ICBMX vs. VAW

Last updated Jun 24, 2026

ICBMX (ICON Natural Resources and Infrastructure Fund) and VAW (Vanguard Materials ETF) are both funds - ICBMX is a Energy Equities fund managed by ICON Funds, while VAW is a Materials fund tracking the MSCI US Investable Market Materials 25/50 Index. Over the past 10 years, ICBMX returned 13.07%/yr vs 10.46%/yr for VAW. Their correlation of 0.90 suggests significant overlap in exposure. ICBMX charges 1.31%/yr vs 0.09%/yr for VAW.

Performance

ICBMX vs. VAW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ICON Natural Resources and Infrastructure Fund (ICBMX) and Vanguard Materials ETF (VAW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICBMX achieves a 17.87% return, which is significantly higher than VAW's 11.07% return. Over the past 10 years, ICBMX has outperformed VAW with an annualized return of 13.07%, while VAW has yielded a comparatively lower 10.46% annualized return.

ICBMX

• 1D: 0.33%
• 1M: 0.47%
• YTD: 17.87%
• 6M: 16.11%
• 1Y: 42.21%
• 3Y*: 21.24%
• 5Y*: 14.05%
• 10Y*: 13.07%

VAW

• 1D: -1.83%
• 1M: 0.83%
• YTD: 11.07%
• 6M: 9.68%
• 1Y: 20.68%
• 3Y*: 11.22%
• 5Y*: 6.68%
• 10Y*: 10.46%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ICBMX vs. VAW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICBMX ICON Natural Resources and Infrastructure Fund	17.87%	15.95%	21.25%	11.02%	0.50%	30.63%	5.53%	22.11%	-17.38%	16.93%
VAW Vanguard Materials ETF	11.07%	12.30%	0.48%	13.67%	-11.80%	27.43%	19.44%	23.53%	-17.49%	23.76%

Correlation

The correlation between ICBMX and VAW is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.90

The correlation between ICBMX and VAW shifts across timeframes, from 0.78 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ICBMX vs. VAW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ICBMX

ICBMX Risk / Return Rank: 71
ICBMX Sharpe Ratio Rank: 63
ICBMX Sortino Ratio Rank: 65
ICBMX Omega Ratio Rank: 51
ICBMX Calmar Ratio Rank: 89
ICBMX Martin Ratio Rank: 86

VAW

VAW Risk / Return Rank: 32
VAW Sharpe Ratio Rank: 32
VAW Sortino Ratio Rank: 32
VAW Omega Ratio Rank: 30
VAW Calmar Ratio Rank: 32
VAW Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ICBMX vs. VAW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ICON Natural Resources and Infrastructure Fund (ICBMX) and Vanguard Materials ETF (VAW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ICBMX	VAW	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.13	+1.02
Sortino ratio: Return per unit of downside risk	3.09	1.65	+1.43
Omega ratio: Gain probability vs. loss probability	1.36	1.20	+0.16
Calmar ratio: Return relative to maximum drawdown	4.31	1.55	+2.76
Martin ratio: Return relative to average drawdown	15.21	4.90	+10.30

ICBMX vs. VAW - Sharpe Ratio Comparison

The current ICBMX Sharpe Ratio is 2.15, which is higher than the VAW Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of ICBMX and VAW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ICBMX vs. VAW - Drawdown Comparison

The maximum ICBMX drawdown since its inception was -63.92%, roughly equal to the maximum VAW drawdown of -62.17%. Use the drawdown chart below to compare losses from any high point for ICBMX and VAW.

Drawdown Indicators

	ICBMX	VAW	Difference
Max Drawdown Largest peak-to-trough decline	-63.92%	-62.17%	-1.75%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-13.42%	+3.32%
Max Drawdown (3Y) Largest decline over 3 years	-26.49%	-23.21%	-3.28%
Max Drawdown (5Y) Largest decline over 5 years	-26.49%	-25.50%	-0.99%
Max Drawdown (10Y) Largest decline over 10 years	-48.18%	-41.13%	-7.05%
Current Drawdown Current decline from peak	-3.66%	-5.58%	+1.92%
Average Drawdown Average peak-to-trough decline	-17.85%	-9.62%	-8.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	4.23%	-1.37%

Volatility

ICBMX vs. VAW - Volatility Comparison

The current volatility for ICON Natural Resources and Infrastructure Fund (ICBMX) is 5.38%, while Vanguard Materials ETF (VAW) has a volatility of 6.78%. This indicates that ICBMX experiences smaller price fluctuations and is considered to be less risky than VAW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICBMX	VAW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	6.78%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	13.54%	14.86%	-1.32%
Volatility (1Y) Calculated over the trailing 1-year period	20.33%	18.50%	+1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.76%	19.72%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.33%	21.23%	+1.10%

ICBMX vs. VAW - Expense Ratio Comparison

ICBMX has a 1.31% expense ratio, which is higher than VAW's 0.09% expense ratio.

Dividends

ICBMX vs. VAW - Dividend Comparison

ICBMX's dividend yield for the trailing twelve months is around 8.49%, more than VAW's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICBMX ICON Natural Resources and Infrastructure Fund	8.49%	10.01%	17.24%	7.07%	11.07%	1.32%	0.32%	1.55%	21.58%	1.19%	0.53%	7.78%
VAW Vanguard Materials ETF	1.39%	1.55%	1.70%	1.72%	1.98%	1.44%	1.67%	1.94%	2.03%	1.63%	1.67%	2.30%

Frequently Asked Questions

Can I hold both ICBMX and VAW in my portfolio?

ICBMX and VAW have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICBMX or VAW?

VAW has higher volatility (6.78%) compared to ICBMX (5.38%). In terms of maximum drawdown, ICBMX dropped -63.92% vs VAW's -62.17%.

Which has better risk-adjusted returns?

ICBMX currently has the higher Sharpe Ratio (2.15 vs 1.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.