QRE.AX vs. UMAX.AX

Last updated Jul 18, 2026

QRE.AX (BetaShares Australian Resources Sector ETF) and UMAX.AX (Betashares S&P 500 Yield Maximiser Complex ETF) are both Global Equities funds from BetaShares. QRE.AX is passively managed, while UMAX.AX is actively managed. Over the past 10 years, QRE.AX returned 12.69%/yr vs 9.53%/yr for UMAX.AX. At a 0.13 correlation, their price movements are largely independent.

Performance

QRE.AX vs. UMAX.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares Australian Resources Sector ETF (QRE.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, QRE.AX achieves a 6.87% return, which is significantly higher than UMAX.AX's -0.54% return. Over the past 10 years, QRE.AX has outperformed UMAX.AX with an annualized return of 12.69%, while UMAX.AX has yielded a comparatively lower 9.53% annualized return.

QRE.AX

• 1D: -2.11%
• 1M: -12.41%
• 6M: 1.90%
• YTD: 6.87%
• 1Y: 36.65%
• 3Y*: 8.27%
• 5Y*: 7.52%
• 10Y*: 12.69%

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QRE.AX BetaShares Australian Resources Sector ETF	6.87%	33.81%	-16.30%	7.84%	17.98%	9.49%	9.47%	25.23%	2.68%	24.64%
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 QRE.AX and UMAX.AX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Sep 17, 2014	0.13

The correlation between QRE.AX and UMAX.AX shifts across timeframes, from 0.03 (3 years) to 0.14 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

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

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

QRE.AX

QRE.AX Risk / Return Rank: 54
QRE.AX Sharpe Ratio Rank: 58
QRE.AX Sortino Ratio Rank: 53
QRE.AX Omega Ratio Rank: 53
QRE.AX Calmar Ratio Rank: 55
QRE.AX Martin Ratio Rank: 52

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.

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

This table presents a comparison of risk-adjusted performance metrics for BetaShares Australian Resources Sector ETF (QRE.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.

	QRE.AX	UMAX.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	0.65	+0.83
Sortino ratio: Return per unit of downside risk	1.97	0.94	+1.04
Omega ratio: Gain probability vs. loss probability	1.25	1.12	+0.13
Calmar ratio: Return relative to maximum drawdown	2.12	0.58	+1.54
Martin ratio: Return relative to average drawdown	6.67	1.35	+5.32

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

The current QRE.AX Sharpe Ratio is 1.48, which is higher than the UMAX.AX Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of QRE.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

QRE.AX vs. UMAX.AX - Drawdown Comparison

The maximum QRE.AX drawdown since its inception was -66.46%, 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 QRE.AX and UMAX.AX.

Drawdown Indicators

	QRE.AX	UMAX.AX	Difference
Max Drawdown Largest peak-to-trough decline	-66.46%	-24.10%	-42.36%
Max Drawdown (1Y) Largest decline over 1 year	-16.60%	-11.14%	-5.46%
Max Drawdown (3Y) Largest decline over 3 years	-26.12%	-15.42%	-10.70%
Max Drawdown (5Y) Largest decline over 5 years	-26.12%	-17.14%	-8.98%
Max Drawdown (10Y) Largest decline over 10 years	-36.43%	-24.10%	-12.33%
Current Drawdown Current decline from peak	-13.70%	-1.61%	-12.09%
Average Drawdown Average peak-to-trough decline	-23.11%	-5.15%	-17.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.33%	4.86%	+0.47%

Volatility

QRE.AX vs. UMAX.AX - Volatility Comparison

BetaShares Australian Resources Sector ETF (QRE.AX) has a higher volatility of 7.12% compared to Betashares S&P 500 Yield Maximiser Complex ETF (UMAX.AX) at 3.05%. This indicates that QRE.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

	QRE.AX	UMAX.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.12%	3.05%	+4.07%
Volatility (6M) Calculated over the trailing 6-month period	20.11%	7.92%	+12.19%
Volatility (1Y) Calculated over the trailing 1-year period	23.84%	9.94%	+13.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.54%	12.93%	+9.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.39%	13.42%	+8.97%

Dividends

QRE.AX vs. UMAX.AX - Dividend Comparison

QRE.AX's dividend yield for the trailing twelve months is around 1.29%, less than UMAX.AX's 3.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QRE.AX BetaShares Australian Resources Sector ETF	1.29%	2.47%	1.89%	2.56%	10.86%	3.38%	1.96%	6.63%	0.95%	1.01%	0.84%	3.07%
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 QRE.AX and UMAX.AX in my portfolio?

QRE.AX and UMAX.AX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.