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BBUS.AX vs. GEAR.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BBUS.AX vs. GEAR.AX

Last updated Jul 16, 2026
Documentation

BBUS.AX (BetaShares US Equities Strong Bear Currency Hedged Complex ETF) and GEAR.AX (Betashares Geared Australian Equities Complex ETF) are both exchange-traded funds - BBUS.AX is a Inverse Equities fund tracking the S&P 500 Total Return Index, while GEAR.AX is a Global Equities fund actively managed by BetaShares. BBUS.AX is passively managed, while GEAR.AX is actively managed. Over the past 3 years, BBUS.AX returned 43.99%/yr vs 13.69%/yr for GEAR.AX. At a correlation of -0.69, they often move in opposite directions.

Performance

BBUS.AX vs. GEAR.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 Geared Australian Equities Complex ETF (GEAR.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, BBUS.AX achieves a -18.16% return, which is significantly lower than GEAR.AX's 1.29% return.

BBUS.AX

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

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

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

2026 (YTD)20252024202320222021
BBUS.AX
BetaShares US Equities Strong Bear Currency Hedged Complex ETF		-18.16%527.35%-34.99%-36.60%44.31%-18.21%
GEAR.AX
Betashares Geared Australian Equities Complex ETF		1.29%15.80%13.80%15.84%-9.50%0.45%

Correlation

The correlation between BBUS.AX and GEAR.AX is -0.58, 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

-0.58

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

-0.64

Correlation (All Time)
Calculated using the full available price history since Aug 9, 2021

-0.69

The correlation between BBUS.AX and GEAR.AX shifts across timeframes, from -0.69 (all time) to -0.58 (1 year), reflecting how their relationship changes across market environments.

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BetaShares US Equities Strong Bear Currency Hedged Complex ETF

Betashares Geared Australian Equities Complex ETF

Return for Risk

BBUS.AX vs. GEAR.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: 8383
Overall Rank
BBUS.AX Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
BBUS.AX Sortino Ratio Rank: 100100
Sortino Ratio Rank
BBUS.AX Omega Ratio Rank: 9999
Omega Ratio Rank
BBUS.AX Calmar Ratio Rank: 9999
Calmar Ratio Rank
BBUS.AX Martin Ratio Rank: 9797
Martin Ratio Rank
GEAR.AX
GEAR.AX Risk / Return Rank: 1313
Overall Rank
GEAR.AX Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
GEAR.AX Sortino Ratio Rank: 1313
Sortino Ratio Rank
GEAR.AX Omega Ratio Rank: 1313
Omega Ratio Rank
GEAR.AX Calmar Ratio Rank: 1313
Calmar Ratio Rank
GEAR.AX Martin Ratio Rank: 1313
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.

BBUS.AX vs. GEAR.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 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.

BBUS.AXGEAR.AXDifference
Sharpe ratioReturn per unit of total volatility
0.58
0.21

+0.37

Sortino ratioReturn per unit of downside risk
37.24
0.49

+36.75

Omega ratioGain probability vs. loss probability

5.20

1.06

+4.14

Calmar ratioReturn relative to maximum drawdown

15.29

0.31

+14.99

Martin ratioReturn relative to average drawdown

30.52

0.66

+29.85

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

The current BBUS.AX Sharpe Ratio is 0.58, which is higher than the GEAR.AX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of BBUS.AX and GEAR.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

BBUS.AX vs. GEAR.AX - Drawdown Comparison

The maximum BBUS.AX drawdown since its inception was -77.93%, 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 BBUS.AX and GEAR.AX.

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Drawdown Indicators

BBUS.AXGEAR.AXDifference

Max Drawdown

Largest peak-to-trough decline

-77.93%

-66.50%

-11.43%

Max Drawdown (1Y)

Largest decline over 1 year

-33.50%

-17.82%

-15.68%

Max Drawdown (3Y)

Largest decline over 3 years

-70.97%

-30.91%

-40.06%

Max Drawdown (5Y)

Largest decline over 5 years

—

-32.27%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-66.50%

—

Current Drawdown

Current decline from peak

-31.99%

-8.41%

-23.58%

Average Drawdown

Average peak-to-trough decline

-36.12%

-12.21%

-23.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.10%

8.40%

+8.70%

Volatility

BBUS.AX vs. GEAR.AX - Volatility Comparison

BetaShares US Equities Strong Bear Currency Hedged Complex ETF (BBUS.AX) has a higher volatility of 6.47% compared to Betashares Geared Australian Equities Complex ETF (GEAR.AX) at 5.08%. This indicates that BBUS.AX's price experiences larger fluctuations and is considered to be riskier than GEAR.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BBUS.AXGEAR.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.47%

5.08%

+1.39%

Volatility (6M)

Calculated over the trailing 6-month period

24.37%

21.27%

+3.10%

Volatility (1Y)

Calculated over the trailing 1-year period

881.65%

25.91%

+855.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

404.58%

29.72%

+374.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

404.58%

32.91%

+371.67%

Dividends

BBUS.AX vs. GEAR.AX - Dividend Comparison

BBUS.AX has not paid dividends to shareholders, while GEAR.AX's dividend yield for the trailing twelve months is around 0.57%.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
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

BBUS.AX and GEAR.AX have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BBUS.AX is categorized as Inverse Equities, while GEAR.AX is Global Equities.

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