^AFLI vs. SPY

Last updated Apr 2, 2026

Compare and contrast key facts about S&P/ASX 50 (^AFLI) and State Street SPDR S&P 500 ETF (SPY).

SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

^AFLI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in S&P/ASX 50 (^AFLI) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

^AFLI vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^AFLI S&P/ASX 50	2.15%	3.98%	7.44%	8.52%	-3.01%	12.37%	-4.86%	19.07%	-5.89%	4.57%
SPY State Street SPDR S&P 500 ETF	-6.60%	9.17%	37.45%	26.27%	-12.77%	36.28%	7.94%	31.83%	5.66%	12.43%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ^AFLI achieves a 2.15% return, which is significantly higher than SPY's -6.60% return. Over the past 10 years, ^AFLI has underperformed SPY with an annualized return of 5.52%, while SPY has yielded a comparatively higher 15.32% annualized return.

^AFLI

• 1D: 2.72%
• 1M: -4.12%
• YTD: 2.15%
• 6M: 0.32%
• 1Y: 9.41%
• 3Y*: 6.32%
• 5Y*: 5.26%
• 10Y*: 5.52%

SPY

• 1D: 0.98%
• 1M: -1.35%
• YTD: -6.60%
• 6M: -5.29%
• 1Y: 7.69%
• 3Y*: 17.33%
• 5Y*: 14.14%
• 10Y*: 15.32%

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

Return for Risk

^AFLI vs. SPY — Risk / Return Rank

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

^AFLI

^AFLI Risk / Return Rank: 40
^AFLI Sharpe Ratio Rank: 41
^AFLI Sortino Ratio Rank: 39
^AFLI Omega Ratio Rank: 38
^AFLI Calmar Ratio Rank: 48
^AFLI Martin Ratio Rank: 35

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 51
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 60
SPY Calmar Ratio Rank: 58
SPY Martin Ratio Rank: 69

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P/ASX 50 (^AFLI) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.70	0.46	+0.24
Sortino ratio Return per unit of downside risk	1.06	0.74	+0.32
Omega ratio Gain probability vs. loss probability	1.14	1.11	+0.03
Calmar ratio Return relative to maximum drawdown	1.25	0.66	+0.59
Martin ratio Return relative to average drawdown	2.98	1.86	+1.13
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. SPY - Sharpe Ratio Comparison

The current ^AFLI Sharpe Ratio is 0.70, which is higher than the SPY Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of ^AFLI and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^AFLI	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	0.46	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.96	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.94	-0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.69	-0.44

Correlation

The correlation between ^AFLI and SPY is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

^AFLI vs. SPY - Drawdown Comparison

The maximum ^AFLI drawdown since its inception was -35.46%, smaller than the maximum SPY drawdown of -40.04%. Use the drawdown chart below to compare losses from any high point for ^AFLI and SPY.

Drawdown Indicators

	^AFLI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-35.46%	-55.19%	+19.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.06%	-12.05%	+3.99%
Max Drawdown (5Y) Largest decline over 5 years	-14.59%	-24.50%	+9.91%
Max Drawdown (10Y) Largest decline over 10 years	-35.46%	-33.72%	-1.74%
Current Drawdown Current decline from peak	-4.44%	-5.53%	+1.09%
Average Drawdown Average peak-to-trough decline	-6.07%	-9.09%	+3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	2.54%	+0.85%

Volatility

^AFLI vs. SPY - Volatility Comparison

S&P/ASX 50 (^AFLI) has a higher volatility of 5.12% compared to State Street SPDR S&P 500 ETF (SPY) at 4.31%. This indicates that ^AFLI's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^AFLI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	4.31%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	8.92%	7.84%	+1.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.15%	16.90%	-3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.46%	14.76%	-2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.81%	16.26%	-1.45%