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OZF.AX vs. SSO.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

OZF.AX vs. SSO.AX

Last updated Jul 16, 2026
Documentation

OZF.AX (SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF) and SSO.AX (SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF) are both exchange-traded funds - OZF.AX is a Financials Equities fund tracking the SPDR Index, while SSO.AX is a Small Cap Blend Equities fund tracking the SPDR Index. Both are passively managed. Over the past 10 years, OZF.AX returned 9.31%/yr vs 7.85%/yr for SSO.AX. At a 0.35 correlation, their price movements are largely independent.

Performance

OZF.AX vs. SSO.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF (OZF.AX) and SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF (SSO.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, OZF.AX achieves a 6.30% return, which is significantly higher than SSO.AX's -9.80% return. Over the past 10 years, OZF.AX has outperformed SSO.AX with an annualized return of 9.31%, while SSO.AX has yielded a comparatively lower 7.85% annualized return.

OZF.AX

1D
1.14%
1M
5.52%
6M
7.91%
YTD
6.30%
1Y
5.96%
3Y*
18.58%
5Y*
12.36%
10Y*
9.31%

SSO.AX

1D
0.00%
1M
-4.97%
6M
-13.44%
YTD
-9.80%
1Y
4.70%
3Y*
7.77%
5Y*
4.37%
10Y*
7.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

OZF.AX vs. SSO.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
OZF.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF		6.30%11.07%29.96%10.42%1.05%23.44%-5.79%12.70%-9.21%4.50%
SSO.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF		-9.80%23.90%8.71%9.87%-11.94%21.40%9.60%23.76%-8.69%23.25%

Correlation

The correlation between OZF.AX and SSO.AX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.27

Correlation (3Y)
Calculated over the trailing 3-year period

0.39

Correlation (5Y)
Calculated over the trailing 5-year period

0.40

Correlation (10Y)
Calculated over the trailing 10-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Apr 13, 2011

0.35

The correlation between OZF.AX and SSO.AX shifts across timeframes, from 0.27 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.

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SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF

SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF

Return for Risk

OZF.AX vs. SSO.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
OZF.AX
OZF.AX Risk / Return Rank: 1717
Overall Rank
OZF.AX Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
OZF.AX Sortino Ratio Rank: 1515
Sortino Ratio Rank
OZF.AX Omega Ratio Rank: 1515
Omega Ratio Rank
OZF.AX Calmar Ratio Rank: 1919
Calmar Ratio Rank
OZF.AX Martin Ratio Rank: 1717
Martin Ratio Rank
SSO.AX
SSO.AX Risk / Return Rank: 1313
Overall Rank
SSO.AX Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
SSO.AX Sortino Ratio Rank: 1313
Sortino Ratio Rank
SSO.AX Omega Ratio Rank: 1313
Omega Ratio Rank
SSO.AX Calmar Ratio Rank: 1212
Calmar Ratio Rank
SSO.AX Martin Ratio Rank: 1212
Martin Ratio Rank
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.

OZF.AX vs. SSO.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF (OZF.AX) and SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF (SSO.AX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

OZF.AXSSO.AXDifference
Sharpe ratioReturn per unit of total volatility
0.40
0.25

+0.14

Sortino ratioReturn per unit of downside risk
0.66
0.48

+0.18

Omega ratioGain probability vs. loss probability

1.08

1.06

+0.02

Calmar ratioReturn relative to maximum drawdown

0.68

0.25

+0.43

Martin ratioReturn relative to average drawdown

1.37

0.53

+0.83

OZF.AX vs. SSO.AX - Sharpe Ratio Comparison

The current OZF.AX Sharpe Ratio is 0.40, which is higher than the SSO.AX Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of OZF.AX and SSO.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

OZF.AX vs. SSO.AX - Drawdown Comparison

The maximum OZF.AX drawdown since its inception was -42.63%, which is greater than SSO.AX's maximum drawdown of -40.39%. Use the drawdown chart below to compare losses from any high point for OZF.AX and SSO.AX.

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Drawdown Indicators

OZF.AXSSO.AXDifference

Max Drawdown

Largest peak-to-trough decline

-42.63%

-40.39%

-2.24%

Max Drawdown (1Y)

Largest decline over 1 year

-10.43%

-18.32%

+7.89%

Max Drawdown (3Y)

Largest decline over 3 years

-15.91%

-18.32%

+2.41%

Max Drawdown (5Y)

Largest decline over 5 years

-20.52%

-25.96%

+5.44%

Max Drawdown (10Y)

Largest decline over 10 years

-42.63%

-40.39%

-2.24%

Current Drawdown

Current decline from peak

-2.51%

-14.78%

+12.27%

Average Drawdown

Average peak-to-trough decline

-6.99%

-9.65%

+2.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.17%

8.71%

-3.54%

Volatility

OZF.AX vs. SSO.AX - Volatility Comparison

SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF (OZF.AX) and SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF (SSO.AX) have volatilities of 3.75% and 3.67%, 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.

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Volatility by Period

OZF.AXSSO.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.75%

3.67%

+0.08%

Volatility (6M)

Calculated over the trailing 6-month period

13.25%

14.87%

-1.62%

Volatility (1Y)

Calculated over the trailing 1-year period

17.86%

18.23%

-0.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.41%

17.12%

-0.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.30%

16.82%

+1.48%

Dividends

OZF.AX vs. SSO.AX - Dividend Comparison

OZF.AX's dividend yield for the trailing twelve months is around 2.84%, less than SSO.AX's 9.32% yield.

PositionTTM20252024202320222021202020192018201720162015
OZF.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF		2.84%4.47%1.97%3.91%3.99%3.80%1.71%4.57%5.01%4.86%5.74%6.49%
SSO.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF		9.32%2.90%2.66%3.67%22.03%10.96%2.32%4.06%4.10%4.67%2.51%3.85%

Frequently Asked Questions

OZF.AX and SSO.AX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

OZF.AX is categorized as Financials Equities, while SSO.AX is Small Cap Blend Equities. Both ETFs track SPDR Index.

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