GEAR.AX vs. AGVT.AX

Last updated Jul 18, 2026

GEAR.AX (Betashares Geared Australian Equities Complex ETF) and AGVT.AX (BetaShares Australian Government Bond ETF) are both exchange-traded funds - GEAR.AX is a Global Equities fund actively managed by BetaShares, while AGVT.AX is a Government Bonds fund tracking the Solactive Australian Government 7 - 12 Year AUD TR Index. GEAR.AX is actively managed, while AGVT.AX is passively managed. Over the past 5 years, GEAR.AX returned 8.02%/yr vs -1.75%/yr for AGVT.AX. At a 0.15 correlation, their price movements are largely independent.

Performance

GEAR.AX vs. AGVT.AX - Performance Comparison

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

Returns By Period

In the year-to-date period, GEAR.AX achieves a 0.21% return, which is significantly lower than AGVT.AX's 1.42% return.

GEAR.AX

• 1D: -1.07%
• 1M: -4.38%
• 6M: -2.86%
• YTD: 0.21%
• 1Y: 2.61%
• 3Y*: 13.45%
• 5Y*: 8.02%
• 10Y*: 10.16%

AGVT.AX

• 1D: -0.02%
• 1M: -0.42%
• 6M: 0.55%
• YTD: 1.42%
• 1Y: 0.49%
• 3Y*: 2.88%
• 5Y*: -1.75%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GEAR.AX Betashares Geared Australian Equities Complex ETF	0.21%	15.80%	13.80%	15.84%	-9.50%	36.03%	-11.97%	1.44%
AGVT.AX BetaShares Australian Government Bond ETF	1.42%	2.82%	1.31%	5.73%	-15.36%	-4.41%	6.34%	0.18%

Correlation

The correlation between GEAR.AX and AGVT.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	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jul 5, 2019	0.15

The correlation between GEAR.AX and AGVT.AX shifts across timeframes, from 0.15 (all time) to 0.30 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

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

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

GEAR.AX

GEAR.AX Risk / Return Rank: 12
GEAR.AX Sharpe Ratio Rank: 12
GEAR.AX Sortino Ratio Rank: 12
GEAR.AX Omega Ratio Rank: 12
GEAR.AX Calmar Ratio Rank: 12
GEAR.AX Martin Ratio Rank: 12

AGVT.AX

AGVT.AX Risk / Return Rank: 11
AGVT.AX Sharpe Ratio Rank: 12
AGVT.AX Sortino Ratio Rank: 11
AGVT.AX Omega Ratio Rank: 10
AGVT.AX Calmar Ratio Rank: 11
AGVT.AX Martin Ratio Rank: 11

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.

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

This table presents a comparison of risk-adjusted performance metrics for Betashares Geared Australian Equities Complex ETF (GEAR.AX) and BetaShares Australian Government Bond ETF (AGVT.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.

	GEAR.AX	AGVT.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.10	0.10	0.00
Sortino ratio: Return per unit of downside risk	0.33	0.17	+0.15
Omega ratio: Gain probability vs. loss probability	1.04	1.02	+0.02
Calmar ratio: Return relative to maximum drawdown	0.14	0.08	+0.06
Martin ratio: Return relative to average drawdown	0.30	0.16	+0.15

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

The current GEAR.AX Sharpe Ratio is 0.10, which is comparable to the AGVT.AX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of GEAR.AX and AGVT.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

GEAR.AX vs. AGVT.AX - Drawdown Comparison

The maximum GEAR.AX drawdown since its inception was -66.50%, which is greater than AGVT.AX's maximum drawdown of -22.88%. Use the drawdown chart below to compare losses from any high point for GEAR.AX and AGVT.AX.

Drawdown Indicators

	GEAR.AX	AGVT.AX	Difference
Max Drawdown Largest peak-to-trough decline	-66.50%	-22.88%	-43.62%
Max Drawdown (1Y) Largest decline over 1 year	-17.82%	-6.03%	-11.79%
Max Drawdown (3Y) Largest decline over 3 years	-30.91%	-6.54%	-24.37%
Max Drawdown (5Y) Largest decline over 5 years	-32.27%	-22.12%	-10.15%
Max Drawdown (10Y) Largest decline over 10 years	-66.50%	—	—
Current Drawdown Current decline from peak	-9.38%	-10.95%	+1.57%
Average Drawdown Average peak-to-trough decline	-12.21%	-10.52%	-1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.42%	3.07%	+5.35%

Volatility

GEAR.AX vs. AGVT.AX - Volatility Comparison

Betashares Geared Australian Equities Complex ETF (GEAR.AX) has a higher volatility of 5.05% compared to BetaShares Australian Government Bond ETF (AGVT.AX) at 1.18%. This indicates that GEAR.AX's price experiences larger fluctuations and is considered to be riskier than AGVT.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GEAR.AX	AGVT.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	1.18%	+3.87%
Volatility (6M) Calculated over the trailing 6-month period	21.25%	4.07%	+17.18%
Volatility (1Y) Calculated over the trailing 1-year period	25.86%	4.95%	+20.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.71%	7.47%	+22.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.91%	7.23%	+25.68%

Dividends

GEAR.AX vs. AGVT.AX - Dividend Comparison

GEAR.AX's dividend yield for the trailing twelve months is around 0.58%, less than AGVT.AX's 3.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGVT.AX BetaShares Australian Government Bond ETF	3.37%	3.76%	2.93%	2.94%	2.29%	1.08%	1.06%	0.49%	0.00%	0.00%	0.00%	0.00%
GEAR.AX Betashares Geared Australian Equities Complex ETF	0.58%	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 GEAR.AX and AGVT.AX in my portfolio?

GEAR.AX and AGVT.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.

What is the main difference between GEAR.AX and AGVT.AX?

GEAR.AX is categorized as Global Equities, while AGVT.AX is Government Bonds.