GEAR.AX vs. HGEN.AX
GEAR.AX (Betashares Geared Australian Equities Complex ETF) and HGEN.AX (Global X Hydrogen ETF) are both Global Equities funds. GEAR.AX is actively managed, while HGEN.AX is passively managed. Over the past 3 years, GEAR.AX returned 13.69%/yr vs 12.54%/yr for HGEN.AX. At a 0.46 correlation, their price movements are largely independent.
Performance
GEAR.AX vs. HGEN.AX - Performance Comparison
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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 HGEN.AX's 43.83% 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%
HGEN.AX
- 1D
- -3.10%
- 1M
- -14.66%
- 6M
- 13.86%
- YTD
- 43.83%
- 1Y
- 92.59%
- 3Y*
- 12.54%
- 5Y*
- —
- 10Y*
- —
GEAR.AX vs. HGEN.AX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GEAR.AX Betashares Geared Australian Equities Complex ETF | 1.29% | 15.80% | 13.80% | 15.84% | -9.50% | 6.65% |
HGEN.AX Global X Hydrogen ETF | 43.83% | 43.64% | -10.40% | -20.10% | -36.18% | 7.90% |
Correlation
The correlation between GEAR.AX and HGEN.AX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2021 | 0.46 |
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Return for Risk
GEAR.AX vs. HGEN.AX — Risk / Return Rank
GEAR.AX
HGEN.AX
GEAR.AX vs. HGEN.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 Hydrogen ETF (HGEN.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 | HGEN.AX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.01 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.31 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | 3.61 | -3.30 |
| Martin ratioReturn relative to average drawdown | 0.66 | 9.67 | -9.00 |
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Drawdowns
GEAR.AX vs. HGEN.AX - Drawdown Comparison
The maximum GEAR.AX drawdown since its inception was -66.50%, smaller than the maximum HGEN.AX drawdown of -72.54%. Use the drawdown chart below to compare losses from any high point for GEAR.AX and HGEN.AX.
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Drawdown Indicators
| GEAR.AX | HGEN.AX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.50% | -72.54% | +6.04% |
Max Drawdown (1Y)Largest decline over 1 year | -17.82% | -25.14% | +7.32% |
Max Drawdown (3Y)Largest decline over 3 years | -30.91% | -49.84% | +18.93% |
Max Drawdown (5Y)Largest decline over 5 years | -32.27% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -66.50% | — | — |
Current DrawdownCurrent decline from peak | -8.41% | -25.22% | +16.81% |
Average DrawdownAverage peak-to-trough decline | -12.21% | -47.63% | +35.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.40% | 9.50% | -1.10% |
Volatility
GEAR.AX vs. HGEN.AX - Volatility Comparison
The current volatility for Betashares Geared Australian Equities Complex ETF (GEAR.AX) is 5.08%, while Global X Hydrogen ETF (HGEN.AX) has a volatility of 13.18%. This indicates that GEAR.AX experiences smaller price fluctuations and is considered to be less risky than HGEN.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.AX | HGEN.AX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.08% | 13.18% | -8.10% |
Volatility (6M)Calculated over the trailing 6-month period | 21.27% | 32.95% | -11.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.91% | 46.74% | -20.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.72% | 36.64% | -6.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.91% | 36.64% | -3.73% |
Dividends
GEAR.AX vs. HGEN.AX - Dividend Comparison
GEAR.AX's dividend yield for the trailing twelve months is around 0.57%, less than HGEN.AX's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
HGEN.AX Global X Hydrogen ETF | 0.78% | 0.34% | 0.60% | 0.17% | 0.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GEAR.AX and HGEN.AX have a correlation of 0.38, 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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