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

BHYB.AX vs. GEAR.AX

Last updated Jul 16, 2026
Documentation

BHYB.AX (BetaShares Australian Major Bank Hybrids Index ETF) and GEAR.AX (Betashares Geared Australian Equities Complex ETF) are both exchange-traded funds - BHYB.AX is a Preferred Stock/Convertible Bonds fund tracking the Solactive Australian Banking Preferred Shares Index, while GEAR.AX is a Global Equities fund actively managed by BetaShares. BHYB.AX is passively managed, while GEAR.AX is actively managed. Over the past 5 years, BHYB.AX returned 3.39%/yr vs 8.25%/yr for GEAR.AX. At a 0.03 correlation, their price movements are largely independent.

Performance

BHYB.AX vs. GEAR.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares Australian Major Bank Hybrids Index ETF (BHYB.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, BHYB.AX achieves a 1.55% return, which is significantly higher than GEAR.AX's 1.29% return.

BHYB.AX

1D
0.20%
1M
1.27%
6M
1.53%
YTD
1.55%
1Y
3.19%
3Y*
4.38%
5Y*
3.39%
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)

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

2026 (YTD)20252024202320222021
BHYB.AX
BetaShares Australian Major Bank Hybrids Index ETF		1.55%3.04%5.62%2.68%1.66%3.18%
GEAR.AX
Betashares Geared Australian Equities Complex ETF		1.29%15.80%13.80%15.84%-9.50%18.10%

Correlation

The correlation between BHYB.AX and GEAR.AX is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.04

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

-0.01

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

0.03

Correlation (All Time)
Calculated using the full available price history since Apr 21, 2021

0.03

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BetaShares Australian Major Bank Hybrids Index ETF

Betashares Geared Australian Equities Complex ETF

Return for Risk

BHYB.AX vs. GEAR.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BHYB.AX
BHYB.AX Risk / Return Rank: 4646
Overall Rank
BHYB.AX Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
BHYB.AX Sortino Ratio Rank: 4040
Sortino Ratio Rank
BHYB.AX Omega Ratio Rank: 4242
Omega Ratio Rank
BHYB.AX Calmar Ratio Rank: 5959
Calmar Ratio Rank
BHYB.AX Martin Ratio Rank: 4646
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.

BHYB.AX vs. GEAR.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaShares Australian Major Bank Hybrids Index ETF (BHYB.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.

BHYB.AXGEAR.AXDifference
Sharpe ratioReturn per unit of total volatility
1.24
0.21

+1.03

Sortino ratioReturn per unit of downside risk
1.78
0.49

+1.29

Omega ratioGain probability vs. loss probability

1.23

1.06

+0.17

Calmar ratioReturn relative to maximum drawdown

2.42

0.31

+2.11

Martin ratioReturn relative to average drawdown

6.25

0.66

+5.59

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

The current BHYB.AX Sharpe Ratio is 1.24, which is higher than the GEAR.AX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of BHYB.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

BHYB.AX vs. GEAR.AX - Drawdown Comparison

The maximum BHYB.AX drawdown since its inception was -5.16%, smaller than the maximum GEAR.AX drawdown of -66.50%. Use the drawdown chart below to compare losses from any high point for BHYB.AX and GEAR.AX.

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Drawdown Indicators

BHYB.AXGEAR.AXDifference

Max Drawdown

Largest peak-to-trough decline

-5.16%

-66.50%

+61.34%

Max Drawdown (1Y)

Largest decline over 1 year

-1.29%

-17.82%

+16.53%

Max Drawdown (3Y)

Largest decline over 3 years

-2.62%

-30.91%

+28.29%

Max Drawdown (5Y)

Largest decline over 5 years

-5.16%

-32.27%

+27.11%

Max Drawdown (10Y)

Largest decline over 10 years

—

-66.50%

—

Current Drawdown

Current decline from peak

-0.10%

-8.41%

+8.31%

Average Drawdown

Average peak-to-trough decline

-0.67%

-12.21%

+11.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.50%

8.40%

-7.90%

Volatility

BHYB.AX vs. GEAR.AX - Volatility Comparison

The current volatility for BetaShares Australian Major Bank Hybrids Index ETF (BHYB.AX) is 0.72%, while Betashares Geared Australian Equities Complex ETF (GEAR.AX) has a volatility of 5.08%. This indicates that BHYB.AX experiences smaller price fluctuations and is considered to be less risky 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

BHYB.AXGEAR.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.72%

5.08%

-4.36%

Volatility (6M)

Calculated over the trailing 6-month period

1.99%

21.27%

-19.28%

Volatility (1Y)

Calculated over the trailing 1-year period

2.51%

25.91%

-23.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.32%

29.72%

-26.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.31%

32.91%

-29.60%

Dividends

BHYB.AX vs. GEAR.AX - Dividend Comparison

BHYB.AX's dividend yield for the trailing twelve months is around 3.34%, more than GEAR.AX's 0.57% yield.

PositionTTM20252024202320222021202020192018201720162015
BHYB.AX
BetaShares Australian Major Bank Hybrids Index ETF		3.34%3.69%4.34%4.44%2.79%1.43%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

BHYB.AX and GEAR.AX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BHYB.AX is categorized as Preferred Stock/Convertible Bonds, while GEAR.AX is Global Equities.

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