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SSO.AX vs. BOND.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SSO.AX vs. BOND.AX

Last updated Jul 18, 2026
Documentation

SSO.AX (SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF) and BOND.AX (State Street SPDR S&P/ASX iBoxx Australian Bond ETF) are both exchange-traded funds - SSO.AX is a Small Cap Blend Equities fund tracking the SPDR Index, while BOND.AX is a Total Bond Market fund tracking the S&P/ASX iBoxx Australian Fixed Interest Diversified 0+ Index. Both are passively managed. Over the past 10 years, SSO.AX returned 7.65%/yr vs 1.38%/yr for BOND.AX. At a 0.07 correlation, their price movements are largely independent.

Performance

SSO.AX vs. BOND.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 Small Ordinaries ETF (SSO.AX) and State Street SPDR S&P/ASX iBoxx Australian Bond ETF (BOND.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, SSO.AX achieves a -11.49% return, which is significantly lower than BOND.AX's 1.98% return. Over the past 10 years, SSO.AX has outperformed BOND.AX with an annualized return of 7.65%, while BOND.AX has yielded a comparatively lower 1.38% annualized return.

SSO.AX

1D
-1.88%
1M
-8.05%
6M
-15.39%
YTD
-11.49%
1Y
2.19%
3Y*
7.28%
5Y*
3.97%
10Y*
7.65%

BOND.AX

1D
0.00%
1M
-0.11%
6M
1.26%
YTD
1.98%
1Y
1.93%
3Y*
3.71%
5Y*
-0.36%
10Y*
1.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SSO.AX vs. BOND.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SSO.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF		-11.49%23.90%8.71%9.87%-11.94%21.40%9.60%23.76%-8.69%23.25%
BOND.AX
State Street SPDR S&P/ASX iBoxx Australian Bond ETF		1.98%3.65%2.45%5.10%-11.40%-3.40%3.81%7.79%4.70%3.50%

Correlation

The correlation between SSO.AX and BOND.AX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.25

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

0.25

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

0.21

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

0.11

Correlation (All Time)
Calculated using the full available price history since Jul 26, 2012

0.07

The correlation between SSO.AX and BOND.AX shifts across timeframes, from 0.07 (all time) to 0.25 (3 years), reflecting how their relationship changes across market environments.

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SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF

State Street SPDR S&P/ASX iBoxx Australian Bond ETF

Often compared with SSO.AX:
SSO.AX vs. DJRE.AXSSO.AX vs. GOVT.AXSSO.AX vs. IJR.AXSSO.AX vs. ISO.AXSSO.AX vs. MVS.AXSSO.AX vs. OZF.AXSSO.AX vs. OZR.AX
Often compared with BOND.AX:
BOND.AX vs. BNDS.AXBOND.AX vs. DJRE.AXBOND.AX vs. IAF.AXBOND.AX vs. IHEB.AXBOND.AX vs. IHHY.AXBOND.AX vs. QPON.AXBOND.AX vs. SLF.AX

Return for Risk

SSO.AX vs. BOND.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SSO.AX
SSO.AX Risk / Return Rank: 1212
Overall Rank
SSO.AX Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
SSO.AX Sortino Ratio Rank: 1212
Sortino Ratio Rank
SSO.AX Omega Ratio Rank: 1212
Omega Ratio Rank
SSO.AX Calmar Ratio Rank: 1212
Calmar Ratio Rank
SSO.AX Martin Ratio Rank: 1212
Martin Ratio Rank
BOND.AX
BOND.AX Risk / Return Rank: 1818
Overall Rank
BOND.AX Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
BOND.AX Sortino Ratio Rank: 1717
Sortino Ratio Rank
BOND.AX Omega Ratio Rank: 1717
Omega Ratio Rank
BOND.AX Calmar Ratio Rank: 1919
Calmar Ratio Rank
BOND.AX Martin Ratio Rank: 1717
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.

SSO.AX vs. BOND.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 Small Ordinaries ETF (SSO.AX) and State Street SPDR S&P/ASX iBoxx Australian Bond ETF (BOND.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.

SSO.AXBOND.AXDifference
Sharpe ratioReturn per unit of total volatility
0.12
0.45

-0.33

Sortino ratioReturn per unit of downside risk
0.29
0.69

-0.40

Omega ratioGain probability vs. loss probability

1.04

1.08

-0.05

Calmar ratioReturn relative to maximum drawdown

0.12

0.55

-0.44

Martin ratioReturn relative to average drawdown

0.25

1.18

-0.93

SSO.AX vs. BOND.AX - Sharpe Ratio Comparison

The current SSO.AX Sharpe Ratio is 0.12, which is lower than the BOND.AX Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of SSO.AX and BOND.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

SSO.AX vs. BOND.AX - Drawdown Comparison

The maximum SSO.AX drawdown since its inception was -40.39%, which is greater than BOND.AX's maximum drawdown of -17.15%. Use the drawdown chart below to compare losses from any high point for SSO.AX and BOND.AX.

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Drawdown Indicators

SSO.AXBOND.AXDifference

Max Drawdown

Largest peak-to-trough decline

-40.39%

-17.15%

-23.24%

Max Drawdown (1Y)

Largest decline over 1 year

-18.32%

-3.35%

-14.97%

Max Drawdown (3Y)

Largest decline over 3 years

-18.32%

-4.16%

-14.16%

Max Drawdown (5Y)

Largest decline over 5 years

-25.96%

-16.69%

-9.27%

Max Drawdown (10Y)

Largest decline over 10 years

-40.39%

-17.15%

-23.24%

Current Drawdown

Current decline from peak

-16.37%

-3.54%

-12.83%

Average Drawdown

Average peak-to-trough decline

-9.65%

-3.97%

-5.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.78%

1.61%

+7.17%

Volatility

SSO.AX vs. BOND.AX - Volatility Comparison

SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF (SSO.AX) has a higher volatility of 3.95% compared to State Street SPDR S&P/ASX iBoxx Australian Bond ETF (BOND.AX) at 0.82%. This indicates that SSO.AX's price experiences larger fluctuations and is considered to be riskier than BOND.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SSO.AXBOND.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.95%

0.82%

+3.13%

Volatility (6M)

Calculated over the trailing 6-month period

14.96%

3.03%

+11.93%

Volatility (1Y)

Calculated over the trailing 1-year period

18.33%

4.18%

+14.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.13%

5.65%

+11.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.83%

5.01%

+11.82%

Dividends

SSO.AX vs. BOND.AX - Dividend Comparison

SSO.AX's dividend yield for the trailing twelve months is around 9.50%, more than BOND.AX's 4.09% yield.

PositionTTM20252024202320222021202020192018201720162015
BOND.AX
State Street SPDR S&P/ASX iBoxx Australian Bond ETF		4.09%2.90%1.06%0.17%0.73%1.87%1.60%1.76%2.62%2.67%3.64%3.41%
SSO.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF		9.50%2.90%2.66%3.67%22.03%10.96%2.32%4.06%4.10%4.67%2.51%3.85%

Frequently Asked Questions

SSO.AX and BOND.AX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SSO.AX is categorized as Small Cap Blend Equities, while BOND.AX is Total Bond Market. SSO.AX tracks SPDR Index, while BOND.AX tracks S&P/ASX iBoxx Australian Fixed Interest Diversified 0+ Index.

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