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A200.AX vs. GEAR.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

A200.AX vs. GEAR.AX

Last updated Jul 16, 2026
Documentation

A200.AX (Betashares Australia 200 ETF) and GEAR.AX (Betashares Geared Australian Equities Complex ETF) are both exchange-traded funds - A200.AX is a fund fund tracking the Solactive Australia 200 Index, while GEAR.AX is a Global Equities fund actively managed by BetaShares. A200.AX is passively managed, while GEAR.AX is actively managed. Over the past 5 years, A200.AX returned 7.10%/yr vs 8.25%/yr for GEAR.AX. With a 0.98 correlation, they move nearly in lockstep.

Performance

A200.AX vs. GEAR.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Betashares Australia 200 ETF (A200.AX) and Betashares Geared Australian Equities Complex ETF (GEAR.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, A200.AX achieves a 2.54% return, which is significantly higher than GEAR.AX's 1.29% return.

A200.AX

1D
0.17%
1M
-0.63%
6M
2.18%
YTD
2.54%
1Y
5.19%
3Y*
9.64%
5Y*
7.10%
10Y*
—

GEAR.AX

1D
0.08%
1M
-2.32%
6M
0.16%
YTD
1.29%
1Y
3.78%
3Y*
13.69%
5Y*
8.25%
10Y*
10.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

A200.AX vs. GEAR.AX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
A200.AX
Betashares Australia 200 ETF		2.54%10.31%9.74%10.96%-1.18%17.90%1.16%22.87%-3.83%
GEAR.AX
Betashares Geared Australian Equities Complex ETF		1.29%15.80%13.80%15.84%-9.50%36.03%-11.97%52.03%-16.57%

Correlation

The correlation between A200.AX and GEAR.AX is 0.98 - 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

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (All Time)
Calculated using the full available price history since May 7, 2018

0.98

The correlation between A200.AX and GEAR.AX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Betashares Australia 200 ETF

Betashares Geared Australian Equities Complex ETF

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Return for Risk

A200.AX vs. GEAR.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
A200.AX
A200.AX Risk / Return Rank: 1818
Overall Rank
A200.AX Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
A200.AX Sortino Ratio Rank: 1717
Sortino Ratio Rank
A200.AX Omega Ratio Rank: 1717
Omega Ratio Rank
A200.AX Calmar Ratio Rank: 2020
Calmar Ratio Rank
A200.AX Martin Ratio Rank: 1919
Martin Ratio Rank
GEAR.AX
GEAR.AX Risk / Return Rank: 1313
Overall Rank
GEAR.AX Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
GEAR.AX Sortino Ratio Rank: 1313
Sortino Ratio Rank
GEAR.AX Omega Ratio Rank: 1313
Omega Ratio Rank
GEAR.AX Calmar Ratio Rank: 1313
Calmar Ratio Rank
GEAR.AX Martin Ratio Rank: 1313
Martin Ratio Rank
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.

A200.AX vs. GEAR.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Betashares Australia 200 ETF (A200.AX) and Betashares Geared Australian Equities Complex ETF (GEAR.AX). 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.

A200.AXGEAR.AXDifference
Sharpe ratioReturn per unit of total volatility
0.49
0.21

+0.28

Sortino ratioReturn per unit of downside risk
0.79
0.49

+0.30

Omega ratioGain probability vs. loss probability

1.10

1.06

+0.04

Calmar ratioReturn relative to maximum drawdown

0.70

0.31

+0.40

Martin ratioReturn relative to average drawdown

1.65

0.66

+0.99

A200.AX vs. GEAR.AX - Sharpe Ratio Comparison

The current A200.AX Sharpe Ratio is 0.49, which is higher than the GEAR.AX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of A200.AX and GEAR.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

A200.AX vs. GEAR.AX - Drawdown Comparison

The maximum A200.AX drawdown since its inception was -35.55%, smaller than the maximum GEAR.AX drawdown of -66.50%. Use the drawdown chart below to compare losses from any high point for A200.AX and GEAR.AX.

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Drawdown Indicators

A200.AXGEAR.AXDifference

Max Drawdown

Largest peak-to-trough decline

-35.55%

-66.50%

+30.95%

Max Drawdown (1Y)

Largest decline over 1 year

-8.40%

-17.82%

+9.42%

Max Drawdown (3Y)

Largest decline over 3 years

-13.22%

-30.91%

+17.69%

Max Drawdown (5Y)

Largest decline over 5 years

-14.79%

-32.27%

+17.48%

Max Drawdown (10Y)

Largest decline over 10 years

—

-66.50%

—

Current Drawdown

Current decline from peak

-2.62%

-8.41%

+5.79%

Average Drawdown

Average peak-to-trough decline

-4.25%

-12.21%

+7.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.62%

8.40%

-4.78%

Volatility

A200.AX vs. GEAR.AX - Volatility Comparison

The current volatility for Betashares Australia 200 ETF (A200.AX) is 2.37%, while Betashares Geared Australian Equities Complex ETF (GEAR.AX) has a volatility of 5.08%. This indicates that A200.AX experiences smaller price fluctuations and is considered to be less risky than GEAR.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

A200.AXGEAR.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.37%

5.08%

-2.71%

Volatility (6M)

Calculated over the trailing 6-month period

9.74%

21.27%

-11.53%

Volatility (1Y)

Calculated over the trailing 1-year period

11.99%

25.91%

-13.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.62%

29.72%

-17.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.17%

32.91%

-17.74%

Dividends

A200.AX vs. GEAR.AX - Dividend Comparison

A200.AX's dividend yield for the trailing twelve months is around 2.51%, more than GEAR.AX's 0.57% yield.

PositionTTM20252024202320222021202020192018201720162015
A200.AX
Betashares Australia 200 ETF		2.51%3.33%1.57%2.89%5.68%2.98%2.54%3.61%1.40%0.00%0.00%0.00%
GEAR.AX
Betashares Geared Australian Equities Complex ETF		0.57%1.39%0.26%0.92%8.66%3.72%5.62%6.55%2.90%1.64%1.57%1.74%

Frequently Asked Questions

With a correlation of 0.98, A200.AX and GEAR.AX 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.

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