Every ETF Head-to-Head Comparison: VAS vs A200, VGS vs IVV, DHHF vs VDHG and More

VAS vs A200, VGS vs IVV, DHHF vs VDHG, hedged vs unhedged & more. Every Australian ETF head-to-head comparison ranked, scored and explained

Last updated: May 2026

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Why a Comparison Hub?

Most "best ETF" lists give you 30 funds and no decision. The real questions investors actually ask are head-to-head:

Should I buy VAS or A200?
VGS or IVV for my international exposure?
Is DHHF really better than VDHG?
Hedged or unhedged for global shares?
Is the cheapest ETF actually the best?

This page is the index to every one of those answers — built on data, not marketing. Each comparison below links to the full deep-dive blog, with charts, $10K growth analysis and our pick.

The Scoreboard: 10 Most-Asked Comparisons in One Table

The trophy column is our pick — based on fees, 5-year returns, structure and the data behind each comparison. Read the full deep-dive on any one for the reasoning.

Which Comparison Should You Read?

Pick the question that matches the decision you're trying to make. Each one links to a full comparison blog.

Australian Shares: VAS vs A200 vs IOZ

The question: I want one Australian shares ETF. Which?

Quick answer: A200 at 0.04% MER. Same exposure as VAS and IOZ, but ~3 basis points cheaper. Over a lifetime of investing, that's thousands.

The catch: VAS holds the ASX 300 (300 stocks) vs A200 and IOZ which hold the ASX 200. The bottom 100 stocks make almost no difference to returns over 5 years (gap is ~1.2 percentage points), but VAS has the deepest liquidity if that matters to you.

→ Full deep-dive: VAS vs A200 vs IOZ: Which Australian Shares ETF Is Best

International Shares: VGS vs IVV vs VTS

The question: Which international/US ETF?

Quick answer: Depends on your goal:

Pure S&P 500 exposure (500 stocks): IVV at 0.04%
US Total Market (~3,500 stocks): VTS at 0.03%
Developed world ex-Australia (~1,500 stocks across 22 countries): VGS at 0.18%

IVV has beaten VTS by ~9 percentage points over 5 years on the AUD-listed versions because of US large-cap dominance, but VTS gives you small and mid-caps for free.

→ Full deep-dive: IVV vs VGS vs VTS: Which International ETF Should You Buy

Global Shares: VGS vs BGBL

The question: Same MSCI World ex-Australia index, two issuers. Which?

Quick answer: BGBL at 0.08% MER. Identical index to VGS, more than half the fee. The only reason to pick VGS is if liquidity / spread matters more than fee on a small position — VGS is much bigger ($14.3B vs $3.6B).

→ Full deep-dive: VGS vs BGBL: Which International Shares ETF Should You Buy

All-in-One: VDHG vs DHHF vs GHHF

The question: I want one ETF that is my whole portfolio. Which?

Quick answer:

Set & forget growth, no leverage: DHHF at 0.19% MER (100% equities, no bond drag)
Growth with bond defensive sleeve: VDHG at 0.27% (90/10 equities/bonds)
Geared (1.5x leverage): GHHF — bigger upside, bigger drawdowns

DHHF beat VDHG over 5 years because the 10% bond sleeve dragged performance during the 2022 rate cycle. GHHF beat DHHF by ~12 percentage points — but with much more volatility.

→ Full deep-dive: VDHG vs DHHF vs GHHF: Which All-in-One ETF Should You Buy

Currency Hedging: Hedged vs Unhedged

The question: Should my global ETF be currency-hedged?

Quick answer: Over the past 5 years, unhedged won by ~7 percentage points because the AUD weakened against the USD. But that's not always the case — when the AUD strengthens, hedged wins. The rule of thumb: hedge bonds (income certainty matters), don't hedge global shares (currency adds diversification, fees eat returns over time).

→ Two deep-dives on this one:

Hedged vs Unhedged ETFs: The Best Option in Every Category (recommendations by category)
Hedged vs Unhedged ETFs: When to Use Each (the strategy framework)

Australian Dividends: VHY vs SYI

The question: Which Australian dividend ETF for income?

Quick answer: SYI. VHY is bigger and has higher headline yield, but SYI's screen filters for dividend quality (sustainable payouts, lower yield-trap risk). SYI beat VHY by ~3.5 percentage points over 5 years.

→ Full deep-dive: Australia's Dividend ETFs Exposed: Same Promise, Very Different Results

Active vs Passive ETFs

The question: Should I pay extra for an active manager?

Quick answer: No, in most categories. The SPIVA scorecard — the official S&P Dow Jones tracking of active vs benchmark performance — shows active managers underperform 80-90% of the time over 10 years. Active does best in narrow inefficient corners (small-cap, EM, bonds, themes) — not core equity.

→ Full deep-dive: Active vs Passive ETFs: The Data That Settles the Debate

Cheapest vs Best

The question: Is the cheapest ETF in each category always the best pick?

Quick answer: Surprisingly often, no. We tested every category — the cheapest ETF won outright in 6 of 11 categories, but lost meaningfully in 3 (small-cap, dividend income, bonds). "Cheapest" only wins when the underlying index is undisputed and execution is identical.

→ Full deep-dive: Is the Cheapest ETF Always the Best? We Tested Every Category

ETFs vs Index Funds vs Managed Funds

The question: Which fund vehicle should I use?

Quick answer: ASX-listed ETFs win on cost, simplicity and liquidity for almost every retail investor. Traditional managed funds charge 5-25x more for the same index exposure. Active ETFs occasionally justify their fee in narrow categories. We covered the full guide to low-cost index funds separately.

→ Full deep-dive: ETFs vs Index Funds vs Managed Funds: Which Is Best

Australian Shares vs Global Shares

The question: Should I tilt my portfolio more Australian or more global?

Quick answer: The ASX has been a relative laggard for ~15 years, dragged by a heavy tilt to banks and miners while the US has been carried by big tech. But Australian dividends + franking credits give a tax-adjusted advantage that international shares can't match. Most well-built portfolios tilt 30-50% AU, 50-70% global.

→ Full deep-dive: Australian Shares vs Global Shares: 15 Years of ETF Data

ETFs vs Direct Shares

The question: Should I buy ETFs or pick stocks directly?

Quick answer: ETFs for the core (broad market exposure, instant diversification, low fees). Direct shares only if you have a genuine edge, time, or specific tax/franking-credit reasons (e.g. franking generation in pension phase). For 95% of retail investors, ETF core + small satellite of conviction picks is the answer.

→ Full deep-dive: ETF vs Direct Shares: What the Data Says

Super vs ETFs

The question: Should I put more in super or invest outside in ETFs?

Quick answer: Both. Super gets you tax concessions you can't get anywhere else (15% on contributions, 0% in pension phase). But ETFs give you flexibility, access to capital before 60, and zero administrative friction. The framework: max super for tax, ETFs for flexibility and bridge.

→ Full deep-dive: Super vs ETFs: Where Should Your Money Go

Which Winner Actually Pulled Ahead?

Some matchups are decided on fees alone (A200 over VAS — 1.2pp gap, but A200 wins on cost). Others are decisive — passive beat active by 18pp on average, SUBD beat AGVT by 27pp in the bond category, and VGS beat VEU by 26pp.

The lesson: most head-to-head comparisons are won at the structural level (which index, which fee, which currency hedge) — not by the ticker itself. Get the structure right, the ticker mostly takes care of itself.

Frequently Asked Questions

What's the difference between VAS and A200?

Both are passive Australian shares ETFs. VAS tracks the S&P/ASX 300 (300 stocks) at 0.07% MER and holds $23B. A200 tracks the S&P/ASX 200 (200 stocks) at 0.04% MER and holds $9.2B. The bottom 100 stocks in VAS make almost no return difference, so A200 wins on cost.

VGS or IVV — which is better?

Different products. VGS is MSCI World ex-Australia (~1,500 stocks across 22 developed markets) at 0.18% MER — already ~70% US-weighted. IVV is S&P 500 only (500 stocks, 100% US) at 0.04% MER. If you want pure US, IVV. If you want the whole developed world, VGS.

Is DHHF or VDHG better?

DHHF is 100% equities at 0.19% MER. VDHG is 90% equities + 10% bonds at 0.27% MER. Over 5 years, DHHF won by ~5 percentage points because the bond sleeve in VDHG hurt during the 2022-2024 rate cycle. DHHF is more aggressive — pick it only if you can stomach a 100% equity drawdown.

Should I hedge my international shares ETF?

Over the past 5 years, unhedged won by ~7 percentage points because the AUD weakened. Long-term, currency exposure provides diversification benefits. Most rules of thumb: don't hedge growth equities, do hedge bonds. We have a complete framework here.

What's the best dividend ETF — VHY or SYI?

SYI. VHY has higher headline yield but suffers from yield-trap exposure (high-yielding stocks that cut dividends). SYI screens for sustainability and beat VHY by ~3.5 percentage points over 5 years.

Active or passive ETFs — which is better?

Passive in 80-90% of cases over 10-year periods, according to SPIVA data. Active managers occasionally beat their benchmark in inefficient categories (small-cap, EM, bonds), but the average active manager underperforms net of fees. Cheapest passive index ETF + occasional active satellite is the durable framework.

How is BGBL different from VGS?

Same index (MSCI World ex-Australia), different issuer. BGBL (BetaShares) charges 0.08% MER. VGS (Vanguard) charges 0.18%. BGBL wins on cost. VGS wins on size and liquidity. For most retail investors, BGBL is now the better default.

Should I buy ETFs or direct shares?

ETFs for the core (broad diversification, low fees, instant rebalancing). Direct shares only if you have a genuine edge, want franking generation in pension phase, or are buying companies you understand deeply. For most investors, ETF-only beats most direct stock-pickers — see our data analysis here.

Is the cheapest ETF always the best?

No. We tested every category and the cheapest ETF won outright in only ~55% of cases. In small-cap, dividends, bonds and active themes, the cheapest fund underperformed the right specialist alternative. Cheapest wins when the index is undisputed; specialist wins when execution matters.

What's the best all-in-one ETF in Australia?

For a 100% growth investor: DHHF (0.19% MER). For a 90/10 growth/bond mix: VDHG (0.27% MER). For geared/leveraged growth: GHHF. The right choice depends entirely on your tolerance for drawdown and tax/structure preferences.