QAU.AX vs. UMAX.AX

Last updated Jul 18, 2026

QAU.AX (Betashares Gold Bullion Currency Hedged ETF) and UMAX.AX (Betashares S&P 500 Yield Maximiser Complex ETF) are both Global Equities funds from BetaShares. QAU.AX is passively managed, while UMAX.AX is actively managed. Over the past 10 years, QAU.AX returned 9.51%/yr vs 9.53%/yr for UMAX.AX. At a correlation of -0.27, they often move in opposite directions.

Performance

QAU.AX vs. UMAX.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Betashares Gold Bullion Currency Hedged ETF (QAU.AX) and Betashares S&P 500 Yield Maximiser Complex ETF (UMAX.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QAU.AX achieves a -9.03% return, which is significantly lower than UMAX.AX's -0.54% return. Both investments have delivered pretty close results over the past 10 years, with QAU.AX having a 9.51% annualized return and UMAX.AX not far ahead at 9.53%.

QAU.AX

• 1D: -1.09%
• 1M: -7.94%
• 6M: -13.89%
• YTD: -9.03%
• 1Y: 17.91%
• 3Y*: 24.45%
• 5Y*: 14.48%
• 10Y*: 9.51%

UMAX.AX

• 1D: -1.20%
• 1M: 0.97%
• 6M: -0.36%
• YTD: -0.54%
• 1Y: 6.66%
• 3Y*: 11.88%
• 5Y*: 9.47%
• 10Y*: 9.53%

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

QAU.AX vs. UMAX.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QAU.AX Betashares Gold Bullion Currency Hedged ETF	-9.03%	64.44%	23.72%	10.71%	-2.91%	-5.11%	20.13%	17.39%	-2.97%	10.34%
UMAX.AX Betashares S&P 500 Yield Maximiser Complex ETF	-0.54%	4.00%	31.81%	15.37%	-9.29%	29.75%	-6.67%	22.95%	2.49%	5.84%

Correlation

The correlation between QAU.AX and UMAX.AX is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (5Y) Calculated over the trailing 5-year period	-0.19
Correlation (10Y) Calculated over the trailing 10-year period	-0.26
Correlation (All Time) Calculated using the full available price history since Sep 17, 2014	-0.27

The correlation between QAU.AX and UMAX.AX shifts across timeframes, from -0.27 (all time) to -0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

QAU.AX vs. UMAX.AX — Risk / Return Rank

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

QAU.AX

QAU.AX Risk / Return Rank: 22
QAU.AX Sharpe Ratio Rank: 23
QAU.AX Sortino Ratio Rank: 23
QAU.AX Omega Ratio Rank: 27
QAU.AX Calmar Ratio Rank: 20
QAU.AX Martin Ratio Rank: 18

UMAX.AX

UMAX.AX Risk / Return Rank: 21
UMAX.AX Sharpe Ratio Rank: 24
UMAX.AX Sortino Ratio Rank: 21
UMAX.AX Omega Ratio Rank: 22
UMAX.AX Calmar Ratio Rank: 19
UMAX.AX Martin Ratio Rank: 18

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.

QAU.AX vs. UMAX.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Betashares Gold Bullion Currency Hedged ETF (QAU.AX) and Betashares S&P 500 Yield Maximiser Complex ETF (UMAX.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.

	QAU.AX	UMAX.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.62	0.65	-0.03
Sortino ratio: Return per unit of downside risk	0.98	0.94	+0.05
Omega ratio: Gain probability vs. loss probability	1.14	1.12	+0.02
Calmar ratio: Return relative to maximum drawdown	0.60	0.58	+0.02
Martin ratio: Return relative to average drawdown	1.37	1.35	+0.02

QAU.AX vs. UMAX.AX - Sharpe Ratio Comparison

The current QAU.AX Sharpe Ratio is 0.62, which is comparable to the UMAX.AX Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of QAU.AX and UMAX.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

QAU.AX vs. UMAX.AX - Drawdown Comparison

The maximum QAU.AX drawdown since its inception was -42.74%, which is greater than UMAX.AX's maximum drawdown of -24.10%. Use the drawdown chart below to compare losses from any high point for QAU.AX and UMAX.AX.

Drawdown Indicators

	QAU.AX	UMAX.AX	Difference
Max Drawdown Largest peak-to-trough decline	-42.74%	-24.10%	-18.64%
Max Drawdown (1Y) Largest decline over 1 year	-28.96%	-11.14%	-17.82%
Max Drawdown (3Y) Largest decline over 3 years	-28.96%	-15.42%	-13.54%
Max Drawdown (5Y) Largest decline over 5 years	-28.96%	-17.14%	-11.82%
Max Drawdown (10Y) Largest decline over 10 years	-28.96%	-24.10%	-4.86%
Current Drawdown Current decline from peak	-28.58%	-1.61%	-26.97%
Average Drawdown Average peak-to-trough decline	-19.51%	-5.15%	-14.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.92%	4.86%	+8.06%

Volatility

QAU.AX vs. UMAX.AX - Volatility Comparison

Betashares Gold Bullion Currency Hedged ETF (QAU.AX) has a higher volatility of 7.26% compared to Betashares S&P 500 Yield Maximiser Complex ETF (UMAX.AX) at 3.05%. This indicates that QAU.AX's price experiences larger fluctuations and is considered to be riskier than UMAX.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QAU.AX	UMAX.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	3.05%	+4.21%
Volatility (6M) Calculated over the trailing 6-month period	25.37%	7.92%	+17.45%
Volatility (1Y) Calculated over the trailing 1-year period	28.37%	9.94%	+18.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	12.93%	+5.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.86%	13.42%	+3.44%

Dividends

QAU.AX vs. UMAX.AX - Dividend Comparison

QAU.AX's dividend yield for the trailing twelve months is around 5.55%, more than UMAX.AX's 3.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QAU.AX Betashares Gold Bullion Currency Hedged ETF	5.55%	1.29%	0.00%	0.00%	0.00%	5.37%	2.29%	0.00%	0.00%	0.00%	0.00%	0.00%
UMAX.AX Betashares S&P 500 Yield Maximiser Complex ETF	3.16%	5.33%	2.19%	4.02%	5.79%	5.05%	7.02%	5.43%	4.06%	3.16%	4.12%	4.55%

Frequently Asked Questions

Can I hold both QAU.AX and UMAX.AX in my portfolio?

QAU.AX and UMAX.AX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.