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SYI.AX vs. VHY.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SYI.AX vs. VHY.AX

Last updated Jul 16, 2026
Documentation

SYI.AX (SPDR ETFs Australia - State Street SPDR MSCI Australia Select High Dividend Yield ETF) and VHY.AX (Vanguard Australian Shares High Yield ETF) are both Dividend funds - SYI.AX tracks the SPDR Index while VHY.AX tracks the FTSE Australia High Dividend Yield Index. Both are passively managed. Over the past 10 years, SYI.AX returned 8.84%/yr vs 9.28%/yr for VHY.AX. Their correlation of 0.85 suggests significant overlap in exposure.

Performance

SYI.AX vs. VHY.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in SPDR ETFs Australia - State Street SPDR MSCI Australia Select High Dividend Yield ETF (SYI.AX) and Vanguard Australian Shares High Yield ETF (VHY.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, SYI.AX achieves a 9.11% return, which is significantly higher than VHY.AX's 8.22% return. Both investments have delivered pretty close results over the past 10 years, with SYI.AX having a 8.84% annualized return and VHY.AX not far ahead at 9.28%.

SYI.AX

1D
0.26%
1M
2.35%
6M
9.64%
YTD
9.11%
1Y
13.34%
3Y*
12.29%
5Y*
9.39%
10Y*
8.84%

VHY.AX

1D
0.20%
1M
-0.91%
6M
9.04%
YTD
8.22%
1Y
15.11%
3Y*
12.91%
5Y*
9.87%
10Y*
9.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SYI.AX vs. VHY.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SYI.AX
SPDR ETFs Australia - State Street SPDR MSCI Australia Select High Dividend Yield ETF		9.11%14.97%8.11%8.25%4.60%12.56%1.52%19.81%-6.15%6.58%
VHY.AX
Vanguard Australian Shares High Yield ETF		8.22%14.77%9.04%9.83%7.71%16.73%1.71%20.44%-8.52%7.84%

Correlation

The correlation between SYI.AX and VHY.AX is 0.75, 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

0.75

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

0.82

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

0.84

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

0.84

Correlation (All Time)
Calculated using the full available price history since May 23, 2011

0.85

The correlation between SYI.AX and VHY.AX has been stable across timeframes, ranging from 0.75 to 0.85 - a consistent structural relationship.

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SPDR ETFs Australia - State Street SPDR MSCI Australia Select High Dividend Yield ETF

Vanguard Australian Shares High Yield ETF

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Return for Risk

SYI.AX vs. VHY.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SYI.AX
SYI.AX Risk / Return Rank: 4141
Overall Rank
SYI.AX Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
SYI.AX Sortino Ratio Rank: 4040
Sortino Ratio Rank
SYI.AX Omega Ratio Rank: 3838
Omega Ratio Rank
SYI.AX Calmar Ratio Rank: 5050
Calmar Ratio Rank
SYI.AX Martin Ratio Rank: 3939
Martin Ratio Rank
VHY.AX
VHY.AX Risk / Return Rank: 5858
Overall Rank
VHY.AX Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
VHY.AX Sortino Ratio Rank: 5555
Sortino Ratio Rank
VHY.AX Omega Ratio Rank: 5252
Omega Ratio Rank
VHY.AX Calmar Ratio Rank: 7777
Calmar Ratio Rank
VHY.AX Martin Ratio Rank: 5353
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.

SYI.AX vs. VHY.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ETFs Australia - State Street SPDR MSCI Australia Select High Dividend Yield ETF (SYI.AX) and Vanguard Australian Shares High Yield ETF (VHY.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.

SYI.AXVHY.AXDifference
Sharpe ratioReturn per unit of total volatility
1.21
1.49

-0.28

Sortino ratioReturn per unit of downside risk
1.75
2.15

-0.40

Omega ratioGain probability vs. loss probability

1.21

1.27

-0.05

Calmar ratioReturn relative to maximum drawdown

2.06

3.18

-1.12

Martin ratioReturn relative to average drawdown

4.97

7.34

-2.37

SYI.AX vs. VHY.AX - Sharpe Ratio Comparison

The current SYI.AX Sharpe Ratio is 1.21, which is comparable to the VHY.AX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of SYI.AX and VHY.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

SYI.AX vs. VHY.AX - Drawdown Comparison

The maximum SYI.AX drawdown since its inception was -36.94%, roughly equal to the maximum VHY.AX drawdown of -35.54%. Use the drawdown chart below to compare losses from any high point for SYI.AX and VHY.AX.

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Drawdown Indicators

SYI.AXVHY.AXDifference

Max Drawdown

Largest peak-to-trough decline

-36.94%

-35.54%

-1.40%

Max Drawdown (1Y)

Largest decline over 1 year

-6.57%

-4.84%

-1.73%

Max Drawdown (3Y)

Largest decline over 3 years

-11.03%

-11.68%

+0.65%

Max Drawdown (5Y)

Largest decline over 5 years

-15.72%

-14.41%

-1.31%

Max Drawdown (10Y)

Largest decline over 10 years

-36.94%

-35.54%

-1.40%

Current Drawdown

Current decline from peak

-0.43%

-1.80%

+1.37%

Average Drawdown

Average peak-to-trough decline

-4.99%

-4.87%

-0.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.75%

2.14%

+0.61%

Volatility

SYI.AX vs. VHY.AX - Volatility Comparison

The current volatility for SPDR ETFs Australia - State Street SPDR MSCI Australia Select High Dividend Yield ETF (SYI.AX) is 1.83%, while Vanguard Australian Shares High Yield ETF (VHY.AX) has a volatility of 2.23%. This indicates that SYI.AX experiences smaller price fluctuations and is considered to be less risky than VHY.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SYI.AXVHY.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.83%

2.23%

-0.40%

Volatility (6M)

Calculated over the trailing 6-month period

8.32%

8.14%

+0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

11.17%

10.37%

+0.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.98%

12.70%

+1.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.69%

14.30%

+1.39%

Dividends

SYI.AX vs. VHY.AX - Dividend Comparison

SYI.AX's dividend yield for the trailing twelve months is around 7.52%, more than VHY.AX's 2.76% yield.

PositionTTM20252024202320222021202020192018201720162015
SYI.AX
SPDR ETFs Australia - State Street SPDR MSCI Australia Select High Dividend Yield ETF		7.52%12.66%4.59%4.98%16.04%5.05%3.01%6.48%6.40%4.92%4.42%6.59%
VHY.AX
Vanguard Australian Shares High Yield ETF		2.76%8.37%2.92%3.73%5.02%4.84%3.54%5.35%7.81%5.69%3.84%6.40%

Frequently Asked Questions

SYI.AX and VHY.AX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SYI.AX tracks SPDR Index, while VHY.AX tracks FTSE Australia High Dividend Yield Index. They also come from different issuers: SPDR and Vanguard.

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