Investing · ETFs · 10 min read
All-in-one ETFs compared: DHHF vs VDHG vs VDGR
One fund. Thousands of companies. Automatic rebalancing. Here's how Australia's main diversified ETFs compare on fees and on how much each holds in shares.
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What is a one-fund ETF?
A one-fund (or "all-in-one") exchange-traded fund (ETF), such as DHHF or VDHG, holds a diversified mix of global share markets — and sometimes bonds — in a single fund. Instead of buying Australian shares, US shares, and international shares separately and rebalancing between them every year, you buy one ETF and the fund manager handles everything.
It is one of the simplest ways to hold a diversified portfolio for the long term: you get diversification across thousands of companies in one trade, with no rebalancing work.
How do Australia's all-in-one ETFs compare?
Australia's main all-in-one ETFs differ mostly in how much they hold in shares versus defensive assets (bonds and cash). DHHF is 100% equities at 0.19% a year, while Vanguard's VDHG, VDGR, VDBA and VDCO hold 90%, 70%, 50% and 30% growth assets respectively, each at 0.27% a year.
| ETF | Provider | Allocation | MER p.a. | In plain terms |
|---|---|---|---|---|
| DHHF | Betashares | 100% equities (38% AU, 62% Intl) | 0.19% | All shares; lowest fee of the five |
| VDHG | Vanguard | 90% growth / 10% defensive | 0.27% | Mostly shares, small bond buffer |
| VDGR | Vanguard | 70% growth / 30% defensive | 0.27% | More shares than bonds |
| VDBA | Vanguard | 50% growth / 50% defensive | 0.27% | Even split of shares and bonds |
| VDCO | Vanguard | 30% growth / 70% defensive | 0.27% | Mostly bonds and cash |
MER = Management Expense Ratio (annual fee). Fees checked October 2026 — verify on the fund provider's website before investing.
What is the difference between DHHF and VDHG?
DHHF and VDHG differ in three ways: growth allocation (DHHF is 100% equities; VDHG is 90% equities and 10% bonds), cost (0.19% vs 0.27% a year, about $40 a year on a $50,000 portfolio), and the mix of Australian and international shares:
1. Growth allocation
DHHF is 100% equities — no bonds, no cash. VDHG is 90% equities / 10% defensive(bonds). Over long periods shares have historically returned more than bonds — but the ride is bumpier. In a bad year, DHHF might fall 35–40%. VDHG might fall 30–35%. The defensive buffer is small but meaningful during drawdowns.
2. Cost
DHHF charges 0.19% p.a., VDHG charges 0.27% p.a.On a $50,000 portfolio that difference is $40/year. Over 30 years compounded, it adds up — but it's not a dealbreaker. Both are dramatically cheaper than most managed funds (1–2% p.a.).
3. Australian vs international mix
DHHF holds ~38% in Australian shares, 62% international. VDHG targets 36% Australian and 54% international shares (16 of those 54 percentage points hedged to the Australian dollar), plus 10% bonds. Both have significant Australian exposure, which brings franking credit benefits on the dividend component.
Do franking credits matter in all-in-one ETFs?
Franking credits do matter: they represent the 30% company tax already paid by Australian companies, and when passed on to shareholders they can offset personal tax. DHHF and VDHG both pass through partial franking credits because ~36–38% of their holdings are Australian — one reason Australian investors often hold more local shares than Australia's ~2% global market weight would suggest.
This makes them reasonably tax-efficient for Australian residents. Where maximising franking credits is a priority (typically for retirees), some investors supplement with a pure Australian ETF like VAS or A200.
How do DHHF and VDHG differ in practice?
If the lowest fee and full share exposure matter most to you, DHHF has both — with bigger swings in value. If a small cushion in market falls matters more, VDHG has 10% in bonds, for a slightly higher fee. How long until you need the money, and how you'd react to a large fall, are the usual deciding questions.
DHHF at a glance
- • 100% shares, no bonds or cash
- • 0.19% a year ($19 per $10,000)
- • Bigger rises and bigger falls
- • One fund, rebalanced for you
VDHG at a glance
- • 90% shares, 10% bonds
- • 0.27% a year ($27 per $10,000)
- • Slightly smaller falls and rises
- • One fund, rebalanced for you
Important
How do you buy a one-fund ETF?
DHHF and VDHG are listed on the Australian Securities Exchange (ASX) and trade like shares, so buying either one takes a brokerage account with ASX access, then a search for the ticker and a buy order. When comparing platforms, check:
- Fee per trade — compare it with what you'll invest each time. A $3 fee on a $500 monthly buy is 0.6%; a $10 fee on the same buy is 2%.
- Issuer platforms — the company that makes the ETF may offer $0 brokerage, but usually only on its own funds. Check before you assume both ETFs are free to buy.
- CHESS sponsorship — the shares are registered in your own name rather than held by the platform. Check which model the platform uses.
- Automatic recurring buys — some platforms offer them; check whether yours does and what each buy costs.
Once you have an account, search the ticker (DHHF or VDHG) and place a market or limit order. That's it. Set up a monthly transfer and buy each payday if you want to dollar-cost average.
Related calculators and guides
Questions people ask
What is a one-fund or all-in-one ETF?
A one-fund ETF (also called a diversified or multi-asset ETF) holds a mix of global share markets in a single fund. Instead of buying separate Australian, US, and international ETFs and rebalancing between them, you buy one fund that does it automatically. Examples include DHHF (BetaShares) and VDHG (Vanguard).
What is the difference between DHHF and VDHG?
DHHF is 100% equities (no defensive assets) — roughly 38% Australian shares, 62% international shares, with MER 0.19% p.a. VDHG is 90% growth/10% defensive (bonds) with MER 0.27% p.a. DHHF is likely to swing more in value; VDHG's 10% in bonds gives a small buffer when share markets fall.
How do DHHF and VDHG compare over the long term?
Over long periods, shares have historically returned more than bonds but with bigger falls along the way. DHHF holds only shares and charges less (0.19% vs 0.27%), so its expected long-term return is slightly higher, with bigger ups and downs. VDHG trades a little of that expected return, and a slightly higher fee, for a 10% defensive allocation that smooths the ride. Which matters more depends on your timeline and how you'd react to a large fall.
What does MER mean and why does it matter?
MER (Management Expense Ratio) is the annual fee charged by the fund manager, expressed as a percentage of your investment. A 0.19% MER means you pay $19 per year on a $10,000 investment. Over 30 years, a 0.1% fee difference compounds to a meaningful gap in returns — all else equal, a lower MER leaves more of the return with you.
Do DHHF and VDHG pay dividends?
Yes — both distribute income (dividends and interest from underlying holdings) quarterly. DHHF distributions are 100% from equity dividends, while VDHG distributions include a small component of bond interest. Both pass through franking credits from Australian shares, which can provide a tax offset at tax time.
Can I buy DHHF or VDHG on any broker?
Yes. Both are ASX-listed ETFs, so any platform with ASX access can buy them. They trade like shares during ASX hours (10am–4pm AEST). Brokerage commonly ranges from $0 to about $20 per trade, so check the fee against how much you'll invest each time: $5 on a $500 buy is 1%, while $5 on a $5,000 buy is 0.1%. ETF issuer platforms may offer $0 brokerage, but usually only on that issuer's own funds — so a free platform for one of these ETFs may charge for the other.
Is one all-in-one ETF enough for a diversified portfolio?
It can be. DHHF holds about 8,000 shares listed on more than 60 exchanges worldwide through its underlying funds, and VDHG holds more than 16,000 shares and bonds through its underlying funds. The main thing you're giving up is the ability to customise your regional allocation — for example, overweighting Australian shares for franking credit benefits.
Where these facts come from
The rules, rates and thresholds in this guide come from these official sources: