Is DAVA a good ETF?
DAVA is the Dimensional Australian Value Trust - Active ETF. It tracks the S&P/ASX 300 Index. We classify it under AU, Factor, and Value. With about $1.49 billion in assets it is a large, highly liquid fund. Listed on the ASX since 2024-08-19 (about 2 years ago).
On a total-return basis, DAVA has delivered 11.5% a year over 10 years (ranked 29th of 108 ETFs we track), 11.4% a year over 5 years (ranked 36th of 188 ETFs we track), 13.94% a year over 3 years (ranked 72nd of 226 ETFs we track), and 20.55% a year over 1 year (ranked 46th of 308 ETFs we track). Its strongest showing is over 1 year, where it sits in the top 15% of all ETFs we track.
The management fee of 0.34% is reasonable. If cost is your priority, VAS (0.07%) and DACE (0.28%) cover similar ground for less. It pays a high 6.66% yield — generous income, but check it isn't a sign of a narrow or higher-risk portfolio. Bear in mind distributions are taxed each year at your marginal rate, so a high yield is less tax-efficient for higher earners and during the accumulation phase, though 82% franking softens the blow for Australian residents.
Over the past 10 years its volatility has been elevated (annualised standard deviation around 16.23%), meaning noticeably larger swings than the broad market. Its 10-year Sharpe ratio of 0.62 is reasonable — that's the return it has earned per unit of risk taken (higher is better).
Portfolio turnover is modest at about 20% a year — it reshuffles a meaningful but still limited part of the portfolio annually, which keeps the tax and trading drag manageable.
Strengths
- 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.
- High 6.66% income yield — good for investors who want regular cash flow.
Things to watch
- Cheaper alternatives exist: VAS and DACE.
- That income is taxed yearly at your marginal rate, so it's less efficient for higher earners.
Good to know
- Distributions are 82% franked, a tax bonus for Australian residents.
- Australian focus means franked dividends and no currency risk, but heavy concentration in banks and miners.
What DAVA's categories mean for you
How each category this ETF belongs to tends to behave across market cycles.
Australian shares. Home-market familiarity, fully franked dividends and no currency risk for local investors — but very concentrated in banks and miners, which dominate the index.
- Market regime
- Sensitive to commodity prices, Chinese demand and domestic interest rates. Generous income, but narrow sector diversification.
- In a portfolio
- A natural core for Australian investors thanks to franking, but should be paired with global exposure so you aren't over-reliant on a handful of banks and resource giants.
Tilts toward academically-backed drivers of return — value, quality, momentum, size or low volatility — aiming to beat plain market-cap weighting over a full cycle.
- Market regime
- Any single factor can underperform the broad market for years before rewarding patient holders. Multi-factor funds smooth this out somewhat.
- In a portfolio
- A long-term tilt that demands discipline: the edge only shows up if you hold through the inevitable lean stretches.
Stocks that look cheap relative to their fundamentals (earnings, book value, cash flow). One of the oldest and best-documented return premiums.
- Market regime
- Rewarded over the very long run and especially in rising-rate, reflation and early-recovery regimes — but endured a long, painful stretch of lagging growth through the 2010s.
- In a portfolio
- A long-term tilt that requires patience and a tolerance for extended underperformance versus the growth side of the market.
General information only, generated from the 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.