PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
GEAR.AX vs. HJPN.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GEAR.AX vs. HJPN.AX

Last updated Jul 16, 2026
Documentation

GEAR.AX (Betashares Geared Australian Equities Complex ETF) and HJPN.AX (Betashares Japan Currency Hedged ETF) are both Global Equities funds from BetaShares. GEAR.AX is actively managed, while HJPN.AX is passively managed. Over the past 10 years, GEAR.AX returned 10.21%/yr vs 15.57%/yr for HJPN.AX. At a 0.49 correlation, their price movements are largely independent.

Performance

GEAR.AX vs. HJPN.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 Japan Currency Hedged ETF (HJPN.AX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, GEAR.AX achieves a 1.29% return, which is significantly lower than HJPN.AX's 25.87% return. Over the past 10 years, GEAR.AX has underperformed HJPN.AX with an annualized return of 10.21%, while HJPN.AX has yielded a comparatively higher 15.57% annualized 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%

HJPN.AX

1D
-1.55%
1M
-0.07%
6M
17.25%
YTD
25.87%
1Y
56.07%
3Y*
28.09%
5Y*
19.88%
10Y*
15.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GEAR.AX vs. HJPN.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%
HJPN.AX
Betashares Japan Currency Hedged ETF		25.87%25.64%24.96%34.17%-13.44%16.18%15.92%16.79%-21.05%22.05%

Correlation

The correlation between GEAR.AX and HJPN.AX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.49

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

0.47

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

0.53

Correlation (10Y)
Calculated over the trailing 10-year period

0.49

Correlation (All Time)
Calculated using the full available price history since May 10, 2016

0.49

The correlation between GEAR.AX and HJPN.AX has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Betashares Geared Australian Equities Complex ETF

Betashares Japan Currency Hedged ETF

Return for Risk

GEAR.AX vs. HJPN.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
HJPN.AX
HJPN.AX Risk / Return Rank: 8484
Overall Rank
HJPN.AX Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
HJPN.AX Sortino Ratio Rank: 8181
Sortino Ratio Rank
HJPN.AX Omega Ratio Rank: 8181
Omega Ratio Rank
HJPN.AX Calmar Ratio Rank: 9191
Calmar Ratio Rank
HJPN.AX Martin Ratio Rank: 8686
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. HJPN.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 Japan Currency Hedged ETF (HJPN.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.AXHJPN.AXDifference
Sharpe ratioReturn per unit of total volatility
0.21
2.05

-1.84

Sortino ratioReturn per unit of downside risk
0.49
2.91

-2.42

Omega ratioGain probability vs. loss probability

1.06

1.38

-0.32

Calmar ratioReturn relative to maximum drawdown

0.31

4.62

-4.31

Martin ratioReturn relative to average drawdown

0.66

14.24

-13.57

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

The current GEAR.AX Sharpe Ratio is 0.21, which is lower than the HJPN.AX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of GEAR.AX and HJPN.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.

Loading charts...

Drawdowns

GEAR.AX vs. HJPN.AX - Drawdown Comparison

The maximum GEAR.AX drawdown since its inception was -66.50%, which is greater than HJPN.AX's maximum drawdown of -36.74%. Use the drawdown chart below to compare losses from any high point for GEAR.AX and HJPN.AX.

Loading charts...

Drawdown Indicators

GEAR.AXHJPN.AXDifference

Max Drawdown

Largest peak-to-trough decline

-66.50%

-36.74%

-29.76%

Max Drawdown (1Y)

Largest decline over 1 year

-17.82%

-11.86%

-5.96%

Max Drawdown (3Y)

Largest decline over 3 years

-30.91%

-26.71%

-4.20%

Max Drawdown (5Y)

Largest decline over 5 years

-32.27%

-26.71%

-5.56%

Max Drawdown (10Y)

Largest decline over 10 years

-66.50%

-36.74%

-29.76%

Current Drawdown

Current decline from peak

-8.41%

-4.46%

-3.95%

Average Drawdown

Average peak-to-trough decline

-12.21%

-7.84%

-4.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.40%

3.87%

+4.53%

Volatility

GEAR.AX vs. HJPN.AX - Volatility Comparison

The current volatility for Betashares Geared Australian Equities Complex ETF (GEAR.AX) is 5.08%, while Betashares Japan Currency Hedged ETF (HJPN.AX) has a volatility of 7.36%. This indicates that GEAR.AX experiences smaller price fluctuations and is considered to be less risky than HJPN.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

GEAR.AXHJPN.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.08%

7.36%

-2.28%

Volatility (6M)

Calculated over the trailing 6-month period

21.27%

19.77%

+1.50%

Volatility (1Y)

Calculated over the trailing 1-year period

25.91%

26.67%

-0.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.72%

23.80%

+5.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.91%

20.99%

+11.92%

Dividends

GEAR.AX vs. HJPN.AX - Dividend Comparison

GEAR.AX's dividend yield for the trailing twelve months is around 0.57%, less than HJPN.AX's 5.93% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
HJPN.AX
Betashares Japan Currency Hedged ETF		5.93%0.00%5.68%3.06%8.35%5.39%0.00%0.37%2.46%1.47%0.11%0.00%

Frequently Asked Questions

GEAR.AX and HJPN.AX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Portfolio Optimizer

Find the right allocation for GEAR.AX and HJPN.AX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer