BBUS.AX vs. EX20.AX

Last updated Jul 16, 2026

BBUS.AX (BetaShares US Equities Strong Bear Currency Hedged Complex ETF) and EX20.AX (Betashares Australian Ex-20 Portfolio Diversifier ETF) are both exchange-traded funds - BBUS.AX is a Inverse Equities fund tracking the S&P 500 Total Return Index, while EX20.AX is a Australian Equities fund tracking the Solactive Australia ex 20 Index. Both are passively managed. Over the past 3 years, BBUS.AX returned 43.99%/yr vs 5.51%/yr for EX20.AX. At a correlation of -0.68, they often move in opposite directions. BBUS.AX charges 1.32%/yr vs 0.25%/yr for EX20.AX.

Performance

BBUS.AX vs. EX20.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares US Equities Strong Bear Currency Hedged Complex ETF (BBUS.AX) and Betashares Australian Ex-20 Portfolio Diversifier ETF (EX20.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBUS.AX achieves a -18.16% return, which is significantly lower than EX20.AX's -6.84% return.

BBUS.AX

• 1D: -0.48%
• 1M: -0.74%
• 6M: -16.48%
• YTD: -18.16%
• 1Y: 573.53%
• 3Y*: 43.99%
• 5Y*: —
• 10Y*: —

EX20.AX

• 1D: 0.18%
• 1M: -2.97%
• 6M: -8.41%
• YTD: -6.84%
• 1Y: -2.67%
• 3Y*: 5.51%
• 5Y*: 3.80%
• 10Y*: —

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

BBUS.AX vs. EX20.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BBUS.AX BetaShares US Equities Strong Bear Currency Hedged Complex ETF	-18.16%	527.35%	-34.99%	-36.60%	44.31%	-18.21%
EX20.AX Betashares Australian Ex-20 Portfolio Diversifier ETF	-6.84%	14.21%	10.11%	6.68%	-10.28%	4.86%

Correlation

The correlation between BBUS.AX and EX20.AX is -0.57, 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	-0.57
Correlation (3Y) Calculated over the trailing 3-year period	-0.62
Correlation (All Time) Calculated using the full available price history since Aug 9, 2021	-0.68

The correlation between BBUS.AX and EX20.AX shifts across timeframes, from -0.68 (all time) to -0.57 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BBUS.AX vs. EX20.AX — Risk / Return Rank

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

BBUS.AX

BBUS.AX Risk / Return Rank: 83
BBUS.AX Sharpe Ratio Rank: 20
BBUS.AX Sortino Ratio Rank: 100
BBUS.AX Omega Ratio Rank: 99
BBUS.AX Calmar Ratio Rank: 99
BBUS.AX Martin Ratio Rank: 97

EX20.AX

EX20.AX Risk / Return Rank: 8
EX20.AX Sharpe Ratio Rank: 8
EX20.AX Sortino Ratio Rank: 8
EX20.AX Omega Ratio Rank: 8
EX20.AX Calmar Ratio Rank: 8
EX20.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.

BBUS.AX vs. EX20.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaShares US Equities Strong Bear Currency Hedged Complex ETF (BBUS.AX) and Betashares Australian Ex-20 Portfolio Diversifier ETF (EX20.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.

	BBUS.AX	EX20.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.58	-0.13	+0.71
Sortino ratio: Return per unit of downside risk	37.24	-0.06	+37.30
Omega ratio: Gain probability vs. loss probability	5.20	0.99	+4.21
Calmar ratio: Return relative to maximum drawdown	15.29	-0.12	+15.42
Martin ratio: Return relative to average drawdown	30.52	-0.28	+30.80

BBUS.AX vs. EX20.AX - Sharpe Ratio Comparison

The current BBUS.AX Sharpe Ratio is 0.58, which is higher than the EX20.AX Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of BBUS.AX and EX20.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

BBUS.AX vs. EX20.AX - Drawdown Comparison

The maximum BBUS.AX drawdown since its inception was -77.93%, which is greater than EX20.AX's maximum drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for BBUS.AX and EX20.AX.

Drawdown Indicators

	BBUS.AX	EX20.AX	Difference
Max Drawdown Largest peak-to-trough decline	-77.93%	-39.55%	-38.38%
Max Drawdown (1Y) Largest decline over 1 year	-33.50%	-16.84%	-16.66%
Max Drawdown (3Y) Largest decline over 3 years	-70.97%	-16.84%	-54.13%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.65%	—
Current Drawdown Current decline from peak	-31.99%	-10.81%	-21.18%
Average Drawdown Average peak-to-trough decline	-36.12%	-5.38%	-30.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.10%	7.57%	+9.53%

Volatility

BBUS.AX vs. EX20.AX - Volatility Comparison

BetaShares US Equities Strong Bear Currency Hedged Complex ETF (BBUS.AX) has a higher volatility of 6.47% compared to Betashares Australian Ex-20 Portfolio Diversifier ETF (EX20.AX) at 4.15%. This indicates that BBUS.AX's price experiences larger fluctuations and is considered to be riskier than EX20.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBUS.AX	EX20.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.47%	4.15%	+2.32%
Volatility (6M) Calculated over the trailing 6-month period	24.37%	13.78%	+10.59%
Volatility (1Y) Calculated over the trailing 1-year period	881.65%	16.49%	+865.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	404.58%	15.01%	+389.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	404.58%	15.89%	+388.69%

BBUS.AX vs. EX20.AX - Expense Ratio Comparison

BBUS.AX has a 1.32% expense ratio, which is higher than EX20.AX's 0.25% expense ratio.

Dividends

BBUS.AX vs. EX20.AX - Dividend Comparison

BBUS.AX has not paid dividends to shareholders, while EX20.AX's dividend yield for the trailing twelve months is around 1.63%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BBUS.AX BetaShares US Equities Strong Bear Currency Hedged Complex ETF	0.00%	0.00%	0.00%	0.00%	10.40%	0.00%	0.00%	0.00%	0.00%	0.00%
EX20.AX Betashares Australian Ex-20 Portfolio Diversifier ETF	1.63%	3.52%	1.46%	1.71%	1.44%	1.80%	2.68%	4.51%	3.89%	1.20%

Frequently Asked Questions

Can I hold both BBUS.AX and EX20.AX in my portfolio?

BBUS.AX and EX20.AX have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BBUS.AX or EX20.AX?

On fees, EX20.AX is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BBUS.AX or EX20.AX?

EX20.AX is cheaper with a 0.25% expense ratio, compared with 1.32% for BBUS.AX.

What is the main difference between BBUS.AX and EX20.AX?

BBUS.AX is categorized as Inverse Equities, while EX20.AX is Australian Equities. BBUS.AX tracks S&P 500 Total Return Index, while EX20.AX tracks Solactive Australia ex 20 Index. Their fees differ too: 1.32% for BBUS.AX and 0.25% for EX20.AX.