Most matchups are decided by structure, not brand: which index, which fee, and whether the currency is hedged. Where two funds track nearly the same market, such as VAS and A200 (94% the same), the cheaper fund has edged ahead. Where they track different markets, such as VGS and IVV, the gap is far bigger and depends on which market led. All figures are to 30 September 2026.
The scoreboard
| Matchup | Fees | 5-year return | What decides it |
|---|---|---|---|
| VAS vs A200 | 0.07% / 0.04% | +36.7% / +39.9% | Fee. 94% overlap |
| VGS vs IVV | 0.18% / 0.04% | +74.6% / +87.8% | World vs US only |
| VGS vs BGBL | 0.18% / 0.08% | 3 years: +64.1% / +67.4% | Fee. 76% overlap |
| IVV vs VTS | 0.04% / 0.03% | +87.8% / +79.2% | Big US vs all US |
| VDHG vs DHHF | 0.27% / 0.19% | +45.0% / +55.4% | Bonds sleeve and fee |
| VGS vs VGAD | 0.18% / 0.21% | +74.6% / +67.4% | Currency hedge |
| VHY vs SYI | 0.25% / 0.20% | +62.4% / +57.1% | Dividend screen |
| NDQ vs FANG | 0.48% / 0.35% | +104.1% / +158.1% | 100 vs 10 companies |
| AAA vs BILL | 0.18% / 0.07% | +17.0% / +16.8% | Near tie |
| VAF vs IAF | 0.10% / 0.10% | −0.7% / −0.9% | Near tie |
| GOLD vs QAU | 0.40% / 0.59% | +144.5% / +116.9% | Currency hedge |
| VAS vs VGS | 0.07% / 0.18% | +36.7% / +74.6% | Australia vs world |
Cumulative total returns including distributions to 30 September 2026. BGBL is not yet five years old. Source: TMX Australia monthly funds report.
Return gap in each matchup
Australian shares: VAS vs A200 vs IOZ
The three big Australian share funds overlap by 91% to 95%. A200 is cheapest at 0.04% and returned 6.9% a year over five years against 6.5% for VAS. VAS holds about 100 extra smaller companies. IOZ sits in between at 0.05%. Pick one and don't hold two. Full analysis: VAS vs A200 vs IOZ.
International shares: VGS vs IVV vs VTS vs BGBL
This is really two questions. First, US only or the whole developed world? IVV and VTS are US only; VGS and BGBL are global but still mostly US. US giants led, so IVV returned 13.4% a year over five years against 11.8% for VGS. Second, which fund within the choice? BGBL does a similar job to VGS for less than half the fee. Full analysis: IVV vs VGS vs VTS and VGS vs BGBL.
All-in-one: VDHG vs DHHF vs GHHF
VDHG keeps about 10% in bonds and cash; DHHF is all shares and cheaper. Over five years DHHF returned 9.2% a year against 7.7% for VDHG. GHHF borrows to lift exposure: it returned 12.0% last year, against 8.1% for DHHF, but it falls harder too. Full analysis: VDHG vs DHHF vs GHHF.
Fee in each matchup
Hedged or unhedged: VGS vs VGAD
Same shares, different currency treatment. Hedged VGAD won by 7 points last year as the Australian dollar rose; unhedged VGS won by 7 points over five years. We cover this in two guides: when to use each and the best option in every category.
Income: VHY vs SYI
Both hold high-dividend Australian companies and pay franked income. VHY is far larger ($8.2 billion) and has the better five-year record, 62.4% against 57.1%. SYI is cheaper at 0.20% and won the past year, 14.8% against 12.0%. They overlap by about 50%, so they are genuinely different funds. More in our dividend ETF review.
Tech: NDQ vs FANG
NDQ holds the 100 biggest Nasdaq companies. FANG holds about 10 mega-cap tech names, equally weighted. Concentration paid off: FANG returned 158.1% over five years against 104.1%. FANG is cheaper too, but ten companies is a narrow bet. More in the best technology ETFs.
How similar are these pairs?
How much of each pair is the same
Check any pair in the overlap calculator →
Cash, bonds and gold
- AAA vs BILL. Both returned about 4% last year. BILL charges 0.07% against 0.18% for AAA, yet AAA's return has matched it. See the best cash ETFs.
- VAF vs IAF. Same fee, same type of index, near-identical results. VAF and IAF are both down slightly over five years after the 2022 rate rises.
- GOLD vs QAU. Unhedged GOLD beat hedged QAU by 27.6 points over five years. See gold ETF options.
The bigger questions
- Australia or the world? VGS beat VAS by 37.9 points over five years, but Australian shares bring franking credits. See Australian vs global shares.
- Active or passive? See active vs passive ETFs.
- ETFs or picking shares? See ETF vs direct shares.
- Super or ETFs? See super vs ETFs.
- Is cheapest always best? See we tested every category.
Common questions
What is the difference between VAS and A200?
VAS holds about 300 Australian companies for 0.07% a year; A200 holds the top 200 for 0.04%. They are 94% the same. A200 has returned slightly more over five years, 39.9% against 36.7%.
Is VGS or IVV better?
They do different jobs. IVV is the S&P 500 only, for 0.04%. VGS covers about 20 developed countries for 0.18%. IVV has returned more over five years because US large companies led.
Is DHHF or VDHG better?
DHHF is cheaper (0.19% vs 0.27%) and all shares, and returned 55.4% over five years against 45.0%. VDHG keeps about 10% in bonds and cash, which gives a slightly smoother ride.
Is VHY or SYI the better dividend ETF?
VHY has the better five-year return (62.4% vs 57.1%) and is much bigger. SYI is cheaper and won the past year. They overlap by about half.
Joshua Stega is a financial adviser with 20 years' experience and the founder of ETF Adviser. He built ReviewETF to make every Australian ETF easy to find and compare.
General information only. It does not take into account your objectives, financial situation or needs. Consider the PDS and TMD before investing. Past performance is not a reliable indicator of future performance. Data as at 30 September 2026.