VAS and STW overlap by about 94%: owning both mostly doubles up. STW is cheaper (0.05% vs 0.07% a year), about $20 a year less on $100,000. VAS is the bigger fund ($26.7b vs $6.5b). Close to the same investment. VAS holds the top 300; STW holds the S&P/ASX 200 and is Australia’s oldest ETF, listed in 2001.
📅 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.
VAS
Vanguard Australian Shares Index ETFVAS invests in around 300 of the largest companies listed on the ASX, weighted by size.
STW
SPDR S&P/ASX 200 ETFSTW invests in the 200 largest companies in the S&P/ASX 200 index, weighted by size. Listed in 2001, it is Australia’s oldest ETF.
VAS vs STW 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.
| VAS | STW | |
|---|---|---|
| Issuer | Vanguard | State Street (SPDR) |
| Index | S&P/ASX 300 Index | S&P/ASX 200 Index |
| Fee (a year) | 0.07% | 0.05% |
| Size | $26.7b | $6.5b |
| Net money in, September | +$449m | −$33m |
| 1-year return | +2.2% | +2.6% |
| 5-year return | +37% | +38% |
| Listed | 2009 | 2001 |
| Distributions | Quarterly | Quarterly |
| Top 10 holdings | 47% of fund | 50% of fund |
| Trend now | Base | Base |
How much do VAS and STW overlap?
About 94% of their holdings are the same, by weight: high overlap, so owning both mostly doubles up.
The biggest companies they both own
| Company | VAS | STW |
|---|---|---|
| BHP Group LtdMaterials | 11.3% | 10.8% |
| Commonwealth Bank of AustraliaFinancials | 9.2% | 10.4% |
| National Australia Bank LtdFinancials | 4.4% | 4.8% |
| Westpac Banking CorpFinancials | 4.4% | 4.7% |
| ANZ Group Holdings LtdFinancials | 4.2% | 4.6% |
| CSL LtdHealth Care | 3.2% | 3.6% |
| Wesfarmers LtdConsumer Discretionary | 3.2% | 3.2% |
| Macquarie Group LtdFinancials | 3.1% | 3.2% |
| Woodside Energy Group LtdEnergy | 2.2% | 2.3% |
| Rio Tinto LtdMaterials | 2.3% | 2.0% |
Only in VAS
- No holdings above 0.5%: the differences are all small positions.
Only in STW
- 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.
VAS or STW: 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 VAS and STW.
See the exact overlap with everything you hold, plus the trend of each ETF, in our free calculator.
More comparisons
VAS vs STW FAQs
Is VAS or STW better?
Neither is better for everyone. Close to the same investment. VAS holds the top 300; STW holds the S&P/ASX 200 and is Australia’s oldest ETF, listed in 2001. Choose VAS if you want the extra 100 smaller companies and the largest fund. Choose STW if you want the ASX 200 and the longest track record on the ASX.
What is the difference between VAS and STW?
VAS and STW overlap by about 94%: owning both mostly doubles up. STW is cheaper (0.05% vs 0.07% a year), about $20 a year less on $100,000. VAS is the bigger fund ($26.7b vs $6.5b). Close to the same investment. VAS holds the top 300; STW holds the S&P/ASX 200 and is Australia’s oldest ETF, listed in 2001.
Should I own both VAS and STW?
Usually there’s little point. With 94% overlap, owning both mostly doubles up on the same companies. Pick one.
Which is cheaper, VAS or STW?
STW is cheaper (0.05% vs 0.07% a year), about $20 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 VAS or STW. Consider the PDS and TMD, and your own circumstances, before investing.