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

STW.AX vs. SPY.AX

Last updated Jul 16, 2026
Documentation

STW.AX (SPDR S&P/ASX 200 ETF) and SPY.AX (SPDR ETFs Australia - State Stree SPDR S&P 500 ETF) are both exchange-traded funds - STW.AX is a Large Cap Blend Equities fund tracking the S&P/ASX 200 Index, while SPY.AX is a Global Equities fund tracking the SPDR Index. Both are passively managed. Over the past 10 years, STW.AX returned 8.95%/yr vs 15.99%/yr for SPY.AX. At a 0.44 correlation, their price movements are largely independent.

Performance

STW.AX vs. SPY.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in SPDR S&P/ASX 200 ETF (STW.AX) and SPDR ETFs Australia - State Stree SPDR S&P 500 ETF (SPY.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, STW.AX achieves a 3.06% return, which is significantly lower than SPY.AX's 5.81% return. Over the past 10 years, STW.AX has underperformed SPY.AX with an annualized return of 8.95%, while SPY.AX has yielded a comparatively higher 15.99% annualized return.

STW.AX

1D
0.04%
1M
-0.79%
6M
1.74%
YTD
3.06%
1Y
5.59%
3Y*
10.32%
5Y*
7.73%
10Y*
8.95%

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

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

2026 (YTD)202520242023202220212020201920182017
STW.AX
SPDR S&P/ASX 200 ETF		3.06%10.21%11.50%12.18%-1.26%16.70%1.89%23.18%-2.92%11.55%
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%

Correlation

The correlation between STW.AX and SPY.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

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SPDR S&P/ASX 200 ETF

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

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
STW.AX
STW.AX Risk / Return Rank: 1919
Overall Rank
STW.AX Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
STW.AX Sortino Ratio Rank: 1818
Sortino Ratio Rank
STW.AX Omega Ratio Rank: 1818
Omega Ratio Rank
STW.AX Calmar Ratio Rank: 2020
Calmar Ratio Rank
STW.AX Martin Ratio Rank: 2020
Martin Ratio Rank
SPY.AX
SPY.AX Risk / Return Rank: 4040
Overall Rank
SPY.AX Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
SPY.AX Sortino Ratio Rank: 4545
Sortino Ratio Rank
SPY.AX Omega Ratio Rank: 4747
Omega Ratio Rank
SPY.AX Calmar Ratio Rank: 3030
Calmar Ratio Rank
SPY.AX Martin Ratio Rank: 3030
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.

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

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

STW.AXSPY.AXDifference
Sharpe ratioReturn per unit of total volatility
0.52
1.39

-0.87

Sortino ratioReturn per unit of downside risk
0.82
1.92

-1.10

Omega ratioGain probability vs. loss probability

1.10

1.25

-0.15

Calmar ratioReturn relative to maximum drawdown

0.74

1.26

-0.52

Martin ratioReturn relative to average drawdown

1.76

3.39

-1.63

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

The current STW.AX Sharpe Ratio is 0.52, which is lower than the SPY.AX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of STW.AX and SPY.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

STW.AX vs. SPY.AX - Drawdown Comparison

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

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Drawdown Indicators

STW.AXSPY.AXDifference

Max Drawdown

Largest peak-to-trough decline

-50.66%

-23.49%

-27.17%

Max Drawdown (1Y)

Largest decline over 1 year

-8.44%

-11.39%

+2.95%

Max Drawdown (3Y)

Largest decline over 3 years

-13.18%

-17.35%

+4.17%

Max Drawdown (5Y)

Largest decline over 5 years

-14.82%

-20.45%

+5.63%

Max Drawdown (10Y)

Largest decline over 10 years

-34.99%

-23.49%

-11.50%

Current Drawdown

Current decline from peak

-2.89%

-0.35%

-2.54%

Average Drawdown

Average peak-to-trough decline

-9.77%

-3.92%

-5.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.60%

4.26%

-0.66%

Volatility

STW.AX vs. SPY.AX - Volatility Comparison

The current volatility for SPDR S&P/ASX 200 ETF (STW.AX) is 2.27%, while SPDR ETFs Australia - State Stree SPDR S&P 500 ETF (SPY.AX) has a volatility of 2.44%. This indicates that STW.AX experiences smaller price fluctuations and is considered to be less risky than SPY.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

STW.AXSPY.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.27%

2.44%

-0.17%

Volatility (6M)

Calculated over the trailing 6-month period

9.94%

7.79%

+2.15%

Volatility (1Y)

Calculated over the trailing 1-year period

12.05%

10.35%

+1.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.69%

13.94%

-1.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.34%

14.76%

-0.42%

Dividends

STW.AX vs. SPY.AX - Dividend Comparison

STW.AX's dividend yield for the trailing twelve months is around 3.69%, more than SPY.AX's 1.00% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
STW.AX
SPDR S&P/ASX 200 ETF		3.69%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

STW.AX and SPY.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.

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

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