Record for multi-home run games, career.

[Pantagruel]

1. Bonds had 500 more walks than Ruth

that cut into his ability for 2nd HR on many occasions.
Bonds also rarely faced SP more than 1-2 times but in Ruth's day, before relief pitchers, SP usually pitched the entire game.
Ruth also had a ballpark advantage for HR hitting.

OTOH, Bonds probably had chemical help. Of course, we're now learning that many of the pitchers he faced were also jacked up.
Ruth may have been on anything he wanted, no drug testing back then. More likely his legendary boozing cut into his totals.
Still, Bonds faced much , much better pitching when you consider conditioning, size and science advances. OTOH, in Ruth's day , doctoring the ball was much more prevalent.

Have a few brews and argue it out for hours.