Four all-in-one growth ETFs to set and forget

As an avid aficionado of ETFs, I made the mistake when I first started building my portfolio of being blissfully unaware of my concentration. Building a portfolio that is truly diversified, and not concentrated in a particular theme, is harder than it seems. This can lead to the decision fatigue many investors experience, especially once rebalancing is added.

Buying Australian shares, international shares, emerging markets and bonds separately means multiple decisions and transactions to build and rebalance a portfolio. An all-in-one ETF holds that mix in one fund and rebalances it for you.

The fund manager, not the investor, sets the asset allocation. This loss of control saves time and effort. This article compares four growth-focused all-in-one ETFs: Vanguard’s Diversified High Growth Index ETF (ASX: VDHG) and Diversified Growth Index ETF (ASX: VDGR), and Betashares’ Diversified All Growth ETF (ASX: DHHF) and Ethical Diversified High Growth ETF (ASX: DZZF). The goal is to show how they differ, so you can judge which may suit your circumstances.

How have the four ETFs performed?

The table below shows returns to 30 September 2026 and each fund’s largest drawdown since 10 December 2019, when DZZF, the newest of the four, launched. Drawdowns use daily data, which shows larger falls than month-end figures.

Table 1. Returns to 30 September 2026 and largest fall since 10 December 2019

Source: Morningstar Direct. Returns are to 30 September 2026 and largest falls use daily index data. All four funds are measured from 10 December 2019, the launch date of the most recently launched fund (DZZF), so they are compared over the same period. DHHF launched on 3 December 2019, so the Betashares record is under seven years. DZZF’s early-2020 fall is not like-for-like because the fund had only just launched.

The chart below shows how $10,000 invested on 10 December 2019 would have grown to 30 September 2026.

Betashares DHHF, all shares at the lowest cost

• Total cost ratio: 0.19% a year
• Morningstar Category: Multisector Aggressive

DHHF generally holds four underlying ETFs, with 78% of the fund in two of them: one that holds US shares and one that holds the 200 largest Australian companies. With no bonds, nothing in the fund is built to soften a fall, with the largest drawdown of 27.1% in early 2020. In exchange, it has the highest returns of the four since December 2019, at 10.5% a year, and costs the least, at 0.19% a year.

Our February 2026 analyst report says neither the team nor the process stands out, though the fund beat its category index by 1.5 percentage points a year over five years, with its low fees as its main advantage. This may suit investors with a long horizon who are disciplined enough to hold through market volatility.

Vanguard VDHG, a 90/10 mix with a Silver rating

• Total cost ratio: 0.27% a year
• Morningstar Category: Multisector Aggressive

VDHG spreads an investment across 13 Vanguard funds and holds 10% in bonds. Over this period, that bond allocation did little to shield the ETF from volatility: its largest fall was 28.5% in early 2020, slightly worse than DHHF’s 27.1%, and its annual return since December 2019 of 9.5% was also below DHHF’s.

It costs 0.27% a year, 0.08 percentage points more than DHHF and the same as VDGR. Our analysts describe it as “a simple and effective low-cost multi-asset solution” that rebalances automatically, rarely changes its target mix, and is designed to track the market rather than beat it. Investors should expect falls close to those of an all-shares fund, as in early 2020.

Vanguard VDGR, the most bonds of the four

• Total cost ratio: 0.27% a year
• Morningstar Category: Multisector Growth

VDGR offers the largest cushion of the four, holding 30% in bonds across the same 13 Vanguard funds as VDHG, with different weights. That extra bond allocation did not prevent a 23.2% fall in early 2020, although it was 5.3 percentage points below VDHG’s.

The trade-off, however, was lower upside during a period when shares performed strongly. Since December 2019, VDGR has returned 7.3% a year, behind both VDHG and DHHF, although its returns varied the least of the four over five years.

At 0.27% a year, it costs the same as VDHG and sits in the cheapest fifth of its Morningstar category. Our analysts highlight how its diversification has helped limit drawdowns during periods of market stress, but investors should still expect results broadly in line with the wider market.

Betashares DZZF, a 90/10 mix with ethical screens

• Total cost ratio: 0.39% a year
• Morningstar Category: Multisector Aggressive

DZZF adds an ethical filter to the 90/10 recipe, which stood at 91/9 as at 31 August 2026. Its product disclosure statement applies a fossil fuel screen and excludes activities including gambling, tobacco, armaments, alcohol and companies with corporate boards that don’t have female representation, subject to materiality thresholds.

Its track record depends heavily on the period. It fell 11.5% in early 2020, soon after launch, and 22.5% in 2022, its largest fall in this data. Its return since December 2019 of 6.6% a year is the lowest of the four.

At 0.39% a year, it costs 0.12 percentage points more than VDHG, although it sits in the cheapest fifth of its category. Our February 2026 analyst report found it trailed its category index by 2.2 percentage points a year over five years. Investors should check whether the ethical screens match their own values.

What do investors give up with an all-in-one ETF?

The price of convenience is control. Because the fund sets the mix, an investor cannot adjust it to suit a particular goal without changing funds. Vanguard rarely changes the mix or makes tactical shifts, so the allocation stays consistent. Betashares also holds a fixed target mix for DHHF and DZZF and rebalances it if an asset class drifts more than 2% at a quarter-end, but it reviews the target annually and may adjust it.

There are tax considerations too: distributions can include both income and capital gains, which may be taxable. An investor who builds a similar mix from two to three ETFs remains in control over the allocation, but in exchange has to rebalance it personally to keep the allocation consistent.

What should an investor weigh when choosing?

Our analysts rate VDHG and VDGR Silver, while no current rating shown for DHHF and DZZF. The right option depends on an investor’s goal, time horizon and how large a fall they could sit through.

Past performance is not a reliable guide to future performance, so use the table below to check what each fund is built to do, and not how it has returned.