BBOZ.AX vs. ARMR.AX

Last updated Jul 16, 2026

BBOZ.AX (BetaShares Australian Equities Strong Bear Complex ETF) and ARMR.AX (Betashares Global Defence ETF) are both exchange-traded funds - BBOZ.AX is a Inverse Equities fund tracking the S&P/ASX 200 Accumulation Index, while ARMR.AX is a Aerospace & Defense fund tracking the VettaFi Global Defence Leaders Index. Both are passively managed. Over the past year, BBOZ.AX returned -6.95% vs -3.36% for ARMR.AX. At a correlation of -0.25, they often move in opposite directions. BBOZ.AX charges 1.29%/yr vs 0.55%/yr for ARMR.AX.

Performance

BBOZ.AX vs. ARMR.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares Australian Equities Strong Bear Complex ETF (BBOZ.AX) and Betashares Global Defence ETF (ARMR.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBOZ.AX achieves a -4.96% return, which is significantly higher than ARMR.AX's -6.62% return.

BBOZ.AX

• 1D: 0.14%
• 1M: 2.55%
• 6M: -2.56%
• YTD: -4.96%
• 1Y: -6.95%
• 3Y*: -14.36%
• 5Y*: -14.01%
• 10Y*: -20.87%

ARMR.AX

• 1D: 0.45%
• 1M: -3.73%
• 6M: -19.26%
• YTD: -6.62%
• 1Y: -3.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BBOZ.AX vs. ARMR.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BBOZ.AX BetaShares Australian Equities Strong Bear Complex ETF	-4.96%	-16.29%	3.40%
ARMR.AX Betashares Global Defence ETF	-6.62%	47.73%	12.11%

Correlation

The correlation between BBOZ.AX and ARMR.AX is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.28
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024	-0.25

Return for Risk

BBOZ.AX vs. ARMR.AX — Risk / Return Rank

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

BBOZ.AX

BBOZ.AX Risk / Return Rank: 6
BBOZ.AX Sharpe Ratio Rank: 6
BBOZ.AX Sortino Ratio Rank: 6
BBOZ.AX Omega Ratio Rank: 6
BBOZ.AX Calmar Ratio Rank: 5
BBOZ.AX Martin Ratio Rank: 5

ARMR.AX

ARMR.AX Risk / Return Rank: 8
ARMR.AX Sharpe Ratio Rank: 8
ARMR.AX Sortino Ratio Rank: 8
ARMR.AX Omega Ratio Rank: 8
ARMR.AX Calmar Ratio Rank: 8
ARMR.AX Martin Ratio Rank: 8

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.

BBOZ.AX vs. ARMR.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaShares Australian Equities Strong Bear Complex ETF (BBOZ.AX) and Betashares Global Defence ETF (ARMR.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.

	BBOZ.AX	ARMR.AX	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	-0.08	-0.22
Sortino ratio: Return per unit of downside risk	-0.25	0.05	-0.30
Omega ratio: Gain probability vs. loss probability	0.97	1.01	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.48	-0.09	-0.39
Martin ratio: Return relative to average drawdown	-0.98	-0.18	-0.80

BBOZ.AX vs. ARMR.AX - Sharpe Ratio Comparison

The current BBOZ.AX Sharpe Ratio is -0.30, which is lower than the ARMR.AX Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of BBOZ.AX and ARMR.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

BBOZ.AX vs. ARMR.AX - Drawdown Comparison

The maximum BBOZ.AX drawdown since its inception was -93.82%, which is greater than ARMR.AX's maximum drawdown of -22.93%. Use the drawdown chart below to compare losses from any high point for BBOZ.AX and ARMR.AX.

Drawdown Indicators

	BBOZ.AX	ARMR.AX	Difference
Max Drawdown Largest peak-to-trough decline	-93.82%	-22.93%	-70.89%
Max Drawdown (1Y) Largest decline over 1 year	-17.56%	-22.93%	+5.37%
Max Drawdown (3Y) Largest decline over 3 years	-50.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-91.76%	—	—
Current Drawdown Current decline from peak	-93.35%	-20.43%	-72.92%
Average Drawdown Average peak-to-trough decline	-67.87%	-5.62%	-62.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.67%	10.96%	-2.29%

Volatility

BBOZ.AX vs. ARMR.AX - Volatility Comparison

The current volatility for BetaShares Australian Equities Strong Bear Complex ETF (BBOZ.AX) is 5.18%, while Betashares Global Defence ETF (ARMR.AX) has a volatility of 8.91%. This indicates that BBOZ.AX experiences smaller price fluctuations and is considered to be less risky than ARMR.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBOZ.AX	ARMR.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	8.91%	-3.73%
Volatility (6M) Calculated over the trailing 6-month period	22.95%	19.25%	+3.70%
Volatility (1Y) Calculated over the trailing 1-year period	27.59%	23.85%	+3.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.12%	23.54%	+6.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.41%	23.54%	+9.87%

BBOZ.AX vs. ARMR.AX - Expense Ratio Comparison

BBOZ.AX has a 1.29% expense ratio, which is higher than ARMR.AX's 0.55% expense ratio.

Dividends

BBOZ.AX vs. ARMR.AX - Dividend Comparison

BBOZ.AX has not paid dividends to shareholders, while ARMR.AX's dividend yield for the trailing twelve months is around 2.08%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARMR.AX Betashares Global Defence ETF	2.08%	2.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BBOZ.AX BetaShares Australian Equities Strong Bear Complex ETF	0.00%	0.00%	0.00%	0.00%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.95%

Frequently Asked Questions

Can I hold both BBOZ.AX and ARMR.AX in my portfolio?

BBOZ.AX and ARMR.AX have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BBOZ.AX or ARMR.AX?

On fees, ARMR.AX is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BBOZ.AX or ARMR.AX?

ARMR.AX is cheaper with a 0.55% expense ratio, compared with 1.29% for BBOZ.AX.

What is the main difference between BBOZ.AX and ARMR.AX?

BBOZ.AX is categorized as Inverse Equities, while ARMR.AX is Aerospace & Defense. BBOZ.AX tracks S&P/ASX 200 Accumulation Index, while ARMR.AX tracks VettaFi Global Defence Leaders Index. Their fees differ too: 1.29% for BBOZ.AX and 0.55% for ARMR.AX.