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SPY.AX vs. STW.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPY.AX vs. STW.AX

Last updated Jul 18, 2026
Documentation

SPY.AX (SPDR ETFs Australia - State Stree SPDR S&P 500 ETF) and STW.AX (SPDR S&P/ASX 200 ETF) are both exchange-traded funds - SPY.AX is a Global Equities fund tracking the SPDR Index, while STW.AX is a Large Cap Blend Equities fund tracking the S&P/ASX 200 Index. Both are passively managed. Over the past 10 years, SPY.AX returned 15.75%/yr vs 8.92%/yr for STW.AX. At a 0.44 correlation, their price movements are largely independent.

Performance

SPY.AX vs. STW.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in SPDR ETFs Australia - State Stree SPDR S&P 500 ETF (SPY.AX) and SPDR S&P/ASX 200 ETF (STW.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, SPY.AX achieves a 4.50% return, which is significantly higher than STW.AX's 2.53% return. Over the past 10 years, SPY.AX has outperformed STW.AX with an annualized return of 15.75%, while STW.AX has yielded a comparatively lower 8.92% annualized return.

SPY.AX

1D
-1.24%
1M
0.30%
6M
3.49%
YTD
4.50%
1Y
12.04%
3Y*
18.72%
5Y*
14.16%
10Y*
15.75%

STW.AX

1D
-0.52%
1M
-1.85%
6M
0.18%
YTD
2.53%
1Y
5.00%
3Y*
10.21%
5Y*
7.62%
10Y*
8.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPY.AX vs. STW.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPY.AX
SPDR ETFs Australia - State Stree SPDR S&P 500 ETF		4.50%9.61%37.31%25.27%-12.58%37.11%7.02%32.40%4.57%13.62%
STW.AX
SPDR S&P/ASX 200 ETF		2.53%10.21%11.50%12.18%-1.26%16.70%1.89%23.18%-2.92%11.55%

Correlation

The correlation between SPY.AX and STW.AX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.42

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

0.40

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

0.49

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

0.49

Correlation (All Time)
Calculated using the full available price history since Oct 13, 2014

0.44

Compare stocks, funds, or ETFs

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SPDR ETFs Australia - State Stree SPDR S&P 500 ETF

SPDR S&P/ASX 200 ETF

Often compared with SPY.AX:
SPY.AX vs. SSO.AXSPY.AX vs. DJRE.AXSPY.AX vs. GOVT.AXSPY.AX vs. OZF.AXSPY.AX vs. OZR.AXSPY.AX vs. QMIX.AXSPY.AX vs. SFY.AX
Often compared with STW.AX:
STW.AX vs. DJRE.AXSTW.AX vs. GOVT.AXSTW.AX vs. OZF.AXSTW.AX vs. OZR.AXSTW.AX vs. SFY.AXSTW.AX vs. SLF.AXSTW.AX vs. SSO.AX

Return for Risk

SPY.AX vs. STW.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPY.AX
SPY.AX Risk / Return Rank: 3535
Overall Rank
SPY.AX Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
SPY.AX Sortino Ratio Rank: 3939
Sortino Ratio Rank
SPY.AX Omega Ratio Rank: 4141
Omega Ratio Rank
SPY.AX Calmar Ratio Rank: 2828
Calmar Ratio Rank
SPY.AX Martin Ratio Rank: 2828
Martin Ratio Rank
STW.AX
STW.AX Risk / Return Rank: 1818
Overall Rank
STW.AX Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
STW.AX Sortino Ratio Rank: 1717
Sortino Ratio Rank
STW.AX Omega Ratio Rank: 1717
Omega Ratio Rank
STW.AX Calmar Ratio Rank: 1919
Calmar Ratio Rank
STW.AX Martin Ratio Rank: 1919
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.

SPY.AX vs. STW.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ETFs Australia - State Stree SPDR S&P 500 ETF (SPY.AX) and SPDR S&P/ASX 200 ETF (STW.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.

SPY.AXSTW.AXDifference
Sharpe ratioReturn per unit of total volatility
1.14
0.40

+0.74

Sortino ratioReturn per unit of downside risk
1.59
0.65

+0.94

Omega ratioGain probability vs. loss probability

1.21

1.08

+0.13

Calmar ratioReturn relative to maximum drawdown

1.04

0.57

+0.47

Martin ratioReturn relative to average drawdown

2.79

1.35

+1.44

SPY.AX vs. STW.AX - Sharpe Ratio Comparison

The current SPY.AX Sharpe Ratio is 1.14, which is higher than the STW.AX Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of SPY.AX and STW.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

SPY.AX vs. STW.AX - Drawdown Comparison

The maximum SPY.AX drawdown since its inception was -23.49%, smaller than the maximum STW.AX drawdown of -50.66%. Use the drawdown chart below to compare losses from any high point for SPY.AX and STW.AX.

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Drawdown Indicators

SPY.AXSTW.AXDifference

Max Drawdown

Largest peak-to-trough decline

-23.49%

-50.66%

+27.17%

Max Drawdown (1Y)

Largest decline over 1 year

-11.39%

-8.44%

-2.95%

Max Drawdown (3Y)

Largest decline over 3 years

-17.35%

-13.18%

-4.17%

Max Drawdown (5Y)

Largest decline over 5 years

-20.45%

-14.82%

-5.63%

Max Drawdown (10Y)

Largest decline over 10 years

-23.49%

-34.99%

+11.50%

Current Drawdown

Current decline from peak

-1.58%

-3.40%

+1.82%

Average Drawdown

Average peak-to-trough decline

-3.92%

-9.77%

+5.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.26%

3.61%

+0.65%

Volatility

SPY.AX vs. STW.AX - Volatility Comparison

SPDR ETFs Australia - State Stree SPDR S&P 500 ETF (SPY.AX) has a higher volatility of 2.70% compared to SPDR S&P/ASX 200 ETF (STW.AX) at 2.26%. This indicates that SPY.AX's price experiences larger fluctuations and is considered to be riskier than STW.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPY.AXSTW.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.70%

2.26%

+0.44%

Volatility (6M)

Calculated over the trailing 6-month period

7.85%

9.93%

-2.08%

Volatility (1Y)

Calculated over the trailing 1-year period

10.41%

12.03%

-1.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.94%

12.69%

+1.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.76%

14.34%

+0.42%

Dividends

SPY.AX vs. STW.AX - Dividend Comparison

SPY.AX's dividend yield for the trailing twelve months is around 1.02%, less than STW.AX's 3.71% yield.

PositionTTM20252024202320222021202020192018201720162015
SPY.AX
SPDR ETFs Australia - State Stree SPDR S&P 500 ETF		1.02%1.04%1.15%1.35%1.50%1.03%1.60%1.64%1.80%1.72%1.71%1.80%
STW.AX
SPDR S&P/ASX 200 ETF		3.71%3.49%3.65%4.22%6.80%3.75%2.27%4.68%4.55%4.10%3.89%3.85%

Frequently Asked Questions

SPY.AX and STW.AX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPY.AX is categorized as Global Equities, while STW.AX is Large Cap Blend Equities. SPY.AX tracks SPDR Index, while STW.AX tracks S&P/ASX 200 Index.

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