Comparing apples with apples: Why currency movements matter. A quick chart that examines the index percentage return of the ASX 200 versus the S&P 500, priced in US Dollars, from the 2009 GFC lows. As you can see the ASX 200, thanks to a sharp recovery in the AUDUSD between 2009-2011, actually outperformed the S&P 500 until the early parts of 2012. From there to May 2013 the two indices basically tracked each other before suddenly diverging with the S&P 500 continuing to move higher while the ASX 200 lingered at levels first hit in early 2011. (VIEW LINK)
If you compare it to the same metric, yes.
If priced in US Dollars, the ASX 200 peaked at 7073 points back in mid-March 2013.
So the real divergence in performance has really only been in the past two years...