SLX vs. MOAT

Last updated Jun 5, 2026

SLX (VanEck Vectors Steel ETF) and MOAT (VanEck Morningstar Wide Moat ETF) are both exchange-traded funds - SLX is a Materials fund tracking the NYSE Arca Steel Index, while MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index. Both are passively managed. Over the past 10 years, SLX returned 19.28%/yr vs 13.40%/yr for MOAT. A 0.62 correlation means they provide meaningful diversification when combined. SLX charges 0.56%/yr vs 0.47%/yr for MOAT.

Performance

SLX vs. MOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Steel ETF (SLX) and VanEck Morningstar Wide Moat ETF (MOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLX achieves a 31.70% return, which is significantly higher than MOAT's -0.07% return. Over the past 10 years, SLX has outperformed MOAT with an annualized return of 19.28%, while MOAT has yielded a comparatively lower 13.40% annualized return.

SLX

• 1D: -0.45%
• 1M: 6.72%
• YTD: 31.70%
• 6M: 36.25%
• 1Y: 76.28%
• 3Y*: 26.79%
• 5Y*: 16.03%
• 10Y*: 19.28%

MOAT

• 1D: 0.88%
• 1M: 3.57%
• YTD: -0.07%
• 6M: -0.05%
• 1Y: 15.51%
• 3Y*: 11.79%
• 5Y*: 8.20%
• 10Y*: 13.40%

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

SLX vs. MOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLX VanEck Vectors Steel ETF	31.70%	47.45%	-17.94%	31.25%	14.28%	27.69%	20.57%	12.01%	-19.27%	24.59%
MOAT VanEck Morningstar Wide Moat ETF	-0.07%	13.20%	10.73%	31.89%	-13.66%	24.12%	14.84%	34.79%	-1.28%	23.18%

Correlation

The correlation between SLX and MOAT is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012	0.62

The correlation between SLX and MOAT has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.

SLX vs. MOAT - Sectors Allocation Comparison

Sectors	SLX	MOAT
Basic Materials	95.0%	-
Energy	3.5%	-
Industrials	1.4%	13.5%
Communication Services	-	2.4%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	17.5%
Financial Services	-	6.7%
Healthcare	-	16.0%
Real Estate	-	0.8%
Technology	-	32.8%
Utilities	-	-

Return for Risk

SLX vs. MOAT — Risk / Return Rank

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

SLX

SLX Risk / Return Rank: 87
SLX Sharpe Ratio Rank: 91
SLX Sortino Ratio Rank: 88
SLX Omega Ratio Rank: 85
SLX Calmar Ratio Rank: 86
SLX Martin Ratio Rank: 82

MOAT

MOAT Risk / Return Rank: 30
MOAT Sharpe Ratio Rank: 32
MOAT Sortino Ratio Rank: 32
MOAT Omega Ratio Rank: 29
MOAT Calmar Ratio Rank: 27
MOAT Martin Ratio Rank: 28

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.

SLX vs. MOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Steel ETF (SLX) and VanEck Morningstar Wide Moat ETF (MOAT). 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.

	SLX	MOAT	Difference
Sharpe ratio: Return per unit of total volatility	3.21	1.12	+2.08
Sortino ratio: Return per unit of downside risk	4.01	1.69	+2.32
Omega ratio: Gain probability vs. loss probability	1.51	1.19	+0.32
Calmar ratio: Return relative to maximum drawdown	4.69	1.25	+3.44
Martin ratio: Return relative to average drawdown	16.40	3.90	+12.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLX vs. MOAT - Sharpe Ratio Comparison

The current SLX Sharpe Ratio is 3.21, which is higher than the MOAT Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of SLX and MOAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SLX	MOAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.21	1.12	+2.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.45	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.72	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.78	-0.55

Drawdowns

SLX vs. MOAT - Drawdown Comparison

The maximum SLX drawdown since its inception was -82.14%, which is greater than MOAT's maximum drawdown of -33.31%. Use the drawdown chart below to compare losses from any high point for SLX and MOAT.

Drawdown Indicators

	SLX	MOAT	Difference
Max Drawdown Largest peak-to-trough decline	-82.14%	-33.31%	-48.83%
Max Drawdown (1Y) Largest decline over 1 year	-16.35%	-12.43%	-3.92%
Max Drawdown (3Y) Largest decline over 3 years	-27.39%	-21.44%	-5.95%
Max Drawdown (5Y) Largest decline over 5 years	-33.62%	-23.96%	-9.66%
Max Drawdown (10Y) Largest decline over 10 years	-61.64%	-33.31%	-28.33%
Current Drawdown Current decline from peak	-1.59%	-3.88%	+2.29%
Average Drawdown Average peak-to-trough decline	-38.72%	-3.83%	-34.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	3.98%	+0.69%

Volatility

SLX vs. MOAT - Volatility Comparison

VanEck Vectors Steel ETF (SLX) has a higher volatility of 7.67% compared to VanEck Morningstar Wide Moat ETF (MOAT) at 3.86%. This indicates that SLX's price experiences larger fluctuations and is considered to be riskier than MOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLX	MOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.67%	3.86%	+3.81%
Volatility (6M) Calculated over the trailing 6-month period	17.94%	9.88%	+8.06%
Volatility (1Y) Calculated over the trailing 1-year period	23.92%	13.85%	+10.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.72%	18.18%	+9.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.02%	18.68%	+12.34%

SLX vs. MOAT - Expense Ratio Comparison

SLX has a 0.56% expense ratio, which is higher than MOAT's 0.47% expense ratio.

Dividends

SLX vs. MOAT - Dividend Comparison

SLX's dividend yield for the trailing twelve months is around 1.18%, less than MOAT's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MOAT VanEck Morningstar Wide Moat ETF	1.36%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%
SLX VanEck Vectors Steel ETF	1.18%	1.55%	3.56%	2.80%	4.97%	7.07%	1.87%	3.44%	6.26%	2.50%	1.06%	5.35%

Frequently Asked Questions

Can I hold both SLX and MOAT in my portfolio?

SLX and MOAT have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLX or MOAT?

SLX has higher volatility (7.67%) compared to MOAT (3.86%). In terms of maximum drawdown, SLX dropped -82.14% vs MOAT's -33.31%.

Which ETF is better, SLX or MOAT?

On 10-year performance, SLX leads with 19.28% vs 13.40% for MOAT. On fees, MOAT is cheaper at 0.47% per year. On volatility, MOAT has been the lower-risk option at 3.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLX or MOAT?

Over the 10-year period, SLX has performed better with a 19.28% return vs 13.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLX or MOAT?

MOAT is cheaper with a 0.47% expense ratio, compared with 0.56% for SLX.

Which ETF pays a higher dividend yield, SLX or MOAT?

MOAT has the higher dividend yield at 1.36%, compared with 1.18% for SLX.

What is the main difference between SLX and MOAT?

SLX is categorized as Materials, while MOAT is Large Cap Blend Equities. SLX tracks NYSE Arca Steel Index, while MOAT tracks Morningstar Wide Moat Focus Index. Their fees differ too: 0.56% for SLX and 0.47% for MOAT.

Which has better risk-adjusted returns?

SLX currently has the higher Sharpe Ratio (3.21 vs 1.12), 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.