ASX All Ordinaries Index (XAO)

The ASX All Ordinaries Index (XAO), often called the All Ords, is Australia's oldest and broadest share market benchmark. Launched in January 1980 with a base value of 500 points, it tracks the 500 largest companies listed on the Australian Securities Exchange (ASX) by market capitalisation.

Unlike narrower indices such as the ASX 200, the All Ordinaries covers large, mid-sized and smaller companies across every major sector. That wide coverage makes the XAO a useful gauge of overall investor sentiment, economic trends and corporate performance in Australia, and a common reference point for both retail and institutional investors.

The XAO is a float-adjusted, market-capitalisation-weighted index. Each company's weight depends on the value of its shares that are freely available for trading, so the largest companies have the biggest influence on daily index moves. In practice, major banks, miners and healthcare leaders account for a large share of the index's movement.

Constituents are reviewed on a regular schedule. Companies that grow into the top 500 by market value can be added, while those that fall below the threshold may be removed. This keeps the All Ords representative of the current shape of the Australian market.

The headline XAO figure is a price index. To measure total return including reinvested dividends, investors look at the All Ordinaries Accumulation Index (XAOA), which matters in a market known for relatively high dividend payouts.

Because the largest companies dominate both indices, the XAO and XJO usually move closely together. Differences appear when smaller companies outperform or underperform the large caps.

The medium-term picture for the All Ordinaries reflects Australia's stable economy and diversified corporate base. Banking, mining and energy remain the index's core pillars, supported by commodity demand and steady financial sector earnings. Australia's role as a major exporter of iron ore, LNG and critical minerals such as lithium also links the index to long-term global energy-transition trends.

Domestic consumption adds a second engine, with healthcare, retail and technology companies contributing to market resilience. Key risks to watch include interest rate decisions by the Reserve Bank of Australia, swings in commodity prices, China's economic demand and wider geopolitical tension, any of which can drive short-term volatility in the XAO.

What is the ASX All Ordinaries Index (XAO)?

The ASX All Ordinaries (XAO) is Australia's oldest share market index. It tracks the 500 largest companies listed on the Australian Securities Exchange by market capitalisation and is widely used as a broad benchmark for the Australian share market.

How many companies are in the All Ordinaries?

The All Ordinaries is made up of the 500 largest ASX-listed companies by market capitalisation. Constituents are reviewed regularly, so companies move in and out of the index as their market value changes.

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

The ASX 200 (XJO) tracks the 200 largest ASX companies, while the All Ordinaries (XAO) tracks the largest 500. The All Ords therefore includes more mid-cap and small-cap companies, giving broader coverage of the Australian market.

When did the All Ordinaries start?

The All Ordinaries Index was launched in January 1980 with a base value of 500 points.

How is the All Ordinaries calculated?

The XAO is a float-adjusted, market-capitalisation-weighted index. Larger companies carry more weight, so moves in major banks and miners have a bigger impact on the index than moves in smaller companies.

What is the difference between XAO and XAOA?

XAO is the price index and reflects only share price movements. XAOA is the All Ordinaries Accumulation Index, which also assumes dividends are reinvested, giving a measure of total return.

The ASX All Ordinaries remains the broadest snapshot of the Australian share market. By tracking 500 companies across resources, financials, healthcare, technology and consumer sectors, it gives investors a single number that captures how Australian equities are performing overall.

Whether you use it to benchmark a portfolio, gauge market sentiment or research individual stocks, the XAO is a practical starting point. Use the chart and the All Ordinaries companies list above, or explore the Kapitales ASX screener to dig deeper into individual constituents.