PortfoliosLab logoPortfoliosLab logo

Documentation

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

GEAR.AX vs. HVST.AX

Last updated Jul 18, 2026
Documentation

GEAR.AX (Betashares Geared Australian Equities Complex ETF) and HVST.AX (Betashares Australian Dividend Harvester Active ETF) are both exchange-traded funds - GEAR.AX is a Global Equities fund actively managed by BetaShares, while HVST.AX is a Dividend fund actively managed by BetaShares. Both are actively managed. Over the past 10 years, GEAR.AX returned 10.16%/yr vs 2.42%/yr for HVST.AX. Their correlation of 0.85 suggests significant overlap in exposure.

Performance

GEAR.AX vs. HVST.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 Dividend Harvester Active ETF (HVST.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 0.21% return, which is significantly higher than HVST.AX's -1.27% return. Over the past 10 years, GEAR.AX has outperformed HVST.AX with an annualized return of 10.16%, while HVST.AX has yielded a comparatively lower 2.42% annualized 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%

HVST.AX

1D
-0.53%
1M
-1.34%
6M
-1.92%
YTD
-1.27%
1Y
-0.57%
3Y*
7.14%
5Y*
4.38%
10Y*
2.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
GEAR.AX
Betashares Geared Australian Equities Complex ETF		0.21%15.80%13.80%15.84%-9.50%36.03%-11.97%52.03%-19.57%16.12%
HVST.AX
Betashares Australian Dividend Harvester Active ETF		-1.27%6.89%10.85%8.84%-3.51%8.41%-2.12%13.98%-6.21%-10.08%

Correlation

The correlation between GEAR.AX and HVST.AX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.91

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

0.91

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

0.91

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

0.87

Correlation (All Time)
Calculated using the full available price history since Oct 29, 2014

0.85

The correlation between GEAR.AX and HVST.AX has been stable across timeframes, ranging from 0.85 to 0.91 - 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 Australian Dividend Harvester Active ETF

Often compared with GEAR.AX:
GEAR.AX vs. ARMR.AXGEAR.AX vs. DHHF.AXGEAR.AX vs. EX20.AXGEAR.AX vs. F100.AXGEAR.AX vs. FOOD.AXGEAR.AX vs. FUEL.AXGEAR.AX vs. GGUS.AX
Often compared with HVST.AX:
HVST.AX vs. ARMR.AXHVST.AX vs. EX20.AXHVST.AX vs. FOOD.AXHVST.AX vs. FUEL.AXHVST.AX vs. GGUS.AXHVST.AX vs. INCM.AXHVST.AX vs. A200.AX

Return for Risk

GEAR.AX vs. HVST.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: 1212
Overall Rank
GEAR.AX Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
GEAR.AX Sortino Ratio Rank: 1212
Sortino Ratio Rank
GEAR.AX Omega Ratio Rank: 1212
Omega Ratio Rank
GEAR.AX Calmar Ratio Rank: 1212
Calmar Ratio Rank
GEAR.AX Martin Ratio Rank: 1212
Martin Ratio Rank
HVST.AX
HVST.AX Risk / Return Rank: 1010
Overall Rank
HVST.AX Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
HVST.AX Sortino Ratio Rank: 99
Sortino Ratio Rank
HVST.AX Omega Ratio Rank: 99
Omega Ratio Rank
HVST.AX Calmar Ratio Rank: 1010
Calmar Ratio Rank
HVST.AX Martin Ratio Rank: 1010
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. HVST.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 Dividend Harvester Active ETF (HVST.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.AXHVST.AXDifference
Sharpe ratioReturn per unit of total volatility
0.10
-0.05

+0.14

Sortino ratioReturn per unit of downside risk
0.33
0.02

+0.31

Omega ratioGain probability vs. loss probability

1.04

1.00

+0.04

Calmar ratioReturn relative to maximum drawdown

0.14

-0.06

+0.20

Martin ratioReturn relative to average drawdown

0.30

-0.12

+0.43

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

The current GEAR.AX Sharpe Ratio is 0.10, which is higher than the HVST.AX Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of GEAR.AX and HVST.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. HVST.AX - Drawdown Comparison

The maximum GEAR.AX drawdown since its inception was -66.50%, which is greater than HVST.AX's maximum drawdown of -23.38%. Use the drawdown chart below to compare losses from any high point for GEAR.AX and HVST.AX.

Loading charts...

Drawdown Indicators

GEAR.AXHVST.AXDifference

Max Drawdown

Largest peak-to-trough decline

-66.50%

-23.38%

-43.12%

Max Drawdown (1Y)

Largest decline over 1 year

-17.82%

-9.23%

-8.59%

Max Drawdown (3Y)

Largest decline over 3 years

-30.91%

-13.07%

-17.84%

Max Drawdown (5Y)

Largest decline over 5 years

-32.27%

-14.71%

-17.56%

Max Drawdown (10Y)

Largest decline over 10 years

-66.50%

-18.92%

-47.58%

Current Drawdown

Current decline from peak

-9.38%

-5.13%

-4.25%

Average Drawdown

Average peak-to-trough decline

-12.21%

-9.57%

-2.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.42%

4.53%

+3.89%

Volatility

GEAR.AX vs. HVST.AX - Volatility Comparison

Betashares Geared Australian Equities Complex ETF (GEAR.AX) has a higher volatility of 5.05% compared to Betashares Australian Dividend Harvester Active ETF (HVST.AX) at 2.50%. This indicates that GEAR.AX's price experiences larger fluctuations and is considered to be riskier than HVST.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

GEAR.AXHVST.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.05%

2.50%

+2.55%

Volatility (6M)

Calculated over the trailing 6-month period

21.25%

9.68%

+11.57%

Volatility (1Y)

Calculated over the trailing 1-year period

25.86%

12.07%

+13.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.71%

12.03%

+17.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.91%

11.15%

+21.76%

Dividends

GEAR.AX vs. HVST.AX - Dividend Comparison

GEAR.AX's dividend yield for the trailing twelve months is around 0.58%, less than HVST.AX's 4.31% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
HVST.AX
Betashares Australian Dividend Harvester Active ETF		4.31%5.26%4.93%6.13%6.64%6.19%7.01%10.96%10.87%10.37%9.21%8.07%

Frequently Asked Questions

With a correlation of 0.91, GEAR.AX and HVST.AX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

GEAR.AX is categorized as Global Equities, while HVST.AX is Dividend.

Portfolio Optimizer

Find the right allocation for GEAR.AX and HVST.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