IOZ and VAS are both broad Australian equity ETFs but track different indices. IOZ tracks the S&P/ASX 200 (200 largest ASX companies); VAS tracks the CRSP Australia Total Market Index (approximately 316 companies). Holdings overlap between the two is approximately 94%. Both pass through franking credits to Australian investors. General information only — not financial advice.
See live overlap and the fee difference in our IOZ vs VAS comparison tool.
Key findings (as at Q2 2026)
- IOZ tracks the S&P/ASX 200; VAS tracks the broader S&P/ASX 300, covering an additional band of smaller companies.
- IOZ charges 0.05% p.a. and VAS charges 0.07% p.a..
- Approximately 94% holdings overlap — the same banks, miners and large industrials dominate both funds.
- General information only, not financial advice.
IOZ and VAS are two of the most widely held Australian-shares ETFs on the ASX. They look near-identical from the outside — both passive funds that aim to track a broad Australian market index — but track different benchmarks from different index providers and come from different issuers. This guide compares them on index methodology, fees, holdings overlap, franking-credit treatment and liquidity. General information only, not financial advice.
At a glance
| IOZ | VAS | |
|---|---|---|
| Full name | iShares Core S&P/ASX 200 ETF | Vanguard Australian Shares Index ETF |
| Provider | iShares (BlackRock) | Vanguard |
| Index tracked | S&P/ASX 200 | S&P/ASX 300 |
| Holdings | 204 | 316 |
| MER | 0.05% p.a. | 0.07% p.a. |
| Fund size (Q2 2026) | $8.4B | $24.3B |
| Trailing yield | approximately 3.4% | approximately 3.3% |
| Distributions | Quarterly | Quarterly |
| Franking credits | Yes (passed through) | Yes (passed through) |
What is IOZ?
IOZ is the iShares Core S&P/ASX 200 ETF. It tracks the S&P/ASX 200, the index of the 200 largest companies listed on the ASX by free-float market capitalisation. Financials (the big four banks plus Macquarie) and Materials (BHP, Rio Tinto and other resources) dominate, with Health Care (CSL) and a tail of industrial and consumer names. IOZ is one of the largest and most liquid Australian-shares ETFs on the ASX.
What is VAS?
VAS is the Vanguard Australian Shares Index ETF. It tracks the S&P/ASX 300, which adds an additional approximately 100 smaller companies on top of the ASX 200. The same banks, miners and large industrials dominate the top of the fund — VAS and IOZ look effectively the same in the top 20 holdings. The difference is the long tail of smaller names that VAS includes and IOZ does not.
Index methodology: ASX 200 vs ASX 300
Both indices are constructed by S&P Dow Jones from the same Australian market. The S&P/ASX 200 captures roughly 80% of the Australian listed market by capitalisation. Adding the next 100 companies (the S&P/ASX 300) takes that coverage to roughly 81% — the additional 100 names are small enough that they contribute only a few percent of the total market weight. The methodologies are nearly identical otherwise: free-float adjusted, rebalanced quarterly, with the same eligibility and review criteria.
Holdings overlap
Overlap is approximately 94% (as at Q2 2026). The top 10 holdings of IOZ and VAS are effectively identical: CBA, BHP, CSL, NAB, Westpac, ANZ, Macquarie, Wesfarmers, Goodman Group, Telstra. The same handful of large-cap stocks drive most of the return for both funds. Investors holding both IOZ and VAS are largely duplicating the same large-cap Australian exposure with a marginal difference in the small-cap tail. The ETFLens overlap checker shows the exact figure.
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Both IOZ and VAS pass franking credits through to investors. Australian-listed companies that pay Australian company tax can attach franking credits to their dividends, and ETFs holding those companies pass the credits through in their distributions. The franking percentage varies each distribution and depends on the underlying dividends received. The ETFLens Franking Credit Calculator estimates the after-credit benefit at different marginal tax rates. Tax treatment depends on individual circumstances. Speak with a registered tax adviser.
Fees in dollars
IOZ costs $5/yr per $10,000 and VAS costs $7/yr per $10,000. Both sit at the low end of the ASX ETF fee range. The ETFLens Fee Calculator compounds the gap over a long holding period.
Liquidity and fund size
VAS is the larger fund at $24.3B, ahead of IOZ at $8.4B (as at Q2 2026). Both are among the largest and most heavily traded ETFs on the ASX. Spreads on both are typically narrow and trading impact is minimal for retail-sized orders.
Performance
IOZ has returned 10.1% over one year, 9.4% p.a. over three years and 8.5% p.a. over five years. VAS has returned 10.1% over one year, 9.4% p.a. over three years and 8.4% p.a. over five years. Past performance is not a reliable indicator of future returns. The small differences reflect the small-cap tail VAS picks up beyond IOZ and any tracking-difference variation between the two funds.
Who may suit IOZ
IOZ may suit you if you specifically want exposure to the S&P/ASX 200 index — the same benchmark used by many superannuation funds — and prefer the iShares (BlackRock) provider stack.
Who may suit VAS
VAS may suit you if you want slightly broader exposure including the smaller companies in the S&P/ASX 300 tail, and prefer the Vanguard provider stack. For a deeper walkthrough of VAS specifically, see the VAS review page.
This is general information only and not a recommendation to buy or not buy either fund. Consider seeking advice from a licensed financial adviser who can assess your specific circumstances.
See the full side-by-side breakdown: holdings overlap, sector exposure and fee difference in dollars.
Compare IOZ vs VAS on ETFLens →General information only. Not financial advice. This article does not consider your personal financial situation, objectives or needs. Past performance is not a reliable indicator of future returns. MER and fund size data reported from fund manager disclosures, reviewed quarterly. Always check the current PDS for the most recent fee and holdings information before investing. ETFLens does not hold an Australian Financial Services Licence. Always read the relevant PDS and consider seeking advice from a licensed financial adviser (AFS licence holder) before making any investment decisions.