RONB vs. PBUS

Last updated Jun 4, 2026

RONB (Baron First Principles ETF) and PBUS (Invesco PureBeta MSCI USA ETF) are both Large Cap Growth Equities funds. RONB is actively managed, while PBUS is passively managed. A 0.56 correlation means they provide meaningful diversification when combined. RONB charges 1.00%/yr vs 0.04%/yr for PBUS.

Performance

RONB vs. PBUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron First Principles ETF (RONB) 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, RONB achieves a -3.75% return, which is significantly lower than PBUS's 10.82% return.

RONB

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

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)

RONB vs. PBUS - Yearly Performance Comparison

	2026 (YTD)	2025
RONB Baron First Principles ETF	-3.75%	-0.33%
PBUS Invesco PureBeta MSCI USA ETF	10.82%	0.47%

Correlation

The correlation between RONB and PBUS is 0.56, 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	0.56

Return for Risk

RONB vs. PBUS — Risk / Return Rank

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

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.

RONB vs. PBUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron First Principles ETF (RONB) 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.

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

Sharpe Ratios by Period

	RONB	PBUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.30	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	0.80	-1.31

Drawdowns

RONB vs. PBUS - Drawdown Comparison

The maximum RONB drawdown since its inception was -13.08%, smaller than the maximum PBUS drawdown of -33.15%. Use the drawdown chart below to compare losses from any high point for RONB and PBUS.

Drawdown Indicators

	RONB	PBUS	Difference
Max Drawdown Largest peak-to-trough decline	-13.08%	-33.15%	+20.07%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.02%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.07%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.40%	—
Current Drawdown Current decline from peak	-5.80%	-0.64%	-5.16%
Average Drawdown Average peak-to-trough decline	-6.33%	-5.13%	-1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.99%	—

Volatility

Volatility by Period

	RONB	PBUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.94%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.85%	12.06%	+4.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	17.05%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	19.33%	-2.48%

RONB vs. PBUS - Expense Ratio Comparison

RONB has a 1.00% expense ratio, which is higher than PBUS's 0.04% expense ratio.

Dividends

RONB vs. PBUS - Dividend Comparison

RONB has not paid dividends to shareholders, while PBUS's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Frequently Asked Questions

Can I hold both RONB and PBUS in my portfolio?

RONB and PBUS have a correlation of 0.56, 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 PBUS?

On fees, PBUS is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RONB or PBUS?

PBUS is cheaper with a 0.04% expense ratio, compared with 1.00% for RONB.

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

PBUS has the higher dividend yield at 0.98%, compared with 0.00% for RONB.

What is the main difference between RONB and PBUS?

They also come from different issuers: Baron Capital and Invesco. Their fees differ too: 1.00% for RONB and 0.04% for PBUS.