SLF.AX vs. VAP.AX

Last updated Jul 16, 2026

SLF.AX (SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Listed Property ETF) and VAP.AX (Vanguard Australian Property Securities Index ETF) are both REIT funds - SLF.AX tracks the SPDR Index while VAP.AX tracks the Vanguard Australian Property Securities Index Index. Both are passively managed. Over the past 10 years, SLF.AX returned 7.08%/yr vs 6.49%/yr for VAP.AX. Their correlation of 0.82 suggests significant overlap in exposure.

Performance

SLF.AX vs. VAP.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 Listed Property ETF (SLF.AX) and Vanguard Australian Property Securities Index ETF (VAP.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SLF.AX having a -7.90% return and VAP.AX slightly lower at -8.02%. Over the past 10 years, SLF.AX has outperformed VAP.AX with an annualized return of 7.08%, while VAP.AX has yielded a comparatively lower 6.49% annualized return.

SLF.AX

• 1D: 0.00%
• 1M: -4.92%
• 6M: -7.36%
• YTD: -7.90%
• 1Y: -5.99%
• 3Y*: 9.40%
• 5Y*: 6.74%
• 10Y*: 7.08%

VAP.AX

• 1D: 0.30%
• 1M: -4.52%
• 6M: -6.99%
• YTD: -8.02%
• 1Y: -5.84%
• 3Y*: 8.66%
• 5Y*: 5.29%
• 10Y*: 6.49%

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

SLF.AX vs. VAP.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLF.AX SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Listed Property ETF	-7.90%	8.02%	19.77%	21.15%	-17.73%	28.03%	0.02%	22.20%	7.29%	6.80%
VAP.AX Vanguard Australian Property Securities Index ETF	-8.02%	7.90%	17.90%	16.52%	-19.21%	30.37%	-1.57%	22.83%	8.32%	6.23%

Correlation

The correlation between SLF.AX and VAP.AX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 11, 2010	0.82

The correlation between SLF.AX and VAP.AX has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

SLF.AX vs. VAP.AX — Risk / Return Rank

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

SLF.AX

SLF.AX Risk / Return Rank: 6
SLF.AX Sharpe Ratio Rank: 6
SLF.AX Sortino Ratio Rank: 6
SLF.AX Omega Ratio Rank: 6
SLF.AX Calmar Ratio Rank: 7
SLF.AX Martin Ratio Rank: 7

VAP.AX

VAP.AX Risk / Return Rank: 6
VAP.AX Sharpe Ratio Rank: 6
VAP.AX Sortino Ratio Rank: 6
VAP.AX Omega Ratio Rank: 6
VAP.AX Calmar Ratio Rank: 7
VAP.AX Martin Ratio Rank: 7

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.

SLF.AX vs. VAP.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 Listed Property ETF (SLF.AX) and Vanguard Australian Property Securities Index ETF (VAP.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.

	SLF.AX	VAP.AX	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	-0.32	+0.01
Sortino ratio: Return per unit of downside risk	-0.30	-0.33	+0.03
Omega ratio: Gain probability vs. loss probability	0.96	0.96	0.00
Calmar ratio: Return relative to maximum drawdown	-0.26	-0.25	-0.01
Martin ratio: Return relative to average drawdown	-0.54	-0.52	-0.02

SLF.AX vs. VAP.AX - Sharpe Ratio Comparison

The current SLF.AX Sharpe Ratio is -0.31, which is comparable to the VAP.AX Sharpe Ratio of -0.32. The chart below compares the historical Sharpe Ratios of SLF.AX and VAP.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.

Drawdowns

SLF.AX vs. VAP.AX - Drawdown Comparison

The maximum SLF.AX drawdown since its inception was -75.42%, which is greater than VAP.AX's maximum drawdown of -48.41%. Use the drawdown chart below to compare losses from any high point for SLF.AX and VAP.AX.

Drawdown Indicators

	SLF.AX	VAP.AX	Difference
Max Drawdown Largest peak-to-trough decline	-75.42%	-48.41%	-27.01%
Max Drawdown (1Y) Largest decline over 1 year	-22.29%	-22.31%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-22.29%	-22.31%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-28.42%	-29.14%	+0.72%
Max Drawdown (10Y) Largest decline over 10 years	-49.10%	-48.41%	-0.69%
Current Drawdown Current decline from peak	-13.47%	-13.47%	0.00%
Average Drawdown Average peak-to-trough decline	-24.75%	-7.30%	-17.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.71%	10.79%	-0.08%

Volatility

SLF.AX vs. VAP.AX - Volatility Comparison

SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Listed Property ETF (SLF.AX) and Vanguard Australian Property Securities Index ETF (VAP.AX) have volatilities of 4.26% and 4.09%, 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

	SLF.AX	VAP.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	4.09%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	15.25%	13.72%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	18.68%	17.15%	+1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.32%	19.69%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.58%	20.99%	+1.59%

Dividends

SLF.AX vs. VAP.AX - Dividend Comparison

SLF.AX's dividend yield for the trailing twelve months is around 4.96%, more than VAP.AX's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SLF.AX SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Listed Property ETF	4.96%	4.33%	4.15%	11.34%	11.20%	7.47%	9.34%	8.99%	13.05%	5.78%	3.81%	3.29%
VAP.AX Vanguard Australian Property Securities Index ETF	2.50%	3.98%	3.55%	3.88%	5.90%	7.12%	4.49%	8.55%	12.62%	3.71%	4.62%	4.91%

Frequently Asked Questions

Can I hold both SLF.AX and VAP.AX in my portfolio?

SLF.AX and VAP.AX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between SLF.AX and VAP.AX?

SLF.AX tracks SPDR Index, while VAP.AX tracks Vanguard Australian Property Securities Index Index. They also come from different issuers: SPDR and Vanguard.