Aware Super vs.HESTA: a super showdown between two profit-for-member funds
.png)
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 (Future Saver) | 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 $170 billion in retirement savings for over 1.1 million Australians
- Track record of delivering super long-term returns - 9.06% p.a. over 5 years and 8.41% p.a. over 10 years to 28 Feb 2025 in the High Growth option, where a majority of members are invested.
- Winner of the 2025 Mozo Experts Choice Awards for Exceptional Super Fund for Gen X.
- 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. Interestingly AWARE has outperformed HESTA over the past year, which includes the 2025 first quarter market downturn.
It’s also important to remember that past performance is not a reliable indicator of future performance.
| Performance (as at 31 March 2025)* | Aware Super (Balanced) | HESTA (Balanced Growth) |
|---|---|---|
| 10-year average return |
6.99% |
7.06% |
| 5-Year average return |
8.83% |
9.56% |
| 3-Year average return |
6.11% |
6.19% |
| 1-Year return |
5.94% |
5.54% |
* Source: Collected from Aware Super & HESTA websites on 29 April 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 0.58% p.a. on the first $500,000 of your balance. |
$1 per week fixed fee, plus 0.58% 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, including the set-and-forget lifecycle option. HESTA, on the other hand, has shown the tiniest of edges in long-term returns for their balanced growth fund (albeit with slightly higher fees).
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.
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.