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

NDQ.AX vs. GEAR.AX

Last updated Jul 16, 2026
Documentation

NDQ.AX (BetaShares NASDAQ 100 ETF) and GEAR.AX (Betashares Geared Australian Equities Complex ETF) are both exchange-traded funds - NDQ.AX is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while GEAR.AX is a Global Equities fund actively managed by BetaShares. NDQ.AX is passively managed, while GEAR.AX is actively managed. Over the past 10 years, NDQ.AX returned 21.65%/yr vs 10.21%/yr for GEAR.AX. At a 0.46 correlation, their price movements are largely independent.

Performance

NDQ.AX vs. GEAR.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 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, NDQ.AX achieves a 10.94% return, which is significantly higher than GEAR.AX's 1.29% return. Over the past 10 years, NDQ.AX has outperformed GEAR.AX with an annualized return of 21.65%, while GEAR.AX has yielded a comparatively lower 10.21% annualized 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%

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

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

2026 (YTD)202520242023202220212020201920182017
NDQ.AX
BetaShares NASDAQ 100 ETF		10.94%11.35%38.19%53.22%-28.42%35.46%34.50%39.66%8.97%21.59%
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%

Correlation

The correlation between NDQ.AX and GEAR.AX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.39

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

0.39

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

0.47

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

0.48

Correlation (All Time)
Calculated using the full available price history since May 26, 2015

0.46

Compare stocks, funds, or ETFs

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BetaShares NASDAQ 100 ETF

Betashares Geared Australian Equities Complex ETF

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Return for Risk

NDQ.AX vs. GEAR.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: 3939
Overall Rank
NDQ.AX Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
NDQ.AX Sortino Ratio Rank: 4343
Sortino Ratio Rank
NDQ.AX Omega Ratio Rank: 4444
Omega Ratio Rank
NDQ.AX Calmar Ratio Rank: 3232
Calmar Ratio Rank
NDQ.AX Martin Ratio Rank: 2929
Martin Ratio Rank
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
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. GEAR.AX - Risk-Adjusted Trends Comparison

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

NDQ.AXGEAR.AXDifference
Sharpe ratioReturn per unit of total volatility
1.31
0.21

+1.09

Sortino ratioReturn per unit of downside risk
1.82
0.49

+1.33

Omega ratioGain probability vs. loss probability

1.23

1.06

+0.17

Calmar ratioReturn relative to maximum drawdown

1.30

0.31

+0.99

Martin ratioReturn relative to average drawdown

3.30

0.66

+2.63

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

The current NDQ.AX Sharpe Ratio is 1.31, which is higher than the GEAR.AX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of NDQ.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

NDQ.AX vs. GEAR.AX - Drawdown Comparison

The maximum NDQ.AX drawdown since its inception was -30.79%, smaller than the maximum GEAR.AX drawdown of -66.50%. Use the drawdown chart below to compare losses from any high point for NDQ.AX and GEAR.AX.

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Drawdown Indicators

NDQ.AXGEAR.AXDifference

Max Drawdown

Largest peak-to-trough decline

-30.79%

-66.50%

+35.71%

Max Drawdown (1Y)

Largest decline over 1 year

-15.17%

-17.82%

+2.65%

Max Drawdown (3Y)

Largest decline over 3 years

-21.27%

-30.91%

+9.64%

Max Drawdown (5Y)

Largest decline over 5 years

-30.79%

-32.27%

+1.48%

Max Drawdown (10Y)

Largest decline over 10 years

-30.79%

-66.50%

+35.71%

Current Drawdown

Current decline from peak

-3.79%

-8.41%

+4.62%

Average Drawdown

Average peak-to-trough decline

-5.85%

-12.21%

+6.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.08%

8.40%

-2.32%

Volatility

NDQ.AX vs. GEAR.AX - Volatility Comparison

BetaShares NASDAQ 100 ETF (NDQ.AX) and Betashares Geared Australian Equities Complex ETF (GEAR.AX) have volatilities of 5.30% and 5.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NDQ.AXGEAR.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.30%

5.08%

+0.22%

Volatility (6M)

Calculated over the trailing 6-month period

11.69%

21.27%

-9.58%

Volatility (1Y)

Calculated over the trailing 1-year period

15.12%

25.91%

-10.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.15%

29.72%

-10.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.15%

32.91%

-13.76%

Dividends

NDQ.AX vs. GEAR.AX - Dividend Comparison

NDQ.AX's dividend yield for the trailing twelve months is around 1.47%, more than GEAR.AX's 0.57% 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%
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%0.00%

Frequently Asked Questions

NDQ.AX and GEAR.AX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NDQ.AX is categorized as Nasdaq-100, while GEAR.AX is Global Equities.

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