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

GEAR.AX vs. ESTX.AX

Last updated Jul 16, 2026
Documentation

GEAR.AX (Betashares Geared Australian Equities Complex ETF) and ESTX.AX (Global X EURO STOXX 50 ETF) are both Global Equities funds. GEAR.AX is actively managed, while ESTX.AX is passively managed. Over the past 5 years, GEAR.AX returned 8.25%/yr vs 12.14%/yr for ESTX.AX. A 0.54 correlation means they provide meaningful diversification when combined.

Performance

GEAR.AX vs. ESTX.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 Global X EURO STOXX 50 ETF (ESTX.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, GEAR.AX achieves a 1.29% return, which is significantly lower than ESTX.AX's 3.22% return.

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%

ESTX.AX

1D
0.34%
1M
0.52%
6M
-0.32%
YTD
3.22%
1Y
8.95%
3Y*
14.83%
5Y*
12.14%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
ESTX.AX
Global X EURO STOXX 50 ETF		3.22%27.21%13.48%23.32%-7.46%18.99%-2.51%27.06%-8.09%15.99%

Correlation

The correlation between GEAR.AX and ESTX.AX is 0.58, 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

0.58

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

0.52

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

0.57

Correlation (All Time)
Calculated using the full available price history since Jul 19, 2016

0.54

The correlation between GEAR.AX and ESTX.AX has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.

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Betashares Geared Australian Equities Complex ETF

Global X EURO STOXX 50 ETF

Return for Risk

GEAR.AX vs. ESTX.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: 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
ESTX.AX
ESTX.AX Risk / Return Rank: 2121
Overall Rank
ESTX.AX Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
ESTX.AX Sortino Ratio Rank: 2121
Sortino Ratio Rank
ESTX.AX Omega Ratio Rank: 2222
Omega Ratio Rank
ESTX.AX Calmar Ratio Rank: 1919
Calmar Ratio Rank
ESTX.AX Martin Ratio Rank: 2121
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.

GEAR.AX vs. ESTX.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 Global X EURO STOXX 50 ETF (ESTX.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.AXESTX.AXDifference
Sharpe ratioReturn per unit of total volatility
0.21
0.65

-0.44

Sortino ratioReturn per unit of downside risk
0.49
1.00

-0.51

Omega ratioGain probability vs. loss probability

1.06

1.13

-0.07

Calmar ratioReturn relative to maximum drawdown

0.31

0.71

-0.40

Martin ratioReturn relative to average drawdown

0.66

2.05

-1.38

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

The current GEAR.AX Sharpe Ratio is 0.21, which is lower than the ESTX.AX Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of GEAR.AX and ESTX.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

GEAR.AX vs. ESTX.AX - Drawdown Comparison

The maximum GEAR.AX drawdown since its inception was -66.50%, which is greater than ESTX.AX's maximum drawdown of -29.33%. Use the drawdown chart below to compare losses from any high point for GEAR.AX and ESTX.AX.

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Drawdown Indicators

GEAR.AXESTX.AXDifference

Max Drawdown

Largest peak-to-trough decline

-66.50%

-29.33%

-37.17%

Max Drawdown (1Y)

Largest decline over 1 year

-17.82%

-14.48%

-3.34%

Max Drawdown (3Y)

Largest decline over 3 years

-30.91%

-14.48%

-16.43%

Max Drawdown (5Y)

Largest decline over 5 years

-32.27%

-26.60%

-5.67%

Max Drawdown (10Y)

Largest decline over 10 years

-66.50%

—

—

Current Drawdown

Current decline from peak

-8.41%

-2.65%

-5.76%

Average Drawdown

Average peak-to-trough decline

-12.21%

-5.29%

-6.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.40%

5.06%

+3.34%

Volatility

GEAR.AX vs. ESTX.AX - Volatility Comparison

Betashares Geared Australian Equities Complex ETF (GEAR.AX) has a higher volatility of 5.08% compared to Global X EURO STOXX 50 ETF (ESTX.AX) at 3.11%. This indicates that GEAR.AX's price experiences larger fluctuations and is considered to be riskier than ESTX.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GEAR.AXESTX.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.08%

3.11%

+1.97%

Volatility (6M)

Calculated over the trailing 6-month period

21.27%

13.59%

+7.68%

Volatility (1Y)

Calculated over the trailing 1-year period

25.91%

15.76%

+10.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.72%

16.35%

+13.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.91%

16.23%

+16.68%

Dividends

GEAR.AX vs. ESTX.AX - Dividend Comparison

GEAR.AX's dividend yield for the trailing twelve months is around 0.57%, less than ESTX.AX's 7.25% yield.

PositionTTM20252024202320222021202020192018201720162015
ESTX.AX
Global X EURO STOXX 50 ETF		7.25%1.79%4.19%3.67%3.90%1.60%2.15%2.79%4.16%1.15%0.15%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

GEAR.AX and ESTX.AX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: BetaShares and Global X.

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