RTX beta yields poor performance

When the Ray tracing option is turned off the game runs smoothly at 250-300fps with both CPU and GPU sitting at a cool 50-70% usage in most situations. Whenever Ray tracing is enabled the game dips to 15-25fps and the GPU takes over almost all of the work with the CPU dropping to around 10% usage at most, which is just above idle use. Attached is MSI Afterburner monitoring the hardware

Hardware is:

RTX 2080

i5 8600K @ 4.3GHz

32GB DDR4

A bit of a bottleneck perhaps but it doesn't have any major performance hit on any other games.