IWF vs. PBUS

Last updated Jun 26, 2026

IWF (iShares Russell 1000 Growth ETF) and PBUS (Invesco PureBeta MSCI USA ETF) are both Large Cap Growth Equities funds - IWF tracks the Russell 1000 Growth Index while PBUS tracks the MSCI USA Index. Both are passively managed. Over the past 5 years, IWF returned 12.58%/yr vs 12.48%/yr for PBUS. Their correlation of 0.85 suggests significant overlap in exposure. IWF charges 0.18%/yr vs 0.04%/yr for PBUS.

Performance

IWF vs. PBUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 1000 Growth ETF (IWF) 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, IWF achieves a -0.01% return, which is significantly lower than PBUS's 7.84% return.

IWF

• 1D: -1.31%
• 1M: -5.93%
• YTD: -0.01%
• 6M: -1.51%
• 1Y: 14.13%
• 3Y*: 21.64%
• 5Y*: 12.58%
• 10Y*: 18.30%

PBUS

• 1D: -0.15%
• 1M: -2.03%
• YTD: 7.84%
• 6M: 6.45%
• 1Y: 21.56%
• 3Y*: 21.06%
• 5Y*: 12.48%
• 10Y*: —

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

IWF vs. PBUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWF iShares Russell 1000 Growth ETF	-0.01%	18.33%	33.12%	42.59%	-29.31%	27.43%	38.25%	35.86%	-1.67%	8.69%
PBUS Invesco PureBeta MSCI USA ETF	7.84%	17.58%	24.99%	27.33%	-19.64%	26.77%	21.75%	31.60%	-4.77%	7.13%

Correlation

The correlation between IWF and PBUS is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 22, 2017	0.85

The correlation between IWF and PBUS has been stable across timeframes, ranging from 0.85 to 0.95 - a consistent structural relationship.

IWF vs. PBUS - Sectors Allocation Comparison

Sectors	IWF	PBUS
Technology	53.9%	38.9%
Consumer Cyclical	12.7%	9.9%
Communication Services	12.4%	10.7%
Healthcare	6.9%	8.4%
Industrials	5.4%	8.1%
Financial Services	5.0%	10.9%
Consumer Defensive	2.4%	4.4%
Real Estate	0.4%	1.8%
Energy	0.3%	3.2%
Basic Materials	0.3%	1.7%
Utilities	0.3%	2.0%

Return for Risk

IWF vs. PBUS — Risk / Return Rank

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

IWF

IWF Risk / Return Rank: 24
IWF Sharpe Ratio Rank: 27
IWF Sortino Ratio Rank: 25
IWF Omega Ratio Rank: 25
IWF Calmar Ratio Rank: 21
IWF Martin Ratio Rank: 24

PBUS

PBUS Risk / Return Rank: 58
PBUS Sharpe Ratio Rank: 58
PBUS Sortino Ratio Rank: 56
PBUS Omega Ratio Rank: 57
PBUS Calmar Ratio Rank: 56
PBUS Martin Ratio Rank: 66

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.

IWF vs. PBUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 1000 Growth ETF (IWF) 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.

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.

	IWF	PBUS	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.71	-0.83
Sortino ratio: Return per unit of downside risk	1.27	2.34	-1.07
Omega ratio: Gain probability vs. loss probability	1.16	1.31	-0.15
Calmar ratio: Return relative to maximum drawdown	0.87	2.40	-1.53
Martin ratio: Return relative to average drawdown	2.81	10.37	-7.56

IWF vs. PBUS - Sharpe Ratio Comparison

The current IWF Sharpe Ratio is 0.88, which is lower than the PBUS Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of IWF 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.

Drawdowns

IWF vs. PBUS - Drawdown Comparison

The maximum IWF drawdown since its inception was -64.25%, which is greater than PBUS's maximum drawdown of -33.15%. Use the drawdown chart below to compare losses from any high point for IWF and PBUS.

Drawdown Indicators

	IWF	PBUS	Difference
Max Drawdown Largest peak-to-trough decline	-64.25%	-33.15%	-31.10%
Max Drawdown (1Y) Largest decline over 1 year	-16.27%	-9.02%	-7.25%
Max Drawdown (3Y) Largest decline over 3 years	-23.36%	-19.07%	-4.29%
Max Drawdown (5Y) Largest decline over 5 years	-32.72%	-25.40%	-7.32%
Max Drawdown (10Y) Largest decline over 10 years	-32.72%	—	—
Current Drawdown Current decline from peak	-8.21%	-3.32%	-4.89%
Average Drawdown Average peak-to-trough decline	-22.04%	-5.11%	-16.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.04%	2.08%	+2.96%

Volatility

IWF vs. PBUS - Volatility Comparison

iShares Russell 1000 Growth ETF (IWF) has a higher volatility of 6.11% compared to Invesco PureBeta MSCI USA ETF (PBUS) at 4.94%. This indicates that IWF'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

	IWF	PBUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	4.94%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	12.63%	10.05%	+2.58%
Volatility (1Y) Calculated over the trailing 1-year period	16.20%	12.70%	+3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.53%	17.16%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.01%	19.33%	+1.68%

IWF vs. PBUS - Expense Ratio Comparison

IWF has a 0.18% 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%.

Dividends

IWF vs. PBUS - Dividend Comparison

IWF's dividend yield for the trailing twelve months is around 0.36%, less than PBUS's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWF iShares Russell 1000 Growth ETF	0.36%	0.36%	0.46%	0.67%	0.91%	0.49%	0.66%	0.99%	1.27%	1.10%	1.43%	1.37%
PBUS Invesco PureBeta MSCI USA ETF	1.04%	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 IWF and PBUS in my portfolio?

With a correlation of 0.93, IWF and PBUS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IWF or PBUS?

IWF has higher volatility (6.11%) compared to PBUS (4.94%). In terms of maximum drawdown, IWF dropped -64.25% vs PBUS's -33.15%.

Which ETF is better, IWF or PBUS?

On 5-year performance, IWF leads with 12.58% vs 12.48% for PBUS. On fees, PBUS is cheaper at 0.04% per year. On volatility, PBUS has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWF or PBUS?

Over the 5-year period, IWF has performed better with a 12.58% return vs 12.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWF or PBUS?

PBUS is cheaper with a 0.04% expense ratio, compared with 0.18% for IWF.

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

PBUS has the higher dividend yield at 1.04%, compared with 0.36% for IWF.

What is the main difference between IWF and PBUS?

IWF tracks Russell 1000 Growth Index, while PBUS tracks MSCI USA Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.18% for IWF and 0.04% for PBUS.

Which has better risk-adjusted returns?

PBUS currently has the higher Sharpe Ratio (1.71 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.