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

GEAR.AX vs. VGS.AX

Last updated Jul 16, 2026
Documentation

GEAR.AX (Betashares Geared Australian Equities Complex ETF) and VGS.AX (Vanguard MSCI Index International Shares ETF) are both Global Equities funds. GEAR.AX is actively managed, while VGS.AX is passively managed. Over the past 10 years, GEAR.AX returned 10.21%/yr vs 13.63%/yr for VGS.AX. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

GEAR.AX vs. VGS.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 Vanguard MSCI Index International Shares ETF (VGS.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 VGS.AX's 5.31% return. Over the past 10 years, GEAR.AX has underperformed VGS.AX with an annualized return of 10.21%, while VGS.AX has yielded a comparatively higher 13.63% 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%

VGS.AX

1D
-0.01%
1M
1.72%
6M
4.14%
YTD
5.31%
1Y
13.66%
3Y*
17.60%
5Y*
12.49%
10Y*
13.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GEAR.AX vs. VGS.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%
VGS.AX
Vanguard MSCI Index International Shares ETF		5.31%12.89%29.23%22.54%-12.72%29.67%5.76%29.16%-0.01%12.95%

Correlation

The correlation between GEAR.AX and VGS.AX is 0.55, 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

0.55

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

0.50

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

0.57

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

0.59

Correlation (All Time)
Calculated using the full available price history since Nov 18, 2014

0.55

The correlation between GEAR.AX and VGS.AX has been stable across timeframes, ranging from 0.50 to 0.59 - a consistent structural relationship.

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Betashares Geared Australian Equities Complex ETF

Vanguard MSCI Index International Shares ETF

Return for Risk

GEAR.AX vs. VGS.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
VGS.AX
VGS.AX Risk / Return Rank: 4242
Overall Rank
VGS.AX Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
VGS.AX Sortino Ratio Rank: 4747
Sortino Ratio Rank
VGS.AX Omega Ratio Rank: 5252
Omega Ratio Rank
VGS.AX Calmar Ratio Rank: 3030
Calmar Ratio Rank
VGS.AX Martin Ratio Rank: 3232
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. VGS.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 Vanguard MSCI Index International Shares ETF (VGS.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.AXVGS.AXDifference
Sharpe ratioReturn per unit of total volatility
0.21
1.41

-1.19

Sortino ratioReturn per unit of downside risk
0.49
1.98

-1.49

Omega ratioGain probability vs. loss probability

1.06

1.27

-0.21

Calmar ratioReturn relative to maximum drawdown

0.31

1.28

-0.97

Martin ratioReturn relative to average drawdown

0.66

3.83

-3.17

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

The current GEAR.AX Sharpe Ratio is 0.21, which is lower than the VGS.AX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of GEAR.AX and VGS.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. VGS.AX - Drawdown Comparison

The maximum GEAR.AX drawdown since its inception was -66.50%, which is greater than VGS.AX's maximum drawdown of -23.39%. Use the drawdown chart below to compare losses from any high point for GEAR.AX and VGS.AX.

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Drawdown Indicators

GEAR.AXVGS.AXDifference

Max Drawdown

Largest peak-to-trough decline

-66.50%

-23.39%

-43.11%

Max Drawdown (1Y)

Largest decline over 1 year

-17.82%

-10.72%

-7.10%

Max Drawdown (3Y)

Largest decline over 3 years

-30.91%

-13.82%

-17.09%

Max Drawdown (5Y)

Largest decline over 5 years

-32.27%

-20.53%

-11.74%

Max Drawdown (10Y)

Largest decline over 10 years

-66.50%

-23.39%

-43.11%

Current Drawdown

Current decline from peak

-8.41%

-0.36%

-8.05%

Average Drawdown

Average peak-to-trough decline

-12.21%

-4.18%

-8.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.40%

3.65%

+4.75%

Volatility

GEAR.AX vs. VGS.AX - Volatility Comparison

Betashares Geared Australian Equities Complex ETF (GEAR.AX) has a higher volatility of 5.08% compared to Vanguard MSCI Index International Shares ETF (VGS.AX) at 2.21%. This indicates that GEAR.AX's price experiences larger fluctuations and is considered to be riskier than VGS.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.AXVGS.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.08%

2.21%

+2.87%

Volatility (6M)

Calculated over the trailing 6-month period

21.27%

7.83%

+13.44%

Volatility (1Y)

Calculated over the trailing 1-year period

25.91%

9.77%

+16.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.72%

12.41%

+17.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.91%

12.92%

+19.99%

Dividends

GEAR.AX vs. VGS.AX - Dividend Comparison

GEAR.AX's dividend yield for the trailing twelve months is around 0.57%, less than VGS.AX's 0.97% 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%
VGS.AX
Vanguard MSCI Index International Shares ETF		0.97%2.49%1.76%1.82%1.42%1.75%2.24%2.42%2.19%2.25%3.29%2.35%

Frequently Asked Questions

GEAR.AX and VGS.AX have a correlation of 0.55, 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 Vanguard.

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