VAP and MVA overlap by about 61%: owning both mostly doubles up. VAP is cheaper (0.23% vs 0.35% a year), about $120 a year less on $100,000. VAP is the bigger fund ($2.8b vs $825m). Both hold Australian listed property trusts. VAP weights them by size, so the largest trusts make up more of the fund; MVA caps each holding, for a higher fee.
📅 As at 30 September 2026: fees, size, flows and returns from the TMX Australia funds report; overlap from published holdings as at 30 September 2026.
VAP
Vanguard Australian Property Securities Index ETFVAP invests in ASX-listed property trusts (A-REITs) that own shopping centres, offices, industrial estates and other property.
MVA
VanEck Australian Property ETFMVA invests in Australian listed property trusts, with a cap on how much any one trust can make up.
VAP vs MVA side by side
Green marks the cheaper, bigger or better-performing fund on each line. Past returns are not a reliable guide to the future.
| VAP | MVA | |
|---|---|---|
| Issuer | Vanguard | VanEck |
| Index | S&P/ASX 300 A-REIT Index | MVIS Australia A-REITs Index |
| Fee (a year) | 0.23% | 0.35% |
| Size | $2.8b | $825m |
| Net money in, September | +$26m | +$43m |
| 1-year return | -14.3% | -11.2% |
| 5-year return | +12% | +13% |
| Listed | 2010 | 2013 |
| Top 10 holdings | 87% of fund | 89% of fund |
| Trend now | Base | Base |
How much do VAP and MVA overlap?
About 61% of their holdings are the same, by weight: high overlap, so owning both mostly doubles up.
The biggest companies they both own
| Company | VAP | MVA |
|---|---|---|
| Scentre GroupReal Estate | 12.2% | 9.9% |
| Goodman GroupReal Estate | 37.2% | 9.6% |
| StocklandReal Estate | 7.0% | 9.8% |
| Vicinity LtdReal Estate | 6.2% | 9.8% |
| Charter Hall GroupReal Estate | 6.0% | 10.9% |
| GPT Group/TheReal Estate | 5.9% | 10.5% |
| Mirvac GroupReal Estate | 4.9% | 10.1% |
| DexusReal Estate | 4.1% | 9.8% |
| Region RE LtdReal Estate | 1.7% | 4.3% |
| BWP Property Group LtdReal Estate | 1.5% | 4.1% |
Only in VAP
- Ingenia Communities Group 1.3%
- Charter Hall Retail REIT 1.2%
- Waypoint REIT Ltd 1.0%
- Centuria Capital Group 0.9%
- DigiCo Infrastructure REIT 0.7%
Only in MVA
- No holdings above 0.5%: the differences are all small positions.
Sectors and countries
Sectors
Countries
Trend: base, uptrend or downtrend?
Past year of prices, shaded by trend stage. The dashed line is the 200-day exponential average. As at 4 November 2026. How base and trend works.
VAP or MVA: which suits who?
Where either fits depends on the rest of your portfolio: whether it’s your core or a satellite. See core and satellite investing and our full profiles of VAP.
See the exact overlap with everything you hold, plus the trend of each ETF, in our free calculator.
More comparisons
VAP vs MVA FAQs
Is VAP or MVA better?
Neither is better for everyone. Both hold Australian listed property trusts. VAP weights them by size, so the largest trusts make up more of the fund; MVA caps each holding, for a higher fee. Choose VAP if you want broad Australian property exposure for a lower fee. Choose MVA if you want less reliance on the largest property trusts.
What is the difference between VAP and MVA?
VAP and MVA overlap by about 61%: owning both mostly doubles up. VAP is cheaper (0.23% vs 0.35% a year), about $120 a year less on $100,000. VAP is the bigger fund ($2.8b vs $825m). Both hold Australian listed property trusts. VAP weights them by size, so the largest trusts make up more of the fund; MVA caps each holding, for a higher fee.
Should I own both VAP and MVA?
Usually there’s little point. With 61% overlap, owning both mostly doubles up on the same companies. Pick one.
Which is cheaper, VAP or MVA?
VAP is cheaper (0.23% vs 0.35% a year), about $120 a year less on $100,000. Fees are taken from the fund’s returns, not charged separately.
Fees, size, flows and returns: TMX Australia Funds Report to 30 September 2026; returns are total returns and the 5-year figure is cumulative. Overlap, sectors and countries are based on each fund’s published holdings, scaled to the part of each fund we can see. Trend stages are a technical indicator based on 10, 20, 50 and 200-day exponential moving averages; they describe the past, not the future. General information only, not a recommendation to buy or sell VAP or MVA. Consider the PDS and TMD, and your own circumstances, before investing.