NDQ.AX vs. BBUS.AX

Last updated Jul 16, 2026

NDQ.AX (BetaShares NASDAQ 100 ETF) and BBUS.AX (BetaShares US Equities Strong Bear Currency Hedged Complex ETF) are both exchange-traded funds - NDQ.AX is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while BBUS.AX is a Inverse Equities fund tracking the S&P 500 Total Return Index. Both are passively managed. Over the past 3 years, NDQ.AX returned 22.74%/yr vs 43.99%/yr for BBUS.AX. At a correlation of -0.76, they often move in opposite directions. NDQ.AX charges 0.48%/yr vs 1.32%/yr for BBUS.AX.

Performance

NDQ.AX vs. BBUS.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares NASDAQ 100 ETF (NDQ.AX) and BetaShares US Equities Strong Bear Currency Hedged Complex ETF (BBUS.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NDQ.AX achieves a 10.94% return, which is significantly higher than BBUS.AX's -18.16% return.

NDQ.AX

• 1D: -1.45%
• 1M: -1.46%
• 6M: 9.73%
• YTD: 10.94%
• 1Y: 20.18%
• 3Y*: 22.74%
• 5Y*: 16.34%
• 10Y*: 21.65%

BBUS.AX

• 1D: -0.48%
• 1M: -0.74%
• 6M: -16.48%
• YTD: -18.16%
• 1Y: 573.53%
• 3Y*: 43.99%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
NDQ.AX BetaShares NASDAQ 100 ETF	10.94%	11.35%	38.19%	53.22%	-28.42%	10.20%
BBUS.AX BetaShares US Equities Strong Bear Currency Hedged Complex ETF	-18.16%	527.35%	-34.99%	-36.60%	44.31%	-18.21%

Correlation

The correlation between NDQ.AX and BBUS.AX is -0.70, 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	-0.70
Correlation (3Y) Calculated over the trailing 3-year period	-0.73
Correlation (All Time) Calculated using the full available price history since Aug 9, 2021	-0.76

The correlation between NDQ.AX and BBUS.AX has been stable across timeframes, ranging from -0.76 to -0.70 - a consistent structural relationship.

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NDQ.AX

NDQ.AX Risk / Return Rank: 39
NDQ.AX Sharpe Ratio Rank: 46
NDQ.AX Sortino Ratio Rank: 43
NDQ.AX Omega Ratio Rank: 44
NDQ.AX Calmar Ratio Rank: 32
NDQ.AX Martin Ratio Rank: 29

BBUS.AX

BBUS.AX Risk / Return Rank: 83
BBUS.AX Sharpe Ratio Rank: 20
BBUS.AX Sortino Ratio Rank: 100
BBUS.AX Omega Ratio Rank: 99
BBUS.AX Calmar Ratio Rank: 99
BBUS.AX Martin Ratio Rank: 97

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.

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

This table presents a comparison of risk-adjusted performance metrics for BetaShares NASDAQ 100 ETF (NDQ.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.

	NDQ.AX	BBUS.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	0.58	+0.73
Sortino ratio: Return per unit of downside risk	1.82	37.24	-35.42
Omega ratio: Gain probability vs. loss probability	1.23	5.20	-3.97
Calmar ratio: Return relative to maximum drawdown	1.30	15.29	-13.99
Martin ratio: Return relative to average drawdown	3.30	30.52	-27.22

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

The current NDQ.AX Sharpe Ratio is 1.31, which is higher than the BBUS.AX Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of NDQ.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.

Drawdowns

NDQ.AX vs. BBUS.AX - Drawdown Comparison

The maximum NDQ.AX drawdown since its inception was -30.79%, smaller than the maximum BBUS.AX drawdown of -77.93%. Use the drawdown chart below to compare losses from any high point for NDQ.AX and BBUS.AX.

Drawdown Indicators

	NDQ.AX	BBUS.AX	Difference
Max Drawdown Largest peak-to-trough decline	-30.79%	-77.93%	+47.14%
Max Drawdown (1Y) Largest decline over 1 year	-15.17%	-33.50%	+18.33%
Max Drawdown (3Y) Largest decline over 3 years	-21.27%	-70.97%	+49.70%
Max Drawdown (5Y) Largest decline over 5 years	-30.79%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.79%	—	—
Current Drawdown Current decline from peak	-3.79%	-31.99%	+28.20%
Average Drawdown Average peak-to-trough decline	-5.85%	-36.12%	+30.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.08%	17.10%	-11.02%

Volatility

NDQ.AX vs. BBUS.AX - Volatility Comparison

The current volatility for BetaShares NASDAQ 100 ETF (NDQ.AX) is 5.30%, while BetaShares US Equities Strong Bear Currency Hedged Complex ETF (BBUS.AX) has a volatility of 6.47%. This indicates that NDQ.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.

Volatility by Period

	NDQ.AX	BBUS.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	6.47%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	24.37%	-12.68%
Volatility (1Y) Calculated over the trailing 1-year period	15.12%	881.65%	-866.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.15%	404.58%	-385.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.15%	404.58%	-385.43%

NDQ.AX vs. BBUS.AX - Expense Ratio Comparison

NDQ.AX has a 0.48% expense ratio, which is lower than BBUS.AX's 1.32% expense ratio.

Dividends

NDQ.AX vs. BBUS.AX - Dividend Comparison

NDQ.AX's dividend yield for the trailing twelve months is around 1.47%, while BBUS.AX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
NDQ.AX BetaShares NASDAQ 100 ETF	1.47%	0.93%	1.81%	2.09%	3.36%	3.33%	2.47%	2.22%	0.37%	0.25%	0.40%

Frequently Asked Questions

Can I hold both NDQ.AX and BBUS.AX in my portfolio?

NDQ.AX and BBUS.AX have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NDQ.AX or BBUS.AX?

On fees, NDQ.AX is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NDQ.AX or BBUS.AX?

NDQ.AX is cheaper with a 0.48% expense ratio, compared with 1.32% for BBUS.AX.

What is the main difference between NDQ.AX and BBUS.AX?

NDQ.AX is categorized as Nasdaq-100, while BBUS.AX is Inverse Equities. NDQ.AX tracks NASDAQ-100 Index, while BBUS.AX tracks S&P 500 Total Return Index. Their fees differ too: 0.48% for NDQ.AX and 1.32% for BBUS.AX.