VHY vs VAS: which ETF is better?
Vanguard Australian Shares High Yield ETF (VHY) and Vanguard Australian Shares Index ETF (VAS) compared on fees, holdings overlap, dividend yield, returns and risk, using the latest data.
- VHY and VAS have high overlap: 66% of each fund by weight sits in the same holdings.
- VAS is cheaper at 0.07% a year against 0.25% for VHY, about A$18 less in fees per A$10,000 invested each year.
- Over the last 10 years, VHY returned an average of 10.9% a year against 9.7% for VAS, with dividends reinvested.
- VAS is more diversified, with 304 holdings against 90 in VHY.
- VHY pays more income, yielding 3.59% over the last 12 months against 3.09% for VAS.
- Overlap by weight
- 65.7%
- Shared holdings
- 90
| VHY | VAS | |
|---|---|---|
| Name | Vanguard Australian Shares High Yield ETF | Vanguard Australian Shares Index ETF |
| Issuer | Vanguard | Vanguard |
| Listed on | ASX · AUD | ASX · AUD |
| Expense ratio | 0.25% | 0.07% |
| Assets (AUM) | A$8.4B | A$27.0B |
| Launched | May 26, 2011 | May 8, 2009 |
| Holdings | 90 | 304 |
| Dividend yield (12m) | 3.59% · quarterly | 3.09% · quarterly |
| Asset class | Equity | Equity |
| Annualised return | VHY | VAS |
|---|---|---|
| 1 year | +12.5% | +5.1% |
| 3 years | +15.9% | +12.5% |
| 5 years | +12.5% | +7.5% |
| 10 years | +10.9% | +9.7% |
| Volatility | 11.5% | 12.0% |
| Max drawdown | -35.6% | -35.8% |
Volatility is the annualised standard deviation of daily returns over 3 years. Max drawdown is the largest fall from a peak over the last 10 years, or since launch.
| Holding | VHY | VAS |
|---|---|---|
| BHP.AXBHP Group Ltd | 9.73% | 11.26% |
| CBA.AXCommonwealth Bank of Australia | 9.12% | 9.21% |
| NAB.AXNational Australia Bank Ltd | 6.42% | 4.45% |
| WBC.AXWestpac Banking Corp | 6.31% | 4.37% |
| ANZ.AXANZ Group Holdings Ltd | 6.09% | 4.21% |
| CSL.AXCSL Ltd | 3.89% | 3.21% |
| MQG.AXMacquarie Group Ltd | 4.53% | 3.06% |
| RIO.AXRio Tinto Ltd | 5.45% | 2.26% |
| WDS.AXWoodside Energy Group Ltd | 5.32% | 2.21% |
| TLS.AXTelstra Group Ltd | 4.75% | 1.96% |
Pull each fund's details, full price history and holdings into Google Sheets or Excel, so your comparison updates itself.
=SF("VHY.AX","etfInfo","expenseRatio&assetsUnderManagement&holdingsCount")=SF_TIMESERIES("VHY.AX","2016-10-01",TODAY(),"dailyAdj")=SF("VAS.AX","etfInfo","expenseRatio&assetsUnderManagement&holdingsCount")=SF_TIMESERIES("VAS.AX","2016-10-01",TODAY(),"dailyAdj")Prices to Nov 6, 2026; holdings last checked Nov 6, 2026. Returns are in each fund's trading currency (AUD). Past performance doesn't predict future returns. For information only, not investment advice.
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VHY vs VAS: frequently asked questions
How much do VHY and VAS overlap?
65.7% by weight. They share 90 holdings, and that share of each fund is invested in exactly the same positions. They share a large core but each adds something the other doesn't.
Is VHY or VAS cheaper?
VAS is cheaper. VHY's expense ratio is 0.25% a year and VAS's is 0.07%, so on A$10,000 you'd pay about A$25 and A$7 a year.
Which has performed better, VHY or VAS?
Over the last 10 years, VHY has. VHY returned 10.9% and VAS 9.7% a year on average, including reinvested dividends, as of Nov 6, 2026. Past returns don't predict future ones.
Which pays a higher dividend, VHY or VAS?
VHY does. Over the last 12 months VHY yielded 3.59%, paid quarterly, and VAS 3.09%, paid quarterly.
Should I hold both VHY and VAS?
They overlap by 66%, so holding both does spread your money more widely than either alone. Whether that suits you depends on the mix you want. This is general information, not advice.
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