SSO.AX vs. WXHG.AX

Last updated Jul 16, 2026

SSO.AX (SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF) and WXHG.AX (SPDR ETFs Australia - State Street SPDR S&P World ex Australia Carbon Aware (Hedged) ETF) are both exchange-traded funds - SSO.AX is a Small Cap Blend Equities fund tracking the SPDR Index, while WXHG.AX is a Global Equities fund tracking the SPDR Index. Both are passively managed. Over the past 10 years, SSO.AX returned 7.85%/yr vs 11.88%/yr for WXHG.AX. At a 0.42 correlation, their price movements are largely independent.

Performance

SSO.AX vs. WXHG.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 SPDR ETFs Australia - State Street SPDR S&P World ex Australia Carbon Aware (Hedged) ETF (WXHG.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSO.AX achieves a -9.80% return, which is significantly lower than WXHG.AX's 7.43% return. Over the past 10 years, SSO.AX has underperformed WXHG.AX with an annualized return of 7.85%, while WXHG.AX has yielded a comparatively higher 11.88% annualized return.

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%

WXHG.AX

• 1D: 0.11%
• 1M: 0.58%
• 6M: 6.31%
• YTD: 7.43%
• 1Y: 18.40%
• 3Y*: 18.25%
• 5Y*: 10.25%
• 10Y*: 11.88%

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

SSO.AX vs. WXHG.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%	23.25%
WXHG.AX SPDR ETFs Australia - State Street SPDR S&P World ex Australia Carbon Aware (Hedged) ETF	7.43%	18.99%	19.77%	23.72%	-19.94%	23.36%	10.60%	25.72%	-8.51%	20.03%

Correlation

The correlation between SSO.AX and WXHG.AX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jul 8, 2013	0.42

Over the past year, SSO.AX and WXHG.AX have become more correlated (0.63) than their long-term average of 0.42, meaning their price movements have been converging.

Return for Risk

SSO.AX vs. WXHG.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

WXHG.AX

WXHG.AX Risk / Return Rank: 52
WXHG.AX Sharpe Ratio Rank: 52
WXHG.AX Sortino Ratio Rank: 50
WXHG.AX Omega Ratio Rank: 53
WXHG.AX Calmar Ratio Rank: 48
WXHG.AX Martin Ratio Rank: 59

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. WXHG.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 SPDR ETFs Australia - State Street SPDR S&P World ex Australia Carbon Aware (Hedged) ETF (WXHG.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	WXHG.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.25	1.46	-1.21
Sortino ratio: Return per unit of downside risk	0.48	2.04	-1.56
Omega ratio: Gain probability vs. loss probability	1.06	1.27	-0.21
Calmar ratio: Return relative to maximum drawdown	0.25	2.00	-1.75
Martin ratio: Return relative to average drawdown	0.53	8.35	-7.82

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

The current SSO.AX Sharpe Ratio is 0.25, which is lower than the WXHG.AX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of SSO.AX and WXHG.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. WXHG.AX - Drawdown Comparison

The maximum SSO.AX drawdown since its inception was -40.39%, which is greater than WXHG.AX's maximum drawdown of -36.37%. Use the drawdown chart below to compare losses from any high point for SSO.AX and WXHG.AX.

Drawdown Indicators

	SSO.AX	WXHG.AX	Difference
Max Drawdown Largest peak-to-trough decline	-40.39%	-36.37%	-4.02%
Max Drawdown (1Y) Largest decline over 1 year	-18.32%	-9.34%	-8.98%
Max Drawdown (3Y) Largest decline over 3 years	-18.32%	-18.93%	+0.61%
Max Drawdown (5Y) Largest decline over 5 years	-25.96%	-26.29%	+0.33%
Max Drawdown (10Y) Largest decline over 10 years	-40.39%	-36.37%	-4.02%
Current Drawdown Current decline from peak	-14.78%	-0.04%	-14.74%
Average Drawdown Average peak-to-trough decline	-9.65%	-4.59%	-5.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.71%	2.28%	+6.43%

Volatility

SSO.AX vs. WXHG.AX - Volatility Comparison

SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF (SSO.AX) has a higher volatility of 3.67% compared to SPDR ETFs Australia - State Street SPDR S&P World ex Australia Carbon Aware (Hedged) ETF (WXHG.AX) at 2.54%. This indicates that SSO.AX's price experiences larger fluctuations and is considered to be riskier than WXHG.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO.AX	WXHG.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	2.54%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	14.87%	10.91%	+3.96%
Volatility (1Y) Calculated over the trailing 1-year period	18.23%	12.85%	+5.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	16.45%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.82%	16.86%	-0.04%

Dividends

SSO.AX vs. WXHG.AX - Dividend Comparison

SSO.AX's dividend yield for the trailing twelve months is around 9.32%, more than WXHG.AX's 7.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
WXHG.AX SPDR ETFs Australia - State Street SPDR S&P World ex Australia Carbon Aware (Hedged) ETF	7.12%	6.68%	6.35%	5.69%	25.09%	2.77%	3.83%	4.25%	2.54%	2.83%	3.55%	5.33%

Frequently Asked Questions

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

SSO.AX and WXHG.AX have a correlation of 0.63, 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 WXHG.AX?

SSO.AX is categorized as Small Cap Blend Equities, while WXHG.AX is Global Equities. Both ETFs track SPDR Index.