VAW vs FMAT: Holdings Overlap
VAWVanguard Materials Index Fund
Vanguard · 110 holdings · $3.0B · as of 2026-05-31
FMATFidelity MSCI Materials Index ETF
Fidelity · 103 holdings · $579M · as of 2026-04-30
Holdings snapshots are 31 days apart (VAW: 2026-05-31, FMAT: 2026-04-30). 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 VAW and FMAT?
Vanguard Materials Index Fund (VAW, by Vanguard) holds 110 positions; Fidelity MSCI Materials Index ETF (FMAT, by Fidelity) holds 103. 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
- 97VAW holds 110 · FMAT holds 103
- Weight in Shared Holdings
- VAW 99%·FMAT 100%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 VAW
13 of 110 positions (0.3% of the fund) are not held by FMAT.
Sector Breakdown
| Sector | VAW | FMAT |
|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|
| VAW | +3.2% | +14.7% | +20.8% | +10.3% | +7.0% | +10.1% | 1.34% |
| FMAT | +3.2% | +14.7% | +20.8% | +10.3% | +6.9% | +10.0% | 1.38% |
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 VAW vs FMAT →
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 | 14.92% | 14.99% | 14.92% |
|---|---|---|---|
 NEMNewmont Corporation COM | 7.69% | 7.77% | 7.69% |
 FCXFreeport-McMoRan Inc. CL B | 6.06% | 5.32% | 5.32% |
 CRHCRH plc | 4.68% | 5.09% | 4.68% |
 SHWThe Sherwin-Williams Company COM | 4.59% | 4.85% | 4.59% |
 ECLEcolab Inc. COM | 4.19% | 4.26% | 4.19% |
 APDAir Products & Chemicals, Inc. COM | 3.81% | 4.28% | 3.81% |
 CTVACorteva Inc COM | 3.40% | 3.51% | 3.40% |
 NUENucor Corporation COM | 3.67% | 3.30% | 3.30% |
 VMCVulcan Materials Company COM | 2.40% | 2.55% | 2.40% |
 MLMMartin Marietta Materials Inc COM | 2.25% | 2.39% | 2.25% |
 STLDSteel Dynamics, Inc. COM | 2.32% | 2.03% | 2.03% |
 AMRZAmrize Ltd. | 1.74% | 1.72% | 1.72% |
 PPGPPG Industries, Inc. COM | 1.63% | 1.56% | 1.56% |
 DOWDow Inc COM | 1.54% | 1.84% | 1.54% |
 ALBAlbemarle Corp COM | 1.33% | 1.48% | 1.33% |
 SWSmurfit WestRock plc COM USD0.001 | 1.38% | 1.28% | 1.28% |
 PKGPackaging Corporation of America COM | 1.26% | 1.23% | 1.23% |
 DDDupont De Nemours Inc COM | 1.30% | 1.23% | 1.23% |
 RGLDRoyal Gold, Inc. COM | 1.22% | 1.26% | 1.22% |
 RSReliance Inc COM | 1.28% | 1.21% | 1.21% |
 CDECoeur Mining Inc COM NEW | 1.28% | 1.19% | 1.19% |
 IFFInternational Flavors & Fragrances Inc. COM | 1.25% | 1.15% | 1.15% |
 AMCRAmcor PLC COM NEW | 1.15% | 1.13% | 1.13% |
 CFCF Industries Holdings, Inc. COM | 1.12% | 1.24% | 1.12% |
Frequently Asked Questions
How much do VAW and FMAT overlap?
VAW and FMAT overlap by 96.4% of portfolio weight. They share 97 holdings (VAW holds 110 positions and FMAT holds 103), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VAW and FMAT?
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 VAW and FMAT?
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 VAW own that FMAT doesn't?
13 positions (0.3% of VAW) are unique to VAW, led by MYE, LXU and ASIX. In the other direction, 6 positions (0.3% of FMAT) are unique to FMAT.