VAS and VHY overlap by about 65%: owning both mostly doubles up. VAS is cheaper (0.07% vs 0.25% a year), about $180 a year less on $100,000. VAS is the bigger fund ($26.7b vs $8.2b). VAS is the broad market. VHY picks companies with higher forecast dividends, so it pays more income but holds fewer companies and is heavier in banks and miners.
📅 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.
VHY
Vanguard Australian Shares High Yield ETFVHY invests in ASX-listed companies with higher forecast dividends, excluding property trusts.
VAS vs VHY 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 | VHY | |
|---|---|---|
| Issuer | Vanguard | Vanguard |
| Index | S&P/ASX 300 Index | FTSE ASFA Australia High Dividend Yield Index |
| Fee (a year) | 0.07% | 0.25% |
| Size | $26.7b | $8.2b |
| Net money in, September | +$449m | +$144m |
| 1-year return | +2.2% | +12.0% |
| 5-year return | +37% | +62% |
| Listed | 2009 | 2011 |
| Distributions | Quarterly | Quarterly |
| Top 10 holdings | 47% of fund | 62% of fund |
| Trend now | Base | Base |
How much do VAS and VHY overlap?
About 65% of their holdings are the same, by weight: high overlap, so owning both mostly doubles up.
The biggest companies they both own
| Company | VAS | VHY |
|---|---|---|
| BHP Group LtdMaterials | 11.3% | 9.7% |
| Commonwealth Bank of AustraliaFinancials | 9.2% | 9.1% |
| National Australia Bank LtdFinancials | 4.4% | 6.4% |
| Westpac Banking CorpFinancials | 4.4% | 6.3% |
| ANZ Group Holdings LtdFinancials | 4.2% | 6.1% |
| CSL LtdHealth Care | 3.2% | 3.9% |
| Macquarie Group LtdFinancials | 3.1% | 4.5% |
| Rio Tinto LtdMaterials | 2.3% | 5.5% |
| Woodside Energy Group LtdEnergy | 2.2% | 5.3% |
| Telstra Group LtdCommunication Services | 2.0% | 4.8% |
Only in VAS
- Wesfarmers Ltd 3.2%
- Goodman Group 2.0%
- Woolworths Group Ltd 1.7%
- Aristocrat Leisure Ltd 1.3%
- Northern Star Resources Ltd 1.3%
Only in VHY
- 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 VHY: 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 VHY.
See the exact overlap with everything you hold, plus the trend of each ETF, in our free calculator.
More comparisons
VAS vs VHY FAQs
Is VAS or VHY better?
Neither is better for everyone. VAS is the broad market. VHY picks companies with higher forecast dividends, so it pays more income but holds fewer companies and is heavier in banks and miners. Choose VAS if you want the whole Australian market for a low fee, with growth and income. Choose VHY if you want higher income and franking from Australian shares, for example in retirement.
What is the difference between VAS and VHY?
VAS and VHY overlap by about 65%: owning both mostly doubles up. VAS is cheaper (0.07% vs 0.25% a year), about $180 a year less on $100,000. VAS is the bigger fund ($26.7b vs $8.2b). VAS is the broad market. VHY picks companies with higher forecast dividends, so it pays more income but holds fewer companies and is heavier in banks and miners.
Should I own both VAS and VHY?
Usually there’s little point. With 65% overlap, owning both mostly doubles up on the same companies. Pick one.
Which is cheaper, VAS or VHY?
VAS is cheaper (0.07% vs 0.25% a year), about $180 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 VHY. Consider the PDS and TMD, and your own circumstances, before investing.