^AFLI vs. VEA

Last updated Jun 4, 2026

^AFLI (S&P/ASX 50) is an index, while VEA (Vanguard FTSE Developed Markets ETF) is Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index. Over the past 10 years, ^AFLI returned 4.73%/yr vs 10.54%/yr for VEA. At a 0.15 correlation, their price movements are largely independent.

Performance

^AFLI vs. VEA - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in S&P/ASX 50 (^AFLI) and Vanguard FTSE Developed Markets ETF (VEA). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ^AFLI achieves a 1.41% return, which is significantly lower than VEA's 7.57% return. Over the past 10 years, ^AFLI has underperformed VEA with an annualized return of 4.73%, while VEA has yielded a comparatively higher 10.54% annualized return.

^AFLI

• 1D: -0.49%
• 1M: -0.22%
• YTD: 1.41%
• 6M: 3.09%
• 1Y: 2.16%
• 3Y*: 6.32%
• 5Y*: 3.63%
• 10Y*: 4.73%

VEA

• 1D: -0.44%
• 1M: 6.10%
• YTD: 7.57%
• 6M: 9.41%
• 1Y: 20.15%
• 3Y*: 16.76%
• 5Y*: 11.43%
• 10Y*: 10.54%

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

^AFLI vs. VEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^AFLI S&P/ASX 50	1.41%	3.98%	7.44%	8.52%	-3.01%	12.37%	-4.86%	19.07%	-5.89%	4.57%
VEA Vanguard FTSE Developed Markets ETF	7.57%	25.35%	13.53%	18.02%	-9.75%	18.21%	0.08%	23.19%	-5.61%	16.79%

Correlation

The correlation between ^AFLI and VEA 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	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Mar 7, 2013	0.15

The correlation between ^AFLI and VEA shifts across timeframes, from 0.04 (1 year) to 0.15 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

^AFLI vs. VEA — Risk / Return Rank

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

^AFLI

^AFLI Risk / Return Rank: 16
^AFLI Sharpe Ratio Rank: 16
^AFLI Sortino Ratio Rank: 14
^AFLI Omega Ratio Rank: 14
^AFLI Calmar Ratio Rank: 17
^AFLI Martin Ratio Rank: 17

VEA

VEA Risk / Return Rank: 59
VEA Sharpe Ratio Rank: 60
VEA Sortino Ratio Rank: 60
VEA Omega Ratio Rank: 60
VEA Calmar Ratio Rank: 55
VEA Martin Ratio Rank: 60

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. VEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P/ASX 50 (^AFLI) and Vanguard FTSE Developed Markets ETF (VEA). 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	VEA	Difference
Sharpe ratio Return per unit of total volatility	0.11	1.73	-1.62
Sortino ratio Return per unit of downside risk	0.24	2.53	-2.29
Omega ratio Gain probability vs. loss probability	1.03	1.32	-0.29
Calmar ratio Return relative to maximum drawdown	0.16	1.92	-1.76
Martin ratio Return relative to average drawdown	0.33	7.77	-7.44
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. VEA - Sharpe Ratio Comparison

The current ^AFLI Sharpe Ratio is 0.11, which is lower than the VEA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of ^AFLI and VEA, 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	VEA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.11	1.73	-1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.97	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.77	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.41	-0.16

Drawdowns

^AFLI vs. VEA - Drawdown Comparison

The maximum ^AFLI drawdown since its inception was -35.46%, smaller than the maximum VEA drawdown of -44.29%. Use the drawdown chart below to compare losses from any high point for ^AFLI and VEA.

Drawdown Indicators

	^AFLI	VEA	Difference
Max Drawdown Largest peak-to-trough decline	-35.46%	-44.29%	+8.83%
Max Drawdown (1Y) Largest decline over 1 year	-8.06%	-10.55%	+2.49%
Max Drawdown (3Y) Largest decline over 3 years	-13.79%	-10.55%	-3.24%
Max Drawdown (5Y) Largest decline over 5 years	-14.59%	-19.89%	+5.30%
Max Drawdown (10Y) Largest decline over 10 years	-35.46%	-25.94%	-9.52%
Current Drawdown Current decline from peak	-5.13%	-0.44%	-4.69%
Average Drawdown Average peak-to-trough decline	-6.04%	-12.48%	+6.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	2.60%	+1.23%

Volatility

^AFLI vs. VEA - Volatility Comparison

S&P/ASX 50 (^AFLI) and Vanguard FTSE Developed Markets ETF (VEA) have volatilities of 4.07% and 4.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^AFLI	VEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	4.01%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	10.09%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	11.78%	11.70%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	11.83%	+0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.81%	13.74%	+1.07%

Frequently Asked Questions

Can I hold both ^AFLI and VEA in my portfolio?

^AFLI and VEA 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 VEA?

^AFLI has higher volatility (4.07%) compared to VEA (4.01%). In terms of maximum drawdown, ^AFLI dropped -35.46% vs VEA's -44.29%.

Which has better risk-adjusted returns?

VEA currently has the higher Sharpe Ratio (1.73 vs 0.11), 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.