SSO.AX vs. SMLL.AX

Last updated Jul 16, 2026

SSO.AX (SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF) and SMLL.AX (BetaShares Australian Small Companies Select ETF) are both Small Cap Blend Equities funds - SSO.AX tracks the SPDR Index while SMLL.AX tracks the BetaShares Australian Small Companies Select Index. Both are passively managed. Over the past 5 years, SSO.AX returned 4.37%/yr vs 2.39%/yr for SMLL.AX. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

SSO.AX vs. SMLL.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 BetaShares Australian Small Companies Select ETF (SMLL.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SSO.AX having a -9.80% return and SMLL.AX slightly lower at -10.24%.

SSO.AX

• 1D: 0.00%
• 1M: -4.97%
• 6M: -13.44%
• YTD: -9.80%
• 1Y: 4.70%
• 3Y*: 7.77%
• 5Y*: 4.37%
• 10Y*: 7.85%

SMLL.AX

• 1D: 0.49%
• 1M: -1.89%
• 6M: -13.55%
• YTD: -10.24%
• 1Y: 13.10%
• 3Y*: 8.68%
• 5Y*: 2.39%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSO.AX SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF	-9.80%	23.90%	8.71%	9.87%	-11.94%	21.40%	9.60%	23.76%	-8.69%	19.78%
SMLL.AX BetaShares Australian Small Companies Select ETF	-10.24%	33.20%	2.52%	4.79%	-18.38%	18.80%	15.15%	21.35%	-10.00%	13.67%

Correlation

The correlation between SSO.AX and SMLL.AX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Apr 7, 2017	0.56

The correlation between SSO.AX and SMLL.AX shifts across timeframes, from 0.56 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SSO.AX vs. SMLL.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: 13
SSO.AX Sharpe Ratio Rank: 13
SSO.AX Sortino Ratio Rank: 13
SSO.AX Omega Ratio Rank: 13
SSO.AX Calmar Ratio Rank: 12
SSO.AX Martin Ratio Rank: 12

SMLL.AX

SMLL.AX Risk / Return Rank: 20
SMLL.AX Sharpe Ratio Rank: 23
SMLL.AX Sortino Ratio Rank: 22
SMLL.AX Omega Ratio Rank: 22
SMLL.AX Calmar Ratio Rank: 19
SMLL.AX Martin Ratio Rank: 17

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. SMLL.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 BetaShares Australian Small Companies Select ETF (SMLL.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.AX	SMLL.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.25	0.66	-0.41
Sortino ratio: Return per unit of downside risk	0.48	1.02	-0.54
Omega ratio: Gain probability vs. loss probability	1.06	1.13	-0.07
Calmar ratio: Return relative to maximum drawdown	0.25	0.65	-0.40
Martin ratio: Return relative to average drawdown	0.53	1.32	-0.79

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

The current SSO.AX Sharpe Ratio is 0.25, which is lower than the SMLL.AX Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of SSO.AX and SMLL.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

SSO.AX vs. SMLL.AX - Drawdown Comparison

The maximum SSO.AX drawdown since its inception was -40.39%, roughly equal to the maximum SMLL.AX drawdown of -40.17%. Use the drawdown chart below to compare losses from any high point for SSO.AX and SMLL.AX.

Drawdown Indicators

	SSO.AX	SMLL.AX	Difference
Max Drawdown Largest peak-to-trough decline	-40.39%	-40.17%	-0.22%
Max Drawdown (1Y) Largest decline over 1 year	-18.32%	-20.00%	+1.68%
Max Drawdown (3Y) Largest decline over 3 years	-18.32%	-20.00%	+1.68%
Max Drawdown (5Y) Largest decline over 5 years	-25.96%	-25.98%	+0.02%
Max Drawdown (10Y) Largest decline over 10 years	-40.39%	—	—
Current Drawdown Current decline from peak	-14.78%	-16.46%	+1.68%
Average Drawdown Average peak-to-trough decline	-9.65%	-8.47%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.71%	10.11%	-1.40%

Volatility

SSO.AX vs. SMLL.AX - Volatility Comparison

The current volatility for SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF (SSO.AX) is 3.67%, while BetaShares Australian Small Companies Select ETF (SMLL.AX) has a volatility of 3.89%. This indicates that SSO.AX experiences smaller price fluctuations and is considered to be less risky than SMLL.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO.AX	SMLL.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	3.89%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	14.87%	15.92%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	18.23%	19.71%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	18.01%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.82%	18.16%	-1.34%

Dividends

SSO.AX vs. SMLL.AX - Dividend Comparison

SSO.AX's dividend yield for the trailing twelve months is around 9.32%, more than SMLL.AX's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMLL.AX BetaShares Australian Small Companies Select ETF	1.90%	1.15%	1.35%	1.69%	3.92%	5.80%	2.13%	2.33%	4.20%	0.00%	0.00%	0.00%
SSO.AX SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF	9.32%	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

Can I hold both SSO.AX and SMLL.AX in my portfolio?

SSO.AX and SMLL.AX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between SSO.AX and SMLL.AX?

SSO.AX tracks SPDR Index, while SMLL.AX tracks BetaShares Australian Small Companies Select Index. They also come from different issuers: SPDR and BetaShares.