S&P/ASX 200 (ticker symbols: XJO, ^AXJO, AXJO, AS51) is a market-capitalisation-weighted and float-adjusted stock market index that measures the performance of the 200 largest companies listed on the Australian Securities Exchange (ASX). It is maintained by S&P Dow Jones Indices and is widely regarded as the primary benchmark for the Australian equity market.
Overview
The index was launched on 3 April 2000 with a base value of 3,133.3 points, set equal to the value of the All Ordinaries index at that date. It covers approximately 77–90% of Australia's total equity market capitalisation, depending on the reporting period. As of May 2024, the total market capitalisation of the index was approximately A$2.452 trillion.
Methodology
The S&P/ASX 200 is a float-adjusted, market-capitalisation-weighted index. Each constituent's weight in the index is determined by its float-adjusted market capitalisation, calculated as the product of current index shares, the latest available stock price, and an Investable Weight Factor (IWF). The IWF excludes strategic holdings (such as those by founders, directors, corporate or government entities) that exceed 5% of total issued shares.
To be eligible for inclusion, a stock must meet liquidity requirements: its trading volume in dollar value and number of transactions must exceed at least 0.025% of the sum of all eligible securities' trading volume, with no single company exceeding 15% for value, volume, or transactions. Only stocks listed on the ASX are considered.
The index is rebalanced quarterly in March, June, September, and December by an Index Committee.
Key Milestones
- 31 March 2000: Index launched at 3,133.3 points.
- 15 February 2007: Index reached 6,000 points for the first time.
- 16 January 2020: Index crossed the 7,000-point level for the first time.
- 52-week range (as of mid-2026): 8,262.40 – 9,202.90 points.
Sector Composition
As of 2026, the sector breakdown by market capitalisation is approximately:
| Sector | Weight |
|---|---|
| Financial Services | 32.3% |
| Basic Materials | 25.4% |
| Industrials | 8.8% |
| Consumer Cyclical | 6.8% |
| Real Estate | 6.0% |
| Healthcare | 5.1% |
| Communication Services | 4.0% |
| Consumer Defensive | 3.8% |
| Energy | 2.9% |
| Technology | 2.7% |
| Utilities | 1.9% |
Largest Constituents
The largest companies by market capitalisation in the index typically include the "Big Four" Australian banks (Commonwealth Bank, Westpac, National Australia Bank, ANZ), BHP Group, Rio Tinto, CSL, Macquarie Group, Wesfarmers, and Telstra.
Related Indices
The S&P/ASX index family includes:
- S&P/ASX 20 – the 20 largest stocks
- S&P/ASX 50 – the 50 largest stocks
- S&P/ASX 100 – the 100 largest stocks
- S&P/ASX 300 – the 300 largest stocks
- All Ordinaries – a broader market index
- S&P/ASX Small Ordinaries – smaller companies outside the top 100
- S&P/ASX 200 VIX (A-VIX) – a volatility index based on ASX 200 options
Tradable Products
The index serves as the basis for exchange-traded funds (ETFs) such as the SPDR S&P/ASX 200 Fund (STW) and the iShares Core S&P/ASX 200 ETF (IOZ). Futures and options on the index are traded on the ASX 24 exchange (SFE) under the ticker symbol AP, with a contract size of 25 times the index points.
Total Return Variants
The S&P/ASX 200 index itself does not include dividends. Related total return indices include:
- S&P/ASX 200 Gross Total Return Index (XJT) – includes all cash dividends reinvested on the ex-dividend date, calculated every minute.
- S&P/ASX 200 Accumulation Index (XJOA) – end-of-day only.
- S&P/ASX 200 Net Total Return Index (XNT) – includes dividends after a 30% withholding tax deduction.
