ASX 200 vs. All Ordinaries: Key Differences Explained for November 2026

Verified and updated: November 6, 2026, at 01:07 UTC (UTC+00:00).

The S&P/ASX 200 tracks 200 large, eligible ASX-listed stocks selected using size and liquidity criteria. The All Ordinaries, often called the All Ords, covers approximately 500 large ASX-listed securities and does not apply a liquidity screen. For investors, the practical difference is a choice between a widely used, investable benchmark and a broader indicator that includes more smaller companies.

They also weight companies differently: the ASX 200 uses the market value of shares available to investors, while the All Ordinaries uses total market capitalization. As a result, the two indexes can move by different percentages even when many of their largest holdings overlap.

Destaques

• The ASX 200 focuses on 200 large, liquid, eligible stocks; the All Ordinaries covers approximately 500 securities.
• The ASX 200 is float-adjusted; the All Ordinaries is weighted by total market capitalization.
• The ASX 200 is reviewed quarterly, while the All Ordinaries is reviewed twice a year.
• Compare percentage returns over the same period, and check whether dividends are included.

What is the difference between the ASX 200 and the All Ordinaries?

Both indexes summarize movements in Australian-listed shares, but they answer slightly different questions. The ASX 200 is designed as a benchmark for the performance of large, liquid stocks. The All Ordinaries offers a broader view of the listed market by including a larger group of companies, including smaller ones.

The S&P Dow Jones Indices methodology sets out the index objectives and construction rules. ASX describes the All Ordinaries as a broad market indicator and the ASX 200 as a benchmark used by many managed funds in its guide to S&P/ASX indexes.

How are companies selected for each index?

For the ASX 200, company size is measured using float-adjusted market capitalization: the share price multiplied by the number of shares considered available to investors. Liquidity also matters. In practical terms, a large company must meet the index provider’s trading and other eligibility requirements; size alone does not guarantee inclusion.

The All Ordinaries uses total market capitalization to select its broad group of securities and does not apply a liquidity screen or minimum float requirement. Total market capitalization includes shares that may be held by long-term or controlling shareholders as well as shares that trade more freely. The provider’s rules, including review procedures, mean a simple real-time ranking is not a complete substitute for the official constituent list.

Scheduled reviews can change which companies are included. Changes can also occur between reviews because of corporate events. For example, S&P Dow Jones Indices reported additions to the ASX 200 at its September 2026 rebalance, illustrating that membership is not permanent.

Why do the ASX 200 and All Ordinaries move differently?

The broader index includes more companies, but it does not give every company an equal vote. Both are capitalization-weighted, so larger constituents generally have more influence than smaller ones. The All Ordinaries’ additional smaller companies can affect its performance, although their combined effect may be modest when the largest companies dominate market value.

Weighting rules create another difference. Imagine two companies with the same total market value, but one has a much larger portion of its shares available for public trading. All else being equal, their weights would be similar in a total-market-capitalization index, while the company with more freely available shares would carry more weight in a float-adjusted index. Actual weights depend on the full index and its rules.

These differences can cause returns to diverge over a day or a longer period. They do not establish that either index will consistently outperform the other.

Which index is better for an Australian investor?

Use the ASX 200 when you want a common benchmark for a portfolio focused on large, liquid Australian-listed stocks, or when comparing a fund that explicitly tracks that index. Use the All Ordinaries when you want a broader snapshot that includes more smaller listed companies. Neither index covers every security on the ASX, and neither is a complete measure of an investor’s diversified portfolio.

An index itself is a measurement, not a fund you can purchase directly. An exchange-traded fund or managed fund may seek to track an index, but its actual return can differ because of fees, trading costs, tax treatment and tracking differences. Before choosing a fund, check its stated benchmark, holdings, costs and product disclosure documents.

For a fair performance comparison, use the same start and end dates and the same return type. A price index reflects share-price movements; an accumulation or total-return version also accounts for dividends under its calculation rules. Comparing a fund that reinvests distributions with a price-only index can make the fund look stronger simply because the index comparison excludes income. ASX explains the distinction in its investment glossary.

Frequently asked questions

Is the All Ordinaries the same as the ASX 200?

No. The All Ordinaries covers approximately 500 securities and uses total market capitalization, while the ASX 200 contains 200 eligible stocks and uses float-adjusted market capitalization.

Does the All Ordinaries include small companies?

It includes smaller companies than the ASX 200, but its capitalization weighting means the largest companies generally have the greatest influence on its movement.

Can I invest directly in either index?

No. You can consider an investment product that tracks an index, subject to its fees, investment approach and risks.