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EX20.AX vs. GEAR.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EX20.AX vs. GEAR.AX

Last updated Jul 16, 2026
Documentation

EX20.AX (Betashares Australian Ex-20 Portfolio Diversifier ETF) and GEAR.AX (Betashares Geared Australian Equities Complex ETF) are both exchange-traded funds - EX20.AX is a Australian Equities fund tracking the Solactive Australia ex 20 Index, while GEAR.AX is a Global Equities fund actively managed by BetaShares. EX20.AX is passively managed, while GEAR.AX is actively managed. Over the past 5 years, EX20.AX returned 3.80%/yr vs 8.25%/yr for GEAR.AX. A 0.79 correlation means they provide meaningful diversification when combined.

Performance

EX20.AX vs. GEAR.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Betashares Australian Ex-20 Portfolio Diversifier ETF (EX20.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, EX20.AX achieves a -6.84% return, which is significantly lower than GEAR.AX's 1.29% return.

EX20.AX

1D
0.18%
1M
-2.97%
6M
-8.41%
YTD
-6.84%
1Y
-2.67%
3Y*
5.51%
5Y*
3.80%
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)

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

2026 (YTD)202520242023202220212020201920182017
EX20.AX
Betashares Australian Ex-20 Portfolio Diversifier ETF		-6.84%14.21%10.11%6.68%-10.28%16.05%1.28%26.55%-6.17%18.94%
GEAR.AX
Betashares Geared Australian Equities Complex ETF		1.29%15.80%13.80%15.84%-9.50%36.03%-11.97%52.03%-19.57%16.12%

Correlation

The correlation between EX20.AX and GEAR.AX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.73

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

0.78

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

0.82

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2016

0.79

The correlation between EX20.AX and GEAR.AX has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

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Betashares Australian Ex-20 Portfolio Diversifier ETF

Betashares Geared Australian Equities Complex ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EX20.AX
EX20.AX Risk / Return Rank: 88
Overall Rank
EX20.AX Sharpe Ratio Rank: 88
Sharpe Ratio Rank
EX20.AX Sortino Ratio Rank: 88
Sortino Ratio Rank
EX20.AX Omega Ratio Rank: 88
Omega Ratio Rank
EX20.AX Calmar Ratio Rank: 88
Calmar Ratio Rank
EX20.AX Martin Ratio Rank: 88
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.

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

This table presents a comparison of risk-adjusted performance metrics for Betashares Australian Ex-20 Portfolio Diversifier ETF (EX20.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.

EX20.AXGEAR.AXDifference
Sharpe ratioReturn per unit of total volatility
-0.13
0.21

-0.34

Sortino ratioReturn per unit of downside risk
-0.06
0.49

-0.55

Omega ratioGain probability vs. loss probability

0.99

1.06

-0.07

Calmar ratioReturn relative to maximum drawdown

-0.12

0.31

-0.43

Martin ratioReturn relative to average drawdown

-0.28

0.66

-0.94

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

The current EX20.AX Sharpe Ratio is -0.13, which is lower than the GEAR.AX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of EX20.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

EX20.AX vs. GEAR.AX - Drawdown Comparison

The maximum EX20.AX drawdown since its inception was -39.55%, smaller than the maximum GEAR.AX drawdown of -66.50%. Use the drawdown chart below to compare losses from any high point for EX20.AX and GEAR.AX.

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Drawdown Indicators

EX20.AXGEAR.AXDifference

Max Drawdown

Largest peak-to-trough decline

-39.55%

-66.50%

+26.95%

Max Drawdown (1Y)

Largest decline over 1 year

-16.84%

-17.82%

+0.98%

Max Drawdown (3Y)

Largest decline over 3 years

-16.84%

-30.91%

+14.07%

Max Drawdown (5Y)

Largest decline over 5 years

-18.65%

-32.27%

+13.62%

Max Drawdown (10Y)

Largest decline over 10 years

—

-66.50%

—

Current Drawdown

Current decline from peak

-10.81%

-8.41%

-2.40%

Average Drawdown

Average peak-to-trough decline

-5.38%

-12.21%

+6.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.57%

8.40%

-0.83%

Volatility

EX20.AX vs. GEAR.AX - Volatility Comparison

The current volatility for Betashares Australian Ex-20 Portfolio Diversifier ETF (EX20.AX) is 4.15%, while Betashares Geared Australian Equities Complex ETF (GEAR.AX) has a volatility of 5.08%. This indicates that EX20.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

EX20.AXGEAR.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.15%

5.08%

-0.93%

Volatility (6M)

Calculated over the trailing 6-month period

13.78%

21.27%

-7.49%

Volatility (1Y)

Calculated over the trailing 1-year period

16.49%

25.91%

-9.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.01%

29.72%

-14.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.89%

32.91%

-17.02%

Dividends

EX20.AX vs. GEAR.AX - Dividend Comparison

EX20.AX's dividend yield for the trailing twelve months is around 1.63%, more than GEAR.AX's 0.57% yield.

PositionTTM20252024202320222021202020192018201720162015
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%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

EX20.AX and GEAR.AX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EX20.AX is categorized as Australian Equities, while GEAR.AX is Global Equities.

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