^AFLI vs. NZDUSD=X

Last updated Jun 5, 2026

^AFLI (S&P/ASX 50) is an index, while NZDUSD=X (New Zealand Dollar/US Dollar FX) is a currency. Over the past 10 years, ^AFLI returned 4.64%/yr vs -1.29%/yr for NZDUSD=X. At a correlation of -0.04, they often move in opposite directions.

Performance

^AFLI vs. NZDUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in S&P/ASX 50 (^AFLI) and New Zealand Dollar/US Dollar FX (NZDUSD=X). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

^AFLI is traded in AUD, while NZDUSD=X is traded in USD. To make them comparable, the NZDUSD=X values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ^AFLI achieves a 0.73% return, which is significantly higher than NZDUSD=X's -4.68% return. Over the past 10 years, ^AFLI has outperformed NZDUSD=X with an annualized return of 4.64%, while NZDUSD=X has yielded a comparatively lower -1.29% annualized return.

^AFLI

• 1D: -1.97%
• 1M: -2.30%
• YTD: 0.73%
• 6M: 1.70%
• 1Y: 0.66%
• 3Y*: 6.52%
• 5Y*: 3.49%
• 10Y*: 4.64%

NZDUSD=X

• 1D: -0.06%
• 1M: -0.08%
• YTD: -4.68%
• 6M: -5.48%
• 1Y: -11.40%
• 3Y*: -3.38%
• 5Y*: -2.45%
• 10Y*: -1.29%

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

^AFLI vs. NZDUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^AFLI S&P/ASX 50	0.73%	3.98%	7.44%	8.52%	-3.01%	12.37%	-4.86%	19.07%	-5.89%	4.57%
NZDUSD=X New Zealand Dollar/US Dollar FX	-4.68%	-4.60%	-2.54%	-0.37%	-1.19%	0.84%	-2.63%	0.90%	4.65%	-5.29%

Correlation

The correlation between ^AFLI and NZDUSD=X is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Mar 7, 2013	-0.04

Return for Risk

^AFLI vs. NZDUSD=X — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^AFLI

^AFLI Risk / Return Rank: 13
^AFLI Sharpe Ratio Rank: 14
^AFLI Sortino Ratio Rank: 12
^AFLI Omega Ratio Rank: 12
^AFLI Calmar Ratio Rank: 14
^AFLI Martin Ratio Rank: 14

NZDUSD=X

NZDUSD=X Risk / Return Rank: 27
NZDUSD=X Sharpe Ratio Rank: 28
NZDUSD=X Sortino Ratio Rank: 28
NZDUSD=X Omega Ratio Rank: 28
NZDUSD=X Calmar Ratio Rank: 27
NZDUSD=X Martin Ratio Rank: 25

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.

^AFLI vs. NZDUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P/ASX 50 (^AFLI) and New Zealand Dollar/US Dollar FX (NZDUSD=X). 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.

	^AFLI	NZDUSD=X	Difference
Sharpe ratio: Return per unit of total volatility	0.05	-2.13	+2.19
Sortino ratio: Return per unit of downside risk	0.17	-2.89	+3.05
Omega ratio: Gain probability vs. loss probability	1.02	0.69	+0.33
Calmar ratio: Return relative to maximum drawdown	0.08	-0.75	+0.83
Martin ratio: Return relative to average drawdown	0.17	-1.27	+1.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^AFLI vs. NZDUSD=X - Sharpe Ratio Comparison

The current ^AFLI Sharpe Ratio is 0.05, which is higher than the NZDUSD=X Sharpe Ratio of -2.13. The chart below compares the historical Sharpe Ratios of ^AFLI and NZDUSD=X, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^AFLI	NZDUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	-2.13	+2.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	-0.47	+0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	-0.23	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	-0.07	+0.32

Drawdowns

^AFLI vs. NZDUSD=X - Drawdown Comparison

The maximum ^AFLI drawdown since its inception was -35.46%, which is greater than NZDUSD=X's maximum drawdown of -21.38%. Use the drawdown chart below to compare losses from any high point for ^AFLI and NZDUSD=X.

Drawdown Indicators

	^AFLI	NZDUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-35.46%	-21.38%	-14.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.06%	-12.36%	+4.30%
Max Drawdown (3Y) Largest decline over 3 years	-13.79%	-13.81%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-14.59%	-16.00%	+1.41%
Max Drawdown (10Y) Largest decline over 10 years	-35.46%	-17.88%	-17.58%
Current Drawdown Current decline from peak	-5.77%	-17.33%	+11.56%
Average Drawdown Average peak-to-trough decline	-6.04%	-8.64%	+2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	6.67%	-2.83%

Volatility

^AFLI vs. NZDUSD=X - Volatility Comparison

S&P/ASX 50 (^AFLI) has a higher volatility of 4.48% compared to New Zealand Dollar/US Dollar FX (NZDUSD=X) at 2.07%. This indicates that ^AFLI's price experiences larger fluctuations and is considered to be riskier than NZDUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^AFLI	NZDUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	2.07%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	9.63%	3.64%	+5.99%
Volatility (1Y) Calculated over the trailing 1-year period	11.93%	4.35%	+7.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.57%	4.80%	+7.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.82%	5.32%	+9.50%

Frequently Asked Questions

Can I hold both ^AFLI and NZDUSD=X in my portfolio?

^AFLI and NZDUSD=X have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^AFLI or NZDUSD=X?

^AFLI has higher volatility (4.48%) compared to NZDUSD=X (2.07%). In terms of maximum drawdown, ^AFLI dropped -35.46% vs NZDUSD=X's -21.38%.

Which has better risk-adjusted returns?

^AFLI currently has the higher Sharpe Ratio (0.05 vs -2.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.