SMLL.AX vs. QPON.AX

Last updated Jul 18, 2026

SMLL.AX (BetaShares Australian Small Companies Select ETF) and QPON.AX (BetaShares Australian Bank Senior Floating Rate Bond ETF) are both exchange-traded funds - SMLL.AX is a Small Cap Blend Equities fund tracking the BetaShares Australian Small Companies Select Index, while QPON.AX is a Total Bond Market fund tracking the BetaShares Australian Bank Senior Floating Rate Bond Index. Both are passively managed. Over the past 5 years, SMLL.AX returned 2.09%/yr vs 3.51%/yr for QPON.AX. At a 0.04 correlation, their price movements are largely independent.

Performance

SMLL.AX vs. QPON.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares Australian Small Companies Select ETF (SMLL.AX) and BetaShares Australian Bank Senior Floating Rate Bond ETF (QPON.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLL.AX achieves a -11.54% return, which is significantly lower than QPON.AX's 2.34% return.

SMLL.AX

• 1D: -1.45%
• 1M: -4.65%
• 6M: -14.81%
• YTD: -11.54%
• 1Y: 12.67%
• 3Y*: 8.15%
• 5Y*: 2.09%
• 10Y*: —

QPON.AX

• 1D: 0.04%
• 1M: 0.44%
• 6M: 1.98%
• YTD: 2.34%
• 1Y: 3.84%
• 3Y*: 4.78%
• 5Y*: 3.51%
• 10Y*: —

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

SMLL.AX vs. QPON.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLL.AX BetaShares Australian Small Companies Select ETF	-11.54%	33.20%	2.52%	4.79%	-18.38%	18.80%	15.15%	21.35%	-10.00%	14.81%
QPON.AX BetaShares Australian Bank Senior Floating Rate Bond ETF	2.34%	4.36%	5.09%	4.99%	0.96%	-0.19%	2.49%	3.70%	1.61%	2.31%

Correlation

The correlation between SMLL.AX and QPON.AX is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jun 1, 2017	0.04

Return for Risk

SMLL.AX vs. QPON.AX — Risk / Return Rank

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

SMLL.AX

SMLL.AX Risk / Return Rank: 21
SMLL.AX Sharpe Ratio Rank: 23
SMLL.AX Sortino Ratio Rank: 22
SMLL.AX Omega Ratio Rank: 22
SMLL.AX Calmar Ratio Rank: 19
SMLL.AX Martin Ratio Rank: 18

QPON.AX

QPON.AX Risk / Return Rank: 96
QPON.AX Sharpe Ratio Rank: 96
QPON.AX Sortino Ratio Rank: 96
QPON.AX Omega Ratio Rank: 97
QPON.AX Calmar Ratio Rank: 96
QPON.AX Martin Ratio Rank: 95

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.

SMLL.AX vs. QPON.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaShares Australian Small Companies Select ETF (SMLL.AX) and BetaShares Australian Bank Senior Floating Rate Bond ETF (QPON.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.

	SMLL.AX	QPON.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.61	3.20	-2.58
Sortino ratio: Return per unit of downside risk	0.95	4.45	-3.50
Omega ratio: Gain probability vs. loss probability	1.12	1.79	-0.67
Calmar ratio: Return relative to maximum drawdown	0.61	7.05	-6.44
Martin ratio: Return relative to average drawdown	1.22	21.70	-20.49

SMLL.AX vs. QPON.AX - Sharpe Ratio Comparison

The current SMLL.AX Sharpe Ratio is 0.61, which is lower than the QPON.AX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of SMLL.AX and QPON.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

SMLL.AX vs. QPON.AX - Drawdown Comparison

The maximum SMLL.AX drawdown since its inception was -40.17%, which is greater than QPON.AX's maximum drawdown of -4.05%. Use the drawdown chart below to compare losses from any high point for SMLL.AX and QPON.AX.

Drawdown Indicators

	SMLL.AX	QPON.AX	Difference
Max Drawdown Largest peak-to-trough decline	-40.17%	-4.05%	-36.12%
Max Drawdown (1Y) Largest decline over 1 year	-20.00%	-0.53%	-19.47%
Max Drawdown (3Y) Largest decline over 3 years	-20.00%	-0.96%	-19.04%
Max Drawdown (5Y) Largest decline over 5 years	-25.98%	-1.92%	-24.06%
Current Drawdown Current decline from peak	-17.67%	0.00%	-17.67%
Average Drawdown Average peak-to-trough decline	-8.47%	-0.22%	-8.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.17%	0.18%	+9.99%

Volatility

SMLL.AX vs. QPON.AX - Volatility Comparison

BetaShares Australian Small Companies Select ETF (SMLL.AX) has a higher volatility of 4.07% compared to BetaShares Australian Bank Senior Floating Rate Bond ETF (QPON.AX) at 0.22%. This indicates that SMLL.AX's price experiences larger fluctuations and is considered to be riskier than QPON.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLL.AX	QPON.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	0.22%	+3.85%
Volatility (6M) Calculated over the trailing 6-month period	15.98%	0.81%	+15.17%
Volatility (1Y) Calculated over the trailing 1-year period	19.76%	1.18%	+18.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.01%	1.33%	+16.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.16%	1.59%	+16.57%

Dividends

SMLL.AX vs. QPON.AX - Dividend Comparison

SMLL.AX's dividend yield for the trailing twelve months is around 1.93%, less than QPON.AX's 2.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QPON.AX BetaShares Australian Bank Senior Floating Rate Bond ETF	2.87%	3.83%	4.65%	3.69%	1.69%	0.93%	0.99%	2.22%	2.43%	1.14%
SMLL.AX BetaShares Australian Small Companies Select ETF	1.93%	1.15%	1.35%	1.69%	3.92%	5.80%	2.13%	2.33%	4.20%	0.00%

Frequently Asked Questions

Can I hold both SMLL.AX and QPON.AX in my portfolio?

SMLL.AX and QPON.AX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between SMLL.AX and QPON.AX?

SMLL.AX is categorized as Small Cap Blend Equities, while QPON.AX is Total Bond Market. SMLL.AX tracks BetaShares Australian Small Companies Select Index, while QPON.AX tracks BetaShares Australian Bank Senior Floating Rate Bond Index.