AUST.AX vs. QOZ.AX

Last updated Jul 16, 2026

AUST.AX (BetaShares Managed Risk Australian Shares Complex ETF) and QOZ.AX (BetaShares FTSE RAFI Australia 200 ETF) are both exchange-traded funds - AUST.AX is a Australia Equities fund actively managed by BetaShares, while QOZ.AX is a Large Cap Value Equities fund tracking the FTSE RAFI Australia 200 Index. AUST.AX is actively managed, while QOZ.AX is passively managed. Over the past 10 years, AUST.AX returned 3.49%/yr vs 8.91%/yr for QOZ.AX. A 0.75 correlation means they provide meaningful diversification when combined. AUST.AX charges 0.49%/yr vs 0.40%/yr for QOZ.AX.

Performance

AUST.AX vs. QOZ.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares Managed Risk Australian Shares Complex ETF (AUST.AX) and BetaShares FTSE RAFI Australia 200 ETF (QOZ.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AUST.AX achieves a -0.08% return, which is significantly lower than QOZ.AX's 5.36% return. Over the past 10 years, AUST.AX has underperformed QOZ.AX with an annualized return of 3.49%, while QOZ.AX has yielded a comparatively higher 8.91% annualized return.

AUST.AX

• 1D: 0.00%
• 1M: -0.63%
• 6M: 0.54%
• YTD: -0.08%
• 1Y: 1.97%
• 3Y*: 5.03%
• 5Y*: 1.92%
• 10Y*: 3.49%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AUST.AX vs. QOZ.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AUST.AX BetaShares Managed Risk Australian Shares Complex ETF	-0.08%	4.29%	5.47%	4.56%	-6.74%	12.28%	-2.64%	17.64%	-6.77%	7.12%
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 AUST.AX and QOZ.AX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Nov 9, 2015	0.75

The correlation between AUST.AX and QOZ.AX has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

Return for Risk

AUST.AX vs. QOZ.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AUST.AX

AUST.AX Risk / Return Rank: 13
AUST.AX Sharpe Ratio Rank: 13
AUST.AX Sortino Ratio Rank: 12
AUST.AX Omega Ratio Rank: 12
AUST.AX Calmar Ratio Rank: 14
AUST.AX Martin Ratio Rank: 13

QOZ.AX

QOZ.AX Risk / Return Rank: 42
QOZ.AX Sharpe Ratio Rank: 45
QOZ.AX Sortino Ratio Rank: 43
QOZ.AX Omega Ratio Rank: 42
QOZ.AX Calmar Ratio Rank: 43
QOZ.AX Martin Ratio Rank: 36

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.

AUST.AX vs. QOZ.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaShares Managed Risk Australian Shares Complex ETF (AUST.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.

	AUST.AX	QOZ.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.24	1.32	-1.08
Sortino ratio: Return per unit of downside risk	0.41	1.85	-1.44
Omega ratio: Gain probability vs. loss probability	1.05	1.23	-0.18
Calmar ratio: Return relative to maximum drawdown	0.34	1.82	-1.47
Martin ratio: Return relative to average drawdown	0.61	4.58	-3.96

AUST.AX vs. QOZ.AX - Sharpe Ratio Comparison

The current AUST.AX Sharpe Ratio is 0.24, which is lower than the QOZ.AX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of AUST.AX and QOZ.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.

Drawdowns

AUST.AX vs. QOZ.AX - Drawdown Comparison

The maximum AUST.AX drawdown since its inception was -20.24%, smaller than the maximum QOZ.AX drawdown of -37.05%. Use the drawdown chart below to compare losses from any high point for AUST.AX and QOZ.AX.

Drawdown Indicators

	AUST.AX	QOZ.AX	Difference
Max Drawdown Largest peak-to-trough decline	-20.24%	-37.05%	+16.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.16%	-8.60%	+1.44%
Max Drawdown (3Y) Largest decline over 3 years	-11.49%	-13.67%	+2.18%
Max Drawdown (5Y) Largest decline over 5 years	-12.58%	-14.87%	+2.29%
Max Drawdown (10Y) Largest decline over 10 years	-20.24%	-37.05%	+16.81%
Current Drawdown Current decline from peak	-4.19%	-3.17%	-1.02%
Average Drawdown Average peak-to-trough decline	-4.56%	-4.61%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	3.44%	+0.63%

Volatility

AUST.AX vs. QOZ.AX - Volatility Comparison

BetaShares Managed Risk Australian Shares Complex ETF (AUST.AX) and BetaShares FTSE RAFI Australia 200 ETF (QOZ.AX) have volatilities of 2.44% and 2.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AUST.AX	QOZ.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	2.43%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.99%	9.38%	-1.39%
Volatility (1Y) Calculated over the trailing 1-year period	10.33%	11.91%	-1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.21%	12.87%	-2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.21%	14.67%	-4.46%

AUST.AX vs. QOZ.AX - Expense Ratio Comparison

AUST.AX has a 0.49% expense ratio, which is higher than QOZ.AX's 0.40% expense ratio.

Dividends

AUST.AX vs. QOZ.AX - Dividend Comparison

AUST.AX's dividend yield for the trailing twelve months is around 1.39%, less than QOZ.AX's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AUST.AX BetaShares Managed Risk Australian Shares Complex ETF	1.39%	1.18%	1.58%	1.60%	2.16%	2.37%	3.13%	3.02%	1.62%	1.09%	0.42%	0.00%
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

Can I hold both AUST.AX and QOZ.AX in my portfolio?

AUST.AX and QOZ.AX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AUST.AX or QOZ.AX?

On fees, QOZ.AX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AUST.AX or QOZ.AX?

QOZ.AX is cheaper with a 0.40% expense ratio, compared with 0.49% for AUST.AX.

What is the main difference between AUST.AX and QOZ.AX?

AUST.AX is categorized as Australia Equities, while QOZ.AX is Large Cap Value Equities. Their fees differ too: 0.49% for AUST.AX and 0.40% for QOZ.AX.