AAA.AX vs. QOZ.AX
AAA.AX (BetaShares Australian High Interest Cash ETF) and QOZ.AX (BetaShares FTSE RAFI Australia 200 ETF) are both exchange-traded funds - AAA.AX is a Money Market fund actively managed by BetaShares, while QOZ.AX is a Large Cap Value Equities fund tracking the FTSE RAFI Australia 200 Index. AAA.AX is actively managed, while QOZ.AX is passively managed. Over the past 10 years, AAA.AX returned 2.12%/yr vs 8.91%/yr for QOZ.AX. At a 0.01 correlation, their price movements are largely independent. AAA.AX charges 0.18%/yr vs 0.40%/yr for QOZ.AX.
Performance
AAA.AX vs. QOZ.AX - Performance Comparison
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Returns By Period
In the year-to-date period, AAA.AX achieves a 1.60% return, which is significantly lower than QOZ.AX's 5.36% return. Over the past 10 years, AAA.AX has underperformed QOZ.AX with an annualized return of 2.12%, while QOZ.AX has yielded a comparatively higher 8.91% annualized return.
AAA.AX
- 1D
- 0.02%
- 1M
- 0.39%
- 6M
- 1.49%
- YTD
- 1.60%
- 1Y
- 3.09%
- 3Y*
- 3.74%
- 5Y*
- 2.90%
- 10Y*
- 2.12%
QOZ.AX
- 1D
- -0.13%
- 1M
- -0.89%
- 6M
- 4.91%
- YTD
- 5.36%
- 1Y
- 14.79%
- 3Y*
- 11.72%
- 5Y*
- 8.47%
- 10Y*
- 8.91%
AAA.AX vs. QOZ.AX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AAA.AX BetaShares Australian High Interest Cash ETF | 1.60% | 3.76% | 3.87% | 3.75% | 1.38% | 0.35% | 0.74% | 1.69% | 1.87% | 1.39% |
QOZ.AX BetaShares FTSE RAFI Australia 200 ETF | 5.36% | 14.57% | 8.09% | 8.49% | 3.17% | 17.17% | -0.13% | 18.60% | -5.96% | 9.73% |
Correlation
The correlation between AAA.AX and QOZ.AX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2013 | 0.01 |
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Return for Risk
AAA.AX vs. QOZ.AX — Risk / Return Rank
AAA.AX
QOZ.AX
AAA.AX vs. QOZ.AX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BetaShares Australian High Interest Cash ETF (AAA.AX) and BetaShares FTSE RAFI Australia 200 ETF (QOZ.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.
| AAA.AX | QOZ.AX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.79 | ||
| Sortino ratioReturn per unit of downside risk | +3.53 | ||
| Omega ratioGain probability vs. loss probability | 2.82 | 1.23 | +1.59 |
| Calmar ratioReturn relative to maximum drawdown | 9.43 | 1.82 | +7.61 |
| Martin ratioReturn relative to average drawdown | 30.20 | 4.58 | +25.62 |
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Drawdowns
AAA.AX vs. QOZ.AX - Drawdown Comparison
The maximum AAA.AX drawdown since its inception was -0.36%, smaller than the maximum QOZ.AX drawdown of -37.05%. Use the drawdown chart below to compare losses from any high point for AAA.AX and QOZ.AX.
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Drawdown Indicators
| AAA.AX | QOZ.AX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.36% | -37.05% | +36.69% |
Max Drawdown (1Y)Largest decline over 1 year | -0.32% | -8.60% | +8.28% |
Max Drawdown (3Y)Largest decline over 3 years | -0.32% | -13.67% | +13.35% |
Max Drawdown (5Y)Largest decline over 5 years | -0.32% | -14.87% | +14.55% |
Max Drawdown (10Y)Largest decline over 10 years | -0.32% | -37.05% | +36.73% |
Current DrawdownCurrent decline from peak | 0.00% | -3.17% | +3.17% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -4.61% | +4.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 3.44% | -3.34% |
Volatility
AAA.AX vs. QOZ.AX - Volatility Comparison
The current volatility for BetaShares Australian High Interest Cash ETF (AAA.AX) is 0.10%, while BetaShares FTSE RAFI Australia 200 ETF (QOZ.AX) has a volatility of 2.43%. This indicates that AAA.AX experiences smaller price fluctuations and is considered to be less risky than QOZ.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAA.AX | QOZ.AX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.10% | 2.43% | -2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 0.65% | 9.38% | -8.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.73% | 11.91% | -11.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.50% | 12.87% | -12.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.48% | 14.67% | -14.19% |
AAA.AX vs. QOZ.AX - Expense Ratio Comparison
AAA.AX has a 0.18% expense ratio, which is lower than QOZ.AX's 0.40% expense ratio.
Dividends
AAA.AX vs. QOZ.AX - Dividend Comparison
AAA.AX's dividend yield for the trailing twelve months is around 3.06%, more than QOZ.AX's 2.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AAA.AX BetaShares Australian High Interest Cash ETF | 3.06% | 3.77% | 3.73% | 3.56% | 1.13% | 0.35% | 0.82% | 1.74% | 1.87% | 1.36% | 1.68% | 1.54% |
QOZ.AX BetaShares FTSE RAFI Australia 200 ETF | 2.26% | 2.07% | 2.42% | 2.75% | 4.97% | 3.96% | 3.30% | 6.45% | 4.28% | 1.82% | 3.62% | 6.33% |
Frequently Asked Questions
AAA.AX and QOZ.AX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AAA.AX is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AAA.AX is cheaper with a 0.18% expense ratio, compared with 0.40% for QOZ.AX.
AAA.AX is categorized as Money Market, while QOZ.AX is Large Cap Value Equities. Their fees differ too: 0.18% for AAA.AX and 0.40% for QOZ.AX.
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