QLTY.AX vs. UMAX.AX

Last updated Jul 18, 2026

QLTY.AX (BetaShares Global Quality Leaders ETF) and UMAX.AX (Betashares S&P 500 Yield Maximiser Complex ETF) are both Global Equities funds from BetaShares. QLTY.AX is passively managed, while UMAX.AX is actively managed. Over the past 5 years, QLTY.AX returned 9.02%/yr vs 9.47%/yr for UMAX.AX. A 0.72 correlation means they provide meaningful diversification when combined.

Performance

QLTY.AX vs. UMAX.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares Global Quality Leaders ETF (QLTY.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, QLTY.AX achieves a 1.24% return, which is significantly higher than UMAX.AX's -0.54% return.

QLTY.AX

• 1D: -0.64%
• 1M: -0.12%
• 6M: -1.21%
• YTD: 1.24%
• 1Y: 5.38%
• 3Y*: 13.45%
• 5Y*: 9.02%
• 10Y*: —

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QLTY.AX BetaShares Global Quality Leaders ETF	1.24%	7.63%	25.10%	29.03%	-20.89%	29.83%	13.51%	35.38%	-5.34%
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%	-5.60%

Correlation

The correlation between QLTY.AX and UMAX.AX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018	0.72

The correlation between QLTY.AX and UMAX.AX shifts across timeframes, from 0.54 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

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

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

QLTY.AX

QLTY.AX Risk / Return Rank: 17
QLTY.AX Sharpe Ratio Rank: 19
QLTY.AX Sortino Ratio Rank: 17
QLTY.AX Omega Ratio Rank: 17
QLTY.AX Calmar Ratio Rank: 16
QLTY.AX Martin Ratio Rank: 17

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.

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

This table presents a comparison of risk-adjusted performance metrics for BetaShares Global Quality Leaders ETF (QLTY.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.

	QLTY.AX	UMAX.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.44	0.65	-0.21
Sortino ratio: Return per unit of downside risk	0.69	0.94	-0.25
Omega ratio: Gain probability vs. loss probability	1.09	1.12	-0.03
Calmar ratio: Return relative to maximum drawdown	0.42	0.58	-0.16
Martin ratio: Return relative to average drawdown	1.03	1.35	-0.32

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

The current QLTY.AX Sharpe Ratio is 0.44, which is lower than the UMAX.AX Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of QLTY.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

QLTY.AX vs. UMAX.AX - Drawdown Comparison

The maximum QLTY.AX drawdown since its inception was -27.94%, 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 QLTY.AX and UMAX.AX.

Drawdown Indicators

	QLTY.AX	UMAX.AX	Difference
Max Drawdown Largest peak-to-trough decline	-27.94%	-24.10%	-3.84%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-11.14%	-1.27%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-15.42%	+1.25%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	-17.14%	-10.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.10%	—
Current Drawdown Current decline from peak	-2.73%	-1.61%	-1.12%
Average Drawdown Average peak-to-trough decline	-5.56%	-5.15%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	4.86%	+0.27%

Volatility

QLTY.AX vs. UMAX.AX - Volatility Comparison

BetaShares Global Quality Leaders ETF (QLTY.AX) has a higher volatility of 3.56% compared to Betashares S&P 500 Yield Maximiser Complex ETF (UMAX.AX) at 3.05%. This indicates that QLTY.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

	QLTY.AX	UMAX.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	3.05%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	7.92%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	9.94%	+2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.28%	12.93%	+1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.93%	13.42%	+1.51%

Dividends

QLTY.AX vs. UMAX.AX - Dividend Comparison

QLTY.AX's dividend yield for the trailing twelve months is around 3.17%, which matches UMAX.AX's 3.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLTY.AX BetaShares Global Quality Leaders ETF	3.17%	2.30%	2.86%	0.66%	0.80%	4.34%	2.31%	1.73%	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 QLTY.AX and UMAX.AX in my portfolio?

QLTY.AX and UMAX.AX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.