The All Ordinaries index
What is the All Ordinaries index?
The All Ordinaries (XAO) tracks the 500 largest companies listed on the ASX according to their market capitalisation. Commonly referred to as the “All Ords”, it is considered the benchmark index for gauging the performance of the broader Australian stock market.
The All Ords was originally calculated in 1980 with a starting level of 500 and represents close to 90% of the entire value of the ASX.
Capitalisation weighted indexes
The All Ords is a capitalisation weighted index. Working out the market capitalisation (also known as ‘market cap’) of a company is a straightforward equation and is done by multiplying the total number of issued shares in a company by the share price.
What is the ASX 200?
The ASX 200 is an index that tracks the progress of the top 200 companies listed on the ASX according to their market cap and is widely considered the leading share market index of the Australian market. The ASX 200 is a capitalisation weighted index and started on 31 March with a value of 313.3.
The All Ordinaries Total Return Index
The All Ords doesn’t take into account any dividends a company may pay to shareholders, and therefore isn’t a complete reflection of what the investor returns.
However, the All Ordinaries Total Return Index (XAOA) takes into account all cash dividends reinvested on the ex-dividend date (excluding franking credits) and is sometimes used as a benchmark for total investor performance of the top 250 companies by market capitalisation listed on the ASX. The All Ordinaries Total Return Index was previously known as the All Ordinaries Accumulation Index.
Featured products
Want to learn more
Things you should know
The information on this website has been prepared without taking account of your objectives, financial situation or needs. Because of this, you should consider its appropriateness, having regard to your objectives, financial situation and needs and, if necessary, seek appropriate professional advice. If a Product Disclosure Statement is available in relation to a particular financial product, you should obtain and consider that Product Disclosure Statement before making any decisions about whether to acquire the financial product. The information contained on this website does not constitute the provision of advice or constitute or form part of any offer, solicitation or invitation to subscribe for or purchase any securities or other financial product nor shall it form part of it or form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any securities or prices used in the examples on this website are for illustrative purposes only and should not be considered as a recommendation to buy, sell or hold. Past performance is not a reliable indicator of future performance. This website may contain material provided directly by third parties. This information is given in good faith and has been derived from sources believed to be accurate at its issue date. While such material is published with necessary permission, no company in the Westpac Group nor any of their related entities, employees or directors (together, "Westpac"), nor the Participant, accepts responsibility for the accuracy or completeness of, or endorses any such material. This website may also contain links to external websites. Westpac and the Participant do not accept responsibility for, or endorse the content of, such external websites. Except where contrary to law, Westpac and the Participant intend by this notice to exclude liability for material provided directly by third parties and the content of external websites.