Asset Comparison

Property, shares, ETFs, crypto, bonds — the cash-on-cash comparison.

Every asset comparison you've ever seen is misleading. They ignore leverage, ongoing cash hunger, tax, and costs. This one doesn't. Plug in your starting cash, choose the assets to compare, and see what each path actually returns on your money.

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What you're investing
$
The cash you have available to deploy.
years
How long until you sell / realise.
%
Used for CGT, dividend tax, interest income tax.
Assets to compare
Toggle each asset on/off. Pre-filled with defensible defaults — edit anything to test your own assumptions.
Property (leveraged)
$
%
%
%
%
%
$
%
Defaults: 6% capital growth + 4% gross yield = long-run AU residential averages. Leverage built in via 20% deposit. CGT applies at sale with 50% discount (held >12mo). Holding costs cover rates, insurance, repairs, strata — excludes management fees + land tax. For precise per-property numbers use Buy Analysis.
Direct ASX shares
%
%
%
$
Defaults: 9.5% total return = long-run ASX 200 with reinvested dividends (gross of franking). Franking credits offset some dividend tax. CGT at sale (50% discount >12mo).
ETFs (diversified)
%
%
%
$
Defaults: 9% total return = blended VAS/VGS-style mix (AU + global). MER 0.2% is the drag from low-cost diversified ETFs. CGT at sale (50% discount >12mo).
Crypto
%
%
No default return provided. Crypto has no defensible expected return — historical performance (especially BTC) is not predictive. Past 4 years have included both 70% gains and 70% losses. Enter your own assumption. Stress-test it.
Bonds / term deposit
%
The opportunity cost benchmark. 4.5% ≈ current AU 5-year term deposit / govt bond rate. Interest is taxed at your full marginal rate every year (no CGT, no 50% discount). The "risk-free" floor that every other asset must beat.
Cash-on-cash result

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Enter your details above. Results update as you type.
Detailed comparison
The same numbers in one table. Sort mentally by what matters to you — sometimes the highest absolute return isn't the right choice.
Asset Cash deployed Cash returned (after CGT) Net profit Cash-on-cash multiple Annualised return
Why cash-on-cash is the honest metric

The leverage problem: A "6% property return" sounds lower than a "9% share return" — but property is bought with 5x leverage (20% deposit). Your cash in a $1M property at 6% growth doesn't grow at 6% — it grows much faster because you put in $200k and got the upside on $1M. The asset return is not the cash return.

The cash-hunger problem: Property typically needs ongoing top-ups during the negative gearing years (interest > rent). That's more of your cash flowing into the asset each year. Shares and ETFs pay you positive dividends. If you don't count the top-ups, property's leverage looks free. It isn't.

The honest comparison: For each asset, this calculator tracks:

  • Total cash deployed — initial outlay + any ongoing top-ups
  • Total cash returned — sale proceeds + any positive cashflow received, all after CGT and selling costs
  • Cash-on-cash multiple = returned ÷ deployed (e.g. 2.5x means you got $2.50 back for every $1 in)
  • Effective annualised return on cash — the IRR-style number that lets you compare across different time horizons

Tax modelling: Property and shares/ETFs get the 50% CGT discount on capital gains held >12 months. Dividends are taxed at your marginal rate (less franking credits for ASX shares). Bond interest is taxed annually at full marginal. Crypto follows share rules. After 1 July 2027, proposed Budget 2026 rules apply indexation + 30% minimum tax — this calc uses current rules.

What this calculator deliberately doesn't model:

  • Volatility / drawdowns (a 70% crypto drawdown in year 3 isn't shown — only the end-state return)
  • Behavioural risk (panic selling, sequence-of-returns risk)
  • Currency risk on international ETFs
  • Property-specific events (vacancy, major repairs, market timing)
  • Dollar-cost averaging — assumes all cash is deployed at year 0

Use this for: Honest like-for-like comparison of where to put a lump sum. The defaults are defensible (long-run averages, current rates) but assumption sensitivity is real — change the numbers, see how robust your conclusion is. If property only wins at 7% growth but not 5%, both are plausible assumptions and you should hold that uncertainty.

This calculator is for general information and education only and is not financial, tax, or investment advice. Returns are not guaranteed and past performance does not predict future results. Asset markets are inherently uncertain and can lose value. Always consult a qualified financial adviser or accountant before making investment decisions. The Real Return is the intellectual property of Emil Josef.