RONB vs. ILCB

Last updated Jun 4, 2026

RONB (Baron First Principles ETF) and ILCB (iShares Morningstar U.S. Equity ETF) are both Large Cap Growth Equities funds. RONB is actively managed, while ILCB is passively managed. A 0.57 correlation means they provide meaningful diversification when combined. RONB charges 1.00%/yr vs 0.03%/yr for ILCB.

Performance

RONB vs. ILCB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron First Principles ETF (RONB) and iShares Morningstar U.S. Equity ETF (ILCB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RONB achieves a -3.75% return, which is significantly lower than ILCB's 11.12% return.

RONB

• 1D: -1.11%
• 1M: 4.33%
• YTD: -3.75%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ILCB

• 1D: -0.67%
• 1M: 5.29%
• YTD: 11.12%
• 6M: 11.10%
• 1Y: 28.03%
• 3Y*: 22.69%
• 5Y*: 13.45%
• 10Y*: 15.00%

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

RONB vs. ILCB - Yearly Performance Comparison

	2026 (YTD)	2025
RONB Baron First Principles ETF	-3.75%	-0.33%
ILCB iShares Morningstar U.S. Equity ETF	11.12%	0.53%

Correlation

The correlation between RONB and ILCB is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.57

Return for Risk

RONB vs. ILCB — Risk / Return Rank

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

ILCB

ILCB Risk / Return Rank: 69
ILCB Sharpe Ratio Rank: 70
ILCB Sortino Ratio Rank: 69
ILCB Omega Ratio Rank: 70
ILCB Calmar Ratio Rank: 62
ILCB Martin Ratio Rank: 75

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.

RONB vs. ILCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron First Principles ETF (RONB) and iShares Morningstar U.S. Equity ETF (ILCB). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	RONB	ILCB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.35	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.79	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	0.64	-1.15

Drawdowns

RONB vs. ILCB - Drawdown Comparison

The maximum RONB drawdown since its inception was -13.08%, smaller than the maximum ILCB drawdown of -51.53%. Use the drawdown chart below to compare losses from any high point for RONB and ILCB.

Drawdown Indicators

	RONB	ILCB	Difference
Max Drawdown Largest peak-to-trough decline	-13.08%	-51.53%	+38.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.09%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.30%	—
Current Drawdown Current decline from peak	-5.80%	-0.67%	-5.13%
Average Drawdown Average peak-to-trough decline	-6.33%	-6.24%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.97%	—

Volatility

Volatility by Period

	RONB	ILCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.88%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.85%	12.02%	+4.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	17.13%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	18.16%	-1.31%

RONB vs. ILCB - Expense Ratio Comparison

RONB has a 1.00% expense ratio, which is higher than ILCB's 0.03% expense ratio.

Dividends

RONB vs. ILCB - Dividend Comparison

RONB has not paid dividends to shareholders, while ILCB's dividend yield for the trailing twelve months is around 0.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCB iShares Morningstar U.S. Equity ETF	0.97%	1.11%	1.19%	1.43%	1.65%	1.16%	1.26%	2.25%	2.17%	1.81%	1.97%	2.44%
RONB Baron First Principles ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RONB and ILCB in my portfolio?

RONB and ILCB have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RONB or ILCB?

On fees, ILCB is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RONB or ILCB?

ILCB is cheaper with a 0.03% expense ratio, compared with 1.00% for RONB.

Which ETF pays a higher dividend yield, RONB or ILCB?

ILCB has the higher dividend yield at 0.97%, compared with 0.00% for RONB.

What is the main difference between RONB and ILCB?

They also come from different issuers: Baron Capital and iShares. Their fees differ too: 1.00% for RONB and 0.03% for ILCB.