NZDUSD=X vs. ^AFLI

Last updated Jun 6, 2026

NZDUSD=X (New Zealand Dollar/US Dollar FX) is a currency, while ^AFLI (S&P/ASX 50) is an index. Over the past 10 years, NZDUSD=X returned -1.84%/yr vs 4.04%/yr for ^AFLI. At a 0.49 correlation, their price movements are largely independent.

Performance

NZDUSD=X vs. ^AFLI - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

In the year-to-date period, NZDUSD=X achieves a 0.66% return, which is significantly lower than ^AFLI's 6.24% return. Over the past 10 years, NZDUSD=X has underperformed ^AFLI with an annualized return of -1.84%, while ^AFLI has yielded a comparatively higher 4.04% annualized return.

NZDUSD=X

• 1D: -1.27%
• 1M: -2.73%
• YTD: 0.66%
• 6M: 0.33%
• 1Y: -4.00%
• 3Y*: -1.59%
• 5Y*: -4.28%
• 10Y*: -1.84%

^AFLI

• 1D: -3.27%
• 1M: -4.98%
• YTD: 6.24%
• 6M: 7.82%
• 1Y: 8.91%
• 3Y*: 8.45%
• 5Y*: 1.54%
• 10Y*: 4.04%

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

NZDUSD=X vs. ^AFLI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NZDUSD=X New Zealand Dollar/US Dollar FX	0.66%	2.87%	-11.45%	-0.44%	-7.32%	-4.75%	6.74%	0.43%	-5.48%	2.51%
^AFLI S&P/ASX 50	6.24%	12.11%	-2.36%	8.45%	-9.09%	6.10%	4.41%	18.63%	-15.05%	13.30%

Correlation

The correlation between NZDUSD=X and ^AFLI is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Mar 7, 2013	0.49

The correlation between NZDUSD=X and ^AFLI shifts across timeframes, from 0.47 (1 year) to 0.59 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

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

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

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

^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

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.

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

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

	NZDUSD=X	^AFLI	Difference
Sharpe ratio: Return per unit of total volatility	-0.40	0.58	-0.97
Sortino ratio: Return per unit of downside risk	-0.50	0.97	-1.48
Omega ratio: Gain probability vs. loss probability	0.94	1.11	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.38	0.84	-1.23
Martin ratio: Return relative to average drawdown	-0.76	2.44	-3.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NZDUSD=X vs. ^AFLI - Sharpe Ratio Comparison

The current NZDUSD=X Sharpe Ratio is -0.40, which is lower than the ^AFLI Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of NZDUSD=X and ^AFLI, 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

	NZDUSD=X	^AFLI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.40	0.58	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.39	0.09	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.18	0.21	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	0.04	-0.16

Drawdowns

NZDUSD=X vs. ^AFLI - Drawdown Comparison

The maximum NZDUSD=X drawdown since its inception was -39.83%, smaller than the maximum ^AFLI drawdown of -51.09%. Use the drawdown chart below to compare losses from any high point for NZDUSD=X and ^AFLI.

Drawdown Indicators

	NZDUSD=X	^AFLI	Difference
Max Drawdown Largest peak-to-trough decline	-39.83%	-51.09%	+11.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-10.47%	+1.99%
Max Drawdown (3Y) Largest decline over 3 years	-13.50%	-23.01%	+9.51%
Max Drawdown (5Y) Largest decline over 5 years	-23.45%	-26.68%	+3.23%
Max Drawdown (10Y) Largest decline over 10 years	-26.48%	-44.81%	+18.33%
Current Drawdown Current decline from peak	-34.35%	-6.72%	-27.63%
Average Drawdown Average peak-to-trough decline	-19.65%	-14.88%	-4.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	3.63%	-0.15%

Volatility

NZDUSD=X vs. ^AFLI - Volatility Comparison

The current volatility for New Zealand Dollar/US Dollar FX (NZDUSD=X) is 3.17%, while S&P/ASX 50 (^AFLI) has a volatility of 4.79%. This indicates that NZDUSD=X experiences smaller price fluctuations and is considered to be less risky than ^AFLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NZDUSD=X	^AFLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	4.79%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	7.04%	12.73%	-5.69%
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	15.37%	-7.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.01%	17.54%	-7.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.72%	18.97%	-9.25%

Frequently Asked Questions

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

NZDUSD=X and ^AFLI have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NZDUSD=X or ^AFLI?

^AFLI has higher volatility (4.79%) compared to NZDUSD=X (3.17%). In terms of maximum drawdown, NZDUSD=X dropped -39.83% vs ^AFLI's -51.09%.

Which has better risk-adjusted returns?

^AFLI currently has the higher Sharpe Ratio (0.58 vs -0.40), 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.