ESML vs. PBUS

Last updated Apr 1, 2026

Compare and contrast key facts about iShares ESG Aware MSCI USA Small-Cap ETF (ESML) and Invesco PureBeta MSCI USA ETF (PBUS).

ESML and PBUS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ESML is a passively managed fund by iShares that tracks the performance of the MSCI USA Small Cap Extended ESG Focus Index. It was launched on Apr 10, 2018. PBUS is a passively managed fund by Invesco that tracks the performance of the MSCI USA Index. It was launched on Sep 22, 2017. Both ESML and PBUS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ESML vs. PBUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Aware MSCI USA Small-Cap ETF (ESML) and Invesco PureBeta MSCI USA ETF (PBUS). The values are adjusted to include any dividend payments, if applicable.

ESML vs. PBUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ESML iShares ESG Aware MSCI USA Small-Cap ETF	2.51%	10.62%	12.01%	17.27%	-17.28%	19.28%	19.56%	29.12%	-10.89%
PBUS Invesco PureBeta MSCI USA ETF	-4.49%	17.58%	24.99%	27.33%	-19.64%	26.77%	21.75%	31.60%	-4.22%

Returns By Period

In the year-to-date period, ESML achieves a 2.51% return, which is significantly higher than PBUS's -4.49% return.

ESML

• 1D: 3.11%
• 1M: -5.16%
• YTD: 2.51%
• 6M: 4.85%
• 1Y: 23.82%
• 3Y*: 12.82%
• 5Y*: 5.04%
• 10Y*: —

PBUS

• 1D: 2.91%
• 1M: -4.81%
• YTD: -4.49%
• 6M: -2.24%
• 1Y: 17.67%
• 3Y*: 18.37%
• 5Y*: 11.29%
• 10Y*: —

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

ESML vs. PBUS - Expense Ratio Comparison

ESML has a 0.17% expense ratio, which is higher than PBUS's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

ESML

iShares ESG Aware MSCI USA Small-Cap ETF

PBUS

Invesco PureBeta MSCI USA ETF

Return for Risk

ESML vs. PBUS — Risk / Return Rank

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

ESML

ESML Risk / Return Rank: 65
ESML Sharpe Ratio Rank: 63
ESML Sortino Ratio Rank: 65
ESML Omega Ratio Rank: 61
ESML Calmar Ratio Rank: 65
ESML Martin Ratio Rank: 70

PBUS

PBUS Risk / Return Rank: 62
PBUS Sharpe Ratio Rank: 55
PBUS Sortino Ratio Rank: 59
PBUS Omega Ratio Rank: 62
PBUS Calmar Ratio Rank: 61
PBUS Martin Ratio Rank: 71

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.

ESML vs. PBUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI USA Small-Cap ETF (ESML) and Invesco PureBeta MSCI USA ETF (PBUS). 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.

	ESML	PBUS	Difference
Sharpe ratio Return per unit of total volatility	1.08	0.96	+0.12
Sortino ratio Return per unit of downside risk	1.63	1.47	+0.15
Omega ratio Gain probability vs. loss probability	1.22	1.22	0.00
Calmar ratio Return relative to maximum drawdown	1.60	1.51	+0.09
Martin ratio Return relative to average drawdown	6.95	7.08	-0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESML vs. PBUS - Sharpe Ratio Comparison

The current ESML Sharpe Ratio is 1.08, which is comparable to the PBUS Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of ESML and PBUS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ESML	PBUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	0.96	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.67	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.70	-0.31

Correlation

The correlation between ESML and PBUS is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ESML vs. PBUS - Dividend Comparison

ESML's dividend yield for the trailing twelve months is around 1.08%, less than PBUS's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESML iShares ESG Aware MSCI USA Small-Cap ETF	1.08%	1.08%	1.22%	1.31%	1.46%	0.94%	0.99%	1.10%	1.07%	0.00%
PBUS Invesco PureBeta MSCI USA ETF	1.14%	1.05%	1.20%	1.36%	1.71%	0.98%	1.35%	1.53%	2.33%	0.50%

Drawdowns

ESML vs. PBUS - Drawdown Comparison

The maximum ESML drawdown since its inception was -41.97%, which is greater than PBUS's maximum drawdown of -33.15%. Use the drawdown chart below to compare losses from any high point for ESML and PBUS.

Drawdown Indicators

	ESML	PBUS	Difference
Max Drawdown Largest peak-to-trough decline	-41.97%	-33.15%	-8.82%
Max Drawdown (1Y) Largest decline over 1 year	-14.71%	-12.11%	-2.60%
Max Drawdown (5Y) Largest decline over 5 years	-28.61%	-25.40%	-3.21%
Current Drawdown Current decline from peak	-6.20%	-6.38%	+0.18%
Average Drawdown Average peak-to-trough decline	-9.14%	-5.22%	-3.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	2.59%	+0.80%

Volatility

ESML vs. PBUS - Volatility Comparison

iShares ESG Aware MSCI USA Small-Cap ETF (ESML) has a higher volatility of 6.61% compared to Invesco PureBeta MSCI USA ETF (PBUS) at 5.36%. This indicates that ESML's price experiences larger fluctuations and is considered to be riskier than PBUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESML	PBUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.61%	5.36%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	9.64%	+3.17%
Volatility (1Y) Calculated over the trailing 1-year period	22.19%	18.47%	+3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.28%	17.05%	+4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.55%	19.46%	+4.09%