YMAX.AX vs. GGUS.AX

Last updated Jul 16, 2026

YMAX.AX (Betashares Australian Top 20 Equities Yield Maximiser Complex ETF) and GGUS.AX (Betashares Geared US Equities Currency Hedged 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 21.27%/yr for GGUS.AX. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

YMAX.AX vs. GGUS.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 US Equities Currency Hedged Complex ETF (GGUS.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YMAX.AX achieves a 1.47% return, which is significantly lower than GGUS.AX's 18.74% return. Over the past 10 years, YMAX.AX has underperformed GGUS.AX with an annualized return of 5.15%, while GGUS.AX has yielded a comparatively higher 21.27% 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%

GGUS.AX

• 1D: 0.25%
• 1M: 0.33%
• 6M: 16.82%
• YTD: 18.74%
• 1Y: 39.79%
• 3Y*: 31.10%
• 5Y*: 14.41%
• 10Y*: 21.27%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
GGUS.AX Betashares Geared US Equities Currency Hedged Complex ETF	18.74%	18.83%	45.64%	49.70%	-47.20%	68.07%	17.37%	70.51%	-21.12%	45.08%

Correlation

The correlation between YMAX.AX and GGUS.AX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Aug 17, 2015	0.51

The correlation between YMAX.AX and GGUS.AX has been stable across timeframes, ranging from 0.47 to 0.56 - a consistent structural relationship.

Return for Risk

YMAX.AX vs. GGUS.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: 11
YMAX.AX Sharpe Ratio Rank: 11
YMAX.AX Sortino Ratio Rank: 10
YMAX.AX Omega Ratio Rank: 10
YMAX.AX Calmar Ratio Rank: 12
YMAX.AX Martin Ratio Rank: 12

GGUS.AX

GGUS.AX Risk / Return Rank: 49
GGUS.AX Sharpe Ratio Rank: 47
GGUS.AX Sortino Ratio Rank: 44
GGUS.AX Omega Ratio Rank: 50
GGUS.AX Calmar Ratio Rank: 48
GGUS.AX Martin Ratio Rank: 57

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. GGUS.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 US Equities Currency Hedged Complex ETF (GGUS.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.AX	GGUS.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.14	1.38	-1.24
Sortino ratio: Return per unit of downside risk	0.27	1.89	-1.63
Omega ratio: Gain probability vs. loss probability	1.03	1.26	-0.23
Calmar ratio: Return relative to maximum drawdown	0.23	2.00	-1.77
Martin ratio: Return relative to average drawdown	0.44	8.05	-7.61

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

The current YMAX.AX Sharpe Ratio is 0.14, which is lower than the GGUS.AX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of YMAX.AX and GGUS.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

YMAX.AX vs. GGUS.AX - Drawdown Comparison

The maximum YMAX.AX drawdown since its inception was -31.97%, smaller than the maximum GGUS.AX drawdown of -64.26%. Use the drawdown chart below to compare losses from any high point for YMAX.AX and GGUS.AX.

Drawdown Indicators

	YMAX.AX	GGUS.AX	Difference
Max Drawdown Largest peak-to-trough decline	-31.97%	-64.26%	+32.29%
Max Drawdown (1Y) Largest decline over 1 year	-6.80%	-20.90%	+14.10%
Max Drawdown (3Y) Largest decline over 3 years	-11.90%	-46.78%	+34.88%
Max Drawdown (5Y) Largest decline over 5 years	-12.73%	-55.53%	+42.80%
Max Drawdown (10Y) Largest decline over 10 years	-31.97%	-64.26%	+32.29%
Current Drawdown Current decline from peak	-2.55%	-1.47%	-1.08%
Average Drawdown Average peak-to-trough decline	-5.20%	-13.41%	+8.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	5.24%	-1.69%

Volatility

YMAX.AX vs. GGUS.AX - Volatility Comparison

The current volatility for Betashares Australian Top 20 Equities Yield Maximiser Complex ETF (YMAX.AX) is 2.69%, while Betashares Geared US Equities Currency Hedged Complex ETF (GGUS.AX) has a volatility of 5.85%. This indicates that YMAX.AX experiences smaller price fluctuations and is considered to be less risky than GGUS.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YMAX.AX	GGUS.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	5.85%	-3.16%
Volatility (6M) Calculated over the trailing 6-month period	8.80%	25.54%	-16.74%
Volatility (1Y) Calculated over the trailing 1-year period	11.27%	30.44%	-19.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.41%	41.72%	-30.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.69%	40.73%	-27.04%

Dividends

YMAX.AX vs. GGUS.AX - Dividend Comparison

YMAX.AX's dividend yield for the trailing twelve months is around 4.53%, while GGUS.AX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GGUS.AX Betashares Geared US Equities Currency Hedged Complex ETF	0.00%	1.69%	0.00%	0.00%	6.12%	2.52%	0.00%	0.12%	0.96%	0.62%	0.89%	0.00%
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

Can I hold both YMAX.AX and GGUS.AX in my portfolio?

YMAX.AX and GGUS.AX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.