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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.

Things you should know

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