Nah, its still Ruth. The gap between Ruth and other players of his generation is larger than for Bonds and his. One season Ruth hit more home runs than any other team.
Ruth was a pitcher his first 5 seasons, winning more than 20 games twice. Put him in the field for those 5 years instead, and he's still got the career HR record.
Ruth also had speed, almost twice as many career triples as Bonds, in fewer ABs. Ruth career OBP .474 > Bonds .444
Ruth was a great pitcher, great hitter, and was fueled by hot dogs and bootleg whisky, not 'roids.