VAW vs. AIPO

Last updated Jun 24, 2026

VAW (Vanguard Materials ETF) and AIPO (Defiance AI & Power Infrastructure ETF) are both exchange-traded funds - VAW is a Materials fund tracking the MSCI US Investable Market Materials 25/50 Index, while AIPO is a Building & Construction fund tracking the MarketVector™ US Listed AI and Power Infrastructure Index. Both are passively managed. A 0.51 correlation means they provide meaningful diversification when combined. VAW charges 0.09%/yr vs 0.69%/yr for AIPO.

Performance

VAW vs. AIPO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Materials ETF (VAW) and Defiance AI & Power Infrastructure ETF (AIPO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VAW achieves a 11.07% return, which is significantly lower than AIPO's 49.55% return.

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%

AIPO

• 1D: -4.86%
• 1M: 2.22%
• YTD: 49.55%
• 6M: 45.94%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VAW vs. AIPO - Yearly Performance Comparison

	2026 (YTD)	2025
VAW Vanguard Materials ETF	11.07%	3.31%
AIPO Defiance AI & Power Infrastructure ETF	49.55%	9.46%

Correlation

The correlation between VAW and AIPO is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 25, 2025	0.51

VAW vs. AIPO - Sectors Allocation Comparison

Sectors	VAW	AIPO
Basic Materials	90.1%	-
Consumer Cyclical	8.3%	-
Industrials	1.1%	46.4%
Healthcare	0.5%	-
Technology	0.1%	18.9%
Consumer Defensive	0.0%	-
Energy	0.0%	6.1%
Communication Services	-	0.8%
Financial Services	-	5.3%
Real Estate	-	1.0%
Utilities	-	21.2%

Return for Risk

VAW vs. AIPO — Risk / Return Rank

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

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

AIPO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

VAW vs. AIPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Materials ETF (VAW) and Defiance AI & Power Infrastructure ETF (AIPO). 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.

	VAW	AIPO	Difference
Sharpe ratio: Return per unit of total volatility	1.13	—	—
Sortino ratio: Return per unit of downside risk	1.65	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	1.55	—	—
Martin ratio: Return relative to average drawdown	4.90	—	—

Drawdowns

VAW vs. AIPO - Drawdown Comparison

The maximum VAW drawdown since its inception was -62.17%, which is greater than AIPO's maximum drawdown of -17.31%. Use the drawdown chart below to compare losses from any high point for VAW and AIPO.

Drawdown Indicators

	VAW	AIPO	Difference
Max Drawdown Largest peak-to-trough decline	-62.17%	-17.31%	-44.86%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.13%	—	—
Current Drawdown Current decline from peak	-5.58%	-4.86%	-0.72%
Average Drawdown Average peak-to-trough decline	-9.62%	-4.44%	-5.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	—	—

Volatility

Volatility by Period

	VAW	AIPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.78%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.50%	35.59%	-17.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	35.59%	-15.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	35.59%	-14.36%

VAW vs. AIPO - Expense Ratio Comparison

VAW has a 0.09% expense ratio, which is lower than AIPO's 0.69% expense ratio.

Dividends

VAW vs. AIPO - Dividend Comparison

VAW's dividend yield for the trailing twelve months is around 1.39%, more than AIPO's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIPO Defiance AI & Power Infrastructure ETF	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 VAW and AIPO in my portfolio?

VAW and AIPO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VAW or AIPO?

On fees, VAW is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VAW or AIPO?

VAW is cheaper with a 0.09% expense ratio, compared with 0.69% for AIPO.

Which ETF pays a higher dividend yield, VAW or AIPO?

VAW has the higher dividend yield at 1.39%, compared with 0.01% for AIPO.

What is the main difference between VAW and AIPO?

VAW is categorized as Materials, while AIPO is Building & Construction. VAW tracks MSCI US Investable Market Materials 25/50 Index, while AIPO tracks MarketVector™ US Listed AI and Power Infrastructure Index. They also come from different issuers: Vanguard and Defiance. Their fees differ too: 0.09% for VAW and 0.69% for AIPO.