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)