Local guide: Australia / English. AUD examples only. Fund fees and features were checked on the Betashares and Vanguard fund pages and on ASIC Moneysmart on 4 October 2026.
Choosing between DHHF and VDHG comes down to two things you can put a dollar figure on: a yearly fee gap of 0.08 percentage points, and the 10% bond allocation inside VDHG. To test them you need your starting amount, monthly contribution, years invested and your own return assumptions for shares and bonds. The result is a projection, not a forecast, and it leaves out tax and brokerage.
In short, on a hypothetical $20,000 plus $500 a month for 20 years, the fee gap is worth about $3,199 and the bond mix about $11,677 under the return assumptions used. The bond part is the bigger lever, and it is also the part that depends most on what markets actually do.
DHHF vs VDHG fee gap and bond gap calculator
Enter your amounts and your own return assumptions. The calculator projects DHHF, VDAL and VDHG side by side, then splits the difference into the part caused by fees and the part caused by the 10% bond mix.
Each year: balance × (1 + assumed return − fee) + 12 monthly contributions. VDHG uses 90% of the share return plus 10% of the bond return. Returns are your assumptions, not forecasts, and tax, brokerage and timing are left out.
This tool runs in your browser. Your entries are not sent or saved. All amounts are in Australian dollars (AUD).
Load example fills hypothetical figures. They are not current rates or recommendations.
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The calculator adds a third fund, VDAL, because it isolates each effect. VDAL is Vanguard’s 100% growth version with the same 0.27% fee as VDHG, so DHHF minus VDAL is a fee-only gap, and VDAL minus VDHG is a bond-mix-only gap.
What is actually different between DHHF and VDHG?
All three are ASX-listed, all-in-one funds that hold thousands of shares across Australian and overseas markets. The differences that move dollars are the fee, the growth-to-defensive mix and how each fund is built. The table uses only what the fund pages showed when checked.
| Feature | DHHF (Betashares) | VDHG (Vanguard) | VDAL (Vanguard) |
|---|---|---|---|
| Yearly fee | 0.19% management fee and cost | 0.27% management fee | 0.27% management fee |
| Target mix | 100% growth assets (shares) | 90% growth, 10% income assets such as bonds | 100% growth assets (shares) |
| How it is built | A blend of ETFs traded on the ASX and other global exchanges, about 8,000 shares | Tracks the weighted indices of its underlying Vanguard funds | Over 6,000 securities from around 50 markets |
| Distributions | Quarterly; reinvestment applies automatically for AU and NZ investors unless they opt out | Quarterly | Quarterly |
| Start date | 15 December 2020 (current strategy) | 20 November 2017 | 4 March 2025 |
When checked, the DHHF page listed its allocation as 38.1% Australian shares, 39.7% US shares, 15.2% developed markets outside the US and 6.9% emerging markets. It also says the fund is rebalanced when a weighting drifts more than 2% from its strategic allocation at the end of a calendar quarter.
How much is a 0.08% fee gap in dollars?
Fees come out of the fund’s value, so you never see a separate bill. On a balance of $100,000 the gap is $100,000 × (0.27% − 0.19%) = $80 a year. On the $20,000 starting amount in the example below it is $54 − $38 = $16 in the first year.
The gap grows with your balance and compounds, because money not paid in fees keeps earning. That is why it reaches about $3,199 after 20 years in the example, even though each single year looks small. ASIC Moneysmart’s managed funds fee calculator shows the same fee effect for any two funds, and it also notes that it leaves out tax and brokerage. The same limits apply here.
Worked example: $20,000 plus $500 a month for 20 years
This is a hypothetical example, not a forecast or a recommendation. Inputs: $20,000 to start, $500 a month added as $6,000 at the end of each year, 20 years, an assumed share return of 7.00% a year and an assumed bond return of 4.00% a year, both before fees, with the fees shown on the fund pages.
Formula: each year, balance × (1 + return − fee) + $6,000. The net rates are DHHF 7.00 − 0.19 = 6.81%, VDAL 7.00 − 0.27 = 6.73%, and VDHG (0.9 × 7.00 + 0.1 × 4.00) − 0.27 = 6.70 − 0.27 = 6.43%.
| Year | DHHF at 6.81% | VDAL at 6.73% | VDHG at 6.43% |
|---|---|---|---|
| Year 5 | $62,176.73 | $62,017.93 | $61,425.95 |
| Year 10 | $120,808.42 | $120,210.45 | $117,996.80 |
| Year 15 | $202,314.88 | $200,803.89 | $195,249.39 |
| Year 20 | $315,620.54 | $312,421.38 | $300,744.76 |
Result: after 20 years and $140,000 put in, the fee gap is $315,620.54 − $312,421.38 = $3,199.16. The bond-mix gap is $312,421.38 − $300,744.76 = $11,676.62. Together they make the $14,875.78 total gap between DHHF and VDHG.
What to check: the bond-mix gap is about 3.6 times the fee gap here, but it exists only because the example assumes bonds earn 3 percentage points less than shares every single year. Set both returns to 7.00% in the calculator and the bond-mix gap drops to zero.
Is the bond gap a cost, or a choice about risk?
The 10% in bonds is a choice about risk, not a fee. In a smooth projection where shares always earn more, bonds always look like a drag. In a real share market fall, the bond part may lose less and soften the drop, which a yearly-average projection cannot show.
So the useful question is less “which is cheaper” and more “do I want defensive assets inside this fund”. If you already keep cash, a term deposit or an offset balance as a buffer, the bonds inside VDHG may double up on it. If this fund holds most of your savings, the bonds may be the part that helps you stay invested during a fall.
If you prefer Vanguard but want no bonds, VDAL removes that question. Then only the 0.08% fee gap and the way each fund is built separate it from DHHF.
Can an extra cost inside DHHF cancel its lower fee?
Betashares says DHHF is built from ETFs traded on the ASX and other global exchanges. Some Australian investor blogs argue that holding funds listed overseas can create a tax cost that sits outside the 0.19% figure. This guide has not verified a number for that, so the calculator sets the extra cost to 0 and lets you test your own estimate.
The break-even is simple: an extra cost equal to the fee gap cancels it. In the example, an extra 0.08% a year makes DHHF’s net rate 7.00 − 0.19 − 0.08 = 6.73%, the same as VDAL, and its 20-year projection becomes $312,421.38, exactly the VDAL figure. Anything above 0.08% would put DHHF behind VDAL on these assumptions.
When does this comparison not fit?
It does not fit money you may need soon. Vanguard’s pages give a suggested timeframe of 7 years or more for both VDHG and VDAL, with risk levels of high to very high and very high. A smooth 7% projection says nothing about a fall in the year you need the cash.
It does not fit if tax decides your choice. Distributions, franking credits and capital gains when you sell all depend on your own tax position and holding period, and the calculator leaves them out. If you would sell one fund to buy the other, check the capital gains tax on those units with a registered tax agent first.
It does not fit your super. DHHF, VDHG and VDAL are ETFs you buy through a broker; your super fund’s investment options have their own fees and asset mixes.
And it does not include brokerage. A fixed brokerage fee on small regular purchases can cost more than the fee gap. A hypothetical $5 brokerage on a $500 purchase is 1% of that purchase, more than 12 years of the 0.08% gap on the same $500.
How the calculator works and what it leaves out
Each fund starts with your starting amount. Every year the balance grows by the assumed return minus the fee, then 12 monthly contributions are added at the end of the year. DHHF and VDAL use the share return. VDHG uses 90% of the share return plus 10% of the bond return, matching its 90/10 target mix.
The fee gap is DHHF minus VDAL, and the bond-mix gap is VDAL minus VDHG. Amounts are rounded to the cent only when shown. The extra cost field is subtracted from DHHF’s return only.
It ignores tax, franking credits, brokerage, buy and sell spreads, timing within the year, rebalancing drift, currency movements and any future fee changes. It is a comparison aid, not a prediction of what any fund will return.
If you have a mortgage, compare investing with parking the same cash against your loan; see what an offset or redraw costs you in a year. If you carry a study loan, whether to pay off a HECS debt early covers that trade-off.
Quick decision checklist
- Decide whether you want 10% bonds inside the fund, or keep your safety money somewhere else.
- Check the current fee on each fund page; fees can change, and the calculator lets you update them.
- Use return assumptions you would defend, then try equal share and bond returns to see the fee gap alone.
- Price your brokerage per purchase; on small regular buys it can outweigh the 0.08% gap.
- Before switching funds, check the capital gains tax on the units you would sell.
Sources, scope and editorial note
- Betashares: DHHF Diversified All Growth ETF fund page. Used for: the 0.19% management fee and cost, 100% growth assets, the ETF-based build on the ASX and other global exchanges, about 8,000 securities, the asset allocation, the 2% quarterly rebalancing rule, quarterly distributions, automatic reinvestment and the 15 December 2020 strategy start date.
- Vanguard: Diversified High Growth Index ETF (VDHG) fund page. Used for: the 0.27% management fee, the 90% growth and 10% income target, the underlying funds, quarterly distributions, the 20 November 2017 inception date, risk level and suggested timeframe.
- Vanguard: Diversified All Growth Index ETF (VDAL) fund page. Used for: the 0.27% management fee, the 100% growth target, over 6,000 securities from around 50 markets, quarterly distributions, the 4 March 2025 inception date, risk level and suggested timeframe.
- ASIC Moneysmart: Managed funds fee calculator. Used for: how fees and costs affect an investment and the calculator’s stated limits on tax and brokerage.
Sources checked 4 October 2026. Fund figures are as shown on the issuer pages on that date and can change. All dollar figures are hypothetical examples in AUD. This guide was prepared with AI assistance and source checking; it has not received professional financial or legal review. It is general information, not personal financial or tax advice, and it does not recommend either fund.
