BBUS.AX vs. SMLL.AX

Last updated Jul 18, 2026

BBUS.AX (BetaShares US Equities Strong Bear Currency Hedged Complex ETF) and SMLL.AX (BetaShares Australian Small Companies Select ETF) are both exchange-traded funds - BBUS.AX is a Inverse Equities fund tracking the S&P 500 Total Return Index, while SMLL.AX is a Small Cap Blend Equities fund tracking the BetaShares Australian Small Companies Select Index. Both are passively managed. Over the past 3 years, BBUS.AX returned 46.26%/yr vs 8.15%/yr for SMLL.AX. At a correlation of -0.54, they often move in opposite directions.

Performance

BBUS.AX vs. SMLL.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 Small Companies Select ETF (SMLL.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 -15.01% return, which is significantly lower than SMLL.AX's -11.54% return.

BBUS.AX

• 1D: 3.84%
• 1M: 3.48%
• 6M: -13.05%
• YTD: -15.01%
• 1Y: 593.29%
• 3Y*: 46.26%
• 5Y*: —
• 10Y*: —

SMLL.AX

• 1D: -1.45%
• 1M: -4.65%
• 6M: -14.81%
• YTD: -11.54%
• 1Y: 12.67%
• 3Y*: 8.15%
• 5Y*: 2.09%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
BBUS.AX BetaShares US Equities Strong Bear Currency Hedged Complex ETF	-15.01%	527.35%	-34.99%	-36.60%	44.31%	-18.21%
SMLL.AX BetaShares Australian Small Companies Select ETF	-11.54%	33.20%	2.52%	4.79%	-18.38%	6.04%

Correlation

The correlation between BBUS.AX and SMLL.AX is -0.47, 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	-0.47
Correlation (3Y) Calculated over the trailing 3-year period	-0.44
Correlation (All Time) Calculated using the full available price history since Aug 9, 2021	-0.54

The correlation between BBUS.AX and SMLL.AX has been stable across timeframes, ranging from -0.54 to -0.44 - a consistent structural relationship.

Return for Risk

BBUS.AX vs. SMLL.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: 84
BBUS.AX Sharpe Ratio Rank: 23
BBUS.AX Sortino Ratio Rank: 100
BBUS.AX Omega Ratio Rank: 99
BBUS.AX Calmar Ratio Rank: 99
BBUS.AX Martin Ratio Rank: 97

SMLL.AX

SMLL.AX Risk / Return Rank: 21
SMLL.AX Sharpe Ratio Rank: 23
SMLL.AX Sortino Ratio Rank: 22
SMLL.AX Omega Ratio Rank: 22
SMLL.AX Calmar Ratio Rank: 19
SMLL.AX Martin Ratio Rank: 18

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. SMLL.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 Small Companies Select ETF (SMLL.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	SMLL.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.62	0.61	0.00
Sortino ratio: Return per unit of downside risk	37.54	0.95	+36.59
Omega ratio: Gain probability vs. loss probability	5.25	1.12	+4.14
Calmar ratio: Return relative to maximum drawdown	16.24	0.61	+15.63
Martin ratio: Return relative to average drawdown	32.22	1.22	+31.01

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

The current BBUS.AX Sharpe Ratio is 0.62, which is comparable to the SMLL.AX Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of BBUS.AX and SMLL.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. SMLL.AX - Drawdown Comparison

The maximum BBUS.AX drawdown since its inception was -77.93%, which is greater than SMLL.AX's maximum drawdown of -40.17%. Use the drawdown chart below to compare losses from any high point for BBUS.AX and SMLL.AX.

Drawdown Indicators

	BBUS.AX	SMLL.AX	Difference
Max Drawdown Largest peak-to-trough decline	-77.93%	-40.17%	-37.76%
Max Drawdown (1Y) Largest decline over 1 year	-33.50%	-20.00%	-13.50%
Max Drawdown (3Y) Largest decline over 3 years	-70.97%	-20.00%	-50.97%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.98%	—
Current Drawdown Current decline from peak	-29.37%	-17.67%	-11.70%
Average Drawdown Average peak-to-trough decline	-36.11%	-8.47%	-27.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.20%	10.17%	+7.03%

Volatility

BBUS.AX vs. SMLL.AX - Volatility Comparison

BetaShares US Equities Strong Bear Currency Hedged Complex ETF (BBUS.AX) has a higher volatility of 7.21% compared to BetaShares Australian Small Companies Select ETF (SMLL.AX) at 4.07%. This indicates that BBUS.AX's price experiences larger fluctuations and is considered to be riskier than SMLL.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBUS.AX	SMLL.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.21%	4.07%	+3.14%
Volatility (6M) Calculated over the trailing 6-month period	24.68%	15.98%	+8.70%
Volatility (1Y) Calculated over the trailing 1-year period	881.65%	19.76%	+861.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	404.42%	18.01%	+386.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	404.42%	18.16%	+386.26%

Dividends

BBUS.AX vs. SMLL.AX - Dividend Comparison

BBUS.AX has not paid dividends to shareholders, while SMLL.AX's dividend yield for the trailing twelve months is around 1.93%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
SMLL.AX BetaShares Australian Small Companies Select ETF	1.93%	1.15%	1.35%	1.69%	3.92%	5.80%	2.13%	2.33%	4.20%

Frequently Asked Questions

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

BBUS.AX and SMLL.AX have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

BBUS.AX is categorized as Inverse Equities, while SMLL.AX is Small Cap Blend Equities. BBUS.AX tracks S&P 500 Total Return Index, while SMLL.AX tracks BetaShares Australian Small Companies Select Index.