If you’re looking for a simple, diversified portfolio that you can buy and hold for the long term, you’ve probably come across popular options like the BetaShares Diversified All Growth ETF (DHHF), Vanguard Diversified High Growth Index ETF (ASX:VDHG) or Stockspot’s Topaz portfolio.
At first glance, they all offer broad diversification and exposure to global markets. But beneath the surface they take very different approaches to portfolio construction and risk management.
DHHF is designed as a pure growth portfolio with 100% exposure to shares, while Stockspot Topaz combines growth assets with defensive investments such as bonds and gold.
Which approach is better DHHF vs Stockspot diversified Topaz portfolio?
Let’s compare DHHF and Stockspot Topaz across asset allocation, performance, risk, investing philosophy and investor suitability.
What is DHHF and how does it work?
DHHF (BetaShares Diversified All Growth ETF) is an all-in-one ETF designed to provide investors with exposure to a diversified portfolio of shares through a single ASX-listed investment.
Rather than holding individual companies directly, DHHF invests in a collection of underlying BetaShares ETFs which provide exposure to:
- Australian shares
- Global developed market shares
- Emerging market shares
The key feature of DHHF is that it has no allocation to defensive assets such as bonds, cash or gold.
This makes DHHF one of the most aggressive diversified ETFs available on the ASX.
What is DHHF’s investment strategy?
DHHF aims to maximise long-term capital growth through a portfolio invested entirely in equities.
Unlike diversified portfolios like Stockspot, that combine growth and defensive assets, DHHF takes a pure growth approach.
This means investors are fully exposed to sharemarket returns, but are also fully exposed to market volatility and drawdowns during periods of market stress.
For investors with a long investment horizon and high risk tolerance, this can be appealing. However, it also means there is no defensive allocation to help cushion market declines.
What is the DHHF asset allocation
DHHF invests almost entirely across three key equity asset classes:
- Australian shares
- International shares
- Emerging market shares
Because DHHF holds no bonds, cash or gold, investors receive maximum equity exposure.
By comparison, Stockspot’s Topaz portfolio combines growth and defensive assets:
- 78% growth assets
- 22% defensive assets
This defensive allocation includes bonds and gold, which have historically provided diversification benefits when sharemarkets experience periods of weakness.
DHHF vs Stockspot Topaz asset allocation
| Portfolio | Growth assets | Defensive assets |
| DHHF | 100% | 0% |
| Stockspot Topaz | 78% | 22% |
The biggest difference between the two portfolios is simple:
DHHF focuses entirely on growth, while Topaz combines growth with risk management
How has DHHF performed vs Stockspot Topaz?
Returns to 30 June 2026:
| Portfolio | 1 year returns | 3 year returns p.a. | 5 year returns p.a. |
| DHHF | 13.8% | 15.5% | 10.9% |
| Stockspot Topaz | 14.7% | 16.1% | 10.3% |
Why has Topaz outperformed DHHF over 1 and 3 years?
One of the largest contributors has been Topaz’s allocation to gold.
While gold sits within the portfolio’s defensive allocation, it has been one of the strongest-performing asset classes over the past year.
This highlights an important investing principle:
Defensive assets don’t simply reduce risk. At times they can also improve returns by providing diversification when shares struggle
Over the past five years, Topaz has slightly underperformed DHHF but experienced lower volatility having maintained a meaningful defensive allocation throughout the period.
DHHF vs Stockspot Topaz: risk and volatility
The biggest distinction between the two portfolios is not historical returns.
It’s how investors experience those returns.
DHHF is likely to:
- Perform strongly during equity bull markets
- Experience larger drawdowns during market corrections
- Be more volatile during periods of economic uncertainty
- Depend entirely on equity markets for returns
Topaz is designed to:
- Deliver strong long-term growth
- Reduce portfolio volatility through diversification
- Benefit from defensive assets during inflation shocks
- Provide a smoother investment journey
For many investors, the ability to remain invested during market downturns can be more important than chasing the highest possible return.
DHHF vs Stockspot: investment philosophy
There are similarities between the two approaches. Both are based on low-cost index investing and broad diversification. Neither attempts to pick individual stocks or time markets.
However, there are important differences.
DHHF:
- Uses only BetaShares ETFs
- Invests exclusively in shares
- Single-provider solution
- Passive asset allocation
Stockspot Topaz:
- Uses ETFs from multiple providers
- Includes growth and defensive assets
- Ongoing portfolio rebalancing
- Broader diversification across asset classes
Stockspot portfolios may include ETFs from providers such as:
This allows greater flexibility when selecting investments for each asset class.
Which is better: DHHF or Stockspot Topaz?
The answer depends on your risk tolerance and investing behaviour.
DHHF may suit investors who:
- Want maximum equity exposure
- Prefer a single ETF solution
- Have a very high tolerance for volatility
- Are comfortable with large market swings
Stockspot Topaz may suit investors who:
- Want strong long-term growth
- Prefer diversification across asset classes
- Value downside protection
- Want a smoother investing experience
The choice ultimately comes down to whether you prefer a portfolio that simply owns the market, or one that seeks to balance growth with risk management.
By combining growth assets with bonds and gold, Stockspot seeks to deliver strong long-term returns while helping investors stay invested through changing market conditions.
The best portfolio is not necessarily the one with the highest historical return.
It’s the one you can stick with when markets fall.
FAQs
Is DHHF 100% shares?
Yes. DHHF invests entirely in growth assets through Australian, international and emerging market equities.
Does DHHF invest in bonds?
No. DHHF has no allocation to bonds, cash or gold.
Does DHHF invest in gold?
No. Unlike Stockspot portfolios, DHHF does not have direct exposure to gold.
Is DHHF riskier than Topaz?
Generally yes. Because DHHF has no defensive assets, it is likely to experience larger fluctuations during market downturns.
Can defensive assets improve returns?
Yes. While defensive assets primarily reduce risk, there are periods where assets such as gold outperform shares and contribute positively to overall portfolio returns.
