PBUS vs. ESML

Last updated Jun 24, 2026

PBUS (Invesco PureBeta MSCI USA ETF) and ESML (iShares ESG Aware MSCI USA Small-Cap ETF) are both exchange-traded funds - PBUS is a Large Cap Growth Equities fund tracking the MSCI USA Index, while ESML is a Small Cap Growth Equities fund tracking the MSCI USA Small Cap Extended ESG Focus Index. Both are passively managed. Over the past 5 years, PBUS returned 12.60%/yr vs 7.24%/yr for ESML. A 0.79 correlation means they provide meaningful diversification when combined. PBUS charges 0.04%/yr vs 0.17%/yr for ESML.

Performance

PBUS vs. ESML - Performance Comparison

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

Returns By Period

In the year-to-date period, PBUS achieves a 8.10% return, which is significantly lower than ESML's 18.00% return.

PBUS

• 1D: -1.41%
• 1M: -1.27%
• YTD: 8.10%
• 6M: 7.04%
• 1Y: 23.30%
• 3Y*: 20.88%
• 5Y*: 12.60%
• 10Y*: —

ESML

• 1D: -1.21%
• 1M: 3.69%
• YTD: 18.00%
• 6M: 15.71%
• 1Y: 34.55%
• 3Y*: 17.87%
• 5Y*: 7.24%
• 10Y*: —

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

PBUS vs. ESML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PBUS Invesco PureBeta MSCI USA ETF	8.10%	17.58%	24.99%	27.33%	-19.64%	26.77%	21.75%	31.60%	-4.22%
ESML iShares ESG Aware MSCI USA Small-Cap ETF	18.00%	10.62%	12.01%	17.27%	-17.28%	19.28%	19.56%	29.12%	-10.72%

Correlation

The correlation between PBUS and ESML is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 12, 2018	0.79

The correlation between PBUS and ESML has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

PBUS vs. ESML - Sectors Allocation Comparison

Sectors	PBUS	ESML
Technology	38.9%	20.8%
Financial Services	10.9%	13.8%
Communication Services	10.7%	2.5%
Consumer Cyclical	9.9%	10.7%
Healthcare	8.4%	12.8%
Industrials	8.1%	17.8%
Consumer Defensive	4.4%	3.4%
Energy	3.2%	4.8%
Utilities	2.0%	2.8%
Real Estate	1.8%	6.5%
Basic Materials	1.7%	4.0%

Return for Risk

PBUS vs. ESML — Risk / Return Rank

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

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

ESML

ESML Risk / Return Rank: 70
ESML Sharpe Ratio Rank: 66
ESML Sortino Ratio Rank: 67
ESML Omega Ratio Rank: 60
ESML Calmar Ratio Rank: 79
ESML Martin Ratio Rank: 78

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.

PBUS vs. ESML - Risk-Adjusted Trends Comparison

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

	PBUS	ESML	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.03	-0.19
Sortino ratio: Return per unit of downside risk	2.50	2.88	-0.38
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.59	3.84	-1.25
Martin ratio: Return relative to average drawdown	11.32	14.09	-2.77

PBUS vs. ESML - Sharpe Ratio Comparison

The current PBUS Sharpe Ratio is 1.84, which is comparable to the ESML Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of PBUS and ESML, 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

PBUS vs. ESML - Drawdown Comparison

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

Drawdown Indicators

	PBUS	ESML	Difference
Max Drawdown Largest peak-to-trough decline	-33.15%	-41.97%	+8.82%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-9.04%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.07%	-26.68%	+7.61%
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	-28.61%	+3.21%
Current Drawdown Current decline from peak	-3.08%	-1.21%	-1.87%
Average Drawdown Average peak-to-trough decline	-5.11%	-8.91%	+3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.46%	-0.40%

Volatility

PBUS vs. ESML - Volatility Comparison

The current volatility for Invesco PureBeta MSCI USA ETF (PBUS) is 5.01%, while iShares ESG Aware MSCI USA Small-Cap ETF (ESML) has a volatility of 5.52%. This indicates that PBUS experiences smaller price fluctuations and is considered to be less risky than ESML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBUS	ESML	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	5.52%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	10.10%	12.38%	-2.28%
Volatility (1Y) Calculated over the trailing 1-year period	12.77%	17.15%	-4.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	21.29%	-4.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.34%	23.39%	-4.05%

PBUS vs. ESML - Expense Ratio Comparison

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

Dividends

PBUS vs. ESML - Dividend Comparison

PBUS's dividend yield for the trailing twelve months is around 1.04%, more than ESML's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESML iShares ESG Aware MSCI USA Small-Cap ETF	0.92%	1.08%	1.22%	1.31%	1.46%	0.94%	0.99%	1.10%	1.07%	0.00%
PBUS Invesco PureBeta MSCI USA ETF	1.04%	1.05%	1.20%	1.36%	1.71%	0.98%	1.35%	1.53%	2.33%	0.50%

Frequently Asked Questions

Can I hold both PBUS and ESML in my portfolio?

PBUS and ESML have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBUS or ESML?

ESML has higher volatility (5.52%) compared to PBUS (5.01%). In terms of maximum drawdown, PBUS dropped -33.15% vs ESML's -41.97%.

Which ETF is better, PBUS or ESML?

On 5-year performance, PBUS leads with 12.60% vs 7.24% for ESML. On fees, PBUS is cheaper at 0.04% per year. On volatility, PBUS has been the lower-risk option at 5.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBUS or ESML?

Over the 5-year period, PBUS has performed better with a 12.60% return vs 7.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBUS or ESML?

PBUS is cheaper with a 0.04% expense ratio, compared with 0.17% for ESML.

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

PBUS has the higher dividend yield at 1.04%, compared with 0.92% for ESML.

What is the main difference between PBUS and ESML?

PBUS is categorized as Large Cap Growth Equities, while ESML is Small Cap Growth Equities. PBUS tracks MSCI USA Index, while ESML tracks MSCI USA Small Cap Extended ESG Focus Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.04% for PBUS and 0.17% for ESML.

Which has better risk-adjusted returns?

ESML currently has the higher Sharpe Ratio (2.03 vs 1.84), 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.