VAS and A200 are almost the same investment. Both hold Australia’s largest companies, and their top 10 holdings and weights are nearly identical. A200 is cheaper (0.04% vs 0.07%) and has returned slightly more; VAS is bigger, older and holds about 100 extra smaller companies. For most investors, either is a sound choice for Australian shares.
Watch me compare them head to head:
At a glance
| VAS | A200 | |
|---|---|---|
| Full name | Vanguard Australian Shares Index ETF | Betashares Australia 200 ETF |
| Index | S&P/ASX 300 | Solactive Australia 200 |
| Companies held | About 300 | 200 |
| Management fee | 0.07% a year | 0.04% a year |
| Fund size | About $26.7bn (Australia’s largest ETF) | About $11.1bn |
| Listed | May 2009 | May 2018 |
| New money, past 12 months | About $4.3bn | About $2.7bn |
| Distributions | Quarterly | Quarterly |
What’s inside
Australia’s share market is dominated by a handful of big banks and miners, so any broad Australian ETF ends up looking very similar. The top 10 companies make up almost half of both funds:
| VAS | A200 | |
|---|---|---|
| BHP | 11.3% | 11.6% |
| Commonwealth Bank | 9.2% | 9.5% |
| NAB | 4.5% | 4.6% |
| Westpac | 4.4% | 4.5% |
| ANZ | 4.2% | 4.3% |
| CSL | 3.2% | 3.3% |
| Wesfarmers | 3.2% | 3.3% |
| Macquarie | 3.1% | 3.3% |
| Rio Tinto | 2.3% | 2.2% |
| Woodside | 2.2% | 2.3% |
| Top 10 total | 47.4% | 48.9% |
VAS: Stockanalysis.com; A200: Betashares fact sheet, 30 September 2026.
That concentration is worth knowing: about a third of either fund sits in the big four banks and BHP. It’s one reason we suggest pairing Australian shares with global shares, or using a diversified ETF as your core.
ASX 300 vs ASX 200: does the index matter?
VAS tracks the S&P/ASX 300, so it holds about 100 more companies than A200. But those extra companies are small, adding only a few per cent of the fund’s value. A200 tracks the Solactive Australia 200, which picks the 200 largest companies in a very similar way to the ASX 200 (used by IOZ and STW).
In practice, the extra small companies make little difference to returns. If you specifically want small-company exposure, a dedicated small-cap ETF does that job better.
How the Betashares and Vanguard Australian shares ETFs compare across each range:
Fees and costs
A200 charges 0.04% a year and VAS 0.07%. On $100,000 that’s $40 vs $70 a year, a $30 difference. Over 20 years the gap compounds to roughly $2,000. Small, but it’s the main thing separating them. Brokerage on each trade usually matters more.
Performance
| VAS | A200 | |
|---|---|---|
| 1 year | +2.2% | +2.9% |
| 3 years (p.a.) | +10.8% | +11.0% |
| 5 years (p.a.) | +6.5% | +6.9% |
Total returns to 30 September 2026 (TMX ETF report), annualised for 3 and 5 years. Past performance is not a reliable indicator of future performance.
A200 has edged out VAS over 1, 3 and 5 years, by about 0.2–0.7 percentage points a year. Part of that is the lower fee; the rest comes from small differences in what they hold.
Is the classic VAS + VGS portfolio still the right approach?
Which suits you?
A200 may suit you if…
- you want the lowest fee for Australian shares
- you’re happy with the 200 largest companies
VAS may suit you if…
- you prefer the largest, longest-running Australian shares ETF
- you like a little extra exposure to smaller companies
- you already hold other Vanguard ETFs and want one provider
Whichever you choose, holding both adds nothing: they overlap almost completely. Also consider other ASX 200 ETFs such as IOZ (0.05%) and STW (0.05%), which perform very similarly.
See more match-ups on our ETF comparison page.
Frequently asked questions
Is VAS or A200 better?
Neither is clearly better. A200 is cheaper (0.04% vs 0.07%) and has returned slightly more over 1, 3 and 5 years; VAS is larger, older and holds about 300 companies instead of 200. Their holdings overlap almost completely.
What is the difference between VAS and A200?
VAS tracks the S&P/ASX 300 and holds about 300 companies; A200 tracks the Solactive Australia 200 and holds 200. The extra companies in VAS are small, so the funds behave very similarly.
Should I hold both VAS and A200?
No. They overlap almost completely, so holding both adds complexity without extra diversification.
Is A200 the cheapest Australian shares ETF?
A200 is among the cheapest at 0.04% a year. Other broad options include VAS (0.07%), IOZ (0.05%) and STW (0.05%).
Do VAS and A200 pay franking credits?
Yes. Both hold Australian companies that pay franked dividends, so their distributions usually include franking credits. A200’s franking level was about 71% over the past year.
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, Stockanalysis.com and the TMX ETF report, September 2026.