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BBOZ.AX vs. HVST.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BBOZ.AX vs. HVST.AX

Last updated Jul 18, 2026
Documentation

BBOZ.AX (BetaShares Australian Equities Strong Bear Complex ETF) and HVST.AX (Betashares Australian Dividend Harvester Active ETF) are both exchange-traded funds - BBOZ.AX is a Inverse Equities fund tracking the S&P/ASX 200 Accumulation Index, while HVST.AX is a Dividend fund actively managed by BetaShares. BBOZ.AX is passively managed, while HVST.AX is actively managed. Over the past 10 years, BBOZ.AX returned -20.81%/yr vs 2.42%/yr for HVST.AX. At a correlation of -0.84, they often move in opposite directions.

Performance

BBOZ.AX vs. HVST.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 Australian Dividend Harvester Active ETF (HVST.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, BBOZ.AX achieves a -3.84% return, which is significantly lower than HVST.AX's -1.27% return. Over the past 10 years, BBOZ.AX has underperformed HVST.AX with an annualized return of -20.81%, while HVST.AX has yielded a comparatively higher 2.42% annualized return.

BBOZ.AX

1D
1.17%
1M
5.33%
6M
0.89%
YTD
-3.84%
1Y
-5.77%
3Y*
-14.11%
5Y*
-13.81%
10Y*
-20.81%

HVST.AX

1D
-0.53%
1M
-1.34%
6M
-1.92%
YTD
-1.27%
1Y
-0.57%
3Y*
7.14%
5Y*
4.38%
10Y*
2.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
BBOZ.AX
BetaShares Australian Equities Strong Bear Complex ETF		-3.84%-16.29%-11.97%-19.36%-9.57%-33.33%-35.36%-40.20%8.71%-20.34%
HVST.AX
Betashares Australian Dividend Harvester Active ETF		-1.27%6.89%10.85%8.84%-3.51%8.41%-2.12%13.98%-6.21%-10.08%

Correlation

The correlation between BBOZ.AX and HVST.AX is -0.90, 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

-0.90

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

-0.91

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

-0.90

Correlation (10Y)
Calculated over the trailing 10-year period

-0.86

Correlation (All Time)
Calculated using the full available price history since Apr 20, 2015

-0.84

The correlation between BBOZ.AX and HVST.AX has been stable across timeframes, ranging from -0.91 to -0.84 - a consistent structural relationship.

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BetaShares Australian Equities Strong Bear Complex ETF

Betashares Australian Dividend Harvester Active ETF

Often compared with BBOZ.AX:
BBOZ.AX vs. A200.AXBBOZ.AX vs. ARMR.AXBBOZ.AX vs. DHHF.AXBBOZ.AX vs. EX20.AXBBOZ.AX vs. FOOD.AXBBOZ.AX vs. FUEL.AXBBOZ.AX vs. GEAR.AX
Often compared with HVST.AX:
HVST.AX vs. ARMR.AXHVST.AX vs. EX20.AXHVST.AX vs. FOOD.AXHVST.AX vs. FUEL.AXHVST.AX vs. GEAR.AXHVST.AX vs. GGUS.AXHVST.AX vs. INCM.AX

Return for Risk

BBOZ.AX vs. HVST.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: 88
Overall Rank
BBOZ.AX Sharpe Ratio Rank: 88
Sharpe Ratio Rank
BBOZ.AX Sortino Ratio Rank: 88
Sortino Ratio Rank
BBOZ.AX Omega Ratio Rank: 88
Omega Ratio Rank
BBOZ.AX Calmar Ratio Rank: 77
Calmar Ratio Rank
BBOZ.AX Martin Ratio Rank: 77
Martin Ratio Rank
HVST.AX
HVST.AX Risk / Return Rank: 1010
Overall Rank
HVST.AX Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
HVST.AX Sortino Ratio Rank: 99
Sortino Ratio Rank
HVST.AX Omega Ratio Rank: 99
Omega Ratio Rank
HVST.AX Calmar Ratio Rank: 1010
Calmar Ratio Rank
HVST.AX Martin Ratio Rank: 1010
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.

BBOZ.AX vs. HVST.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 Australian Dividend Harvester Active ETF (HVST.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.AXHVST.AXDifference
Sharpe ratioReturn per unit of total volatility
-0.20
-0.05

-0.16

Sortino ratioReturn per unit of downside risk
-0.10
0.02

-0.12

Omega ratioGain probability vs. loss probability

0.99

1.00

-0.01

Calmar ratioReturn relative to maximum drawdown

-0.32

-0.06

-0.26

Martin ratioReturn relative to average drawdown

-0.65

-0.12

-0.53

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

The current BBOZ.AX Sharpe Ratio is -0.20, which is lower than the HVST.AX Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of BBOZ.AX and HVST.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

BBOZ.AX vs. HVST.AX - Drawdown Comparison

The maximum BBOZ.AX drawdown since its inception was -93.82%, which is greater than HVST.AX's maximum drawdown of -23.38%. Use the drawdown chart below to compare losses from any high point for BBOZ.AX and HVST.AX.

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Drawdown Indicators

BBOZ.AXHVST.AXDifference

Max Drawdown

Largest peak-to-trough decline

-93.82%

-23.38%

-70.44%

Max Drawdown (1Y)

Largest decline over 1 year

-17.56%

-9.23%

-8.33%

Max Drawdown (3Y)

Largest decline over 3 years

-50.45%

-13.07%

-37.38%

Max Drawdown (5Y)

Largest decline over 5 years

-61.95%

-14.71%

-47.24%

Max Drawdown (10Y)

Largest decline over 10 years

-91.76%

-18.92%

-72.84%

Current Drawdown

Current decline from peak

-93.27%

-5.13%

-88.14%

Average Drawdown

Average peak-to-trough decline

-67.88%

-9.57%

-58.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.69%

4.53%

+4.16%

Volatility

BBOZ.AX vs. HVST.AX - Volatility Comparison

BetaShares Australian Equities Strong Bear Complex ETF (BBOZ.AX) has a higher volatility of 5.12% compared to Betashares Australian Dividend Harvester Active ETF (HVST.AX) at 2.50%. This indicates that BBOZ.AX's price experiences larger fluctuations and is considered to be riskier than HVST.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BBOZ.AXHVST.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.12%

2.50%

+2.62%

Volatility (6M)

Calculated over the trailing 6-month period

22.92%

9.68%

+13.24%

Volatility (1Y)

Calculated over the trailing 1-year period

27.56%

12.07%

+15.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.12%

12.03%

+18.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.41%

11.15%

+22.26%

Dividends

BBOZ.AX vs. HVST.AX - Dividend Comparison

BBOZ.AX has not paid dividends to shareholders, while HVST.AX's dividend yield for the trailing twelve months is around 4.31%.

PositionTTM20252024202320222021202020192018201720162015
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%
HVST.AX
Betashares Australian Dividend Harvester Active ETF		4.31%5.26%4.93%6.13%6.64%6.19%7.01%10.96%10.87%10.37%9.21%8.07%

Frequently Asked Questions

BBOZ.AX and HVST.AX have a correlation of -0.90, 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 HVST.AX is Dividend.

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