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

IKO.AX vs. GEAR.AX

Last updated Jul 18, 2026
Documentation

IKO.AX (iShares MSCI South Korea ETF (AU)) and GEAR.AX (Betashares Geared Australian Equities Complex ETF) are both Global Equities funds. IKO.AX is passively managed, while GEAR.AX is actively managed. Over the past 10 years, IKO.AX returned 14.32%/yr vs 10.16%/yr for GEAR.AX. At a 0.40 correlation, their price movements are largely independent.

Performance

IKO.AX vs. GEAR.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares MSCI South Korea ETF (AU) (IKO.AX) and Betashares Geared Australian Equities Complex ETF (GEAR.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, IKO.AX achieves a 56.61% return, which is significantly higher than GEAR.AX's 0.21% return. Over the past 10 years, IKO.AX has outperformed GEAR.AX with an annualized return of 14.32%, while GEAR.AX has yielded a comparatively lower 10.16% annualized return.

IKO.AX

1D
-4.69%
1M
-23.45%
6M
37.47%
YTD
56.61%
1Y
108.64%
3Y*
35.31%
5Y*
15.55%
10Y*
14.32%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
IKO.AX
iShares MSCI South Korea ETF (AU)		56.61%80.87%-12.63%16.96%-20.13%-2.25%29.64%7.29%-11.42%30.24%
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%

Correlation

The correlation between IKO.AX and GEAR.AX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.41

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

0.46

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

0.41

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

0.40

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iShares MSCI South Korea ETF (AU)

Betashares Geared Australian Equities Complex ETF

Often compared with IKO.AX:
IKO.AX vs. CORE.AXIKO.AX vs. ESGI.AXIKO.AX vs. ESTX.AXIKO.AX vs. F100.AXIKO.AX vs. GLIN.AXIKO.AX vs. HGEN.AXIKO.AX vs. HJPN.AX
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

Return for Risk

IKO.AX vs. GEAR.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IKO.AX
IKO.AX Risk / Return Rank: 8585
Overall Rank
IKO.AX Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
IKO.AX Sortino Ratio Rank: 7777
Sortino Ratio Rank
IKO.AX Omega Ratio Rank: 8282
Omega Ratio Rank
IKO.AX Calmar Ratio Rank: 8989
Calmar Ratio Rank
IKO.AX Martin Ratio Rank: 8888
Martin Ratio Rank
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
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.

IKO.AX vs. GEAR.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (AU) (IKO.AX) and Betashares Geared Australian Equities Complex ETF (GEAR.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.

IKO.AXGEAR.AXDifference
Sharpe ratioReturn per unit of total volatility
2.26
0.10

+2.16

Sortino ratioReturn per unit of downside risk
2.60
0.33

+2.27

Omega ratioGain probability vs. loss probability

1.37

1.04

+0.33

Calmar ratioReturn relative to maximum drawdown

4.01

0.14

+3.87

Martin ratioReturn relative to average drawdown

13.84

0.30

+13.53

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

The current IKO.AX Sharpe Ratio is 2.26, which is higher than the GEAR.AX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of IKO.AX and GEAR.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

IKO.AX vs. GEAR.AX - Drawdown Comparison

The maximum IKO.AX drawdown since its inception was -57.74%, smaller than the maximum GEAR.AX drawdown of -66.50%. Use the drawdown chart below to compare losses from any high point for IKO.AX and GEAR.AX.

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Drawdown Indicators

IKO.AXGEAR.AXDifference

Max Drawdown

Largest peak-to-trough decline

-57.74%

-66.50%

+8.76%

Max Drawdown (1Y)

Largest decline over 1 year

-25.76%

-17.82%

-7.94%

Max Drawdown (3Y)

Largest decline over 3 years

-25.76%

-30.91%

+5.15%

Max Drawdown (5Y)

Largest decline over 5 years

-39.03%

-32.27%

-6.76%

Max Drawdown (10Y)

Largest decline over 10 years

-39.50%

-66.50%

+27.00%

Current Drawdown

Current decline from peak

-25.76%

-9.38%

-16.38%

Average Drawdown

Average peak-to-trough decline

-17.29%

-12.21%

-5.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.57%

8.42%

-0.85%

Volatility

IKO.AX vs. GEAR.AX - Volatility Comparison

iShares MSCI South Korea ETF (AU) (IKO.AX) has a higher volatility of 21.96% compared to Betashares Geared Australian Equities Complex ETF (GEAR.AX) at 5.05%. This indicates that IKO.AX's price experiences larger fluctuations and is considered to be riskier than GEAR.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IKO.AXGEAR.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

21.96%

5.05%

+16.91%

Volatility (6M)

Calculated over the trailing 6-month period

42.76%

21.25%

+21.51%

Volatility (1Y)

Calculated over the trailing 1-year period

45.79%

25.86%

+19.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.07%

29.71%

-2.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.43%

32.91%

-9.48%

Dividends

IKO.AX vs. GEAR.AX - Dividend Comparison

IKO.AX's dividend yield for the trailing twelve months is around 6.14%, more than GEAR.AX's 0.58% 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%
IKO.AX
iShares MSCI South Korea ETF (AU)		6.14%0.93%3.03%1.08%1.86%0.87%1.84%1.44%0.00%0.75%1.85%1.07%

Frequently Asked Questions

IKO.AX and GEAR.AX have a correlation of 0.44, 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: iShares and BetaShares.

Portfolio Optimizer

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