Best All-in-One (Diversified) ETF in Australia (2026)
All-in-one ETFs hold a ready-made mix of Australian and global shares (and bonds, in the lower-risk versions) in a single fund, rebalanced for you.
It depends on the job you need the ETF to do. Here are the biggest and cheapest in each group:
- High growth (about 90-100% shares): VDHG is the largest ($4.1bn) and DHHF the cheapest (0.19% a year).
- Growth and balanced: VDGR is the largest ($1.6bn) and IBAL the cheapest (0.22% a year).
- Conservative: VDCO is the largest ($297m) and also the cheapest (0.27% a year).
Data to 30 September 2026 from the TMX Australia funds report. Returns include distributions. General information only, not a recommendation.
All the options compared
High growth (about 90-100% shares)
| Code | ETF | Fee | Size | 1Y | 5Y a year | Spread |
|---|---|---|---|---|---|---|
| VDHG | Vanguard Diversified High Growth Index ETF | 0.27% | $4.1bn | +7.5% | +7.7% | 0.03% |
| DHHF | Betashares Diversified All Growth ETF | 0.19% | $1.7bn | +8.1% | +9.2% | 0.04% |
| DZZF | Betashares Ethical Diversified High Growth ETF | 0.39% | $114m | −0.2% | +5.2% | 0.20% |
| IGRO | iShares High Growth ESG ETF | 0.22% | $28m | +6.3% | – | 0.22% |
Growth and balanced
Some bonds to soften the falls.
| Code | ETF | Fee | Size | 1Y | 5Y a year | Spread |
|---|---|---|---|---|---|---|
| VDGR | Vanguard Diversified Growth Index ETF | 0.27% | $1.6bn | +5.6% | +5.9% | 0.03% |
| VDBA | Vanguard Diversified Balanced Index ETF | 0.27% | $942m | +3.7% | +4.0% | 0.06% |
| IBAL | iShares Balanced ESG ETF | 0.22% | $25m | +3.7% | – | 0.23% |
Conservative
Mostly bonds and cash.
| Code | ETF | Fee | Size | 1Y | 5Y a year | Spread |
|---|---|---|---|---|---|---|
| VDCO | Vanguard Diversified Conservative Index ETF | 0.27% | $297m | +2.3% | +2.5% | 0.08% |
Compare the biggest side by side → · Check how much they overlap →
Spread is the average gap between the buy and sell price: lower is cheaper to trade. 5Y a year is the average yearly total return over five years. Past performance is not a reliable indicator of future performance.
How closely each all-in-one ETF tracks its index
An index fund should return its index, less its fee. The gap below is each fund's return after fees minus its own benchmark. A gap close to zero means it has done its job well. Over 5 years, VDCO tracked its index most closely, trailing it by only 0.23% a year.
| ETF and benchmark | Fee | 1Y gap | 3Y gap a year | 5Y gap a year | Verdict |
|---|---|---|---|---|---|
| VDCOVanguard composite benchmark (weighted indexes) | 0.27% | -0.20% | -0.21% | -0.23% | Tracking well |
| VDBAVanguard composite benchmark (weighted indexes) | 0.27% | -0.22% | -0.26% | -0.30% | Tracking well |
| DZZFBetashares composite benchmark (weighted indexes) | 0.39% | -0.22% | -0.40% | -0.33% | Tracking well |
| VDGRVanguard composite benchmark (weighted indexes) | 0.27% | -0.29% | -0.36% | -0.37% | Tracking well |
| DHHFBetashares composite benchmark (weighted indexes) | 0.19% | -0.39% | -0.50% | -0.41% | Lagging its index |
| VDHGVanguard composite benchmark (weighted indexes) | 0.27% | -0.35% | -0.45% | -0.45% | Lagging its index |
Gap = fund return after fees minus its benchmark. Issuer figures to October 2026. Hedged funds are measured against the hedged version of their index. Funds without published benchmark figures are left out. See every ETF vs its benchmark →
What to consider
- Pick the risk level first, then the fund. The mix of shares and bonds matters far more than the fee difference.
- DHHF vs VDHG. DHHF is 100% shares and cheaper. VDHG holds about 10% in bonds and more Australian small caps.
- Simplicity has value. One fund, automatic rebalancing, one tax statement.
