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

QOZ.AX vs. USD.AX

Last updated Jul 18, 2026
Documentation

QOZ.AX (BetaShares FTSE RAFI Australia 200 ETF) and USD.AX (BetaShares U.S. Dollar ETF) are both exchange-traded funds - QOZ.AX is a Large Cap Value Equities fund tracking the FTSE RAFI Australia 200 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, QOZ.AX returned 8.87%/yr vs 2.65%/yr for USD.AX. At a correlation of -0.26, they often move in opposite directions.

Performance

QOZ.AX vs. USD.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 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, QOZ.AX achieves a 4.61% return, which is significantly higher than USD.AX's -2.28% return. Over the past 10 years, QOZ.AX has outperformed USD.AX with an annualized return of 8.87%, while USD.AX has yielded a comparatively lower 2.65% 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%

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)

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

2026 (YTD)202520242023202220212020201920182017
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%
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 QOZ.AX and USD.AX is -0.34, 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

-0.34

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

-0.38

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

-0.38

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

-0.26

Correlation (All Time)
Calculated using the full available price history since Jul 10, 2013

-0.26

The correlation between QOZ.AX and USD.AX shifts across timeframes, from -0.38 (5 years) to -0.26 (10 years), reflecting how their relationship changes across market environments.

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BetaShares FTSE RAFI Australia 200 ETF

BetaShares U.S. Dollar ETF

Often compared with QOZ.AX:
QOZ.AX vs. A200.AXQOZ.AX vs. DHHF.AXQOZ.AX vs. NDQ.AXQOZ.AX vs. TRET.LQOZ.AX vs. ARMR.AXQOZ.AX vs. TRET.DEQOZ.AX vs. AAA.AX
Often compared with USD.AX:
USD.AX vs. ILB.AXUSD.AX vs. QMIX.AXUSD.AX vs. VDCO.AXUSD.AX vs. WVOL.AXUSD.AX vs. WRLD.AXUSD.AX vs. A200.AXUSD.AX vs. ARMR.AX

Return for Risk

QOZ.AX vs. USD.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: 4040
Overall Rank
QOZ.AX Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
QOZ.AX Sortino Ratio Rank: 4141
Sortino Ratio Rank
QOZ.AX Omega Ratio Rank: 4040
Omega Ratio Rank
QOZ.AX Calmar Ratio Rank: 4141
Calmar Ratio Rank
QOZ.AX Martin Ratio Rank: 3636
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.

QOZ.AX vs. USD.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 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.

QOZ.AXUSD.AXDifference
Sharpe ratioReturn per unit of total volatility
1.18
-0.41

+1.59

Sortino ratioReturn per unit of downside risk
1.67
-0.50

+2.17

Omega ratioGain probability vs. loss probability

1.21

0.94

+0.27

Calmar ratioReturn relative to maximum drawdown

1.63

-0.39

+2.02

Martin ratioReturn relative to average drawdown

4.10

-0.71

+4.81

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

The current QOZ.AX Sharpe Ratio is 1.18, which is higher than the USD.AX Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of QOZ.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

QOZ.AX vs. USD.AX - Drawdown Comparison

The maximum QOZ.AX drawdown since its inception was -37.05%, which is greater than USD.AX's maximum drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for QOZ.AX and USD.AX.

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Drawdown Indicators

QOZ.AXUSD.AXDifference

Max Drawdown

Largest peak-to-trough decline

-37.05%

-30.05%

-7.00%

Max Drawdown (1Y)

Largest decline over 1 year

-8.60%

-9.84%

+1.24%

Max Drawdown (3Y)

Largest decline over 3 years

-13.67%

-14.54%

+0.87%

Max Drawdown (5Y)

Largest decline over 5 years

-14.87%

-14.54%

-0.33%

Max Drawdown (10Y)

Largest decline over 10 years

-37.05%

-30.05%

-7.00%

Current Drawdown

Current decline from peak

-3.86%

-10.55%

+6.69%

Average Drawdown

Average peak-to-trough decline

-4.61%

-9.62%

+5.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.45%

5.50%

-2.05%

Volatility

QOZ.AX vs. USD.AX - Volatility Comparison

BetaShares FTSE RAFI Australia 200 ETF (QOZ.AX) has a higher volatility of 2.54% compared to BetaShares U.S. Dollar ETF (USD.AX) at 1.68%. This indicates that QOZ.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

QOZ.AXUSD.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.54%

1.68%

+0.86%

Volatility (6M)

Calculated over the trailing 6-month period

9.40%

7.32%

+2.08%

Volatility (1Y)

Calculated over the trailing 1-year period

11.90%

9.45%

+2.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.87%

11.02%

+1.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.68%

10.56%

+4.12%

Dividends

QOZ.AX vs. USD.AX - Dividend Comparison

QOZ.AX's dividend yield for the trailing twelve months is around 2.28%, while USD.AX has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
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%0.00%

Frequently Asked Questions

QOZ.AX and USD.AX have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QOZ.AX is categorized as Large Cap Value Equities, while USD.AX is Global Equities. QOZ.AX tracks FTSE RAFI Australia 200 Index, while USD.AX tracks BetaShares U.S. Dollar Index.

Portfolio Optimizer

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