VAWvsFMATETF Comparison
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Vanguard Materials ETF (VAW) and Fidelity MSCI Materials Index ETF (FMAT) belong to the same industry segment: US Materials. Both ETFs have the same top 3 sector exposures: Non-Energy Materials, Energy and Industrials. VAW is more expensive with a Total Expense Ratio (TER) of 0.09%, versus 0.084% for FMAT. VAW is up 9.39% year-to-date (YTD) with -$133M in YTD flows. FMAT performs worse with 9.2% YTD performance, and +$101M in YTD flows. Run a side-by-side ETF comparison of VAW and FMAT below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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VAW vs FMAT performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/26/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VAW FMAT | +1.50%+1.52% | -0.87%-0.95% | +9.39%+9.20% | +12.69%+12.54% | +43.73%+43.45% | +30.33%+30.37% |
| Flows | VAW FMAT | -$139M-$3M | -$17M+$12M | -$133M+$101M | -$149M+$124M | -$544M+$41M | -$1.27B+$37M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VAW FMAT | +16.36%+17.33% | +18.87%+19.12% | +17.94%+18.09% | +19.80%+19.84% |
| Max drawdown | VAW FMAT | -9.24%-9.33% | -13.41%-13.46% | -23.20%-23.21% | -25.44%-25.40% |
| Max drawdown duration | VAW FMAT | 62d62d | 239d239d | 430d430d | 679d679d |
Trading data
VAW | FMAT | |
Last sale 10/27/2026 at 1:30 PM | $227.17 | $58.01 |
| Previous close 10/26/2026 | $224.66 | $57.41 |
| Consolidated volume 10/26/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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VAW | FMAT | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
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Main metrics
Last update 10/27/2026 at 1:30 PM
Live
Closed
VAW | FMAT | |
|---|---|---|
| Last price | $227.17 | $58.01 |
| 1D performance | +1.12% | +1.05% |
| AuM | $2.93 B | $591.00 M |
| E/R | 0.09% | 0.084% |
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Exposure
Countries
VAW
USA
80.35%
United Kingdom
15.65%
Other
4%
FMAT
USA
80.17%
United Kingdom
15.42%
Other
4.42%
Sectors
VAW
Non-Energy Materi.
98.64%
Other
1.36%
FMAT
Non-Energy Materi.
99.38%
Other
0.62%
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Diversification
VAW
Total weight of top 15 holdings out of 15
66.07%
FMAT
Total weight of top 15 holdings out of 15
65.94%
Top 15 holdings
Data as of August 31, 2026
VAW
Linde Plc
14.57%
Newmont Corp.
8.58%
Freeport-McMoRan, Inc.
7.00%
The Sherwin-Williams Co.
4.97%
Ecolab, Inc.
4.61%
Air Products & Chemicals, Inc.
4.14%
CRH Plc
4.05%
Corteva, Inc.
3.64%
Nucor Corp.
3.57%
Vulcan Materials Co.
2.25%
Steel Dynamics, Inc.
2.05%
Martin Marietta Materials, Inc.
2.00%
PPG Industries, Inc.
1.61%
Smurfit WestRock Plc
1.58%
Royal Gold, Inc.
1.43%
FMAT
Linde Plc
14.37%
Newmont Corp.
8.60%
Freeport-McMoRan, Inc.
6.98%
The Sherwin-Williams Co.
4.99%
Ecolab, Inc.
4.61%
Air Products & Chemicals, Inc.
4.25%
CRH Plc
4.07%
Corteva, Inc.
3.56%
Nucor Corp.
3.53%
Vulcan Materials Co.
2.26%
Steel Dynamics, Inc.
2.04%
Martin Marietta Materials, Inc.
2.02%
PPG Industries, Inc.
1.62%
Smurfit WestRock Plc
1.61%
Royal Gold, Inc.
1.42%
Frequently asked questions about VAW and FMAT
How have the VAW and FMAT ETFs performed in 2026?
As of October 26, 2026, VAW is up 9.39% year-to-date (YTD), while FMAT has returned 9.2%. That puts VAW better performer ahead so far this year.
Which ETF is attracting more investor money: VAW or FMAT?
Year-to-date, the VAW ETF saw -$133M in flows, compared to +$101M for FMAT.
Which ETF is more volatile: VAW or FMAT?
Over the past year, VAW had a volatility of 18.87%, while FMAT experienced 19.12%.
Which ETF is bigger: VAW or FMAT?
As of October 26, 2026, VAW holds $2.93 B in assets under management (AUM), while FMAT manages $591.00 M.
What sectors do the VAW and FMAT ETFs invest in?
VAW leans toward sectors like Non-Energy Materials. Meanwhile, FMAT focuses on Non-Energy Materials.
What are the top holdings of the VAW ETF and FMAT ETF?
VAW top holdings include Linde Plc, Newmont Corp. and Freeport-McMoRan, Inc.. FMAT holds in its top three: Linde Plc, Newmont Corp. and Freeport-McMoRan, Inc..
Which ETF is more diversified: VAW or FMAT?
VAW holds 110 securities with 66.07% of its assets in the top 15. FMAT has 103 securities and a top 15 weight of 65.94%.
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Latest news about VAW & FMAT
ETF Model Portfolios: High Asset, Low Obsolescence (HALO)
October 27, 2026
VAW
Tony's ETF Buyer's Guide: Sector ETFs (Vanguard versus State Street SPDR)
December 1, 2023
VAW
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