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

QMIX.AX vs. GEAR.AX

Last updated Jul 18, 2026
Documentation

QMIX.AX (SPDR ETFs Australia - State Street SPDR MSCI World Quality Mix ETF) and GEAR.AX (Betashares Geared Australian Equities Complex ETF) are both Global Equities funds. QMIX.AX is passively managed, while GEAR.AX is actively managed. Over the past 10 years, QMIX.AX returned 12.46%/yr vs 10.16%/yr for GEAR.AX. At a 0.36 correlation, their price movements are largely independent.

Performance

QMIX.AX vs. GEAR.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in SPDR ETFs Australia - State Street SPDR MSCI World Quality Mix ETF (QMIX.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, QMIX.AX achieves a 4.53% return, which is significantly higher than GEAR.AX's 0.21% return. Over the past 10 years, QMIX.AX has outperformed GEAR.AX with an annualized return of 12.46%, while GEAR.AX has yielded a comparatively lower 10.16% annualized return.

QMIX.AX

1D
-0.37%
1M
1.42%
6M
2.27%
YTD
4.53%
1Y
11.64%
3Y*
15.57%
5Y*
11.75%
10Y*
12.46%

GEAR.AX

1D
-1.07%
1M
-4.38%
6M
-2.86%
YTD
0.21%
1Y
2.61%
3Y*
13.45%
5Y*
8.02%
10Y*
10.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
QMIX.AX
SPDR ETFs Australia - State Street SPDR MSCI World Quality Mix ETF		4.53%12.23%24.29%18.07%-6.97%28.75%-1.08%29.52%0.77%14.11%
GEAR.AX
Betashares Geared Australian Equities Complex ETF		0.21%15.80%13.80%15.84%-9.50%36.03%-11.97%52.03%-19.57%16.12%

Correlation

The correlation between QMIX.AX and GEAR.AX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.46

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

0.42

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

0.44

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

0.37

Correlation (All Time)
Calculated using the full available price history since Sep 11, 2015

0.36

The correlation between QMIX.AX and GEAR.AX shifts across timeframes, from 0.36 (all time) to 0.46 (1 year), reflecting how their relationship changes across market environments.

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SPDR ETFs Australia - State Street SPDR MSCI World Quality Mix ETF

Betashares Geared Australian Equities Complex ETF

Often compared with QMIX.AX:
QMIX.AX vs. USD.AXQMIX.AX vs. CORE.AXQMIX.AX vs. ESGI.AXQMIX.AX vs. ESTX.AXQMIX.AX vs. F100.AXQMIX.AX vs. GLIN.AXQMIX.AX vs. HGEN.AX
Often compared with GEAR.AX:
GEAR.AX vs. ARMR.AXGEAR.AX vs. DHHF.AXGEAR.AX vs. EX20.AXGEAR.AX vs. F100.AXGEAR.AX vs. FOOD.AXGEAR.AX vs. FUEL.AXGEAR.AX vs. GGUS.AX

Return for Risk

QMIX.AX vs. GEAR.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QMIX.AX
QMIX.AX Risk / Return Rank: 4545
Overall Rank
QMIX.AX Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
QMIX.AX Sortino Ratio Rank: 5050
Sortino Ratio Rank
QMIX.AX Omega Ratio Rank: 4848
Omega Ratio Rank
QMIX.AX Calmar Ratio Rank: 3737
Calmar Ratio Rank
QMIX.AX Martin Ratio Rank: 3939
Martin Ratio Rank
GEAR.AX
GEAR.AX Risk / Return Rank: 1212
Overall Rank
GEAR.AX Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
GEAR.AX Sortino Ratio Rank: 1212
Sortino Ratio Rank
GEAR.AX Omega Ratio Rank: 1212
Omega Ratio Rank
GEAR.AX Calmar Ratio Rank: 1212
Calmar Ratio Rank
GEAR.AX Martin Ratio Rank: 1212
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.

QMIX.AX vs. GEAR.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ETFs Australia - State Street SPDR MSCI World Quality Mix ETF (QMIX.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.

QMIX.AXGEAR.AXDifference
Sharpe ratioReturn per unit of total volatility
1.33
0.10

+1.23

Sortino ratioReturn per unit of downside risk
1.91
0.33

+1.58

Omega ratioGain probability vs. loss probability

1.24

1.04

+0.20

Calmar ratioReturn relative to maximum drawdown

1.46

0.14

+1.32

Martin ratioReturn relative to average drawdown

4.62

0.30

+4.32

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

The current QMIX.AX Sharpe Ratio is 1.33, which is higher than the GEAR.AX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of QMIX.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

QMIX.AX vs. GEAR.AX - Drawdown Comparison

The maximum QMIX.AX drawdown since its inception was -22.24%, smaller than the maximum GEAR.AX drawdown of -66.50%. Use the drawdown chart below to compare losses from any high point for QMIX.AX and GEAR.AX.

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Drawdown Indicators

QMIX.AXGEAR.AXDifference

Max Drawdown

Largest peak-to-trough decline

-22.24%

-66.50%

+44.26%

Max Drawdown (1Y)

Largest decline over 1 year

-7.75%

-17.82%

+10.07%

Max Drawdown (3Y)

Largest decline over 3 years

-10.87%

-30.91%

+20.04%

Max Drawdown (5Y)

Largest decline over 5 years

-16.24%

-32.27%

+16.03%

Max Drawdown (10Y)

Largest decline over 10 years

-22.24%

-66.50%

+44.26%

Current Drawdown

Current decline from peak

-1.37%

-9.38%

+8.01%

Average Drawdown

Average peak-to-trough decline

-3.60%

-12.21%

+8.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.48%

8.42%

-5.94%

Volatility

QMIX.AX vs. GEAR.AX - Volatility Comparison

The current volatility for SPDR ETFs Australia - State Street SPDR MSCI World Quality Mix ETF (QMIX.AX) is 1.89%, while Betashares Geared Australian Equities Complex ETF (GEAR.AX) has a volatility of 5.05%. This indicates that QMIX.AX experiences smaller price fluctuations and is considered to be less risky than GEAR.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QMIX.AXGEAR.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.89%

5.05%

-3.16%

Volatility (6M)

Calculated over the trailing 6-month period

7.02%

21.25%

-14.23%

Volatility (1Y)

Calculated over the trailing 1-year period

8.56%

25.86%

-17.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.81%

29.71%

-16.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.23%

32.91%

-19.68%

Dividends

QMIX.AX vs. GEAR.AX - Dividend Comparison

QMIX.AX's dividend yield for the trailing twelve months is around 4.47%, more than GEAR.AX's 0.58% yield.

PositionTTM20252024202320222021202020192018201720162015
GEAR.AX
Betashares Geared Australian Equities Complex ETF		0.58%1.39%0.26%0.92%8.66%3.72%5.62%6.55%2.90%1.64%1.57%1.74%
QMIX.AX
SPDR ETFs Australia - State Street SPDR MSCI World Quality Mix ETF		4.47%3.81%3.95%2.88%4.15%2.83%4.71%2.69%2.73%2.21%2.68%0.00%

Frequently Asked Questions

QMIX.AX and GEAR.AX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: SPDR and BetaShares.

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