PSCM vs VAW: Grades, Fees and Holdings Compared

Invesco S&P SmallCap Materials ETF

PSCMCNasdaq

Vanguard Materials ETF

VAWBNYSE Arca

Overlap

5.1%by weight

Expense ratio

VAW −0.20pt a year

PSCM0.29%VAW0.09%

Avg volume · 30D

VAW 41.8×the volume

PSCM1.54KVAW64.4K

10Y return · a year

PSCM +0.2pt

PSCM+10.3%VAW+10.1%

PSCM vs VAW Performance

Oct 29, 2021 – Oct 30, 2026

+48.9%PSCM+34.0%VAW

Expense ratio: PSCM 0.29%; VAW 0.09%, better
Fund size: PSCM $19M; VAW $4.5B
1Y total return: PSCM +25.5%, better; VAW +18.9%
Yield (12M): PSCM 1.12%; VAW 1.39%, better
Holdings: PSCM 29; VAW 113
Avg volume (30D): PSCM 1.54K sh; VAW 64.4K sh, better
NAV per share: PSCM $92.77; VAW $228.68
52W range

ETF.net Grade

Pillar letters and Scores for PSCM, VAW, with each pillar’s weight
Pillar	PSCM	VAW
Cost30% weight	B69	A84Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C43	B60Higher
Tradability15% weight	D33	C42Higher
Holdings10% weight	D36	C50Higher
Durability5% weight	D32	A86Higher

Rank among Materials (Broad) funds

How we build Categories ›

Same Category. PSCM 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 ›

VAW ranks 3rd and PSCM 7th 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
Rank 6CMXIiShares Global Materials ETFScore 54
Rank 7CPSCMInvesco S&P SmallCap Materials ETFScore 49
Rank 8CRSPMInvesco S&P 500 Equal Weight Materials ETFScore 45

Our read on each fund

ETF.net Research

PSCMCInvesco S&P SmallCap Materials ETF

VAWBVanguard Materials ETF

In short

PSCM Materials, but small. Where the big sector funds lean on large-cap chemical majors, PSCM sticks to small-cap US materials companies (chemicals, packaging, metals and mining) for 0.29% a year.

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

PSCM The fund tracks an index measuring the performance of securities of US basic materials companies.

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

PSCM A size slice most materials funds don't offer: US small caps only, materials only, no drift into large caps or overseas names.invesco.com
0.29% a year, below the median expense ratio among broad materials ETFs.
Live since 2010, so it has traded through full commodity cycles rather than launching into one. Pays quarterly.

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

PSCM Thinly traded with a small asset base. Spreads can widen, so the fill price can matter more than the expense ratio.
Roughly two dozen holdings, so one name can move the whole fund, and small-cap materials swing with the commodity cycle.
For the whole materials sector instead of the small-cap corner, XLB, VAW and FMAT are broader, far more traded, and cheaper.

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 PSCM profile⁠

Full VAW profile⁠

PSCM vs VAW Holdings

How PSCM and VAW differ

Overlap by weight

5.1%

Shared holdings make up 98.8% of PSCM and 5.1% of VAW.

Level by level

Holdings25 in both5.1%
Sector7 Sectors90.9%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in PSCM and VAW, widest gap first
Sector	More in PSCMMore in VAW	PSCM	VAW
Energy	PSCM +8.8 points	8.8%	0.0%
Consumer Discretionary	VAW +7.9 points	1.5%	9.4%
Industrials	VAW +0.6 points	0.0%	0.6%
Health Care	VAW +0.5 points	0.0%	0.5%
Materials	PSCM +0.3 points	89.7%	89.4%
Consumer Staples	Same weight	0.0%	0.0%
Financials	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in PSCM and VAW, widest gap first
Country	More in PSCMMore in VAW	PSCM	VAW
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

PSCM64.1%
VAW58.0%

Securities held

PSCM28
VAW111

Asset class

PSCM: Equity
VAW: Equity

Holdings

Only in PSCM3
In both25
Only in VAW86

Only in PSCM

3 securities, 1.2% of PSCM by weight

Metallus Inc1.13%
Invesco Government & Agency Portfolio0.04%
Securities Lending - Bnym0.00%

Only in VAW

86 securities, 94.8% of VAW by weight

Linde PLC15.27%
Newmont Corp8.49%
Freeport-McMoRan Inc7.00%
Sherwin-Williams Co/The5.13%
Ecolab Inc4.84%
Air Products and Chemicals Inc4.04%
Crh PLC3.85%
Corteva Inc3.61%
Nucor Corp3.61%
Vulcan Materials Co2.21%
Steel Dynamics Inc2.11%
Martin Marietta Materials Inc2.00%
PPG Industries Inc1.62%
Smurfit Westrock PLC1.61%
International Flavors & Fragrances Inc1.45%
Packaging Corp of America1.42%
Royal Gold Inc1.39%
Dow Inc1.38%
Reliance Inc1.37%
Amcor PLC1.35%
Amrize Ltd1.29%
Coeur Mining Inc1.26%
CF Industries Holdings Inc1.23%
International Paper Co1.16%
LyondellBasell Industries NV1.03%
Ball Corp0.99%
Avery Dennison Corp0.91%
Albemarle Corp0.87%
RPM International Inc0.85%
Crown Holdings Inc0.82%
Hecla Mining Co0.79%
Alcoa Corp0.77%
Solstice Advanced Materials Inc0.62%
SLBBH11420.59%
AptarGroup Inc0.54%
Axalta Coating Systems Ltd0.48%
Mosaic Co/The0.48%
Commercial Metals Co0.48%
NewMarket Corp0.47%
MP Materials Corp0.47%
Cleveland-Cliffs Inc0.44%
Eagle Materials Inc0.37%
Sonoco Products Co0.34%
Cabot Corp0.28%
Perimeter Solutions Inc0.27%
Avient Corp0.26%
Silgan Holdings Inc0.21%
Constellium SE0.21%
Ashland Inc0.20%
Knife River Corp0.20%

Weight gaps

All 25 Holdings in both funds, largest gap first.

Holding weights in PSCM and VAW, widest gap first
Holding	More in PSCMMore in VAW	PSCM	VAW
Element Solutions IncESI	PSCM +10.33 points	10.91%	0.58%
Eastman Chemical CoEMN	PSCM +9.93 points	10.45%	0.52%
Sensient Technologies CorpSXT	PSCM +7.20 points	7.53%	0.33%
Balchem CorpBCPC	PSCM +6.94 points	7.31%	0.37%
Warrior Met Coal IncHCC	PSCM +5.76 points	6.08%	0.32%
Celanese CorpCE	PSCM +4.68 points	5.02%	0.34%
Hawkins IncHWKN	PSCM +4.54 points	4.71%	0.17%
Materion CorpMTRN	PSCM +3.99 points	4.37%	0.38%
HB Fuller CoFUL	PSCM +3.74 points	3.92%	0.18%
Ingevity CorpNGVT	PSCM +3.63 points	3.80%	0.17%
Innospec IncIOSP	PSCM +3.50 points	3.66%	0.16%
Century Aluminum CoCENX	PSCM +3.18 points	3.35%	0.17%
Quaker Chemical CorpKWR	PSCM +3.00 points	3.15%	0.15%
Chemours Co/TheCC	PSCM +2.77 points	2.91%	0.14%
Minerals Technologies IncMTX	PSCM +2.68 points	2.82%	0.14%
Kaiser Aluminum CorpKALU	PSCM +2.69 points	2.85%	0.16%
Olin CorpOLN	PSCM +2.56 points	2.68%	0.12%
Alpha Metallurgical Resources IncAMR	PSCM +2.32 points	2.44%	0.12%
Stepan CoSCL	PSCM +2.10 points	2.19%	0.09%
Worthington Steel IncWS	PSCM +1.93 points	2.01%	0.08%
United States Lime & Minerals IncUSLM	PSCM +1.74 points	1.82%	0.08%
Sylvamo CorpSLVM	PSCM +1.51 points	1.58%	0.07%
O-I Glass IncOI	PSCM +1.13 points	1.19%	0.06%
Koppers Holdings IncKOP	PSCM +1.11 points	1.16%	0.05%
FMC CorpFMC	PSCM +0.80 points	0.87%	0.07%

All 27 PSCM 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.

PSCM vs VAW Cost

Overpaying PSCM vs VAW

$4,054

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

PSCM 0.29%
$5,952
VAW 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

PSCM 0.29%
VAW 0.09%
Overpaying

Year by year

Year	PSCM	VAW	Overpaying
10	$527	$165	$362
20	$2,044	$646	$1,398
30	$5,952	$1,898	$4,054

Expense ratio

0.29%PSCM
0.09%VAW, cheaper

VAW0.09%PSCM0.29%

0.08%0.99%

Middle half of Materials (Broad) funds
Median 0.37%

VAW 3rd cheapest of 14 funds

PSCM 5th cheapest of 14 funds

PSCM vs VAW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PSCM 1.12%; VAW 1.39%, better
Payout (12M): PSCM $1.03; VAW $3.18
Last payment: PSCM $0.25; VAW $0.78
Ex-dividend: PSCM Sep 21, 2026; VAW Sep 23, 2026
Paid on: PSCM Sep 25, 2026; VAW Sep 25, 2026
Frequency: PSCM Quarterly; VAW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PSCMQuarterly · 38 paymentsAll PSCM payments⁠

VAWQuarterly · 39 paymentsAll VAW payments⁠

PSCM vs VAW Risk

Fall from peak · 5 years

PSCM
VAW

Risk facts

VolatilityStd dev, 3 years: PSCM 22.8%VAW 17.3%, better
Return per unit of riskSharpe ratio, 3 years: PSCM 0.61, betterVAW 0.54
Worst fallMax drawdown, 5 years: PSCM −35.4%VAW −25.5%, better
Market sensitivityBeta, 5 years: PSCM 1.04VAW 0.98; Market = 1

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