DACE vs FIRE vs MQAE vs VAS - Compare ETFs side by side

At a glance

Comparing DACE, FIRE, MQAE, and VAS. MQAE has the lowest management fee at 0.03% a year, FIRE has the highest 1 year return at 15.3% a year, and FIRE offers the highest at 3.34%.

Lowest fee

MQAE 0.03% p.a.

Highest 1 year return

FIRE 15.3% p.a.

Highest yield

FIRE 3.34%

Largest fund

VAS $26.2bn

Side-by-side comparison

Metric	DACE Dimensional Australian Core Equity Trust - Active ETF	FIRE Firetrail Alpha Plus Fund - Complex ETF	MQAE Macquarie Core Australian Equity Active ETF	VAS Vanguard Australian Shares Index ETF
Snapshot
Provider	—	—	—	Vanguard
Tracks index	S&P/ASX 300 Index	—	S&P/ASX 200 Index	S&P/ASX 300 Index
Categories	AU, Factor, Value, Small-Cap	AU, Active	AU, Large-Cap	AU, Large-Cap, Market-Cap
Listed since	2006 (20 yrs)	—	2023 (3 yrs)	2009 (17 yrs)
Fund size (AUM)	—	$16m	$1.2bn	$26.2bn
Cost & income
Management fee	0.28%	0.9%	0.03%	0.07%
Dividend yield	—	3.34%	2.55%	2.93%
Franking	80%	70%	78%	75%
Turnover	20%	150%	55%	4%
Tax drag	0.48%	3.99%	1.56%	0.39%
Returns	Tax bracket - adjusts tax drag & net returns
1-year return	—	15.3% net	5.5% net	5.8% net
3-year return	—	—	—	10.2% net
5-year return	—	—	—	7.8% net
10-year return	—	—	—	8.9% net
Risk
Volatility (3y)	—	—	—	10.7%
Volatility (5y)	—	—	—	12.5%
Volatility (10y)	—	—	—	13.4%
Sharpe ratio (3y)	—	—	—	0.58
Sharpe ratio (5y)	—	—	—	0.41
Sharpe ratio (10y)	—	—	—	0.54
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 →

FIRE Firetrail Alpha Plus Fund - Complex ETF

A 0.9% management fee is high and compounds against you over time.

Full FIRE 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 →

VAS Vanguard Australian Shares Index ETF

Low-cost: a 0.07% management fee keeps more of the return in your pocket.

Cheaper alternatives exist: MQAE, A200, and IOZ.

Full VAS analysis →

Frequently Asked Questions

What's the difference between DACE vs FIRE vs MQAE vs VAS?

DACE, FIRE, MQAE, and VAS are 4 Australian-listed ETFs we compare side by side. MQAE carries the lowest management fee (0.03%). Over 1 year, FIRE has delivered the highest total return (15.3% a year). The table above breaks down fees, returns, income and risk for each.

Which has the lowest fees - DACE vs FIRE vs MQAE vs VAS?

MQAE has the lowest management fee at 0.03% a year, versus DACE 0.28%, FIRE 0.9%, and VAS 0.07%.

Which has performed highest - DACE vs FIRE vs MQAE vs VAS?

Over the past 1 year, FIRE has delivered the highest total return at 15.3% a year. Past performance is not a reliable indicator of future returns.

Which pays the highest dividend yield?

FIRE pays the highest at 3.34%. Remember distributions are taxed each year at your marginal rate.

Which is the largest and most liquid?

VAS is the largest fund by assets ($26.2bn). Larger funds are typically more liquid and trade on tighter spreads.

Related comparisons

DACE vs DAVA DACE vs IOZ DACE vs A200 DACE vs FHCO DACE vs AASF FIRE vs IOZ MQAE vs IOZ MQAE 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.