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SMLL.AX vs. AAA.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMLL.AX vs. AAA.AX

Last updated Jul 18, 2026
Documentation

SMLL.AX (BetaShares Australian Small Companies Select ETF) and AAA.AX (BetaShares Australian High Interest Cash ETF) are both exchange-traded funds - SMLL.AX is a Small Cap Blend Equities fund tracking the BetaShares Australian Small Companies Select Index, while AAA.AX is a Money Market fund actively managed by BetaShares. SMLL.AX is passively managed, while AAA.AX is actively managed. Over the past 5 years, SMLL.AX returned 2.09%/yr vs 2.90%/yr for AAA.AX. At a correlation of -0.03, they often move in opposite directions.

Performance

SMLL.AX vs. AAA.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares Australian Small Companies Select ETF (SMLL.AX) and BetaShares Australian High Interest Cash ETF (AAA.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, SMLL.AX achieves a -11.54% return, which is significantly lower than AAA.AX's 1.62% return.

SMLL.AX

1D
-1.45%
1M
-4.65%
6M
-14.81%
YTD
-11.54%
1Y
12.67%
3Y*
8.15%
5Y*
2.09%
10Y*
—

AAA.AX

1D
0.02%
1M
0.39%
6M
1.45%
YTD
1.62%
1Y
3.07%
3Y*
3.74%
5Y*
2.90%
10Y*
2.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMLL.AX vs. AAA.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMLL.AX
BetaShares Australian Small Companies Select ETF		-11.54%33.20%2.52%4.79%-18.38%18.80%15.15%21.35%-10.00%13.67%
AAA.AX
BetaShares Australian High Interest Cash ETF		1.62%3.76%3.87%3.75%1.38%0.35%0.74%1.69%1.87%1.15%

Correlation

The correlation between SMLL.AX and AAA.AX is -0.07, 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

-0.07

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

-0.04

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

-0.01

Correlation (All Time)
Calculated using the full available price history since Apr 7, 2017

-0.03

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BetaShares Australian Small Companies Select ETF

BetaShares Australian High Interest Cash ETF

Often compared with SMLL.AX:
SMLL.AX vs. SSO.AXSMLL.AX vs. IJR.AXSMLL.AX vs. ISO.AXSMLL.AX vs. MVS.AXSMLL.AX vs. VISM.AXSMLL.AX vs. EX20.AXSMLL.AX vs. FOOD.AX
Often compared with AAA.AX:
AAA.AX vs. ARMR.AXAAA.AX vs. A200.AXAAA.AX vs. DHHF.AXAAA.AX vs. EX20.AXAAA.AX vs. FOOD.AXAAA.AX vs. GEAR.AXAAA.AX vs. GGUS.AX

Return for Risk

SMLL.AX vs. AAA.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMLL.AX
SMLL.AX Risk / Return Rank: 2121
Overall Rank
SMLL.AX Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
SMLL.AX Sortino Ratio Rank: 2222
Sortino Ratio Rank
SMLL.AX Omega Ratio Rank: 2222
Omega Ratio Rank
SMLL.AX Calmar Ratio Rank: 1919
Calmar Ratio Rank
SMLL.AX Martin Ratio Rank: 1818
Martin Ratio Rank
AAA.AX
AAA.AX Risk / Return Rank: 9898
Overall Rank
AAA.AX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
AAA.AX Sortino Ratio Rank: 9797
Sortino Ratio Rank
AAA.AX Omega Ratio Rank: 9999
Omega Ratio Rank
AAA.AX Calmar Ratio Rank: 9898
Calmar Ratio Rank
AAA.AX Martin Ratio Rank: 9797
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.

SMLL.AX vs. AAA.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaShares Australian Small Companies Select ETF (SMLL.AX) and BetaShares Australian High Interest Cash ETF (AAA.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.

SMLL.AXAAA.AXDifference
Sharpe ratioReturn per unit of total volatility
0.61
4.08

-3.47

Sortino ratioReturn per unit of downside risk
0.95
5.34

-4.39

Omega ratioGain probability vs. loss probability

1.12

2.81

-1.69

Calmar ratioReturn relative to maximum drawdown

0.61

9.37

-8.76

Martin ratioReturn relative to average drawdown

1.22

30.00

-28.78

SMLL.AX vs. AAA.AX - Sharpe Ratio Comparison

The current SMLL.AX Sharpe Ratio is 0.61, which is lower than the AAA.AX Sharpe Ratio of 4.08. The chart below compares the historical Sharpe Ratios of SMLL.AX and AAA.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

SMLL.AX vs. AAA.AX - Drawdown Comparison

The maximum SMLL.AX drawdown since its inception was -40.17%, which is greater than AAA.AX's maximum drawdown of -0.36%. Use the drawdown chart below to compare losses from any high point for SMLL.AX and AAA.AX.

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Drawdown Indicators

SMLL.AXAAA.AXDifference

Max Drawdown

Largest peak-to-trough decline

-40.17%

-0.36%

-39.81%

Max Drawdown (1Y)

Largest decline over 1 year

-20.00%

-0.32%

-19.68%

Max Drawdown (3Y)

Largest decline over 3 years

-20.00%

-0.32%

-19.68%

Max Drawdown (5Y)

Largest decline over 5 years

-25.98%

-0.32%

-25.66%

Max Drawdown (10Y)

Largest decline over 10 years

—

-0.32%

—

Current Drawdown

Current decline from peak

-17.67%

0.00%

-17.67%

Average Drawdown

Average peak-to-trough decline

-8.47%

-0.06%

-8.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.17%

0.10%

+10.07%

Volatility

SMLL.AX vs. AAA.AX - Volatility Comparison

BetaShares Australian Small Companies Select ETF (SMLL.AX) has a higher volatility of 4.07% compared to BetaShares Australian High Interest Cash ETF (AAA.AX) at 0.09%. This indicates that SMLL.AX's price experiences larger fluctuations and is considered to be riskier than AAA.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMLL.AXAAA.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.07%

0.09%

+3.98%

Volatility (6M)

Calculated over the trailing 6-month period

15.98%

0.65%

+15.33%

Volatility (1Y)

Calculated over the trailing 1-year period

19.76%

0.73%

+19.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.01%

0.50%

+17.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.16%

0.48%

+17.68%

Dividends

SMLL.AX vs. AAA.AX - Dividend Comparison

SMLL.AX's dividend yield for the trailing twelve months is around 1.93%, less than AAA.AX's 3.06% yield.

PositionTTM20252024202320222021202020192018201720162015
AAA.AX
BetaShares Australian High Interest Cash ETF		3.06%3.77%3.73%3.56%1.13%0.35%0.82%1.74%1.87%1.36%1.68%1.54%
SMLL.AX
BetaShares Australian Small Companies Select ETF		1.93%1.15%1.35%1.69%3.92%5.80%2.13%2.33%4.20%0.00%0.00%0.00%

Frequently Asked Questions

SMLL.AX and AAA.AX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMLL.AX is categorized as Small Cap Blend Equities, while AAA.AX is Money Market.

Portfolio Optimizer

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