SUBD vs MQSD: Which ETF Is Better?
A side-by-side comparison of fees, size, returns and holdings, using data to 30 September 2026.
It is a dead heat: 2 measures each. Which matters most depends on you.
The short answer
Bigger funds usually trade more cheaply and are less likely to close.
SUBD vs MQSD side by side
| SUBD leads on 2, MQSD on 2 | SUBDVanEck Australian Subordinated Debt ETF | MQSDMacquarie Subordinated Debt Active ETF |
|---|---|---|
| The basics | ||
| Index tracked | iBoxx AUD Investment Grade Subordinated Debt Index | Benchmark: Bloomberg AusBond Bank Bill Index |
| Fund manager | VanEck | Macquarie |
| Asset class | Australian bonds | Australian bonds |
| Listed | Oct 2019 | Feb 2025 |
| Cost and size | ||
| MERyearly fee, lower is better | 0.29% | 0.29% |
| AUMfund size | $4.0bn✓ | $1.1bn |
| Net flows (Sep)new money in, last month | $125m✓ | $54m |
| Bid/ask spreadtrading cost, lower is better | 0.05% | 0.03% |
| Total returns | ||
| 1 month | +0.5% | +0.5% |
| 1 year | +5.1% | +5.4%✓ |
| 3 years p.a. | +5.7% | – |
| 5 years p.a. | +4.2% | – |
| $10,000 invested | ||
| 1 year ago | $10,515 | $10,540✓ |
| 5 years ago | $12,303 | – |
✓ marks the better figure on each measure. Returns include distributions, to 30 September 2026.
SUBD vs MQSD price chart
Both ETFs on one chart as % change. Use the 1D to All buttons to change the period. Price only, so it leaves out distributions · TradingView
What $10,000 invested is worth now
Only SUBD has a 5 years record: $10,000 then is worth $12,303 today.
Total returns to 30 September 2026, with distributions reinvested, before tax and brokerage. The price chart above leaves out distributions, so it can look worse. Past performance is not a reliable indicator of future performance.
What the fees cost you
SUBD and MQSD charge the same fee, so fees make no difference between them.
Total fees paid on a $100,000 investment, assuming a 7% a year return before fees. Illustration only: it ignores tax, brokerage and differences in returns.
SUBD and MQSD overlap
1 companies appear in both funds. Overlap is the share of the portfolio that is the same in both, counting the smaller weight of each shared company.
| Biggest shared holdings | % of SUBD | % of MQSD |
|---|---|---|
| 100.00% | 100.00% |
Add more ETFs and see the overlap in Compare ETFs →
Best-endeavours estimate. Built from each issuer's published holdings, which may be weeks or months old, may cover only part of a fund (some publish only their top 10) and are matched by company name. Figures may be incomplete or inaccurate. Check the issuer's website and PDS before relying on them. General information only.
Get the full SUBD vs MQSD report
- Every holding of each ETF: the top 50 companies, with sectors and countries
- Exactly which companies they share, and how much of each
- Fees in dollars over 10, 20 and 30 years
- Every metric side by side, including the index each tracks
- ★ FREE BONUSIs now a good time to invest? The Market Health-O-Meter
FAQs
Which is better, SUBD or MQSD?
It depends on what you need. On our numbers SUBD wins on 2 measures and MQSD on 2. SUBD is the larger fund at $4.0bn vs $1.1bn. MQSD has the better 1-year return: +5.4% vs +5.1%.
Which is cheaper, SUBD or MQSD?
SUBD charges 0.29% a year and MQSD charges 0.29% a year.
Can I hold both SUBD and MQSD?
You can, but check how much they overlap. SUBD is a Australian bonds fund and MQSD is a Australian bonds fund.
More comparisons
General information only, not a recommendation. Past performance is not a reliable indicator of future performance.