The Vanguard Australian Shares Index ETF (ASX: VAS) delivered a total gross return of 11.4% in 2024.

This comprised approximately 7.75% in capital growth and a dividend yield of about 3.65%, excluding franking credits, based on preliminary numbers yet to be confirmed by Vanguard.

The VAS exchange-traded fund (ETF) closed at $101.73 per unit on 31 December.

The ETF hit a 52-week high of $105.94 on 3 December, which was the same day that the benchmark S&P/ASX 200 Index (ASX: XJO) recorded a new all-time peak of 8,514.5 points.

With $17.69 billion in funds under management, the Vanguard Australian Shares Index ETF is the largest ETF by market cap on the ASX.

It gives investors exposure to the 300 largest companies on the Australian share market. It seeks to track the performance of the S&P/ASX 300 Index (ASX: XKO) before fees.

The inclusion of 100 small-cap shares ranked between 201 and 300 gives the VAS ETF a point of difference to the many ASX ETFs that track the benchmark ASX 200 alone.

This can be advantageous or disadvantageous depending on the market conditions each year.

In 2024, there was a negligible difference in performance between the ASX 200 and ASX 300.

The ASX 200 delivered a total gross return of 11.44% and the ASX 300 dished up an 11.39% return.

The tide may turn in the new year, though, as falling interest rates are typically a tailwind for smaller growth companies.

The US Federal Reserve cut interest rates in the world's biggest economy three times in the second half of 2024. The US rate range is now 4.25% to 4.5%, which brings it closer to the Australian cash rate of 4.35%.

Economists anticipate that the Reserve Bank will begin cutting rates in Australia in the first half of 2025.

In reviewing the Vanguard Australian Shares Index ETF's 2024 performance, we identified the shares that rose the most among its basket of 300 stocks. Check them out below.

10 strongest risers within the VAS ETF in 2024

1. Mesoblast Ltd (ASX: MSB)

ASX 300 biotech share Mesoblast was the biggest mover within the Vanguard Australian Shares Index ETF.

The Mesoboast share price zoomed 900% higher to finish the year at $3.10.

2. Zip Co Ltd (ASX: ZIP)

This ASX 300 financial share gained an astonishing 362.5% in value to close the year at $2.96.

3. IperionX Ltd (ASX: IPX)

This ASX 300 materials share soared 295.68% to $5.50 per share in 2024.

4. Nuix Limited (ASX: NXL) 

The Nuix share price rocketed 232.63% to close out the year at $6.32.

5. Superloop Ltd (ASX: SLC)

Shares in ASX telecommunications company SuperLoop streaked 226.87% higher to $2.19.

6. Life360 Inc (ASX: 360)

Stock in social tracking app developer Life360 rose by 198.15% to finish at $22.54 on 31 December.

7. Spartan Resources Ltd (ASX: SPR)

The Spartan Resources share price rose by 171.15% to finish the year at $1.41.

8. Sigma Healthcare Ltd (ASX: SIG)

ASX healthcare share Sigma ripped 162% higher to close at $2.62 on 31 December.

9. Pro Medicus Limited (ASX: PME)

The Pro Medicus share price rose by 161% to finish at $250.12 per share.

10. Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix Pharmaceuticals share price lifted 144.14% to close at $24.61 on 31 December.