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QHAL.AX vs. VGS.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QHAL.AX vs. VGS.AX

Last updated Jul 16, 2026
Documentation

QHAL.AX (VanEck MSCI International Quality (AUD Hedged) ETF) and VGS.AX (Vanguard MSCI Index International Shares ETF) are both Global Equities funds - QHAL.AX tracks the VanEck MSCI International Quality (AUD Hedged) Index while VGS.AX tracks the Vanguard MSCI Index International Shares Index. Both are passively managed. Over the past 5 years, QHAL.AX returned 9.81%/yr vs 12.49%/yr for VGS.AX. A 0.71 correlation means they provide meaningful diversification when combined.

Performance

QHAL.AX vs. VGS.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in VanEck MSCI International Quality (AUD Hedged) ETF (QHAL.AX) and Vanguard MSCI Index International Shares ETF (VGS.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QHAL.AX achieves a 9.09% return, which is significantly higher than VGS.AX's 5.31% return.

QHAL.AX

1D
0.18%
1M
1.31%
6M
7.14%
YTD
9.09%
1Y
19.63%
3Y*
16.48%
5Y*
9.81%
10Y*
—

VGS.AX

1D
-0.01%
1M
1.72%
6M
4.14%
YTD
5.31%
1Y
13.66%
3Y*
17.60%
5Y*
12.49%
10Y*
13.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QHAL.AX vs. VGS.AX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
QHAL.AX
VanEck MSCI International Quality (AUD Hedged) ETF		9.09%16.95%16.47%28.64%-22.97%27.30%15.85%16.88%
VGS.AX
Vanguard MSCI Index International Shares ETF		5.31%12.89%29.23%22.54%-12.72%29.67%5.76%14.40%

Correlation

The correlation between QHAL.AX and VGS.AX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.73

Correlation (3Y)
Calculated over the trailing 3-year period

0.67

Correlation (5Y)
Calculated over the trailing 5-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Mar 21, 2019

0.71

The correlation between QHAL.AX and VGS.AX has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

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VanEck MSCI International Quality (AUD Hedged) ETF

Vanguard MSCI Index International Shares ETF

Return for Risk

QHAL.AX vs. VGS.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QHAL.AX
QHAL.AX Risk / Return Rank: 5555
Overall Rank
QHAL.AX Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
QHAL.AX Sortino Ratio Rank: 5555
Sortino Ratio Rank
QHAL.AX Omega Ratio Rank: 5555
Omega Ratio Rank
QHAL.AX Calmar Ratio Rank: 4949
Calmar Ratio Rank
QHAL.AX Martin Ratio Rank: 6262
Martin Ratio Rank
VGS.AX
VGS.AX Risk / Return Rank: 4242
Overall Rank
VGS.AX Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
VGS.AX Sortino Ratio Rank: 4747
Sortino Ratio Rank
VGS.AX Omega Ratio Rank: 5252
Omega Ratio Rank
VGS.AX Calmar Ratio Rank: 3030
Calmar Ratio Rank
VGS.AX Martin Ratio Rank: 3232
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QHAL.AX vs. VGS.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck MSCI International Quality (AUD Hedged) ETF (QHAL.AX) and Vanguard MSCI Index International Shares ETF (VGS.AX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

QHAL.AXVGS.AXDifference
Sharpe ratioReturn per unit of total volatility
1.51
1.41

+0.10

Sortino ratioReturn per unit of downside risk
2.17
1.98

+0.20

Omega ratioGain probability vs. loss probability

1.28

1.27

+0.01

Calmar ratioReturn relative to maximum drawdown

2.05

1.28

+0.77

Martin ratioReturn relative to average drawdown

8.80

3.83

+4.97

QHAL.AX vs. VGS.AX - Sharpe Ratio Comparison

The current QHAL.AX Sharpe Ratio is 1.51, which is comparable to the VGS.AX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of QHAL.AX and VGS.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

QHAL.AX vs. VGS.AX - Drawdown Comparison

The maximum QHAL.AX drawdown since its inception was -31.33%, which is greater than VGS.AX's maximum drawdown of -23.39%. Use the drawdown chart below to compare losses from any high point for QHAL.AX and VGS.AX.

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Drawdown Indicators

QHAL.AXVGS.AXDifference

Max Drawdown

Largest peak-to-trough decline

-31.33%

-23.39%

-7.94%

Max Drawdown (1Y)

Largest decline over 1 year

-9.72%

-10.72%

+1.00%

Max Drawdown (3Y)

Largest decline over 3 years

-19.02%

-13.82%

-5.20%

Max Drawdown (5Y)

Largest decline over 5 years

-29.40%

-20.53%

-8.87%

Max Drawdown (10Y)

Largest decline over 10 years

—

-23.39%

—

Current Drawdown

Current decline from peak

0.00%

-0.36%

+0.36%

Average Drawdown

Average peak-to-trough decline

-6.09%

-4.18%

-1.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

3.65%

-1.36%

Volatility

QHAL.AX vs. VGS.AX - Volatility Comparison

VanEck MSCI International Quality (AUD Hedged) ETF (QHAL.AX) has a higher volatility of 2.91% compared to Vanguard MSCI Index International Shares ETF (VGS.AX) at 2.21%. This indicates that QHAL.AX's price experiences larger fluctuations and is considered to be riskier than VGS.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QHAL.AXVGS.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.91%

2.21%

+0.70%

Volatility (6M)

Calculated over the trailing 6-month period

11.08%

7.83%

+3.25%

Volatility (1Y)

Calculated over the trailing 1-year period

13.25%

9.77%

+3.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.30%

12.41%

+5.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.82%

12.92%

+5.90%

Dividends

QHAL.AX vs. VGS.AX - Dividend Comparison

QHAL.AX's dividend yield for the trailing twelve months is around 3.40%, more than VGS.AX's 0.97% yield.

PositionTTM20252024202320222021202020192018201720162015
QHAL.AX
VanEck MSCI International Quality (AUD Hedged) ETF		3.40%1.93%4.95%1.04%1.12%0.86%0.93%1.34%0.00%0.00%0.00%0.00%
VGS.AX
Vanguard MSCI Index International Shares ETF		0.97%2.49%1.76%1.82%1.42%1.75%2.24%2.42%2.19%2.25%3.29%2.35%

Frequently Asked Questions

QHAL.AX and VGS.AX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QHAL.AX tracks VanEck MSCI International Quality (AUD Hedged) Index, while VGS.AX tracks Vanguard MSCI Index International Shares Index. They also come from different issuers: VanEck and Vanguard.

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