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

WVOL.AX vs. GEAR.AX

Last updated Jul 18, 2026
Documentation

WVOL.AX (iShares MSCI World ex Australia Minimum Volatility ETF) and GEAR.AX (Betashares Geared Australian Equities Complex ETF) are both Global Equities funds. WVOL.AX is passively managed, while GEAR.AX is actively managed. Over the past 5 years, WVOL.AX returned 8.03%/yr vs 8.02%/yr for GEAR.AX. At a 0.37 correlation, their price movements are largely independent.

Performance

WVOL.AX vs. GEAR.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares MSCI World ex Australia Minimum Volatility ETF (WVOL.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, WVOL.AX achieves a 1.65% return, which is significantly higher than GEAR.AX's 0.21% return.

WVOL.AX

1D
0.07%
1M
0.46%
6M
0.11%
YTD
1.65%
1Y
5.37%
3Y*
11.49%
5Y*
8.03%
10Y*
—

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)

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

2026 (YTD)202520242023202220212020201920182017
WVOL.AX
iShares MSCI World ex Australia Minimum Volatility ETF		1.65%10.13%20.75%5.37%-3.23%21.37%-6.48%23.83%5.64%9.58%
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 WVOL.AX and GEAR.AX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.33

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

0.27

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

0.36

Correlation (All Time)
Calculated using the full available price history since Oct 11, 2016

0.37

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI World ex Australia Minimum Volatility ETF

Betashares Geared Australian Equities Complex ETF

Often compared with WVOL.AX:
WVOL.AX vs. ISEC.AXWVOL.AX vs. USD.AXWVOL.AX vs. AUMF.AXWVOL.AX vs. BILL.AXWVOL.AX vs. CORE.AXWVOL.AX vs. ESGI.AXWVOL.AX vs. ESTX.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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
WVOL.AX
WVOL.AX Risk / Return Rank: 2424
Overall Rank
WVOL.AX Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
WVOL.AX Sortino Ratio Rank: 2424
Sortino Ratio Rank
WVOL.AX Omega Ratio Rank: 2222
Omega Ratio Rank
WVOL.AX Calmar Ratio Rank: 2626
Calmar Ratio Rank
WVOL.AX Martin Ratio Rank: 2525
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World ex Australia Minimum Volatility ETF (WVOL.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.

WVOL.AXGEAR.AXDifference
Sharpe ratioReturn per unit of total volatility
0.67
0.10

+0.58

Sortino ratioReturn per unit of downside risk
1.03
0.33

+0.70

Omega ratioGain probability vs. loss probability

1.12

1.04

+0.08

Calmar ratioReturn relative to maximum drawdown

0.94

0.14

+0.80

Martin ratioReturn relative to average drawdown

2.36

0.30

+2.05

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

The current WVOL.AX Sharpe Ratio is 0.67, which is higher than the GEAR.AX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of WVOL.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

WVOL.AX vs. GEAR.AX - Drawdown Comparison

The maximum WVOL.AX drawdown since its inception was -21.05%, smaller than the maximum GEAR.AX drawdown of -66.50%. Use the drawdown chart below to compare losses from any high point for WVOL.AX and GEAR.AX.

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Drawdown Indicators

WVOL.AXGEAR.AXDifference

Max Drawdown

Largest peak-to-trough decline

-21.05%

-66.50%

+45.45%

Max Drawdown (1Y)

Largest decline over 1 year

-5.56%

-17.82%

+12.26%

Max Drawdown (3Y)

Largest decline over 3 years

-5.92%

-30.91%

+24.99%

Max Drawdown (5Y)

Largest decline over 5 years

-12.52%

-32.27%

+19.75%

Max Drawdown (10Y)

Largest decline over 10 years

—

-66.50%

—

Current Drawdown

Current decline from peak

-1.77%

-9.38%

+7.61%

Average Drawdown

Average peak-to-trough decline

-3.70%

-12.21%

+8.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.25%

8.42%

-6.17%

Volatility

WVOL.AX vs. GEAR.AX - Volatility Comparison

The current volatility for iShares MSCI World ex Australia Minimum Volatility ETF (WVOL.AX) is 2.19%, while Betashares Geared Australian Equities Complex ETF (GEAR.AX) has a volatility of 5.05%. This indicates that WVOL.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

WVOL.AXGEAR.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.19%

5.05%

-2.86%

Volatility (6M)

Calculated over the trailing 6-month period

6.21%

21.25%

-15.04%

Volatility (1Y)

Calculated over the trailing 1-year period

7.86%

25.86%

-18.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.41%

29.71%

-20.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.62%

32.91%

-21.29%

Dividends

WVOL.AX vs. GEAR.AX - Dividend Comparison

WVOL.AX's dividend yield for the trailing twelve months is around 1.46%, 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%
WVOL.AX
iShares MSCI World ex Australia Minimum Volatility ETF		1.46%3.09%3.43%2.19%2.62%1.75%2.36%2.37%4.62%1.43%0.00%0.00%

Frequently Asked Questions

WVOL.AX and GEAR.AX have a correlation of 0.33, 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: iShares and BetaShares.

Portfolio Optimizer

Find the right allocation for WVOL.AX and GEAR.AX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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