BBOZ.AX vs. GEAR.AX
BBOZ.AX (BetaShares Australian Equities Strong Bear Complex ETF) and GEAR.AX (Betashares Geared Australian Equities Complex ETF) are both exchange-traded funds - BBOZ.AX is a Inverse Equities fund tracking the S&P/ASX 200 Accumulation Index, while GEAR.AX is a Global Equities fund actively managed by BetaShares. BBOZ.AX is passively managed, while GEAR.AX is actively managed. Over the past 10 years, BBOZ.AX returned -20.87%/yr vs 10.21%/yr for GEAR.AX. At a correlation of -0.98, they often move in opposite directions.
Performance
BBOZ.AX vs. GEAR.AX - Performance Comparison
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Returns By Period
In the year-to-date period, BBOZ.AX achieves a -4.96% return, which is significantly lower than GEAR.AX's 1.29% return. Over the past 10 years, BBOZ.AX has underperformed GEAR.AX with an annualized return of -20.87%, while GEAR.AX has yielded a comparatively higher 10.21% annualized 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%
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%
BBOZ.AX vs. GEAR.AX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BBOZ.AX BetaShares Australian Equities Strong Bear Complex ETF | -4.96% | -16.29% | -11.97% | -19.36% | -9.57% | -33.33% | -35.36% | -40.20% | 8.71% | -20.34% |
GEAR.AX Betashares Geared Australian Equities Complex ETF | 1.29% | 15.80% | 13.80% | 15.84% | -9.50% | 36.03% | -11.97% | 52.03% | -19.57% | 16.12% |
Correlation
The correlation between BBOZ.AX and GEAR.AX is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2015 | -0.98 |
The correlation between BBOZ.AX and GEAR.AX has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
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Return for Risk
BBOZ.AX vs. GEAR.AX — Risk / Return Rank
BBOZ.AX
GEAR.AX
BBOZ.AX vs. GEAR.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 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.
| BBOZ.AX | GEAR.AX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.06 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 0.31 | -0.78 |
| Martin ratioReturn relative to average drawdown | -0.98 | 0.66 | -1.64 |
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Drawdowns
BBOZ.AX vs. GEAR.AX - Drawdown Comparison
The maximum BBOZ.AX drawdown since its inception was -93.82%, which is greater than GEAR.AX's maximum drawdown of -66.50%. Use the drawdown chart below to compare losses from any high point for BBOZ.AX and GEAR.AX.
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Drawdown Indicators
| BBOZ.AX | GEAR.AX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.82% | -66.50% | -27.32% |
Max Drawdown (1Y)Largest decline over 1 year | -17.56% | -17.82% | +0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -50.45% | -30.91% | -19.54% |
Max Drawdown (5Y)Largest decline over 5 years | -61.95% | -32.27% | -29.68% |
Max Drawdown (10Y)Largest decline over 10 years | -91.76% | -66.50% | -25.26% |
Current DrawdownCurrent decline from peak | -93.35% | -8.41% | -84.94% |
Average DrawdownAverage peak-to-trough decline | -67.87% | -12.21% | -55.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.67% | 8.40% | +0.27% |
Volatility
BBOZ.AX vs. GEAR.AX - Volatility Comparison
BetaShares Australian Equities Strong Bear Complex ETF (BBOZ.AX) and Betashares Geared Australian Equities Complex ETF (GEAR.AX) have volatilities of 5.18% and 5.08%, 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.
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Volatility by Period
| BBOZ.AX | GEAR.AX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.18% | 5.08% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 22.95% | 21.27% | +1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.59% | 25.91% | +1.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.12% | 29.72% | +0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.41% | 32.91% | +0.50% |
Dividends
BBOZ.AX vs. GEAR.AX - Dividend Comparison
BBOZ.AX has not paid dividends to shareholders, while GEAR.AX's dividend yield for the trailing twelve months is around 0.57%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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
BBOZ.AX and GEAR.AX have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BBOZ.AX is categorized as Inverse Equities, while GEAR.AX is Global Equities.
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