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

NDQ.AX vs. USD.AX

Last updated Jul 18, 2026
Documentation

NDQ.AX (BetaShares NASDAQ 100 ETF) and USD.AX (BetaShares U.S. Dollar ETF) are both exchange-traded funds - NDQ.AX is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while USD.AX is a Global Equities fund tracking the BetaShares U.S. Dollar Index. Both are passively managed. Over the past 10 years, NDQ.AX returned 21.14%/yr vs 2.65%/yr for USD.AX. At a 0.04 correlation, their price movements are largely independent.

Performance

NDQ.AX vs. USD.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 U.S. Dollar ETF (USD.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 7.77% return, which is significantly higher than USD.AX's -2.28% return. Over the past 10 years, NDQ.AX has outperformed USD.AX with an annualized return of 21.14%, while USD.AX has yielded a comparatively lower 2.65% annualized return.

NDQ.AX

1D
-3.03%
1M
-4.37%
6M
6.95%
YTD
7.77%
1Y
15.67%
3Y*
21.27%
5Y*
15.66%
10Y*
21.14%

USD.AX

1D
0.21%
1M
1.46%
6M
-2.21%
YTD
-2.28%
1Y
-3.95%
3Y*
3.53%
5Y*
4.51%
10Y*
2.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
NDQ.AX
BetaShares NASDAQ 100 ETF		7.77%11.35%38.19%53.22%-28.42%35.46%34.50%39.66%8.97%21.59%
USD.AX
BetaShares U.S. Dollar ETF		-2.28%-3.37%15.22%3.37%8.32%5.76%-8.86%2.76%11.63%-7.20%

Correlation

The correlation between NDQ.AX and USD.AX is -0.16, 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

-0.16

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

-0.03

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

-0.08

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

0.02

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

0.04

The correlation between NDQ.AX and USD.AX shifts across timeframes, from -0.16 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

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BetaShares NASDAQ 100 ETF

BetaShares U.S. Dollar ETF

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Return for Risk

NDQ.AX vs. USD.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: 2929
Overall Rank
NDQ.AX Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
NDQ.AX Sortino Ratio Rank: 3131
Sortino Ratio Rank
NDQ.AX Omega Ratio Rank: 3131
Omega Ratio Rank
NDQ.AX Calmar Ratio Rank: 2525
Calmar Ratio Rank
NDQ.AX Martin Ratio Rank: 2525
Martin Ratio Rank
USD.AX
USD.AX Risk / Return Rank: 66
Overall Rank
USD.AX Sharpe Ratio Rank: 66
Sharpe Ratio Rank
USD.AX Sortino Ratio Rank: 66
Sortino Ratio Rank
USD.AX Omega Ratio Rank: 66
Omega Ratio Rank
USD.AX Calmar Ratio Rank: 66
Calmar Ratio Rank
USD.AX Martin Ratio Rank: 66
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. USD.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaShares NASDAQ 100 ETF (NDQ.AX) and BetaShares U.S. Dollar ETF (USD.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.AXUSD.AXDifference
Sharpe ratioReturn per unit of total volatility
0.99
-0.41

+1.40

Sortino ratioReturn per unit of downside risk
1.40
-0.50

+1.89

Omega ratioGain probability vs. loss probability

1.18

0.94

+0.24

Calmar ratioReturn relative to maximum drawdown

1.00

-0.39

+1.39

Martin ratioReturn relative to average drawdown

2.52

-0.71

+3.24

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

The current NDQ.AX Sharpe Ratio is 0.99, which is higher than the USD.AX Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of NDQ.AX and USD.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. USD.AX - Drawdown Comparison

The maximum NDQ.AX drawdown since its inception was -30.79%, roughly equal to the maximum USD.AX drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for NDQ.AX and USD.AX.

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Drawdown Indicators

NDQ.AXUSD.AXDifference

Max Drawdown

Largest peak-to-trough decline

-30.79%

-30.05%

-0.74%

Max Drawdown (1Y)

Largest decline over 1 year

-15.17%

-9.84%

-5.33%

Max Drawdown (3Y)

Largest decline over 3 years

-21.27%

-14.54%

-6.73%

Max Drawdown (5Y)

Largest decline over 5 years

-30.79%

-14.54%

-16.25%

Max Drawdown (10Y)

Largest decline over 10 years

-30.79%

-30.05%

-0.74%

Current Drawdown

Current decline from peak

-6.54%

-10.55%

+4.01%

Average Drawdown

Average peak-to-trough decline

-5.85%

-9.62%

+3.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.10%

5.50%

+0.60%

Volatility

NDQ.AX vs. USD.AX - Volatility Comparison

BetaShares NASDAQ 100 ETF (NDQ.AX) has a higher volatility of 6.06% compared to BetaShares U.S. Dollar ETF (USD.AX) at 1.68%. This indicates that NDQ.AX's price experiences larger fluctuations and is considered to be riskier than USD.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NDQ.AXUSD.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.06%

1.68%

+4.38%

Volatility (6M)

Calculated over the trailing 6-month period

12.07%

7.32%

+4.75%

Volatility (1Y)

Calculated over the trailing 1-year period

15.40%

9.45%

+5.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.19%

11.02%

+8.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.17%

10.56%

+8.61%

Dividends

NDQ.AX vs. USD.AX - Dividend Comparison

NDQ.AX's dividend yield for the trailing twelve months is around 1.52%, while USD.AX has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
NDQ.AX
BetaShares NASDAQ 100 ETF		1.52%0.93%1.81%2.09%3.36%3.33%2.47%2.22%0.37%0.25%0.40%
USD.AX
BetaShares U.S. Dollar ETF		0.00%2.53%3.89%3.39%0.00%0.00%1.19%2.37%0.76%0.17%0.08%

Frequently Asked Questions

NDQ.AX and USD.AX have a correlation of -0.16, 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 USD.AX is Global Equities. NDQ.AX tracks NASDAQ-100 Index, while USD.AX tracks BetaShares U.S. Dollar Index.

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