FPX vs. PBUS

Last updated Jun 4, 2026

FPX (First Trust US Equity Opportunities ETF) and PBUS (Invesco PureBeta MSCI USA ETF) are both Large Cap Growth Equities funds - FPX tracks the IPOX-100 U.S. Index while PBUS tracks the MSCI USA Index. Both are passively managed. Over the past 5 years, FPX returned 10.31%/yr vs 13.48%/yr for PBUS. A 0.75 correlation means they provide meaningful diversification when combined. FPX charges 0.57%/yr vs 0.04%/yr for PBUS.

Performance

FPX vs. PBUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust US Equity Opportunities ETF (FPX) and Invesco PureBeta MSCI USA ETF (PBUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPX achieves a 18.28% return, which is significantly higher than PBUS's 10.82% return.

FPX

• 1D: -0.55%
• 1M: 4.63%
• YTD: 18.28%
• 6M: 18.02%
• 1Y: 39.24%
• 3Y*: 32.32%
• 5Y*: 10.31%
• 10Y*: 14.65%

PBUS

• 1D: -0.64%
• 1M: 5.14%
• YTD: 10.82%
• 6M: 10.68%
• 1Y: 27.65%
• 3Y*: 22.61%
• 5Y*: 13.48%
• 10Y*: —

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

FPX vs. PBUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPX First Trust US Equity Opportunities ETF	18.28%	37.62%	24.75%	22.26%	-35.11%	3.69%	47.89%	30.37%	-8.35%	7.62%
PBUS Invesco PureBeta MSCI USA ETF	10.82%	17.58%	24.99%	27.33%	-19.64%	26.77%	21.75%	31.60%	-4.77%	7.13%

Correlation

The correlation between FPX and PBUS is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 25, 2017	0.75

The correlation between FPX and PBUS has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

FPX vs. PBUS - Sectors Allocation Comparison

Sectors	FPX	PBUS
Technology	29.8%	35.4%
Industrials	20.0%	8.6%
Healthcare	16.1%	8.6%
Communication Services	7.0%	11.3%
Utilities	6.5%	2.3%
Energy	4.4%	3.6%
Real Estate	4.2%	1.9%
Consumer Cyclical	3.5%	10.1%
Basic Materials	3.3%	1.8%
Financial Services	3.0%	11.6%
Consumer Defensive	2.3%	4.8%

Return for Risk

FPX vs. PBUS — Risk / Return Rank

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

FPX

FPX Risk / Return Rank: 52
FPX Sharpe Ratio Rank: 49
FPX Sortino Ratio Rank: 44
FPX Omega Ratio Rank: 43
FPX Calmar Ratio Rank: 64
FPX Martin Ratio Rank: 58

PBUS

PBUS Risk / Return Rank: 68
PBUS Sharpe Ratio Rank: 70
PBUS Sortino Ratio Rank: 68
PBUS Omega Ratio Rank: 69
PBUS Calmar Ratio Rank: 62
PBUS Martin Ratio Rank: 73

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.

FPX vs. PBUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Opportunities ETF (FPX) 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.

	FPX	PBUS	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.30	-0.60
Sortino ratio: Return per unit of downside risk	2.24	3.15	-0.91
Omega ratio: Gain probability vs. loss probability	1.28	1.41	-0.13
Calmar ratio: Return relative to maximum drawdown	3.21	3.08	+0.13
Martin ratio: Return relative to average drawdown	10.40	13.93	-3.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPX vs. PBUS - Sharpe Ratio Comparison

The current FPX Sharpe Ratio is 1.71, which is comparable to the PBUS Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of FPX and PBUS, 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

	FPX	PBUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	2.30	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.80	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.80	-0.23

Drawdowns

FPX vs. PBUS - Drawdown Comparison

The maximum FPX drawdown since its inception was -56.29%, which is greater than PBUS's maximum drawdown of -33.15%. Use the drawdown chart below to compare losses from any high point for FPX and PBUS.

Drawdown Indicators

	FPX	PBUS	Difference
Max Drawdown Largest peak-to-trough decline	-56.29%	-33.15%	-23.14%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-9.02%	-3.26%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	-19.07%	-11.81%
Max Drawdown (5Y) Largest decline over 5 years	-43.14%	-25.40%	-17.74%
Max Drawdown (10Y) Largest decline over 10 years	-43.14%	—	—
Current Drawdown Current decline from peak	-0.83%	-0.64%	-0.19%
Average Drawdown Average peak-to-trough decline	-11.34%	-5.13%	-6.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	1.99%	+1.79%

Volatility

FPX vs. PBUS - Volatility Comparison

First Trust US Equity Opportunities ETF (FPX) has a higher volatility of 6.22% compared to Invesco PureBeta MSCI USA ETF (PBUS) at 2.94%. This indicates that FPX'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

	FPX	PBUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	2.94%	+3.28%
Volatility (6M) Calculated over the trailing 6-month period	17.11%	9.13%	+7.98%
Volatility (1Y) Calculated over the trailing 1-year period	23.10%	12.06%	+11.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.49%	17.05%	+9.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.28%	19.33%	+4.95%

FPX vs. PBUS - Expense Ratio Comparison

FPX has a 0.57% expense ratio, which is higher than PBUS's 0.04% expense ratio.

Dividends

FPX vs. PBUS - Dividend Comparison

FPX's dividend yield for the trailing twelve months is around 0.49%, less than PBUS's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPX First Trust US Equity Opportunities ETF	0.49%	0.53%	0.09%	0.27%	1.08%	0.14%	0.28%	0.67%	0.88%	0.68%	0.77%	0.62%
PBUS Invesco PureBeta MSCI USA ETF	0.98%	1.05%	1.20%	1.36%	1.71%	0.98%	1.35%	1.53%	2.33%	0.50%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPX and PBUS in my portfolio?

FPX and PBUS have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPX or PBUS?

FPX has higher volatility (6.22%) compared to PBUS (2.94%). In terms of maximum drawdown, FPX dropped -56.29% vs PBUS's -33.15%.

Which ETF is better, FPX or PBUS?

On 5-year performance, PBUS leads with 13.48% vs 10.31% for FPX. On fees, PBUS is cheaper at 0.04% per year. On volatility, PBUS has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPX or PBUS?

Over the 5-year period, PBUS has performed better with a 13.48% return vs 10.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPX or PBUS?

PBUS is cheaper with a 0.04% expense ratio, compared with 0.57% for FPX.

Which ETF pays a higher dividend yield, FPX or PBUS?

PBUS has the higher dividend yield at 0.98%, compared with 0.49% for FPX.

What is the main difference between FPX and PBUS?

FPX tracks IPOX-100 U.S. Index, while PBUS tracks MSCI USA Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.57% for FPX and 0.04% for PBUS.

Which has better risk-adjusted returns?

PBUS currently has the higher Sharpe Ratio (2.30 vs 1.71), 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.