YMAX vs GEAR: Which ETF Is Better?
A side-by-side comparison of fees, size, returns and holdings, using data to 30 September 2026.
It is a dead heat: 5 measures each. Which matters most depends on you.
The short answer
Worth about $2,518 on $100,000 over 20 years.
Bigger funds usually trade more cheaply and are less likely to close.
A tighter gap between the buy and sell price.
YMAX vs GEAR side by side
| YMAX leads on 5, GEAR on 5 | YMAXBetashares Australian Top 20 Equities Yield Maximiser Complex ETF | GEARBetashares Geared Australian Equities ETF |
|---|---|---|
| The basics | ||
| Index tracked | Not an index fund: top 20 Australian shares with a covered call strategy | Not an index fund: geared exposure to large Australian shares |
| Fund manager | Betashares | Betashares |
| Asset class | Australian shares | Australian shares |
| Listed | Nov 2012 | May 2014 |
| Cost and size | ||
| MERyearly fee, lower is better | 0.76%✓ | 0.80% |
| AUMfund size | $696m✓ | $572m |
| Net flows (Sep)new money in, last month | $19m | $22m✓ |
| Bid/ask spreadtrading cost, lower is better | 0.18% | 0.07%✓ |
| Total returns | ||
| 1 month | −1.4%✓ | −5.5% |
| 1 year | +1.8%✓ | −1.2% |
| 3 years p.a. | +7.2% | +17.1%✓ |
| 5 years p.a. | +5.6% | +8.4%✓ |
| $10,000 invested | ||
| 1 year ago | $10,183✓ | $9,880 |
| 5 years ago | $13,110 | $14,966✓ |
✓ marks the better figure on each measure. Returns include distributions, to 30 September 2026.
YMAX vs GEAR price chart
Both ETFs on one chart as % change. Use the 1D to All buttons to change the period. Price only, so it leaves out distributions · TradingView
What $10,000 invested is worth now
$10,000 put into YMAX 5 years ago is worth $13,110 today, against $14,966 in GEAR. That is $1,856 more in GEAR.
Total returns to 30 September 2026, with distributions reinvested, before tax and brokerage. The price chart above leaves out distributions, so it can look worse. Past performance is not a reliable indicator of future performance.
What the fees cost you
YMAX's lower fee leaves about $2,518 more in your pocket over 20 years.
Total fees paid on a $100,000 investment, assuming a 7% a year return before fees. Illustration only: it ignores tax, brokerage and differences in returns.
YMAX and GEAR overlap
20 companies appear in both funds. Overlap is the share of the portfolio that is the same in both, counting the smaller weight of each shared company.
| Biggest shared holdings | % of YMAX | % of GEAR |
|---|---|---|
| 17.09% | 10.85% | |
| 16.24% | 10.35% | |
| 7.56% | 4.80% | |
| 7.35% | 4.67% | |
| 7.19% | 4.56% | |
| 5.61% | 3.56% | |
| 5.08% | 3.23% | |
| 5.30% | 3.20% | |
| 3.69% | 2.35% | |
| 3.12% | 2.05% | |
| 3.22% | 2.04% | |
| 3.04% | 2.03% |
Add more ETFs and see the overlap in Compare ETFs →
Best-endeavours estimate. Built from each issuer's published holdings, which may be weeks or months old, may cover only part of a fund (some publish only their top 10) and are matched by company name. Figures may be incomplete or inaccurate. Check the issuer's website and PDS before relying on them. General information only.
Get the full YMAX vs GEAR report
- Every holding of each ETF: the top 50 companies, with sectors and countries
- Exactly which companies they share, and how much of each
- Fees in dollars over 10, 20 and 30 years
- Every metric side by side, including the index each tracks
- ★ FREE BONUSIs now a good time to invest? The Market Health-O-Meter
FAQs
Which is better, YMAX or GEAR?
It depends on what you need. On our numbers YMAX wins on 5 measures and GEAR on 5. YMAX is cheaper, with a management fee of 0.76% vs 0.80%. On $100,000 over 20 years that difference is worth about $2,518. YMAX is the larger fund at $696m vs $572m. YMAX has the better 1-year return: +1.8% vs −1.2%.
Which is cheaper, YMAX or GEAR?
YMAX charges 0.76% a year and GEAR charges 0.80% a year.
Can I hold both YMAX and GEAR?
You can, but check how much they overlap. YMAX is a Australian shares fund and GEAR is a Australian shares fund.
More comparisons
General information only, not a recommendation. Past performance is not a reliable indicator of future performance.