F100.AX vs. GEAR.AX

Last updated Jul 16, 2026

F100.AX (Betashares FTSE 100 ETF) and GEAR.AX (Betashares Geared Australian Equities Complex ETF) are both Global Equities funds from BetaShares. F100.AX is passively managed, while GEAR.AX is actively managed. Over the past 5 years, F100.AX returned 11.10%/yr vs 8.25%/yr for GEAR.AX. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

F100.AX vs. GEAR.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Betashares FTSE 100 ETF (F100.AX) and Betashares Geared Australian Equities Complex ETF (GEAR.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, F100.AX achieves a 1.78% return, which is significantly higher than GEAR.AX's 1.29% return.

F100.AX

• 1D: 0.40%
• 1M: 1.45%
• 6M: 0.85%
• YTD: 1.78%
• 1Y: 11.20%
• 3Y*: 14.72%
• 5Y*: 11.10%
• 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)

F100.AX vs. GEAR.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
F100.AX Betashares FTSE 100 ETF	1.78%	25.77%	14.12%	11.00%	-1.20%	21.76%	-16.05%	7.82%
GEAR.AX Betashares Geared Australian Equities Complex ETF	1.29%	15.80%	13.80%	15.84%	-9.50%	36.03%	-11.97%	1.59%

Correlation

The correlation between F100.AX and GEAR.AX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jul 12, 2019	0.56

The correlation between F100.AX and GEAR.AX has been stable across timeframes, ranging from 0.47 to 0.56 - a consistent structural relationship.

Return for Risk

F100.AX vs. GEAR.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

F100.AX

F100.AX Risk / Return Rank: 33
F100.AX Sharpe Ratio Rank: 34
F100.AX Sortino Ratio Rank: 34
F100.AX Omega Ratio Rank: 32
F100.AX Calmar Ratio Rank: 31
F100.AX Martin Ratio Rank: 33

GEAR.AX

GEAR.AX Risk / Return Rank: 13
GEAR.AX Sharpe Ratio Rank: 13
GEAR.AX Sortino Ratio Rank: 13
GEAR.AX Omega Ratio Rank: 13
GEAR.AX Calmar Ratio Rank: 13
GEAR.AX Martin Ratio Rank: 13

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.

F100.AX vs. GEAR.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Betashares FTSE 100 ETF (F100.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.

	F100.AX	GEAR.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	0.21	+0.82
Sortino ratio: Return per unit of downside risk	1.55	0.49	+1.06
Omega ratio: Gain probability vs. loss probability	1.19	1.06	+0.13
Calmar ratio: Return relative to maximum drawdown	1.33	0.31	+1.02
Martin ratio: Return relative to average drawdown	4.00	0.66	+3.34

F100.AX vs. GEAR.AX - Sharpe Ratio Comparison

The current F100.AX Sharpe Ratio is 1.04, which is higher than the GEAR.AX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of F100.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.

Drawdowns

F100.AX vs. GEAR.AX - Drawdown Comparison

The maximum F100.AX drawdown since its inception was -31.78%, smaller than the maximum GEAR.AX drawdown of -66.50%. Use the drawdown chart below to compare losses from any high point for F100.AX and GEAR.AX.

Drawdown Indicators

	F100.AX	GEAR.AX	Difference
Max Drawdown Largest peak-to-trough decline	-31.78%	-66.50%	+34.72%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-17.82%	+8.90%
Max Drawdown (3Y) Largest decline over 3 years	-8.92%	-30.91%	+21.99%
Max Drawdown (5Y) Largest decline over 5 years	-19.00%	-32.27%	+13.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.50%	—
Current Drawdown Current decline from peak	-1.44%	-8.41%	+6.97%
Average Drawdown Average peak-to-trough decline	-5.91%	-12.21%	+6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	8.40%	-5.40%

Volatility

F100.AX vs. GEAR.AX - Volatility Comparison

The current volatility for Betashares FTSE 100 ETF (F100.AX) is 3.14%, while Betashares Geared Australian Equities Complex ETF (GEAR.AX) has a volatility of 5.08%. This indicates that F100.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.

Volatility by Period

	F100.AX	GEAR.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	5.08%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	9.64%	21.27%	-11.63%
Volatility (1Y) Calculated over the trailing 1-year period	11.48%	25.91%	-14.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.72%	29.72%	-17.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.90%	32.91%	-18.01%

Dividends

F100.AX vs. GEAR.AX - Dividend Comparison

F100.AX's dividend yield for the trailing twelve months is around 2.25%, more than GEAR.AX's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
F100.AX Betashares FTSE 100 ETF	2.25%	3.09%	1.91%	1.57%	1.62%	2.13%	2.40%	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

Can I hold both F100.AX and GEAR.AX in my portfolio?

F100.AX and GEAR.AX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.