VGS and VGAD overlap by about 100%: owning both mostly doubles up. VGS is cheaper (0.18% vs 0.21% a year), about $30 a year less on $100,000. VGS is the bigger fund ($18.7b vs $7.9b). Same Vanguard index and companies. The only real difference is currency: VGAD is hedged to Australian dollars, VGS is not.
📅 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.
VGS
Vanguard MSCI Index International Shares ETFVGS invests in more than a thousand large companies across the world’s developed markets outside Australia, weighted by size. It is one of the most popular ways for Australians to own global shares.
VGAD
Vanguard MSCI Indx International Shre (Hedged) ETFVGAD invests in the same global companies as VGS, but hedges the currency so returns aren’t affected by moves in the Australian dollar.
VGS vs VGAD 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.
| VGS | VGAD | |
|---|---|---|
| Issuer | Vanguard | Vanguard |
| Index | MSCI World ex Australia Index | MSCI World ex Australia Index (hedged into Australian dollars) |
| Fee (a year) | 0.18% | 0.21% |
| Size | $18.7b | $7.9b |
| Net money in, September | +$532m | +$136m |
| 1-year return | +10.1% | +17.1% |
| 5-year return | +75% | +67% |
| Listed | 2014 | 2014 |
| Distributions | Quarterly | Quarterly |
| Top 10 holdings | 35% of fund | 35% of fund |
| Trend now | Base | Base |
How much do VGS and VGAD overlap?
About 100% of their holdings are the same, by weight: high overlap, so owning both mostly doubles up.
The biggest companies they both own
| Company | VGS | VGAD |
|---|---|---|
| NVIDIA CorpInformation Technology | 7.0% | 7.0% |
| Apple IncInformation Technology | 6.5% | 6.5% |
| Microsoft CorpInformation Technology | 4.8% | 4.8% |
| Alphabet (Google)Communication Services | 4.8% | 4.8% |
| Amazon.com IncConsumer Discretionary | 3.2% | 3.2% |
| Meta Platforms IncCommunication Services | 2.1% | 2.1% |
| Broadcom IncInformation Technology | 2.1% | 2.1% |
| Micron Technology IncInformation Technology | 1.6% | 1.6% |
| Tesla IncConsumer Discretionary | 1.4% | 1.4% |
| Advanced Micro Devices IncInformation Technology | 1.3% | 1.3% |
Only in VGS
- No holdings above 0.5%: the differences are all small positions.
Only in VGAD
- 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.
VGS or VGAD: 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 VGS and VGAD.
See the exact overlap with everything you hold, plus the trend of each ETF, in our free calculator.
More comparisons
VGS vs VGAD FAQs
Is VGS or VGAD better?
Neither is better for everyone. Same Vanguard index and companies. The only real difference is currency: VGAD is hedged to Australian dollars, VGS is not. Choose VGS if you want unhedged exposure. Many investors use it as their main global holding. Choose VGAD if you want to remove the effect of the Australian dollar on your returns, or to hedge part of your global shares.
What is the difference between VGS and VGAD?
VGS and VGAD overlap by about 100%: owning both mostly doubles up. VGS is cheaper (0.18% vs 0.21% a year), about $30 a year less on $100,000. VGS is the bigger fund ($18.7b vs $7.9b). Same Vanguard index and companies. The only real difference is currency: VGAD is hedged to Australian dollars, VGS is not.
Should I own both VGS and VGAD?
Usually there’s little point. With 100% overlap, owning both mostly doubles up on the same companies. Pick one.
Which is cheaper, VGS or VGAD?
VGS is cheaper (0.18% vs 0.21% a year), about $30 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 VGS or VGAD. Consider the PDS and TMD, and your own circumstances, before investing.