SPX.AX vs. ^VIX

Last updated Jun 5, 2026

SPX.AX (Spenda Limited) is a stock, while ^VIX (CBOE Volatility Index) is an index. Over the past 10 years, SPX.AX returned -37.92%/yr vs 1.57%/yr for ^VIX. At a 0.02 correlation, their price movements are largely independent.

Performance

SPX.AX vs. ^VIX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Spenda Limited (SPX.AX) and CBOE Volatility Index (^VIX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, SPX.AX achieves a -66.00% return, which is significantly lower than ^VIX's -3.30% return. Over the past 10 years, SPX.AX has underperformed ^VIX with an annualized return of -37.92%, while ^VIX has yielded a comparatively higher 1.57% annualized return.

SPX.AX

• 1D: 0.00%
• 1M: -15.00%
• YTD: -66.00%
• 6M: -75.71%
• 1Y: -85.83%
• 3Y*: -58.62%
• 5Y*: -57.46%
• 10Y*: -37.92%

^VIX

• 1D: -3.83%
• 1M: -10.46%
• YTD: -3.30%
• 6M: -9.26%
• 1Y: -20.17%
• 3Y*: -0.90%
• 5Y*: 0.43%
• 10Y*: 1.57%

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

SPX.AX vs. ^VIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPX.AX Spenda Limited	-66.00%	-72.22%	-30.77%	18.18%	-78.85%	36.84%	442.86%	-50.00%	-82.05%	56.00%
^VIX CBOE Volatility Index	-3.64%	-20.09%	53.38%	-42.50%	34.16%	-19.87%	50.60%	-45.54%	154.94%	-27.36%

Correlation

The correlation between SPX.AX and ^VIX is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jul 4, 2007	0.02

Return for Risk

SPX.AX vs. ^VIX — Risk / Return Rank

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

SPX.AX

SPX.AX Risk / Return Rank: 50
SPX.AX Sharpe Ratio Rank: 40
SPX.AX Sortino Ratio Rank: 100
SPX.AX Omega Ratio Rank: 99
SPX.AX Calmar Ratio Rank: 6
SPX.AX Martin Ratio Rank: 6

^VIX

^VIX Risk / Return Rank: 15
^VIX Sharpe Ratio Rank: 8
^VIX Sortino Ratio Rank: 27
^VIX Omega Ratio Rank: 27
^VIX Calmar Ratio Rank: 4
^VIX 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.

SPX.AX vs. ^VIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spenda Limited (SPX.AX) and CBOE Volatility Index (^VIX). 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.

	SPX.AX	^VIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	-0.17	+0.13
Sortino ratio: Return per unit of downside risk	13.19	0.60	+12.59
Omega ratio: Gain probability vs. loss probability	2.96	1.07	+1.89
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.37	-0.53
Martin ratio: Return relative to average drawdown	-1.49	-0.59	-0.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPX.AX vs. ^VIX - Sharpe Ratio Comparison

The current SPX.AX Sharpe Ratio is -0.03, which is higher than the ^VIX Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of SPX.AX and ^VIX, 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

	SPX.AX	^VIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.03	-0.17	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.00	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.05	0.01	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.01	-0.04

Drawdowns

SPX.AX vs. ^VIX - Drawdown Comparison

The maximum SPX.AX drawdown since its inception was -100.00%, which is greater than ^VIX's maximum drawdown of -91.83%. Use the drawdown chart below to compare losses from any high point for SPX.AX and ^VIX.

Drawdown Indicators

	SPX.AX	^VIX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-91.83%	-8.17%
Max Drawdown (1Y) Largest decline over 1 year	-97.88%	-52.80%	-45.08%
Max Drawdown (3Y) Largest decline over 3 years	-97.88%	-77.16%	-20.72%
Max Drawdown (5Y) Largest decline over 5 years	-98.92%	-77.16%	-21.76%
Max Drawdown (10Y) Largest decline over 10 years	-99.32%	-86.87%	-12.45%
Current Drawdown Current decline from peak	-100.00%	-84.01%	-15.99%
Average Drawdown Average peak-to-trough decline	-87.16%	-77.20%	-9.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.98%	33.88%	+25.10%

Volatility

SPX.AX vs. ^VIX - Volatility Comparison

Spenda Limited (SPX.AX) has a higher volatility of 448.55% compared to CBOE Volatility Index (^VIX) at 16.45%. This indicates that SPX.AX's price experiences larger fluctuations and is considered to be riskier than ^VIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPX.AX	^VIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	448.55%	16.45%	+432.10%
Volatility (6M) Calculated over the trailing 6-month period	477.94%	81.91%	+396.03%
Volatility (1Y) Calculated over the trailing 1-year period	2,566.46%	116.52%	+2,449.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1,157.86%	128.73%	+1,029.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	823.48%	139.95%	+683.53%

Frequently Asked Questions

Can I hold both SPX.AX and ^VIX in my portfolio?

SPX.AX and ^VIX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.