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GGUS.AX vs. BBUS.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GGUS.AX vs. BBUS.AX

Last updated Jul 18, 2026
Documentation

GGUS.AX (Betashares Geared US Equities Currency Hedged Complex ETF) and BBUS.AX (BetaShares US Equities Strong Bear Currency Hedged Complex ETF) are both exchange-traded funds - GGUS.AX is a Global Equities fund actively managed by BetaShares, while BBUS.AX is a Inverse Equities fund tracking the S&P 500 Total Return Index. GGUS.AX is actively managed, while BBUS.AX is passively managed. Over the past 3 years, GGUS.AX returned 29.41%/yr vs 46.26%/yr for BBUS.AX. At a correlation of -0.98, they often move in opposite directions.

Performance

GGUS.AX vs. BBUS.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Betashares Geared US Equities Currency Hedged Complex ETF (GGUS.AX) and BetaShares US Equities Strong Bear Currency Hedged Complex ETF (BBUS.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, GGUS.AX achieves a 15.21% return, which is significantly higher than BBUS.AX's -15.01% return.

GGUS.AX

1D
-2.97%
1M
-2.35%
6M
12.93%
YTD
15.21%
1Y
36.63%
3Y*
29.41%
5Y*
13.72%
10Y*
20.86%

BBUS.AX

1D
3.84%
1M
3.48%
6M
-13.05%
YTD
-15.01%
1Y
593.29%
3Y*
46.26%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GGUS.AX vs. BBUS.AX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
GGUS.AX
Betashares Geared US Equities Currency Hedged Complex ETF		15.21%18.83%45.64%49.70%-47.20%16.77%
BBUS.AX
BetaShares US Equities Strong Bear Currency Hedged Complex ETF		-15.01%527.35%-34.99%-36.60%44.31%-18.21%

Correlation

The correlation between GGUS.AX and BBUS.AX is -0.92, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.92

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

-0.96

Correlation (All Time)
Calculated using the full available price history since Aug 9, 2021

-0.98

The correlation between GGUS.AX and BBUS.AX has been stable across timeframes, ranging from -0.98 to -0.92 - a consistent structural relationship.

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Betashares Geared US Equities Currency Hedged Complex ETF

BetaShares US Equities Strong Bear Currency Hedged Complex ETF

Often compared with GGUS.AX:
GGUS.AX vs. DHHF.AXGGUS.AX vs. EX20.AXGGUS.AX vs. F100.AXGGUS.AX vs. FOOD.AXGGUS.AX vs. FUEL.AXGGUS.AX vs. GEAR.AXGGUS.AX vs. GNDQ.AX
Often compared with BBUS.AX:
BBUS.AX vs. A200.AXBBUS.AX vs. ARMR.AXBBUS.AX vs. DHHF.AXBBUS.AX vs. EX20.AXBBUS.AX vs. FOOD.AXBBUS.AX vs. GEAR.AXBBUS.AX vs. NDQ.AX

Return for Risk

GGUS.AX vs. BBUS.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GGUS.AX
GGUS.AX Risk / Return Rank: 4646
Overall Rank
GGUS.AX Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
GGUS.AX Sortino Ratio Rank: 4242
Sortino Ratio Rank
GGUS.AX Omega Ratio Rank: 4747
Omega Ratio Rank
GGUS.AX Calmar Ratio Rank: 4343
Calmar Ratio Rank
GGUS.AX Martin Ratio Rank: 5454
Martin Ratio Rank
BBUS.AX
BBUS.AX Risk / Return Rank: 8484
Overall Rank
BBUS.AX Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
BBUS.AX Sortino Ratio Rank: 100100
Sortino Ratio Rank
BBUS.AX Omega Ratio Rank: 9999
Omega Ratio Rank
BBUS.AX Calmar Ratio Rank: 9999
Calmar Ratio Rank
BBUS.AX Martin Ratio Rank: 9797
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.

GGUS.AX vs. BBUS.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Betashares Geared US Equities Currency Hedged Complex ETF (GGUS.AX) and BetaShares US Equities Strong Bear Currency Hedged Complex ETF (BBUS.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.

GGUS.AXBBUS.AXDifference
Sharpe ratioReturn per unit of total volatility
1.17
0.62

+0.56

Sortino ratioReturn per unit of downside risk
1.67
37.54

-35.87

Omega ratioGain probability vs. loss probability

1.23

5.25

-4.02

Calmar ratioReturn relative to maximum drawdown

1.71

16.24

-14.52

Martin ratioReturn relative to average drawdown

6.88

32.22

-25.34

GGUS.AX vs. BBUS.AX - Sharpe Ratio Comparison

The current GGUS.AX Sharpe Ratio is 1.17, which is higher than the BBUS.AX Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of GGUS.AX and BBUS.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

GGUS.AX vs. BBUS.AX - Drawdown Comparison

The maximum GGUS.AX drawdown since its inception was -64.26%, smaller than the maximum BBUS.AX drawdown of -77.93%. Use the drawdown chart below to compare losses from any high point for GGUS.AX and BBUS.AX.

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Drawdown Indicators

GGUS.AXBBUS.AXDifference

Max Drawdown

Largest peak-to-trough decline

-64.26%

-77.93%

+13.67%

Max Drawdown (1Y)

Largest decline over 1 year

-20.90%

-33.50%

+12.60%

Max Drawdown (3Y)

Largest decline over 3 years

-46.78%

-70.97%

+24.19%

Max Drawdown (5Y)

Largest decline over 5 years

-55.53%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-64.26%

—

—

Current Drawdown

Current decline from peak

-4.40%

-29.37%

+24.97%

Average Drawdown

Average peak-to-trough decline

-13.41%

-36.11%

+22.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.25%

17.20%

-11.95%

Volatility

GGUS.AX vs. BBUS.AX - Volatility Comparison

The current volatility for Betashares Geared US Equities Currency Hedged Complex ETF (GGUS.AX) is 6.38%, while BetaShares US Equities Strong Bear Currency Hedged Complex ETF (BBUS.AX) has a volatility of 7.21%. This indicates that GGUS.AX experiences smaller price fluctuations and is considered to be less risky than BBUS.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GGUS.AXBBUS.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.38%

7.21%

-0.83%

Volatility (6M)

Calculated over the trailing 6-month period

25.73%

24.68%

+1.05%

Volatility (1Y)

Calculated over the trailing 1-year period

30.52%

881.65%

-851.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

41.72%

404.42%

-362.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

40.74%

404.42%

-363.68%

Dividends

GGUS.AX vs. BBUS.AX - Dividend Comparison

Neither GGUS.AX nor BBUS.AX has paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
BBUS.AX
BetaShares US Equities Strong Bear Currency Hedged Complex ETF		0.00%0.00%0.00%0.00%10.40%0.00%0.00%0.00%0.00%0.00%0.00%
GGUS.AX
Betashares Geared US Equities Currency Hedged Complex ETF		0.00%1.69%0.00%0.00%6.12%2.52%0.00%0.12%0.96%0.62%0.89%

Frequently Asked Questions

GGUS.AX and BBUS.AX have a correlation of -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GGUS.AX is categorized as Global Equities, while BBUS.AX is Inverse Equities.

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