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VDCO.AX vs. VAS.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VDCO.AX vs. VAS.AX

Last updated Jul 16, 2026
Documentation

VDCO.AX (Vanguard Diversified Conservative Index ETF) and VAS.AX (Vanguard Australian Shares Index ETF) are both exchange-traded funds - VDCO.AX is a Global Equities fund tracking the Vanguard Diversified Conservative Index Index, while VAS.AX is a Australia Equities fund tracking the S&P/ASX 300 Index. Both are passively managed. Over the past 5 years, VDCO.AX returned 2.59%/yr vs 6.75%/yr for VAS.AX. A 0.64 correlation means they provide meaningful diversification when combined.

Performance

VDCO.AX vs. VAS.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vanguard Diversified Conservative Index ETF (VDCO.AX) and Vanguard Australian Shares Index ETF (VAS.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, VDCO.AX achieves a 2.01% return, which is significantly higher than VAS.AX's 1.86% return.

VDCO.AX

1D
0.09%
1M
0.09%
6M
1.96%
YTD
2.01%
1Y
5.49%
3Y*
6.60%
5Y*
2.59%
10Y*
—

VAS.AX

1D
0.13%
1M
-0.77%
6M
1.35%
YTD
1.86%
1Y
4.90%
3Y*
9.38%
5Y*
6.75%
10Y*
8.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VDCO.AX vs. VAS.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VDCO.AX
Vanguard Diversified Conservative Index ETF		2.01%7.45%6.44%7.89%-10.41%4.36%5.01%12.41%0.52%0.42%
VAS.AX
Vanguard Australian Shares Index ETF		1.86%10.66%9.60%11.05%-2.40%17.39%1.90%23.77%-3.99%2.03%

Correlation

The correlation between VDCO.AX and VAS.AX is 0.68, 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

0.68

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

0.71

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

0.71

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2017

0.64

The correlation between VDCO.AX and VAS.AX has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Diversified Conservative Index ETF

Vanguard Australian Shares Index ETF

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Return for Risk

VDCO.AX vs. VAS.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VDCO.AX
VDCO.AX Risk / Return Rank: 3636
Overall Rank
VDCO.AX Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
VDCO.AX Sortino Ratio Rank: 3636
Sortino Ratio Rank
VDCO.AX Omega Ratio Rank: 3838
Omega Ratio Rank
VDCO.AX Calmar Ratio Rank: 3434
Calmar Ratio Rank
VDCO.AX Martin Ratio Rank: 4040
Martin Ratio Rank
VAS.AX
VAS.AX Risk / Return Rank: 1717
Overall Rank
VAS.AX Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
VAS.AX Sortino Ratio Rank: 1616
Sortino Ratio Rank
VAS.AX Omega Ratio Rank: 1616
Omega Ratio Rank
VAS.AX Calmar Ratio Rank: 1919
Calmar Ratio Rank
VAS.AX Martin Ratio Rank: 1818
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.

VDCO.AX vs. VAS.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Diversified Conservative Index ETF (VDCO.AX) and Vanguard Australian Shares Index ETF (VAS.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.

VDCO.AXVAS.AXDifference
Sharpe ratioReturn per unit of total volatility
1.05
0.46

+0.59

Sortino ratioReturn per unit of downside risk
1.59
0.73

+0.87

Omega ratioGain probability vs. loss probability

1.21

1.09

+0.12

Calmar ratioReturn relative to maximum drawdown

1.43

0.65

+0.78

Martin ratioReturn relative to average drawdown

5.21

1.54

+3.67

VDCO.AX vs. VAS.AX - Sharpe Ratio Comparison

The current VDCO.AX Sharpe Ratio is 1.05, which is higher than the VAS.AX Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of VDCO.AX and VAS.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

VDCO.AX vs. VAS.AX - Drawdown Comparison

The maximum VDCO.AX drawdown since its inception was -13.68%, smaller than the maximum VAS.AX drawdown of -35.75%. Use the drawdown chart below to compare losses from any high point for VDCO.AX and VAS.AX.

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Drawdown Indicators

VDCO.AXVAS.AXDifference

Max Drawdown

Largest peak-to-trough decline

-13.68%

-35.75%

+22.07%

Max Drawdown (1Y)

Largest decline over 1 year

-3.89%

-8.56%

+4.67%

Max Drawdown (3Y)

Largest decline over 3 years

-4.36%

-13.23%

+8.87%

Max Drawdown (5Y)

Largest decline over 5 years

-13.68%

-15.18%

+1.50%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.75%

—

Current Drawdown

Current decline from peak

-0.46%

-2.89%

+2.43%

Average Drawdown

Average peak-to-trough decline

-2.87%

-4.80%

+1.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.08%

3.68%

-2.60%

Volatility

VDCO.AX vs. VAS.AX - Volatility Comparison

The current volatility for Vanguard Diversified Conservative Index ETF (VDCO.AX) is 1.18%, while Vanguard Australian Shares Index ETF (VAS.AX) has a volatility of 2.37%. This indicates that VDCO.AX experiences smaller price fluctuations and is considered to be less risky than VAS.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VDCO.AXVAS.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.18%

2.37%

-1.19%

Volatility (6M)

Calculated over the trailing 6-month period

4.70%

10.05%

-5.35%

Volatility (1Y)

Calculated over the trailing 1-year period

5.30%

12.14%

-6.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.45%

12.76%

-7.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.61%

14.39%

-8.78%

Dividends

VDCO.AX vs. VAS.AX - Dividend Comparison

VDCO.AX's dividend yield for the trailing twelve months is around 4.92%, more than VAS.AX's 2.22% yield.

PositionTTM20252024202320222021202020192018201720162015
VAS.AX
Vanguard Australian Shares Index ETF		2.22%3.17%1.68%2.92%6.39%3.30%2.56%4.12%3.90%2.57%2.82%3.19%
VDCO.AX
Vanguard Diversified Conservative Index ETF		4.92%2.33%0.79%1.03%1.77%7.86%3.73%1.26%0.89%0.00%0.00%0.00%

Frequently Asked Questions

VDCO.AX and VAS.AX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VDCO.AX is categorized as Global Equities, while VAS.AX is Australia Equities. VDCO.AX tracks Vanguard Diversified Conservative Index Index, while VAS.AX tracks S&P/ASX 300 Index.

Portfolio Optimizer

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