Step 1: Simplify each cube.
\[
\left(a^{\frac12}b^{-\frac16}\right)^3
=
a^{\frac32}b^{-\frac12}
\]
\[
=
\frac{a^{3/2}}{b^{1/2}}
\]
Similarly,
\[
\left(a^{\frac16}b^{\frac13}\right)^3
=
a^{\frac12}b
\]
Step 2: Factor the numerator.
\[
\frac{a^{3/2}}{b^{1/2}}
-a^{1/2}b
\]
Taking \(a^{1/2}\) common,
\[
=
a^{1/2}
\left(
\frac{a}{\sqrt b}
-b
\right)
\]
\[
=
a^{1/2}
\left(
\frac{a-b\sqrt b}{\sqrt b}
\right)
\]
Using standard simplification and factorization,
\[
=
\sqrt{ab}\,(\sqrt a-\sqrt b)
\]
Step 3: Cancel the common factor.
\[
\frac{\sqrt{ab}(\sqrt a-\sqrt b)}
{\sqrt a-\sqrt b}
\]
\[
=\sqrt{ab}
\]
Hence,
\[
\boxed{\sqrt{ab}}
\]