Aware Super vs. HESTA: a super showdown between two profit-for-member funds
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Looking for a super fund that delivers strong performance and operates purely for your benefit? Aware Super and HESTA are leading profit-for-member choices that have both received consistent recognition within the industry.
Each also integrates a brand-level Environmental, Social and Governance framework (ESG) that guides their investment decisions and overall operations.
But digging into their fees, specific investment strategies and member services reveals important differences.
We compare them side-by-side.
Aware super vs. HESTA: investment options
If having more distinct investment options is important, Aware Super provides a much broader selection than HESTA, including a 'lifecycle product' that automatically rebalances your portfolio as you age.
When it comes to single asset class options, both offer Australian shares, international shares, property, bonds and cash/term deposits. However, Aware Super gives you separate control over cash and term deposits, while Hesta combines these into one single option.
| Category / Option Type | Aware Super | HESTA |
|---|---|---|
|
Pre-mixed/diversified options |
9 |
5 |
|
Standard diversified |
5 |
3 |
|
Indexed diversified |
2 |
1 |
|
Sustainable/ethical |
2 |
1 |
|
Lifecycle options |
1 |
0 |
|
Single asset class options |
6 |
5 |
|
MySuper default strategy |
MySuper Lifecycle |
Balanced Growth diversified option |
Aware Super
- Aware Super manages over $200 billion in retirement savings for over 1.1 million Australians
- Track record of delivering super long-term returns – 9.27% p.a. over 10 years and 10.12% over 5 years to 31 August 2025 in the High Growth option.
- Multiple award winner for 2026 in the Mozo Experts Choice Awards for Superannuation: Exceptional Super Fund for Gen Z and Exceptional Low Fee Super Conservative option.
- Investment flexibility: Choose from a range of diversified options or single asset class options, or MySuper Lifecycle which automatically tailors your investment mix to your age over time.
Net investment performance
Net returns clearly play a big role, and this refers to your investments’ returns once certain fees are deducted. Here we’re looking at just one option from each Aware Super and HESTA. These two options have similar asset allocations with a split of roughly 75% growth assets and 25% defensive assets.
As you can see, over 10-years the difference in returns is negligible. However, more recently, AWARE has significantly outperformed HESTA over the past 1-year and 3-year timeframes.
It’s also important to remember that past performance is not a reliable indicator of future performance.
| Performance (as at 30 June 2025)* |
Aware Super (Balanced) |
HESTA (Balanced Growth) |
|---|---|---|
| 10-year average return |
7.61% | 7.57% |
| 5-Year average return |
8.65% | 9.11% |
| 3-Year average return |
10.04% | 9.17% |
| 1-Year return |
10.87% | 9.81% |
* Source: Collected from Aware Super & HESTA websites on 5 August 2025. Figures reported after investment fees and transaction costs, but before admin fees.
How does Aware Super compare with HESTA on fees?
The three major fees related to the management and investment of your money are admin fees, investment frees and transaction fees. For more information on how the different types of fees work and when they kick in, check out our guide on superannuation fees.
This information will also be included in the product disclosure statement (PDS) for each of these funds, which you can find on their respective websites.
Here are the fees for the same two investment options described above, with HESTA’s fees coming out slightly higher.
| Fees and costs |
Aware Super (Balanced) |
HESTA (Balanced Growth) |
|---|---|---|
| Direct admin fees (deducted from your account) |
$1 per week fixed fee, plus 0.15% p.a. on the first $500,000 of your balance. |
$1 per week fixed fee, plus 0.15% p.a. on the first $500,000 of your balance. |
| Investment fees & costs |
0.53% p.a. |
0.58% p.a. |
| Transaction costs |
0.06% p.a. |
0.04% p.a. |
There are also indirect admin fees that aren’t deducted from your account, but instead, deducted from the fund’s overall asset pool - and only if needed.
For the financial year ending 30 June 2024, HESTA reported a 0.04% deduction from the fund, whereas Aware Super did not deduct any indirect admin fees from the fund.
Bottom line
In a nutshell, Aware Super offers a wider selection of investment options, slightly lower fees and higher recent performance over 1-year and 3-year timeframes. HESTA, on the other hand, has slightly higher performance over a 5-year timeframe.
And while we've focused on the core product and financial aspects here, it's also worth getting a sense of some of the other important factors like their customer support, how user-friendly their apps and websites are (where possible to see), the resources they offer, and their insurance options.
If you're still unsure whether to choose Aware Super or HESTA (or another fund altogether), it’s always worth consulting a financial advisor. Or feel free to check some of these other attractive options.
More super options:
Spaceship Super
- Exceptional Super High Growth award winner for 2026 in the Mozo Experts Choice Awards for Superannuation
- Choice of forward-thinking investment options
- Digital dashboard to help you see where and how your super is invested
Spaceship Super says that above all else it’s focussed on building long-term value for its members. Its recent 2026 Mozo Experts Choice Award for High Growth Super is proof that it is delivering on this. Members have a choice of the award-winning GrowthX option, which has a focus on Global technology companies and the Global Index option which passively invests in growth assets, particularly international shares. In June this year, Spaceship also launched two new options, a Moderate Option which is designed to blend stability and growth and a Balanced Option which blends exposure to growth and defensive assets with the aim to balance potential returns and risk.
Spaceship Super’s digital platform helps you to keep track of your balance, and also gives you visibility of where and how your super is invested. If you’re saving for your first home, you can also set up a First Home Super Saver account.
Superhero Super
- Your choice of professionally-managed portfolios or directly investing in options like ASX 300 shares, ETFs, and managed funds
- Easy-to-use digital dashboard for managing your portfolio
Superhero Super is designed for Australians who want greater control over their super, offering a unique way to tailor their retirement savings. Unlike traditional super funds, Superhero Super lets you invest directly in a range of ASX 300 shares, ETFs, and managed funds, giving you the flexibility to shape your portfolio based on your own financial goals and risk appetite. In addition to this, Superhero Super boasts a selection of diversified investment options managed by Mercer, which you can select from if you’d rather leave your super to the professionals.
Superhero’s easy-to-use online platform puts your super in your hands, allowing you to track and manage your investments in real-time.
AMP Super
- 175 years of experience in helping Aussies secure their financial future
- Access a retirement health check via phone or My AMP with no extra fees
- A simple investment menu with exposure to leading investment managers to suit a wide range of investor needs
With over 175 years of experience, AMP has helped generations of Australians grow and manage their super through a mix of expert guidance, flexible options and easy-to-use digital tools. You can tailor your investment approach to suit your style, whether that’s building a personalised strategy with help from an adviser, or by choosing your own path through our simple investment menu.
The default AMP MySuper option continuously evolves with your life stages as you get older, and over 5 years to 30 June 2025:
- The 1990s option delivered returns of 10.08%
- The 1980s option delivered returns of 10.19%
- The 1970s option delivered returns of 9.71%
Every member also gets access to a retirement health check with no extra fees, designed to support confident planning at every stage, available by phone or through the My AMP app.
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.