DACE vs DAVA vs IOZ vs MQAE - Compare ETFs side by side

At a glance

Comparing DACE, DAVA, IOZ, and MQAE. MQAE has the lowest management fee at 0.03% a year, DAVA has the highest 10 years return at 11.5% a year, and DAVA offers the highest at 6.66%.

Lowest fee

MQAE 0.03% p.a.

Highest 10 years return

DAVA 11.5% p.a.

Highest yield

DAVA 6.66%

Highest risk-adjusted

DAVA Sharpe 0.62 (10y)

Lowest volatility

IOZ 13.3% (10y)

Largest fund

IOZ $9.3bn

Side-by-side comparison

Metric	DACE Dimensional Australian Core Equity Trust - Active ETF	DAVA Dimensional Australian Value Trust - Active ETF	IOZ iShares Core S&P/ASX 200 ETF	MQAE Macquarie Core Australian Equity Active ETF
Snapshot
Provider	—	—	iShares	—
Tracks index	S&P/ASX 300 Index	S&P/ASX 300 Index	S&P/ASX 200 Index	S&P/ASX 200 Index
Categories	AU, Factor, Value, Small-Cap	AU, Factor, Value	AU, Large-Cap, Market-Cap	AU, Large-Cap
Listed since	2006 (20 yrs)	2024 (2 yrs)	2010 (16 yrs)	2023 (3 yrs)
Fund size (AUM)	—	$1.5bn	$9.3bn	$1.2bn
Cost & income
Management fee	0.28%	0.34%	0.05%	0.03%
Dividend yield	—	6.66%	3.37%	2.55%
Franking	80%	82%	80%	78%
Turnover	20%	20%	3%	55%
Tax drag	0.48%	1.02%	0.36%	1.56%
Returns	Tax bracket - adjusts tax drag & net returns
1-year return	—	20.6% net	5.9% net	5.5% net
3-year return	—	13.9% net	10.3% net	—
5-year return	—	11.4% net	7.9% net	—
10-year return	—	11.5% net	8.9% net	—
Risk
Volatility (3y)	—	10.2%	10.7%	—
Volatility (5y)	—	14%	12.4%	—
Volatility (10y)	—	16.2%	13.3%	—
Sharpe ratio (3y)	—	0.94	0.59	—
Sharpe ratio (5y)	—	0.62	0.42	—
Sharpe ratio (10y)	—	0.62	0.55	—
Bid/ask spread	—	—	—	—

marks the strongest fund in each row. “net” shows the after-tax return at your selected bracket. “—” means we don’t have that data point yet.

Each fund at a glance

DACE Dimensional Australian Core Equity Trust - Active ETF

Low-cost: a 0.28% management fee keeps more of the return in your pocket.

Cheaper alternatives exist: MQAE, A200, and IOZ.

Full DACE analysis →

DAVA Dimensional Australian Value Trust - Active ETF

Top-15% returns over 1 year (46th of 308 ETFs we track).
Low-cost: a 0.34% management fee keeps more of the return in your pocket.

Cheaper alternatives exist: VAS and DACE.

Full DAVA analysis →

IOZ iShares Core S&P/ASX 200 ETF

Low-cost: a 0.05% management fee keeps more of the return in your pocket.

Cheaper alternatives exist: MQAE and A200.

Full IOZ analysis →

MQAE Macquarie Core Australian Equity Active ETF

Low-cost: a 0.03% management fee keeps more of the return in your pocket.

High portfolio turnover (55% a year) means frequent trading that realises capital gains, adding tax drag — less efficient than a low-turnover index fund.

Full MQAE analysis →

Frequently Asked Questions

What's the difference between DACE vs DAVA vs IOZ vs MQAE?

DACE, DAVA, IOZ, and MQAE are 4 Australian-listed ETFs we compare side by side. MQAE carries the lowest management fee (0.03%). Over 10 years, DAVA has delivered the highest total return (11.5% a year). The table above breaks down fees, returns, income and risk for each.

Which has the lowest fees - DACE vs DAVA vs IOZ vs MQAE?

MQAE has the lowest management fee at 0.03% a year, versus DACE 0.28%, DAVA 0.34%, and IOZ 0.05%.

Which has performed highest - DACE vs DAVA vs IOZ vs MQAE?

Over the past 10 years, DAVA has delivered the highest total return at 11.5% a year. Past performance is not a reliable indicator of future returns.

Which pays the highest dividend yield?

DAVA pays the highest at 6.66%. Remember distributions are taxed each year at your marginal rate.

Which is the largest and most liquid?

IOZ is the largest fund by assets ($9.3bn). Larger funds are typically more liquid and trade on tighter spreads.

Related comparisons

DACE vs VAS DACE vs A200 DACE vs FHCO DACE vs AASF DAVA vs QOZ DAVA vs MVW DAVA vs VAS IOZ vs STW

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General information only, generated from each fund's published data — not personal financial advice. Past performance is not a reliable indicator of future returns. Consider your own circumstances or seek licensed advice before investing.