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BNKS.AX vs. UMAX.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BNKS.AX vs. UMAX.AX

Last updated Jul 18, 2026
Documentation

BNKS.AX (BetaShares Global Banks Currency Hedged ETF) and UMAX.AX (Betashares S&P 500 Yield Maximiser Complex ETF) are both exchange-traded funds - BNKS.AX is a Financials Equities fund tracking the Nasdaq Global ex-Australia Banks Hedged AUD Index, while UMAX.AX is a Global Equities fund actively managed by BetaShares. BNKS.AX is passively managed, while UMAX.AX is actively managed. Over the past 5 years, BNKS.AX returned 18.08%/yr vs 9.47%/yr for UMAX.AX. At a 0.29 correlation, their price movements are largely independent.

Performance

BNKS.AX vs. UMAX.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares Global Banks Currency Hedged ETF (BNKS.AX) and Betashares S&P 500 Yield Maximiser Complex ETF (UMAX.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, BNKS.AX achieves a 17.18% return, which is significantly higher than UMAX.AX's -0.54% return.

BNKS.AX

1D
-1.85%
1M
3.83%
6M
15.77%
YTD
17.18%
1Y
44.23%
3Y*
34.02%
5Y*
18.08%
10Y*
—

UMAX.AX

1D
-1.20%
1M
0.97%
6M
-0.36%
YTD
-0.54%
1Y
6.66%
3Y*
11.88%
5Y*
9.47%
10Y*
9.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BNKS.AX vs. UMAX.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BNKS.AX
BetaShares Global Banks Currency Hedged ETF		17.18%46.54%29.51%9.49%-10.01%26.47%-21.37%19.11%-17.88%17.13%
UMAX.AX
Betashares S&P 500 Yield Maximiser Complex ETF		-0.54%4.00%31.81%15.37%-9.29%29.75%-6.67%22.95%2.49%5.84%

Correlation

The correlation between BNKS.AX and UMAX.AX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.30

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

0.22

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

0.28

Correlation (All Time)
Calculated using the full available price history since Jul 28, 2016

0.29

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BetaShares Global Banks Currency Hedged ETF

Betashares S&P 500 Yield Maximiser Complex ETF

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Often compared with UMAX.AX:
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Return for Risk

BNKS.AX vs. UMAX.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BNKS.AX
BNKS.AX Risk / Return Rank: 8686
Overall Rank
BNKS.AX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
BNKS.AX Sortino Ratio Rank: 8989
Sortino Ratio Rank
BNKS.AX Omega Ratio Rank: 8888
Omega Ratio Rank
BNKS.AX Calmar Ratio Rank: 8181
Calmar Ratio Rank
BNKS.AX Martin Ratio Rank: 8181
Martin Ratio Rank
UMAX.AX
UMAX.AX Risk / Return Rank: 2121
Overall Rank
UMAX.AX Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
UMAX.AX Sortino Ratio Rank: 2121
Sortino Ratio Rank
UMAX.AX Omega Ratio Rank: 2222
Omega Ratio Rank
UMAX.AX Calmar Ratio Rank: 1919
Calmar Ratio Rank
UMAX.AX Martin Ratio Rank: 1818
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.

BNKS.AX vs. UMAX.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaShares Global Banks Currency Hedged ETF (BNKS.AX) and Betashares S&P 500 Yield Maximiser Complex ETF (UMAX.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.

BNKS.AXUMAX.AXDifference
Sharpe ratioReturn per unit of total volatility
2.35
0.65

+1.70

Sortino ratioReturn per unit of downside risk
3.18
0.94

+2.25

Omega ratioGain probability vs. loss probability

1.42

1.12

+0.29

Calmar ratioReturn relative to maximum drawdown

3.16

0.58

+2.58

Martin ratioReturn relative to average drawdown

11.48

1.35

+10.13

BNKS.AX vs. UMAX.AX - Sharpe Ratio Comparison

The current BNKS.AX Sharpe Ratio is 2.35, which is higher than the UMAX.AX Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of BNKS.AX and UMAX.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

BNKS.AX vs. UMAX.AX - Drawdown Comparison

The maximum BNKS.AX drawdown since its inception was -50.73%, which is greater than UMAX.AX's maximum drawdown of -24.10%. Use the drawdown chart below to compare losses from any high point for BNKS.AX and UMAX.AX.

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Drawdown Indicators

BNKS.AXUMAX.AXDifference

Max Drawdown

Largest peak-to-trough decline

-50.73%

-24.10%

-26.63%

Max Drawdown (1Y)

Largest decline over 1 year

-13.53%

-11.14%

-2.39%

Max Drawdown (3Y)

Largest decline over 3 years

-19.49%

-15.42%

-4.07%

Max Drawdown (5Y)

Largest decline over 5 years

-27.56%

-17.14%

-10.42%

Max Drawdown (10Y)

Largest decline over 10 years

—

-24.10%

—

Current Drawdown

Current decline from peak

-1.85%

-1.61%

-0.24%

Average Drawdown

Average peak-to-trough decline

-11.97%

-5.15%

-6.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.77%

4.86%

-1.09%

Volatility

BNKS.AX vs. UMAX.AX - Volatility Comparison

BetaShares Global Banks Currency Hedged ETF (BNKS.AX) has a higher volatility of 4.07% compared to Betashares S&P 500 Yield Maximiser Complex ETF (UMAX.AX) at 3.05%. This indicates that BNKS.AX's price experiences larger fluctuations and is considered to be riskier than UMAX.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BNKS.AXUMAX.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.07%

3.05%

+1.02%

Volatility (6M)

Calculated over the trailing 6-month period

16.04%

7.92%

+8.12%

Volatility (1Y)

Calculated over the trailing 1-year period

18.22%

9.94%

+8.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.24%

12.93%

+6.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.33%

13.42%

+6.91%

Dividends

BNKS.AX vs. UMAX.AX - Dividend Comparison

BNKS.AX's dividend yield for the trailing twelve months is around 4.72%, more than UMAX.AX's 3.16% yield.

PositionTTM20252024202320222021202020192018201720162015
BNKS.AX
BetaShares Global Banks Currency Hedged ETF		4.72%0.72%1.37%0.00%0.00%2.71%0.00%1.23%3.66%0.00%0.00%0.00%
UMAX.AX
Betashares S&P 500 Yield Maximiser Complex ETF		3.16%5.33%2.19%4.02%5.79%5.05%7.02%5.43%4.06%3.16%4.12%4.55%

Frequently Asked Questions

BNKS.AX and UMAX.AX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNKS.AX is categorized as Financials Equities, while UMAX.AX is Global Equities.

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