FMAT vs VAW: Grades, Fees and Holdings Compared

Fidelity MSCI Materials Index ETF

FMATANYSE Arca

Vanguard Materials ETF

VAWBNYSE Arca

Overlap

69.1%by weight

Expense ratio

FMAT −0.01pt a year

FMAT0.08%VAW0.09%

Avg volume · 30D

VAW 1.1×the volume

FMAT57.1KVAW64.4K

10Y return · a year

FMAT+10.1%VAW+10.1%

FMAT vs VAW Performance

Oct 29, 2021 – Oct 30, 2026

+34.2%FMAT+34.0%VAW

Expense ratio: FMAT 0.08%, better; VAW 0.09%
Fund size: FMAT $574M; VAW $4.5B
1Y total return: FMAT +18.7%; VAW +18.9%, better
Yield (12M): FMAT 1.40%, better; VAW 1.39%
Holdings: FMAT 107; VAW 113
Avg volume (30D): FMAT 57.1K sh; VAW 64.4K sh, better
NAV per share: FMAT $58.45; VAW $228.68
52W range

ETF.net Grade

Pillar letters and Scores for FMAT, VAW, with each pillar’s weight
Pillar	FMAT	VAW
Cost30% weight	A95Higher	A84
Mission25% weight	Not scored	Not scored
Risk15% weight	B57	B60Higher
Tradability15% weight	B55Higher	C42
Holdings10% weight	C48	C50Higher
Durability5% weight	C52	A86Higher

Rank among Materials (Broad) funds

How we build Categories ›

Same Category. FMAT and VAW are both graded against the same 14 Materials (Broad) funds, so their Grades compare head to head.

Materials (Broad)⁠

Category · 14 funds

See all 14 ›

FMAT ranks 2nd and VAW 3rd of 14 funds in the Materials (Broad) Category.

Rank 1AXLBState Street Materials Select Sector SPDR ETFScore 84
Rank 2AFMATFidelity MSCI Materials Index ETFScore 70
Rank 3BVAWVanguard Materials ETFScore 66
Rank 4BXMEState Street SPDR S&P Metals & Mining ETFScore 62

Our read on each fund

ETF.net Research

FMATAFidelity MSCI Materials Index ETF

VAWBVanguard Materials ETF

In short

FMAT The whole US materials sector in one cheap wrapper: chemicals, industrial gases, miners and packagers, roughly 120 names spanning large down to small caps, for 0.08% a year. Fidelity has run it since 2013.

VAW Vanguard's materials aisle in one ticker: chemicals, packaging and metals, roughly 120 names deep, for 0.09% a year while the category norm sits several times higher.

Stated mandate

FMAT The fund seeks to provide returns that generally correspond, before fees and expenses, to the MSCI USA IMI Materials Index.

VAW The fund seeks to track a materials-sector equity benchmark through passive indexing and normally invests at least 80% of assets in the benchmark's stocks.

Why people hold it

FMAT Costs 0.08% a year, tied with XLB for the lowest fee among materials ETFs and a fraction of what the typical fund in the group charges.
Tracks MSCI's investable-market index, so the basket reaches past the mega caps into mid and small caps: roughly 120 holdings, not a dozen giants.fidelity.com
Does what the label says. Its returns have hugged its stated MSCI materials index, one of the stronger index implementations in its peer group.
Live since 2013 with a multi-hundred-million-dollar asset base and quarterly distributions.

VAW Charges 0.09% a year, several times below the median for broad materials funds. Cheap enough that cost stops being the argument.
Holds about 120 stocks from MSCI's US Investable Market materials index, so it reaches down the cap ladder instead of stopping at the biggest names.
Plain passive indexing, at least 80% in benchmark stocks, and it has tracked that benchmark closely. One of the stronger builds in the materials group.
Trading since 2004 and now a multi-billion-dollar fund, run by Vanguard's index desk. Distributions arrive quarterly.

Worth knowing

FMAT One sector, and a cyclical one. Materials profits ride commodity prices and industrial demand, so this can move a long way from the broad market in either direction.
US-listed companies only, so the big Australian, Canadian and European miners sit outside the basket.fidelity.com
Moderately traded rather than a volume leader, so spreads can run wider than at the busiest materials funds, especially in fast markets.

VAW One sector, and a cyclical one. Chemicals, miners and packagers ride construction and industrial demand, so swings run wider than a total-market fund.
Moderately traded rather than a volume monster, so spreads can widen in fast markets.
XLB and FMAT sit a basis point lower at 0.08%. A rounding error, but it exists.

Full FMAT profile⁠

Full VAW profile⁠

FMAT vs VAW Holdings

How FMAT and VAW differ

Overlap by weight

69.1%

Shared holdings make up 74.3% of VAW and 72.9% of FMAT.

Level by level

Holdings89 in both69.1%
Countryby domicile95.5%
Sector6 Sectors98.8%
Asset classEquity100%

Sector

Sector weights in FMAT and VAW, widest gap first
Sector	More in FMATMore in VAW	FMAT	VAW
Materials	FMAT +0.7 points	90.1%	89.4%
Consumer Discretionary	VAW +0.7 points	8.7%	9.4%
Industrials	VAW +0.5 points	0.1%	0.6%
Energy	FMAT +0.5 points	0.5%	0.0%
Consumer Staples	Same weight	0.0%	0.0%
Health Care	FMAT +0.1 points	0.6%	0.5%

Country, concentration and asset class

Country by domicile

Country weights in FMAT and VAW, widest gap first
Country	More in FMATMore in VAW	FMAT	VAW
United States	VAW +4.5 points	95.5%	100.0%
Ireland	FMAT +1.5 points	1.5%	0.0%
United Kingdom	FMAT +1.5 points	1.5%	0.0%
Switzerland	FMAT +1.4 points	1.4%	0.0%
Canada	FMAT +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

FMAT58.4%
VAW58.0%

Securities held

FMAT105
VAW111

Asset class

FMAT: Equity
VAW: Equity

Holdings

Only in FMAT16
In both89
Only in VAW22

Only in FMAT

16 securities, 28.5% of FMAT by weight

Linde PLC15.84%
Crh Plc(Us)4.12%
Securities Lending Cf1.55%
Smurfit Westrock PLC1.52%
Amrize Ltd1.41%
Lyondellbasell Inds Class A1.15%
Ball Corp1.11%
James Hardie Ind PLC1.04%
Axalta Coating Systems Ltd0.49%
Perpetua Resources Corp0.10%
State Street 60 Day Money Mark0.06%
Metallus Inc0.05%
Niocorp Developments Ltd0.04%
Greif Inc Class B0.04%
Trilogy Metals Inc0.02%
Suncrete Inc - A0.01%

Only in VAW

22 securities, 25.6% of VAW by weight

Linde PLC15.27%
Crh PLC3.85%
Smurfit Westrock PLC1.61%
Amrize Ltd1.29%
LyondellBasell Industries NV1.03%
Ball Corp0.99%
SLBBH11420.59%
Axalta Coating Systems Ltd0.48%
Perpetua Resources Corp0.13%
Metallus Inc0.05%
Mativ Holdings Inc0.04%
Rayonier Advanced Materials Inc0.03%
Flotek Industries Inc0.03%
AdvanSix Inc0.03%
Aspen Aerogels Inc0.03%
Magnera Corp0.03%
Intrepid Potash Inc0.02%
Orion SA0.02%
Clearwater Paper Corp0.02%
Kronos Worldwide Inc0.01%
Ranpak Holdings Corp0.01%
Mercer International Inc<0.01%

Weight gaps

All 89 Holdings in both funds, largest gap first.

Holding weights in FMAT and VAW, widest gap first
Holding	More in FMATMore in VAW	FMAT	VAW
Corteva IncCTVA	VAW +3.09 points	0.52%	3.61%
Air Products & Chemicals IncAPD	FMAT +0.57 points	4.61%	4.04%
Nucor CorpNUE	FMAT +0.55 points	4.16%	3.61%
Freeport Mcmoran IncFCX	VAW +0.53 points	6.47%	7.00%
Newmont CorpNEM	VAW +0.44 points	8.05%	8.49%
Ecolab IncECL	FMAT +0.35 points	5.19%	4.84%
Coeur Mining IncCDE	VAW +0.27 points	0.99%	1.26%
Dow IncDOW	FMAT +0.27 points	1.65%	1.38%
Vulcan Materials CoVMC	FMAT +0.27 points	2.48%	2.21%
Steel Dynamics IncSTLD	FMAT +0.25 points	2.36%	2.11%
Ppg Industries IncPPG	FMAT +0.20 points	1.82%	1.62%
Martin Marietta Materials IncMLM	FMAT +0.18 points	2.18%	2.00%
Reliance IncRS	FMAT +0.16 points	1.53%	1.37%
Amcor PLCAMCR	FMAT +0.13 points	1.48%	1.35%
Hecla Mining CoHL	VAW +0.13 points	0.66%	0.79%
Packaging Corp of AmericaPKG	FMAT +0.12 points	1.54%	1.42%
Albemarle CorpALB	VAW +0.12 points	0.75%	0.87%
Cleveland-Cliffs IncCLF	FMAT +0.11 points	0.55%	0.44%
International Flavors & FragraIFF	FMAT +0.09 points	1.54%	1.45%
Mosaic Co NewMOS	VAW +0.09 points	0.39%	0.48%
Crown Holdings IncCCK	FMAT +0.08 points	0.90%	0.82%
International Paper CoIP	FMAT +0.07 points	1.23%	1.16%
Mp Materials CorpMP	VAW +0.07 points	0.40%	0.47%
Newmarket CorpNEU	VAW +0.06 points	0.41%	0.47%
Alcoa CorpAA	VAW +0.05 points	0.72%	0.77%
Solstice Advanced Material IncSOLS	FMAT +0.06 points	0.68%	0.62%
Usa Rare Earth Inc AUSAR	VAW +0.05 points	0.14%	0.19%
Materion CorpMTRN	VAW +0.05 points	0.33%	0.38%
Avery Dennison CorpAVY	FMAT +0.04 points	0.95%	0.91%
Fmc Corp NewFMC	VAW +0.03 points	0.04%	0.07%
Hawkins IncHWKN	FMAT +0.03 points	0.20%	0.17%
Scotts Miracle Gro CoSMG	FMAT +0.03 points	0.19%	0.16%
Kaiser Alum CorpKALU	VAW +0.03 points	0.13%	0.16%
Aptargroup IncATR	FMAT +0.03 points	0.57%	0.54%
Element Solutions IncESI	VAW +0.02 points	0.56%	0.58%
Royal Gold IncRGLD	VAW +0.02 points	1.37%	1.39%
Knife River Holding Co W/IKNF	FMAT +0.02 points	0.22%	0.20%
Silgan Holdings IncSLGN	FMAT +0.02 points	0.23%	0.21%
Celanese CorpCE	FMAT +0.02 points	0.36%	0.34%
Ryerson Holding CorpRYZ	FMAT +0.02 points	0.09%	0.07%
Commercial Metals CoCMC	FMAT +0.01 points	0.49%	0.48%
Cabot CorpCBT	VAW +0.02 points	0.26%	0.28%
Perimeter Solutions IncPRM	FMAT +0.01 points	0.28%	0.27%
Warrior Met Coal IncHCC	VAW +0.01 points	0.31%	0.32%
Eagle Materials IncEXP	FMAT +0.01 points	0.38%	0.37%
Tmc The Metals Co IncTMC	VAW +0.01 points	0.04%	0.05%
Ashland IncASH	FMAT +0.01 points	0.21%	0.20%
Ivanhoe Electric IncIE	VAW +0.01 points	0.07%	0.08%
Worthington Steel IncWS	FMAT +0.01 points	0.09%	0.08%
Rpm International IncRPM	FMAT +0.02 points	0.87%	0.85%
Eastman Chemical CoEMN	FMAT +0.01 points	0.53%	0.52%
Purecycle Technologies IncPCT	VAW +0.02 points	0.03%	0.05%
Mcewen IncMUX	VAW +0.01 points	0.05%	0.06%
Avient CorpAVNT	FMAT +0.01 points	0.27%	0.26%
Minerals Technologies IncMTX	VAW +0.01 points	0.13%	0.14%
United States Antimony CorpUAMY	VAW +0.01 points	0.03%	0.04%
Century Aluminum CompanyCENX	VAW +0.01 points	0.16%	0.17%
Stepan CoSCL	FMAT +0.01 points	0.10%	0.09%
Graphic Packaging Holding CoGPK	VAW +0.01 points	0.18%	0.19%
Suncoke Energy IncSXC	Same weight	0.06%	0.06%
Hycroft Mining Holding CorpHYMC	VAW +0.01 points	0.06%	0.07%
Alpha Metallurgical Resour IncAMR	Same weight	0.12%	0.12%
Ingevity CorpNGVT	FMAT +0.01 points	0.18%	0.17%
Chemours Co/ TheCC	Same weight	0.14%	0.14%
Innospec IncIOSP	FMAT +0.01 points	0.17%	0.16%
Constellium SECSTM	VAW +0.01 points	0.20%	0.21%
Koppers Hldgs IncKOP	Same weight	0.05%	0.05%
O-I Glass IncOI	Same weight	0.06%	0.06%
Sensient Technologies CorpSXT	VAW +0.01 points	0.32%	0.33%
Westlake CorpWLK	Same weight	0.14%	0.14%
Asp Isotopes IncASPI	Same weight	0.02%	0.02%
Lsb Industries IncLXU	Same weight	0.04%	0.04%
Huntsman CorpHUN	Same weight	0.10%	0.10%
Cf Industries Holdings IncCF	FMAT +0.01 points	1.24%	1.23%
Balchem CorpBCPC	Same weight	0.37%	0.37%
Sherwin Williams CoSHW	Same weight	5.13%	5.13%
Quaker HoughtonKWR	Same weight	0.15%	0.15%
Fuller H B CoFUL	Same weight	0.18%	0.18%
Tronox Holdings PLCTROX	Same weight	0.03%	0.03%
Sylvamo CorpSLVM	Same weight	0.07%	0.07%
Myers IndustriesMYE	Same weight	0.07%	0.07%
Ramaco Resources IncMETC	Same weight	0.02%	0.02%
Olin CorpOLN	Same weight	0.12%	0.12%
Trimas CorpTRS	Same weight	0.07%	0.07%
Ecovyst IncECVT	FMAT +0.01 points	0.08%	0.07%
United States Lime & Min IncUSLM	Same weight	0.08%	0.08%
Greif Inc Class AGEF	Same weight	0.13%	0.13%
Compass Minerals Intl IncCMP	Same weight	0.05%	0.05%
Sonoco Products CoSON	Same weight	0.34%	0.34%

All 115 FMAT holdings⁠All 115 VAW holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FMAT vs VAW Cost

Overpaying VAW vs FMAT

$125

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FMAT 0.084%
$1,773
VAW 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

FMAT 0.084%
VAW 0.09%
Overpaying

Year by year

Year	FMAT	VAW	Overpaying
10	$154	$165	$11
20	$603	$646	$43
30	$1,773	$1,898	$125

Expense ratio

0.08%FMAT, cheaper
0.09%VAW

FMAT0.08%VAW0.09%

0.08%0.99%

Middle half of Materials (Broad) funds
Median 0.37%

FMAT 2nd cheapest of 14 funds

VAW 3rd cheapest of 14 funds

FMAT vs VAW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FMAT 1.40%, better; VAW 1.39%
Payout (12M): FMAT $0.82; VAW $3.18
Last payment: FMAT $0.20; VAW $0.78
Ex-dividend: FMAT Sep 18, 2026; VAW Sep 23, 2026
Paid on: FMAT Sep 22, 2026; VAW Sep 25, 2026
Frequency: FMAT Quarterly; VAW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FMATQuarterly · 39 paymentsAll FMAT payments⁠

VAWQuarterly · 39 paymentsAll VAW payments⁠

FMAT vs VAW Risk

Fall from peak · 5 years

FMAT
VAW

Risk facts

VolatilityStd dev, 3 years: FMAT 17.3%VAW 17.3%
Return per unit of riskSharpe ratio, 3 years: FMAT 0.54VAW 0.54
Worst fallMax drawdown, 5 years: FMAT −25.4%, betterVAW −25.5%
Market sensitivityBeta, 5 years: FMAT 0.98VAW 0.98; Market = 1

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