STW.AX vs. SSO.AX

Last updated Jul 16, 2026

STW.AX (SPDR S&P/ASX 200 ETF) and SSO.AX (SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF) are both exchange-traded funds - STW.AX is a Large Cap Blend Equities fund tracking the S&P/ASX 200 Index, while SSO.AX is a Small Cap Blend Equities fund tracking the SPDR Index. Both are passively managed. Over the past 10 years, STW.AX returned 8.95%/yr vs 7.85%/yr for SSO.AX. At a 0.49 correlation, their price movements are largely independent.

Performance

STW.AX vs. SSO.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 Street SPDR S&P/ASX Small Ordinaries ETF (SSO.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STW.AX achieves a 3.06% return, which is significantly higher than SSO.AX's -9.80% return. Over the past 10 years, STW.AX has outperformed SSO.AX with an annualized return of 8.95%, while SSO.AX has yielded a comparatively lower 7.85% 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%

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%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

The correlation between STW.AX and SSO.AX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Apr 13, 2011	0.49

The correlation between STW.AX and SSO.AX shifts across timeframes, from 0.49 (all time) to 0.66 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

STW.AX vs. SSO.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: 19
STW.AX Sharpe Ratio Rank: 19
STW.AX Sortino Ratio Rank: 18
STW.AX Omega Ratio Rank: 18
STW.AX Calmar Ratio Rank: 20
STW.AX Martin Ratio Rank: 20

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

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. SSO.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 Street SPDR S&P/ASX Small Ordinaries ETF (SSO.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.AX	SSO.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.52	0.25	+0.27
Sortino ratio: Return per unit of downside risk	0.82	0.48	+0.34
Omega ratio: Gain probability vs. loss probability	1.10	1.06	+0.04
Calmar ratio: Return relative to maximum drawdown	0.74	0.25	+0.49
Martin ratio: Return relative to average drawdown	1.76	0.53	+1.23

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

The current STW.AX Sharpe Ratio is 0.52, which is higher than the SSO.AX Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of STW.AX and SSO.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

STW.AX vs. SSO.AX - Drawdown Comparison

The maximum STW.AX drawdown since its inception was -50.66%, which is greater than SSO.AX's maximum drawdown of -40.39%. Use the drawdown chart below to compare losses from any high point for STW.AX and SSO.AX.

Drawdown Indicators

	STW.AX	SSO.AX	Difference
Max Drawdown Largest peak-to-trough decline	-50.66%	-40.39%	-10.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-18.32%	+9.88%
Max Drawdown (3Y) Largest decline over 3 years	-13.18%	-18.32%	+5.14%
Max Drawdown (5Y) Largest decline over 5 years	-14.82%	-25.96%	+11.14%
Max Drawdown (10Y) Largest decline over 10 years	-34.99%	-40.39%	+5.40%
Current Drawdown Current decline from peak	-2.89%	-14.78%	+11.89%
Average Drawdown Average peak-to-trough decline	-9.77%	-9.65%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	8.71%	-5.11%

Volatility

STW.AX vs. SSO.AX - Volatility Comparison

The current volatility for SPDR S&P/ASX 200 ETF (STW.AX) is 2.27%, while SPDR ETFs Australia - State Street SPDR S&P/ASX Small Ordinaries ETF (SSO.AX) has a volatility of 3.67%. This indicates that STW.AX experiences smaller price fluctuations and is considered to be less risky than SSO.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STW.AX	SSO.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	3.67%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	14.87%	-4.93%
Volatility (1Y) Calculated over the trailing 1-year period	12.05%	18.23%	-6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.69%	17.12%	-4.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.34%	16.82%	-2.48%

Dividends

STW.AX vs. SSO.AX - Dividend Comparison

STW.AX's dividend yield for the trailing twelve months is around 3.69%, less than SSO.AX's 9.32% 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%
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

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

STW.AX and SSO.AX have a correlation of 0.62, 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 STW.AX and SSO.AX?

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