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

At a glance

Comparing DACE, IOZ, MQAE, and STW. MQAE has the lowest management fee at 0.03% a year, IOZ has the highest 10 years return at 8.9% a year, and STW offers the highest at 3.63%.

Lowest fee

MQAE 0.03% p.a.

Highest 10 years return

IOZ 8.9% p.a.

Highest yield

STW 3.63%

Highest risk-adjusted

IOZ Sharpe 0.55 (10y)

Lowest volatility

STW 13.3% (10y)

Largest fund

IOZ $9.3bn

Side-by-side comparison

Metric	DACE Dimensional Australian Core Equity Trust - Active ETF	IOZ iShares Core S&P/ASX 200 ETF	MQAE Macquarie Core Australian Equity Active ETF	STW State Street SPDR S&P/ASX 200 ETF
Snapshot
Provider	—	iShares	—	State Street
Tracks index	S&P/ASX 300 Index	S&P/ASX 200 Index	S&P/ASX 200 Index	S&P/ASX 200 Index
Categories	AU, Factor, Value, Small-Cap	AU, Large-Cap, Market-Cap	AU, Large-Cap	AU, Large-Cap, Market-Cap
Listed since	2006 (20 yrs)	2010 (16 yrs)	2023 (3 yrs)	2001 (25 yrs)
Fund size (AUM)	—	$9.3bn	$1.2bn	$6.7bn
Cost & income
Management fee	0.28%	0.05%	0.03%	0.05%
Dividend yield	—	3.37%	2.55%	3.63%
Franking	80%	80%	78%	80%
Turnover	20%	3%	55%	3%
Tax drag	0.48%	0.36%	1.56%	0.39%
Returns	Tax bracket - adjusts tax drag & net returns
1-year return	—	5.9% net	5.5% net	5.9% net
3-year return	—	10.3% net	—	10.4% net
5-year return	—	7.9% net	—	7.9% net
10-year return	—	8.9% net	—	8.9% net
Risk
Volatility (3y)	—	10.7%	—	10.7%
Volatility (5y)	—	12.4%	—	12.4%
Volatility (10y)	—	13.3%	—	13.3%
Sharpe ratio (3y)	—	0.59	—	0.6
Sharpe ratio (5y)	—	0.42	—	0.42
Sharpe ratio (10y)	—	0.55	—	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 →

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 →

STW State Street SPDR S&P/ASX 200 ETF

Low-cost: a 0.05% management fee keeps more of the return in your pocket.
Pays a useful 3.63% income yield.

Cheaper alternatives exist: A300, MQAE, and A200.

Full STW analysis →

Frequently Asked Questions

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

DACE, IOZ, MQAE, and STW are 4 Australian-listed ETFs we compare side by side. MQAE carries the lowest management fee (0.03%). Over 10 years, IOZ has delivered the highest total return (8.9% a year). The table above breaks down fees, returns, income and risk for each.

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

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

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

Over the past 10 years, IOZ has delivered the highest total return at 8.9% a year. Past performance is not a reliable indicator of future returns.

Which pays the highest dividend yield?

STW pays the highest at 3.63%. 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

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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.