The All Ordinaries (XAO) or "All Ords" is considered a total market barometer for the Australian stock market and contains the 500 largest ASX listed companies by way of market capitalisation. It is still regularly quoted as a benchmark for Australian equities due to its 20+ years as Australia’s premier index.

     • Established in 1979 with a starting level of 500
     • Accounts for 92% (March 2019) of the Australian equity market
     • No liquidity requirement for constituents

Rebalances only occur annually and if a company is removed from the index there is no replacement until the next annual meeting. Visit the Index Methodology & Calculation page for more information on the construction, maintenance and company selection criteria.

What about dividends?

The All Ordinaries Index does not include dividends (which would add approximately 4% p.a. return to its performance).

The All Ordinaries Total Return Index (XAOA) includes all cash dividends reinvested on the ex-dividend date (excluding franking credits). This accumulation index is typically only used as a comparison tool for long-term investment returns and therefore not widely quoted on a daily basis. For daily monitoring of accumulation data, the ASX provides the S&P/ASX 200 Net Total Return Index (XNT). Details can be found on the ASX 200 page.

Note: The XAOA was formerly known as the All Ordinaries Accumulation Index (XAOAI).