TOK vs. PBUS

Last updated Jun 26, 2026

TOK (iShares MSCI Kokusai ETF) and PBUS (Invesco PureBeta MSCI USA ETF) are both Large Cap Growth Equities funds - TOK tracks the MSCI Kokusai Index while PBUS tracks the MSCI USA Index. Both are passively managed. Over the past 5 years, TOK returned 11.45%/yr vs 12.48%/yr for PBUS. Their correlation of 0.87 suggests significant overlap in exposure. TOK charges 0.25%/yr vs 0.04%/yr for PBUS.

Performance

TOK vs. PBUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kokusai ETF (TOK) 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, TOK achieves a 7.46% return, which is significantly lower than PBUS's 7.84% return.

TOK

• 1D: 0.08%
• 1M: -1.82%
• YTD: 7.46%
• 6M: 6.37%
• 1Y: 21.00%
• 3Y*: 19.74%
• 5Y*: 11.45%
• 10Y*: 14.04%

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)

TOK vs. PBUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TOK iShares MSCI Kokusai ETF	7.46%	20.83%	19.52%	24.76%	-17.93%	23.84%	15.06%	30.05%	-7.83%	5.33%
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 TOK and PBUS is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 22, 2017	0.87

The correlation between TOK and PBUS shifts across timeframes, from 0.87 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.

TOK vs. PBUS - Sectors Allocation Comparison

Sectors	TOK	PBUS
Technology	30.8%	38.9%
Financial Services	15.5%	10.9%
Industrials	10.0%	8.1%
Healthcare	9.0%	8.4%
Consumer Cyclical	8.7%	9.9%
Communication Services	8.5%	10.7%
Consumer Defensive	5.3%	4.4%
Energy	4.1%	3.2%
Basic Materials	3.3%	1.7%
Utilities	2.9%	2.0%
Real Estate	1.7%	1.8%

Return for Risk

TOK vs. PBUS — Risk / Return Rank

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

TOK

TOK Risk / Return Rank: 58
TOK Sharpe Ratio Rank: 57
TOK Sortino Ratio Rank: 57
TOK Omega Ratio Rank: 56
TOK Calmar Ratio Rank: 54
TOK Martin Ratio Rank: 65

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.

TOK vs. PBUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kokusai ETF (TOK) 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.

	TOK	PBUS	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.71	-0.01
Sortino ratio: Return per unit of downside risk	2.38	2.34	+0.04
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	2.33	2.40	-0.07
Martin ratio: Return relative to average drawdown	10.31	10.37	-0.07

TOK vs. PBUS - Sharpe Ratio Comparison

The current TOK Sharpe Ratio is 1.70, which is comparable to the PBUS Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of TOK 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

TOK vs. PBUS - Drawdown Comparison

The maximum TOK drawdown since its inception was -56.18%, which is greater than PBUS's maximum drawdown of -33.15%. Use the drawdown chart below to compare losses from any high point for TOK and PBUS.

Drawdown Indicators

	TOK	PBUS	Difference
Max Drawdown Largest peak-to-trough decline	-56.18%	-33.15%	-23.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-9.02%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	-19.07%	+2.84%
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	-25.40%	-0.46%
Max Drawdown (10Y) Largest decline over 10 years	-34.82%	—	—
Current Drawdown Current decline from peak	-2.87%	-3.32%	+0.45%
Average Drawdown Average peak-to-trough decline	-8.50%	-5.11%	-3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.08%	-0.04%

Volatility

TOK vs. PBUS - Volatility Comparison

The current volatility for iShares MSCI Kokusai ETF (TOK) is 4.43%, while Invesco PureBeta MSCI USA ETF (PBUS) has a volatility of 4.94%. This indicates that TOK experiences smaller price fluctuations and is considered to be less risky than PBUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOK	PBUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	4.94%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	10.06%	10.05%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.42%	12.70%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	17.16%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	19.33%	-2.21%

TOK vs. PBUS - Expense Ratio Comparison

TOK has a 0.25% 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

TOK vs. PBUS - Dividend Comparison

TOK's dividend yield for the trailing twelve months is around 1.34%, more than PBUS's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TOK iShares MSCI Kokusai ETF	1.34%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%

Frequently Asked Questions

Can I hold both TOK and PBUS in my portfolio?

With a correlation of 0.97, TOK 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, TOK or PBUS?

PBUS has higher volatility (4.94%) compared to TOK (4.43%). In terms of maximum drawdown, TOK dropped -56.18% vs PBUS's -33.15%.

Which ETF is better, TOK or PBUS?

On 5-year performance, PBUS leads with 12.48% vs 11.45% for TOK. On fees, PBUS is cheaper at 0.04% per year. On volatility, TOK has been the lower-risk option at 4.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOK or PBUS?

Over the 5-year period, PBUS has performed better with a 12.48% return vs 11.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOK or PBUS?

PBUS is cheaper with a 0.04% expense ratio, compared with 0.25% for TOK.

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

TOK has the higher dividend yield at 1.34%, compared with 1.04% for PBUS.

What is the main difference between TOK and PBUS?

TOK tracks MSCI Kokusai Index, while PBUS tracks MSCI USA Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for TOK and 0.04% for PBUS.

Which has better risk-adjusted returns?

PBUS currently has the higher Sharpe Ratio (1.71 vs 1.70), 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.