ETF Comparison
VAS vs A200: Australian ETF Comparison
A factual comparison of two popular Australian broad market ETFs. This article provides general information only and does not constitute financial advice.
Important: This is general information only. It is not personal financial advice and does not take into account your objectives, financial situation or needs. Consider seeking independent professional advice before making investment decisions.
Last updated: January 2026
Key differences at a glance
Both VAS and A200 provide broad exposure to Australian companies and have historically tracked similarly. The main factual differences between them:
VAS characteristics
- • Tracks ASX 300 (broader exposure with ~300 companies)
- • Managed by Vanguard (established 2009)
- • Larger fund size (~$15 billion AUM)
- • Management fee: 0.07%
A200 characteristics
- • Tracks ASX 200 (~200 companies)
- • Managed by BetaShares (established 2018)
- • Smaller fund size (~$4 billion AUM)
- • Management fee: 0.04%
Side-by-side comparison
| Feature | VAS | A200 |
|---|---|---|
| Full name | Vanguard Australian Shares Index ETF | BetaShares Australia 200 ETF |
| Index tracked | S&P/ASX 300 | S&P/ASX 200 |
| Number of holdings | ~300 companies | ~200 companies |
| Management fee (MER) | 0.07% | 0.04% |
| Annual cost on $100k | $70 | $40 |
| Dividend frequency | Quarterly | Quarterly |
| Dividend yield (approx) | ~3.5-4% | ~3.5-4% |
| Fund size (AUM) | ~$15 billion | ~$4 billion |
| Provider | Vanguard | BetaShares |
| Inception date | May 2009 | May 2018 |
What is VAS?
VAS (Vanguard Australian Shares Index ETF) tracks the S&P/ASX 300 index, giving you exposure to approximately 300 of the largest companies on the Australian Stock Exchange.
Launched in 2009, VAS is one of Australia's oldest and largest ETFs. It's managed by Vanguard, one of the world's most trusted investment companies known for low-cost index investing.
With a management fee of 0.07% per year, VAS costs $70 annually for every $100,000 invested. It pays quarterly dividends, typically with a gross yield of 3.5-4%.
What is A200?
A200 (BetaShares Australia 200 ETF) tracks the S&P/ASX 200 index, giving you exposure to the 200 largest companies on the Australian Stock Exchange.
Launched in 2018, A200 is newer but has grown rapidly due to its ultra-low fee of 0.04%—making it one of the cheapest ETFs available in Australia.
At 0.04%, A200 costs just $40 annually for every $100,000 invested—$30 less than VAS. It also pays quarterly dividends with a similar yield.
The fee difference: Does it matter?
A200 has a 0.03% fee advantage over VAS. How much does this matter?
Example: $100,000 invested over 20 years
Assuming 7% annual returns, the fee difference would cost you roughly:
- VAS fees: ~$5,400 over 20 years
- A200 fees: ~$3,100 over 20 years
- Difference: ~$2,300 saved with A200
For a $100k portfolio over 20 years, A200's lower fee saves you about $2,300. That's meaningful but not transformative. For larger portfolios, the savings scale up.
Reality check: Both ETFs have fees under 0.1%, which is excellent. Either choice puts you well ahead of most actively managed funds that charge 1-2% annually.
300 vs 200 companies: Does it matter?
VAS tracks 300 companies (ASX 300) while A200 tracks 200 (ASX 200). Does this 100-company difference matter?
In practice, not much. The ASX 200 already represents about 80% of the total Australian market by value. The extra 100 companies in VAS are smaller and have minimal impact on returns.
Both ETFs are heavily weighted toward the same large companies—CBA, BHP, CSL, NAB, Westpac. These giants drive most of the performance regardless of whether you hold 200 or 300 stocks.
The slight diversification benefit of VAS is offset by A200's lower fees. Over time, returns are nearly identical.
Historical performance
Since A200 launched in 2018, both ETFs have tracked nearly identically. Any differences in annual returns are typically within 0.1-0.2%, mostly explained by:
- The fee difference (A200 slightly ahead due to lower costs)
- Minor timing differences in dividend reinvestment
- Slight index composition differences
Over 5+ years, the performance difference is negligible. Both have delivered returns in line with the broader Australian market.
Factors some investors consider
Different investors may weigh different factors when comparing these ETFs. This is not a recommendation—what matters to you depends on your personal circumstances.
Fee sensitivity
A200 has a lower management fee (0.04% vs 0.07%). Over long periods with large amounts, this difference compounds. Whether this matters depends on your investment amount and timeframe.
Index coverage
VAS tracks 300 companies vs A200's 200. The ASX 200 represents approximately 80% of the Australian market by capitalisation. Whether broader coverage matters is a personal consideration.
Fund provider preference
Some investors prefer established providers. VAS has been available since 2009; A200 since 2018. Both providers are reputable.
Note: We cannot tell you which ETF is right for you. Consider consulting a licensed financial adviser who can assess your individual circumstances.
Do they overlap?
Some people ask whether holding both VAS and A200 provides diversification.
VAS and A200 have significant overlap—both hold the largest Australian companies. The ASX 200 companies are a subset of the ASX 300. Whether this matters for your situation depends on your broader portfolio strategy.
For information about diversification across different markets, you may wish to research international ETFs or consult a financial adviser.
Test it yourself
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Important disclaimer: This article provides general information only. It does not constitute personal financial advice and has not considered your objectives, financial situation or needs. Before making any investment decision, investors often consider seeking advice from a licensed financial adviser. Past performance is not a reliable indicator of future performance. ETF fees, characteristics and holdings may change. Always read the Product Disclosure Statement (PDS) before investing. PaperWealth is not affiliated with Vanguard or BetaShares and does not receive commissions from any ETF provider.