sharpe Ratio Rank: 64
BBUS Sortino Ratio Rank: 63
BBUS Omega Ratio Rank: 63
BBUS Calmar Ratio Rank: 57
BBUS Martin Ratio Rank: 68

RAFE

RAFE Risk / Return Rank: 89
RAFE Sharpe Ratio Rank: 91
RAFE Sortino Ratio Rank: 91
RAFE Omega Ratio Rank: 89
RAFE Calmar Ratio Rank: 86
RAFE Martin Ratio Rank: 88

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.

BBUS vs. RAFE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders U.S. Equity ETF (BBUS) and PIMCO RAFI ESG U.S. ETF (RAFE). 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.

	BBUS	RAFE	Difference
Sharpe ratio: Return per unit of total volatility	1.67	2.49	-0.82
Sortino ratio: Return per unit of downside risk	2.31	3.48	-1.17
Omega ratio: Gain probability vs. loss probability	1.30	1.45	-0.14
Calmar ratio: Return relative to maximum drawdown	2.29	3.78	-1.49
Martin ratio: Return relative to average drawdown	9.85	14.72	-4.87

BBUS vs. RAFE - Sharpe Ratio Comparison

The current BBUS Sharpe Ratio is 1.67, which is lower than the RAFE Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of BBUS and RAFE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BBUS vs. RAFE - Drawdown Comparison

The maximum BBUS drawdown since its inception was -35.35%, roughly equal to the maximum RAFE drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for BBUS and RAFE.

Drawdown Indicators

	BBUS	RAFE	Difference
Max Drawdown Largest peak-to-trough decline	-35.35%	-35.74%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-7.46%	-1.75%
Max Drawdown (3Y) Largest decline over 3 years	-19.01%	-16.36%	-2.65%
Max Drawdown (5Y) Largest decline over 5 years	-25.46%	-24.28%	-1.18%
Current Drawdown Current decline from peak	-1.22%	-0.06%	-1.16%
Average Drawdown Average peak-to-trough decline	-5.41%	-6.13%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	1.91%	+0.22%

Volatility

BBUS vs. RAFE - Volatility Comparison

JPMorgan BetaBuilders U.S. Equity ETF (BBUS) has a higher volatility of 4.10% compared to PIMCO RAFI ESG U.S. ETF (RAFE) at 2.78%. This indicates that BBUS's price experiences larger fluctuations and is considered to be riskier than RAFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBUS	RAFE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	2.78%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	10.02%	8.59%	+1.43%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	11.34%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.15%	15.07%	+2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.54%	19.33%	+0.21%

BBUS vs. RAFE - Expense Ratio Comparison

BBUS has a 0.02% expense ratio, which is lower than RAFE's 0.30% expense ratio.

Dividends

BBUS vs. RAFE - Dividend Comparison

BBUS's dividend yield for the trailing twelve months is around 1.01%, less than RAFE's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BBUS JPMorgan BetaBuilders U.S. Equity ETF	1.01%	1.07%	1.21%	1.38%	1.57%	1.11%	1.43%	1.37%
RAFE PIMCO RAFI ESG U.S. ETF	1.49%	1.67%	1.79%	1.81%	2.22%	1.42%	2.36%	0.00%

Frequently Asked Questions

Can I hold both BBUS and RAFE in my portfolio?

BBUS and RAFE have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBUS or RAFE?

BBUS has higher volatility (4.10%) compared to RAFE (2.78%). In terms of maximum drawdown, BBUS dropped -35.35% vs RAFE's -35.74%.

Which ETF is better, BBUS or RAFE?

On 5-year performance, BBUS leads with 12.52% vs 11.46% for RAFE. On fees, BBUS is cheaper at 0.02% per year. On volatility, RAFE has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BBUS or RAFE?

Over the 5-year period, BBUS has performed better with a 12.52% return vs 11.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BBUS or RAFE?

BBUS is cheaper with a 0.02% expense ratio, compared with 0.30% for RAFE.

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

RAFE has the higher dividend yield at 1.49%, compared with 1.01% for BBUS.

What is the main difference between BBUS and RAFE?

BBUS tracks Morningstar US Target Market Exposure Index, while RAFE tracks RAFI ESG US Index. They also come from different issuers: JPMorgan and PIMCO. Their fees differ too: 0.02% for BBUS and 0.30% for RAFE.

Which has better risk-adjusted returns?

RAFE currently has the higher Sharpe Ratio (2.49 vs 1.67), 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.