SPY.AX vs. VGS.AX

Last updated Jul 16, 2026

SPY.AX (SPDR ETFs Australia - State Stree SPDR S&P 500 ETF) and VGS.AX (Vanguard MSCI Index International Shares ETF) are both Global Equities funds - SPY.AX tracks the SPDR Index while VGS.AX tracks the Vanguard MSCI Index International Shares Index. Both are passively managed. Over the past 10 years, SPY.AX returned 15.99%/yr vs 13.63%/yr for VGS.AX. Their correlation of 0.83 suggests significant overlap in exposure.

Performance

SPY.AX vs. VGS.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 Vanguard MSCI Index International Shares ETF (VGS.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPY.AX achieves a 5.81% return, which is significantly higher than VGS.AX's 5.31% return. Over the past 10 years, SPY.AX has outperformed VGS.AX with an annualized return of 15.99%, while VGS.AX has yielded a comparatively lower 13.63% annualized return.

SPY.AX

• 1D: 0.05%
• 1M: 2.03%
• 6M: 4.83%
• YTD: 5.81%
• 1Y: 14.05%
• 3Y*: 19.36%
• 5Y*: 14.45%
• 10Y*: 15.99%

VGS.AX

• 1D: -0.01%
• 1M: 1.72%
• 6M: 4.14%
• YTD: 5.31%
• 1Y: 13.66%
• 3Y*: 17.60%
• 5Y*: 12.49%
• 10Y*: 13.63%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY.AX SPDR ETFs Australia - State Stree SPDR S&P 500 ETF	5.81%	9.61%	37.31%	25.27%	-12.58%	37.11%	7.02%	32.40%	4.57%	13.62%
VGS.AX Vanguard MSCI Index International Shares ETF	5.31%	12.89%	29.23%	22.54%	-12.72%	29.67%	5.76%	29.16%	-0.01%	12.95%

Correlation

The correlation between SPY.AX and VGS.AX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 18, 2014	0.83

The correlation between SPY.AX and VGS.AX shifts across timeframes, from 0.83 (all time) to 0.95 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SPY.AX vs. VGS.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: 40
SPY.AX Sharpe Ratio Rank: 48
SPY.AX Sortino Ratio Rank: 45
SPY.AX Omega Ratio Rank: 47
SPY.AX Calmar Ratio Rank: 30
SPY.AX Martin Ratio Rank: 30

VGS.AX

VGS.AX Risk / Return Rank: 42
VGS.AX Sharpe Ratio Rank: 49
VGS.AX Sortino Ratio Rank: 47
VGS.AX Omega Ratio Rank: 52
VGS.AX Calmar Ratio Rank: 30
VGS.AX Martin Ratio Rank: 32

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. VGS.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 Vanguard MSCI Index International Shares ETF (VGS.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.AX	VGS.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.41	-0.02
Sortino ratio: Return per unit of downside risk	1.92	1.98	-0.06
Omega ratio: Gain probability vs. loss probability	1.25	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	1.26	1.28	-0.02
Martin ratio: Return relative to average drawdown	3.39	3.83	-0.44

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

The current SPY.AX Sharpe Ratio is 1.39, which is comparable to the VGS.AX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of SPY.AX and VGS.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

SPY.AX vs. VGS.AX - Drawdown Comparison

The maximum SPY.AX drawdown since its inception was -23.49%, roughly equal to the maximum VGS.AX drawdown of -23.39%. Use the drawdown chart below to compare losses from any high point for SPY.AX and VGS.AX.

Drawdown Indicators

	SPY.AX	VGS.AX	Difference
Max Drawdown Largest peak-to-trough decline	-23.49%	-23.39%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	-11.39%	-10.72%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-17.35%	-13.82%	-3.53%
Max Drawdown (5Y) Largest decline over 5 years	-20.45%	-20.53%	+0.08%
Max Drawdown (10Y) Largest decline over 10 years	-23.49%	-23.39%	-0.10%
Current Drawdown Current decline from peak	-0.35%	-0.36%	+0.01%
Average Drawdown Average peak-to-trough decline	-3.92%	-4.18%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	3.65%	+0.61%

Volatility

SPY.AX vs. VGS.AX - Volatility Comparison

SPDR ETFs Australia - State Stree SPDR S&P 500 ETF (SPY.AX) has a higher volatility of 2.44% compared to Vanguard MSCI Index International Shares ETF (VGS.AX) at 2.21%. This indicates that SPY.AX's price experiences larger fluctuations and is considered to be riskier than VGS.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY.AX	VGS.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	2.21%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	7.79%	7.83%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	10.35%	9.77%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.94%	12.41%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.76%	12.92%	+1.84%

Dividends

SPY.AX vs. VGS.AX - Dividend Comparison

SPY.AX's dividend yield for the trailing twelve months is around 1.00%, more than VGS.AX's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY.AX SPDR ETFs Australia - State Stree SPDR S&P 500 ETF	1.00%	1.04%	1.15%	1.35%	1.50%	1.03%	1.60%	1.64%	1.80%	1.72%	1.71%	1.80%
VGS.AX Vanguard MSCI Index International Shares ETF	0.97%	2.49%	1.76%	1.82%	1.42%	1.75%	2.24%	2.42%	2.19%	2.25%	3.29%	2.35%

Frequently Asked Questions

Can I hold both SPY.AX and VGS.AX in my portfolio?

With a correlation of 0.91, SPY.AX and VGS.AX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

What is the main difference between SPY.AX and VGS.AX?

SPY.AX tracks SPDR Index, while VGS.AX tracks Vanguard MSCI Index International Shares Index. They also come from different issuers: SPDR and Vanguard.