PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
INCM.AX vs. QOZ.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INCM.AX vs. QOZ.AX

Last updated Jul 16, 2026
Documentation

INCM.AX (Betashares S&P Global High Dividend Aristocrats ETF) and QOZ.AX (BetaShares FTSE RAFI Australia 200 ETF) are both exchange-traded funds - INCM.AX is a Dividend fund tracking the Betashares S&P Global High Dividend Aristocrats Index, while QOZ.AX is a Large Cap Value Equities fund tracking the FTSE RAFI Australia 200 Index. Both are passively managed. Over the past 5 years, INCM.AX returned 11.21%/yr vs 8.47%/yr for QOZ.AX. At a 0.37 correlation, their price movements are largely independent.

Performance

INCM.AX vs. QOZ.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Betashares S&P Global High Dividend Aristocrats ETF (INCM.AX) and BetaShares FTSE RAFI Australia 200 ETF (QOZ.AX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

The year-to-date returns for both investments are quite close, with INCM.AX having a 5.20% return and QOZ.AX slightly higher at 5.36%.

INCM.AX

1D
0.45%
1M
1.52%
6M
5.09%
YTD
5.20%
1Y
13.25%
3Y*
15.38%
5Y*
11.21%
10Y*
—

QOZ.AX

1D
-0.13%
1M
-0.89%
6M
4.91%
YTD
5.36%
1Y
14.79%
3Y*
11.72%
5Y*
8.47%
10Y*
8.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

INCM.AX vs. QOZ.AX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
INCM.AX
Betashares S&P Global High Dividend Aristocrats ETF		5.20%12.81%22.92%3.86%5.85%25.47%-23.29%22.95%-4.68%
QOZ.AX
BetaShares FTSE RAFI Australia 200 ETF		5.36%14.57%8.09%8.49%3.17%17.17%-0.13%18.60%-3.16%

Correlation

The correlation between INCM.AX and QOZ.AX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.32

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

0.26

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

0.33

Correlation (All Time)
Calculated using the full available price history since Oct 19, 2018

0.37

The correlation between INCM.AX and QOZ.AX shifts across timeframes, from 0.26 (3 years) to 0.37 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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

Betashares S&P Global High Dividend Aristocrats ETF

BetaShares FTSE RAFI Australia 200 ETF

Often compared with QOZ.AX:
QOZ.AX vs. A200.AXQOZ.AX vs. DHHF.AXQOZ.AX vs. TRET.LQOZ.AX vs. NDQ.AXQOZ.AX vs. ARMR.AXQOZ.AX vs. TRET.DE

Return for Risk

INCM.AX vs. QOZ.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INCM.AX
INCM.AX Risk / Return Rank: 5252
Overall Rank
INCM.AX Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
INCM.AX Sortino Ratio Rank: 6161
Sortino Ratio Rank
INCM.AX Omega Ratio Rank: 5757
Omega Ratio Rank
INCM.AX Calmar Ratio Rank: 4343
Calmar Ratio Rank
INCM.AX Martin Ratio Rank: 3838
Martin Ratio Rank
QOZ.AX
QOZ.AX Risk / Return Rank: 4242
Overall Rank
QOZ.AX Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
QOZ.AX Sortino Ratio Rank: 4343
Sortino Ratio Rank
QOZ.AX Omega Ratio Rank: 4242
Omega Ratio Rank
QOZ.AX Calmar Ratio Rank: 4343
Calmar Ratio Rank
QOZ.AX Martin Ratio Rank: 3636
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.

INCM.AX vs. QOZ.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Betashares S&P Global High Dividend Aristocrats ETF (INCM.AX) and BetaShares FTSE RAFI Australia 200 ETF (QOZ.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.

INCM.AXQOZ.AXDifference
Sharpe ratioReturn per unit of total volatility
1.60
1.32

+0.28

Sortino ratioReturn per unit of downside risk
2.33
1.85

+0.48

Omega ratioGain probability vs. loss probability

1.29

1.23

+0.05

Calmar ratioReturn relative to maximum drawdown

1.80

1.82

-0.01

Martin ratioReturn relative to average drawdown

4.94

4.58

+0.36

INCM.AX vs. QOZ.AX - Sharpe Ratio Comparison

The current INCM.AX Sharpe Ratio is 1.60, which is comparable to the QOZ.AX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of INCM.AX and QOZ.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

INCM.AX vs. QOZ.AX - Drawdown Comparison

The maximum INCM.AX drawdown since its inception was -35.00%, smaller than the maximum QOZ.AX drawdown of -37.05%. Use the drawdown chart below to compare losses from any high point for INCM.AX and QOZ.AX.

Loading charts...

Drawdown Indicators

INCM.AXQOZ.AXDifference

Max Drawdown

Largest peak-to-trough decline

-35.00%

-37.05%

+2.05%

Max Drawdown (1Y)

Largest decline over 1 year

-7.73%

-8.60%

+0.87%

Max Drawdown (3Y)

Largest decline over 3 years

-8.19%

-13.67%

+5.48%

Max Drawdown (5Y)

Largest decline over 5 years

-9.48%

-14.87%

+5.39%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.05%

—

Current Drawdown

Current decline from peak

-1.04%

-3.17%

+2.13%

Average Drawdown

Average peak-to-trough decline

-6.90%

-4.61%

-2.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.86%

3.44%

-0.58%

Volatility

INCM.AX vs. QOZ.AX - Volatility Comparison

Betashares S&P Global High Dividend Aristocrats ETF (INCM.AX) has a higher volatility of 2.57% compared to BetaShares FTSE RAFI Australia 200 ETF (QOZ.AX) at 2.43%. This indicates that INCM.AX's price experiences larger fluctuations and is considered to be riskier than QOZ.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

INCM.AXQOZ.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.57%

2.43%

+0.14%

Volatility (6M)

Calculated over the trailing 6-month period

6.74%

9.38%

-2.64%

Volatility (1Y)

Calculated over the trailing 1-year period

8.79%

11.91%

-3.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.87%

12.87%

-1.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.65%

14.67%

-0.02%

Dividends

INCM.AX vs. QOZ.AX - Dividend Comparison

INCM.AX's dividend yield for the trailing twelve months is around 4.38%, more than QOZ.AX's 2.26% yield.

PositionTTM20252024202320222021202020192018201720162015
INCM.AX
Betashares S&P Global High Dividend Aristocrats ETF		4.38%5.93%2.87%3.43%3.03%3.06%3.97%3.20%0.00%0.00%0.00%0.00%
QOZ.AX
BetaShares FTSE RAFI Australia 200 ETF		2.26%2.07%2.42%2.75%4.97%3.96%3.30%6.45%4.28%1.82%3.62%6.33%

Frequently Asked Questions

INCM.AX and QOZ.AX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

INCM.AX is categorized as Dividend, while QOZ.AX is Large Cap Value Equities. INCM.AX tracks Betashares S&P Global High Dividend Aristocrats Index, while QOZ.AX tracks FTSE RAFI Australia 200 Index.

Portfolio Optimizer

Find the right allocation for INCM.AX and QOZ.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