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

YMAX.AX vs. GEAR.AX

Last updated Jul 16, 2026
Documentation

YMAX.AX (Betashares Australian Top 20 Equities Yield Maximiser Complex ETF) and GEAR.AX (Betashares Geared Australian Equities Complex ETF) are both Global Equities funds from BetaShares. Both are actively managed. Over the past 10 years, YMAX.AX returned 5.15%/yr vs 10.21%/yr for GEAR.AX. Their correlation of 0.83 suggests significant overlap in exposure.

Performance

YMAX.AX vs. GEAR.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Betashares Australian Top 20 Equities Yield Maximiser Complex ETF (YMAX.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, YMAX.AX achieves a 1.47% return, which is significantly higher than GEAR.AX's 1.29% return. Over the past 10 years, YMAX.AX has underperformed GEAR.AX with an annualized return of 5.15%, while GEAR.AX has yielded a comparatively higher 10.21% annualized return.

YMAX.AX

1D
-0.27%
1M
0.48%
6M
3.11%
YTD
1.47%
1Y
1.05%
3Y*
5.63%
5Y*
4.53%
10Y*
5.15%

GEAR.AX

1D
0.08%
1M
-2.32%
6M
0.16%
YTD
1.29%
1Y
3.78%
3Y*
13.69%
5Y*
8.25%
10Y*
10.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
YMAX.AX
Betashares Australian Top 20 Equities Yield Maximiser Complex ETF		1.47%2.55%5.33%10.63%1.82%15.02%-2.73%14.44%-5.59%4.13%
GEAR.AX
Betashares Geared Australian Equities Complex ETF		1.29%15.80%13.80%15.84%-9.50%36.03%-11.97%52.03%-19.57%16.12%

Correlation

The correlation between YMAX.AX and GEAR.AX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.81

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

0.81

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

0.83

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

0.81

Correlation (All Time)
Calculated using the full available price history since Apr 29, 2014

0.83

The correlation between YMAX.AX and GEAR.AX has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

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Betashares Australian Top 20 Equities Yield Maximiser Complex ETF

Betashares Geared Australian Equities Complex ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
YMAX.AX
YMAX.AX Risk / Return Rank: 1111
Overall Rank
YMAX.AX Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
YMAX.AX Sortino Ratio Rank: 1010
Sortino Ratio Rank
YMAX.AX Omega Ratio Rank: 1010
Omega Ratio Rank
YMAX.AX Calmar Ratio Rank: 1212
Calmar Ratio Rank
YMAX.AX Martin Ratio Rank: 1212
Martin Ratio Rank
GEAR.AX
GEAR.AX Risk / Return Rank: 1313
Overall Rank
GEAR.AX Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
GEAR.AX Sortino Ratio Rank: 1313
Sortino Ratio Rank
GEAR.AX Omega Ratio Rank: 1313
Omega Ratio Rank
GEAR.AX Calmar Ratio Rank: 1313
Calmar Ratio Rank
GEAR.AX Martin Ratio Rank: 1313
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.

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

This table presents a comparison of risk-adjusted performance metrics for Betashares Australian Top 20 Equities Yield Maximiser Complex ETF (YMAX.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.

YMAX.AXGEAR.AXDifference
Sharpe ratioReturn per unit of total volatility
0.14
0.21

-0.08

Sortino ratioReturn per unit of downside risk
0.27
0.49

-0.22

Omega ratioGain probability vs. loss probability

1.03

1.06

-0.03

Calmar ratioReturn relative to maximum drawdown

0.23

0.31

-0.08

Martin ratioReturn relative to average drawdown

0.44

0.66

-0.23

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

The current YMAX.AX Sharpe Ratio is 0.14, which is lower than the GEAR.AX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of YMAX.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

YMAX.AX vs. GEAR.AX - Drawdown Comparison

The maximum YMAX.AX drawdown since its inception was -31.97%, smaller than the maximum GEAR.AX drawdown of -66.50%. Use the drawdown chart below to compare losses from any high point for YMAX.AX and GEAR.AX.

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Drawdown Indicators

YMAX.AXGEAR.AXDifference

Max Drawdown

Largest peak-to-trough decline

-31.97%

-66.50%

+34.53%

Max Drawdown (1Y)

Largest decline over 1 year

-6.80%

-17.82%

+11.02%

Max Drawdown (3Y)

Largest decline over 3 years

-11.90%

-30.91%

+19.01%

Max Drawdown (5Y)

Largest decline over 5 years

-12.73%

-32.27%

+19.54%

Max Drawdown (10Y)

Largest decline over 10 years

-31.97%

-66.50%

+34.53%

Current Drawdown

Current decline from peak

-2.55%

-8.41%

+5.86%

Average Drawdown

Average peak-to-trough decline

-5.20%

-12.21%

+7.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.55%

8.40%

-4.85%

Volatility

YMAX.AX vs. GEAR.AX - Volatility Comparison

The current volatility for Betashares Australian Top 20 Equities Yield Maximiser Complex ETF (YMAX.AX) is 2.69%, while Betashares Geared Australian Equities Complex ETF (GEAR.AX) has a volatility of 5.08%. This indicates that YMAX.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

YMAX.AXGEAR.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.69%

5.08%

-2.39%

Volatility (6M)

Calculated over the trailing 6-month period

8.80%

21.27%

-12.47%

Volatility (1Y)

Calculated over the trailing 1-year period

11.27%

25.91%

-14.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.41%

29.72%

-18.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.69%

32.91%

-19.22%

Dividends

YMAX.AX vs. GEAR.AX - Dividend Comparison

YMAX.AX's dividend yield for the trailing twelve months is around 4.53%, more than GEAR.AX's 0.57% yield.

PositionTTM20252024202320222021202020192018201720162015
GEAR.AX
Betashares Geared Australian Equities Complex ETF		0.57%1.39%0.26%0.92%8.66%3.72%5.62%6.55%2.90%1.64%1.57%1.74%
YMAX.AX
Betashares Australian Top 20 Equities Yield Maximiser Complex ETF		4.53%8.05%3.52%6.15%7.34%8.58%8.18%9.01%7.13%6.46%7.18%6.73%

Frequently Asked Questions

YMAX.AX and GEAR.AX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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