DHHF and VDAL are both 100% growth, all-in-one ETFs, so either can be a whole portfolio in one trade. DHHF is cheaper (0.19% vs 0.27%), bigger and has a much longer track record. VDAL hedges about 18% of its global shares and holds a separate small-company fund, which helped it over the past year as the Australian dollar rose. The biggest real difference is currency hedging, not the fee.
At a glance
| DHHF | VDAL | |
|---|---|---|
| Full name | Betashares Diversified All Growth ETF | Vanguard Diversified All Growth Index ETF |
| Growth / defensive | 100% / 0% | 100% / 0% |
| Management fee | 0.19% a year | 0.27% a year |
| Fund size | About $1.7bn | About $516m |
| Listed | Dec 2019 | Mar 2025 |
| Companies held | About 8,000 | Thousands, across five Vanguard funds |
| Australian index | ASX 200 (via A200) | ASX 300 |
| Currency hedging | None (fully unhedged) | About 18% hedged |
| Distributions | Quarterly | Quarterly |
What’s inside
Both funds hold roughly 40% Australian shares and 60% global shares, with no bonds. The way they get there is different.
Why use an all-in-one ETF like these as your core? I explain here:
- DHHF holds just four ETFs: A200 (Australia’s 200 largest companies), a US total stock market ETF, a developed-markets ex-US ETF and an emerging-markets ETF. The three global ETFs are listed in the US, which helps keep costs low.
- VDAL holds five Vanguard funds: Australian shares (ASX 300), international shares, international shares hedged to AUD, international small companies and emerging markets.
Watch: inside each provider’s range
DHHF and the rest of the Betashares range:
VDAL and the rest of the Vanguard range:
DHHF has a little more in the US and emerging markets. VDAL has a little more in Australia, plus a dedicated 7% in global small companies (DHHF’s broad US and developed-markets funds already include many smaller companies).
The big difference: currency hedging
DHHF is fully unhedged: when the Australian dollar falls, its global shares are worth more in AUD, and when the dollar rises, they’re worth less. VDAL hedges about 18% of the portfolio, which softens those swings.
Over the past year the Aussie dollar rose, so hedging helped and VDAL came out ahead. Over most of the past 15 years, the Aussie dollar fell, which favoured unhedged. Neither is always better. Read more in hedged vs unhedged ETFs.
Fees and costs
DHHF charges 0.19% a year and VDAL 0.27%. On a $100,000 portfolio that’s $190 vs $270 a year, an $80 difference. Over 20 years at 7%, that gap compounds to roughly $5,500. It matters, but it’s smaller than a single year’s currency swing.
Performance
| DHHF | VDAL | |
|---|---|---|
| 1 year to 30 Sep 2026 | +7.8% | +8.7% |
| 3 years (p.a.) | +15.5% | – |
| 5 years (p.a.) | +10.1% | – |
| Since inception (p.a.) | +11.6% (Dec 2019) | +13.1% (Mar 2025) |
| 2025 calendar year | – | +13.4% |
After fees, from each provider’s fact sheet at 30 September 2026. VDAL launched in March 2025 so has no 3 or 5-year record. Past performance is not a reliable indicator of future performance.
Over the 12 months to September, VDAL beat DHHF by about 1 percentage point, largely thanks to its hedged slice as the Aussie dollar rose. With VDAL so new, it’s too early to judge long-term results.
Which suits you?
DHHF may suit you if…
- you want the lowest fee in an all-growth fund
- you prefer a fund with a longer track record (since 2019) and more money in it
- you’re comfortable being fully unhedged for the long term
VDAL may suit you if…
- you want some currency hedging built in, to soften swings in the Aussie dollar
- you like holding only Vanguard funds, with a separate small-company allocation
- you’re happy to pay a slightly higher fee for that mix
Both are 100% shares, so both can fall sharply in a downturn. They suit long time horizons, typically 10+ years. If you want some defensive assets, look at VDHG (90/10) or VDGR (70/30). See our guide to choosing a core ETF by stage of life.
See more match-ups on our ETF comparison page.
Frequently asked questions
Is DHHF or VDAL better?
Neither is better for everyone. DHHF is cheaper and has a longer track record; VDAL includes about 18% currency hedging and a separate small-company fund. The main difference in results tends to come from currency moves.
What is the difference between DHHF and VDAL?
Both are 100% growth, all-in-one ETFs with about 40% Australian and 60% global shares. DHHF charges 0.19% and is fully unhedged; VDAL charges 0.27% and hedges about 18% of the portfolio.
Does DHHF hold bonds?
No. DHHF is 100% shares across about 8,000 companies. VDAL is also 100% shares.
Is DHHF hedged?
No. DHHF’s international shares are unhedged, so its returns are affected by moves in the Australian dollar.
Can I hold both DHHF and VDAL?
You can, but they overlap heavily, so holding both adds complexity without much extra diversification. Most investors pick one as their core.
General information only. This comparison doesn’t consider your objectives, financial situation or needs and isn’t a recommendation to buy either ETF. Consider the PDS and TMD before investing. Data from Betashares, Vanguard, Stockanalysis.com and the TMX ETF report, September 2026.