FMAT vs VAW: Holdings Overlap
FMATFidelity MSCI Materials Index ETF
Fidelity · 103 holdings · $579M · as of 2026-04-30
VAWVanguard Materials Index Fund
Vanguard · 110 holdings · $3.0B · as of 2026-05-31
Holdings snapshots are 31 days apart (FMAT: 2026-04-30, VAW: 2026-05-31). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are FMAT and VAW?
Fidelity MSCI Materials Index ETF (FMAT, by Fidelity) holds 103 positions; Vanguard Materials Index Fund (VAW, by Vanguard) holds 110. They have 97 holdings in common, and by portfolio weight the two funds are 96.4% identical. In practical terms the pair is essentially interchangeable, so holding both adds little diversification.
- Overlap by Weight
- 96.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 97FMAT holds 103 · VAW holds 110
- Weight in Shared Holdings
- FMAT 100%·VAW 99%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in FMAT
6 of 103 positions (0.3% of the fund) are not held by VAW.
Sector Breakdown
| Sector | FMAT | VAW |
|---|---|---|
| Materials | 99.5% | 99.5% |
| Energy | 0.3% | 0.3% |
| Consumer Discretionary | 0.0% | 0.0% |
| Other Sectors | 0.0% | 0.0% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts.
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| FMAT | +3.2% | +14.7% | +20.8% | +10.3% | +6.9% | +10.0% | 1.38% |
| VAW | +3.2% | +14.7% | +20.8% | +10.3% | +7.0% | +10.1% | 1.34% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in FMAT vs VAW →
Shared Holdings(97)
The top 10 shared positions account for 56% of the overlap, led by LIN, NEM and FCX.
 LINLinde PLC COM EUR0.001 | 14.99% | 14.92% | 14.92% |
|---|---|---|---|
 NEMNewmont Corporation COM | 7.77% | 7.69% | 7.69% |
 FCXFreeport-McMoRan Inc. CL B | 5.32% | 6.06% | 5.32% |
 CRHCRH plc | 5.09% | 4.68% | 4.68% |
 SHWThe Sherwin-Williams Company COM | 4.85% | 4.59% | 4.59% |
 ECLEcolab Inc. COM | 4.26% | 4.19% | 4.19% |
 APDAir Products & Chemicals, Inc. COM | 4.28% | 3.81% | 3.81% |
 CTVACorteva Inc COM | 3.51% | 3.40% | 3.40% |
 NUENucor Corporation COM | 3.30% | 3.67% | 3.30% |
 VMCVulcan Materials Company COM | 2.55% | 2.40% | 2.40% |
 MLMMartin Marietta Materials Inc COM | 2.39% | 2.25% | 2.25% |
 STLDSteel Dynamics, Inc. COM | 2.03% | 2.32% | 2.03% |
 AMRZAmrize Ltd. | 1.72% | 1.74% | 1.72% |
 PPGPPG Industries, Inc. COM | 1.56% | 1.63% | 1.56% |
 DOWDow Inc COM | 1.84% | 1.54% | 1.54% |
 ALBAlbemarle Corp COM | 1.48% | 1.33% | 1.33% |
 SWSmurfit WestRock plc COM USD0.001 | 1.28% | 1.38% | 1.28% |
 PKGPackaging Corporation of America COM | 1.23% | 1.26% | 1.23% |
 DDDupont De Nemours Inc COM | 1.23% | 1.30% | 1.23% |
 RGLDRoyal Gold, Inc. COM | 1.26% | 1.22% | 1.22% |
 RSReliance Inc COM | 1.21% | 1.28% | 1.21% |
 CDECoeur Mining Inc COM NEW | 1.19% | 1.28% | 1.19% |
 IFFInternational Flavors & Fragrances Inc. COM | 1.15% | 1.25% | 1.15% |
 AMCRAmcor PLC COM NEW | 1.13% | 1.15% | 1.13% |
 CFCF Industries Holdings, Inc. COM | 1.24% | 1.12% | 1.12% |
Frequently Asked Questions
How much do FMAT and VAW overlap?
FMAT and VAW overlap by 96.4% of portfolio weight. They share 97 holdings (FMAT holds 103 positions and VAW holds 110), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FMAT and VAW?
The two portfolios are 96.4% identical by weight. Owning both is largely redundant: they are close to the same portfolio, so a second position mostly duplicates the first.
What are the biggest shared holdings of FMAT and VAW?
The largest positions held by both funds are LIN, NEM, FCX, CRH and SHW. Together the top 10 shared positions account for 56% of the total overlap.
What does FMAT own that VAW doesn't?
6 positions (0.3% of FMAT) are unique to FMAT, led by HYMC, NB and Trilogy Metals Inc. In the other direction, 13 positions (0.3% of VAW) are unique to VAW.