QOZ.AX vs. AUST.AX

Last updated Jul 18, 2026

QOZ.AX (BetaShares FTSE RAFI Australia 200 ETF) and AUST.AX (BetaShares Managed Risk Australian Shares Complex ETF) are both exchange-traded funds - QOZ.AX is a Large Cap Value Equities fund tracking the FTSE RAFI Australia 200 Index, while AUST.AX is a Australia Equities fund actively managed by BetaShares. QOZ.AX is passively managed, while AUST.AX is actively managed. Over the past 10 years, QOZ.AX returned 8.87%/yr vs 3.48%/yr for AUST.AX. A 0.75 correlation means they provide meaningful diversification when combined. QOZ.AX charges 0.40%/yr vs 0.49%/yr for AUST.AX.

Performance

QOZ.AX vs. AUST.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares FTSE RAFI Australia 200 ETF (QOZ.AX) and BetaShares Managed Risk Australian Shares Complex ETF (AUST.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QOZ.AX achieves a 4.61% return, which is significantly higher than AUST.AX's -0.30% return. Over the past 10 years, QOZ.AX has outperformed AUST.AX with an annualized return of 8.87%, while AUST.AX has yielded a comparatively lower 3.48% annualized return.

QOZ.AX

• 1D: -0.90%
• 1M: -1.89%
• 6M: 2.99%
• YTD: 4.61%
• 1Y: 14.31%
• 3Y*: 11.55%
• 5Y*: 8.31%
• 10Y*: 8.87%

AUST.AX

• 1D: -0.23%
• 1M: -1.13%
• 6M: -0.25%
• YTD: -0.30%
• 1Y: 1.85%
• 3Y*: 5.01%
• 5Y*: 1.88%
• 10Y*: 3.48%

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

QOZ.AX vs. AUST.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QOZ.AX BetaShares FTSE RAFI Australia 200 ETF	4.61%	14.57%	8.09%	8.49%	3.17%	17.17%	-0.13%	18.60%	-5.96%	9.73%
AUST.AX BetaShares Managed Risk Australian Shares Complex ETF	-0.30%	4.29%	5.47%	4.56%	-6.74%	12.28%	-2.64%	17.64%	-6.77%	7.12%

Correlation

The correlation between QOZ.AX and AUST.AX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Nov 9, 2015	0.75

The correlation between QOZ.AX and AUST.AX has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

Return for Risk

QOZ.AX vs. AUST.AX — Risk / Return Rank

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

QOZ.AX

QOZ.AX Risk / Return Rank: 40
QOZ.AX Sharpe Ratio Rank: 43
QOZ.AX Sortino Ratio Rank: 41
QOZ.AX Omega Ratio Rank: 40
QOZ.AX Calmar Ratio Rank: 41
QOZ.AX Martin Ratio Rank: 36

AUST.AX

AUST.AX Risk / Return Rank: 13
AUST.AX Sharpe Ratio Rank: 13
AUST.AX Sortino Ratio Rank: 12
AUST.AX Omega Ratio Rank: 12
AUST.AX Calmar Ratio Rank: 14
AUST.AX Martin Ratio Rank: 13

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.

QOZ.AX vs. AUST.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaShares FTSE RAFI Australia 200 ETF (QOZ.AX) and BetaShares Managed Risk Australian Shares Complex ETF (AUST.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.

	QOZ.AX	AUST.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.17	+1.01
Sortino ratio: Return per unit of downside risk	1.67	0.32	+1.35
Omega ratio: Gain probability vs. loss probability	1.21	1.04	+0.17
Calmar ratio: Return relative to maximum drawdown	1.63	0.25	+1.38
Martin ratio: Return relative to average drawdown	4.10	0.45	+3.65

QOZ.AX vs. AUST.AX - Sharpe Ratio Comparison

The current QOZ.AX Sharpe Ratio is 1.18, which is higher than the AUST.AX Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of QOZ.AX and AUST.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

QOZ.AX vs. AUST.AX - Drawdown Comparison

The maximum QOZ.AX drawdown since its inception was -37.05%, which is greater than AUST.AX's maximum drawdown of -20.24%. Use the drawdown chart below to compare losses from any high point for QOZ.AX and AUST.AX.

Drawdown Indicators

	QOZ.AX	AUST.AX	Difference
Max Drawdown Largest peak-to-trough decline	-37.05%	-20.24%	-16.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-7.16%	-1.44%
Max Drawdown (3Y) Largest decline over 3 years	-13.67%	-11.49%	-2.18%
Max Drawdown (5Y) Largest decline over 5 years	-14.87%	-12.58%	-2.29%
Max Drawdown (10Y) Largest decline over 10 years	-37.05%	-20.24%	-16.81%
Current Drawdown Current decline from peak	-3.86%	-4.41%	+0.55%
Average Drawdown Average peak-to-trough decline	-4.61%	-4.56%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	4.08%	-0.63%

Volatility

QOZ.AX vs. AUST.AX - Volatility Comparison

BetaShares FTSE RAFI Australia 200 ETF (QOZ.AX) has a higher volatility of 2.54% compared to BetaShares Managed Risk Australian Shares Complex ETF (AUST.AX) at 2.34%. This indicates that QOZ.AX's price experiences larger fluctuations and is considered to be riskier than AUST.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QOZ.AX	AUST.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	2.34%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	7.97%	+1.43%
Volatility (1Y) Calculated over the trailing 1-year period	11.90%	10.31%	+1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	10.21%	+2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.68%	10.21%	+4.47%

QOZ.AX vs. AUST.AX - Expense Ratio Comparison

QOZ.AX has a 0.40% expense ratio, which is lower than AUST.AX's 0.49% expense ratio.

Dividends

QOZ.AX vs. AUST.AX - Dividend Comparison

QOZ.AX's dividend yield for the trailing twelve months is around 2.28%, more than AUST.AX's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AUST.AX BetaShares Managed Risk Australian Shares Complex ETF	1.39%	1.18%	1.58%	1.60%	2.16%	2.37%	3.13%	3.02%	1.62%	1.09%	0.42%	0.00%
QOZ.AX BetaShares FTSE RAFI Australia 200 ETF	2.28%	2.07%	2.42%	2.75%	4.97%	3.96%	3.30%	6.45%	4.28%	1.82%	3.62%	6.33%

Frequently Asked Questions

Can I hold both QOZ.AX and AUST.AX in my portfolio?

QOZ.AX and AUST.AX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QOZ.AX or AUST.AX?

On fees, QOZ.AX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QOZ.AX or AUST.AX?

QOZ.AX is cheaper with a 0.40% expense ratio, compared with 0.49% for AUST.AX.

What is the main difference between QOZ.AX and AUST.AX?

QOZ.AX is categorized as Large Cap Value Equities, while AUST.AX is Australia Equities. Their fees differ too: 0.40% for QOZ.AX and 0.49% for AUST.AX.