VAW vs. AIPO

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Materials ETF (VAW) and Defiance AI & Power Infrastructure ETF (AIPO).

VAW and AIPO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VAW is a passively managed fund by Vanguard that tracks the performance of the MSCI US Investable Market Materials 25/50 Index. It was launched on Jan 26, 2004. AIPO is a passively managed fund by Defiance that tracks the performance of the MarketVector™ US Listed AI and Power Infrastructure Index. It was launched on Jul 24, 2025. Both VAW and AIPO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

VAW vs. AIPO - Yearly Performance Comparison

	2026 (YTD)	2025
VAW Vanguard Materials ETF	8.97%	2.18%
AIPO Defiance AI & Power Infrastructure ETF	12.84%	8.68%

Returns By Period

In the year-to-date period, VAW achieves a 8.97% return, which is significantly lower than AIPO's 12.84% return.

VAW

• 1D: 2.34%
• 1M: -7.36%
• YTD: 8.97%
• 6M: 10.84%
• 1Y: 21.22%
• 3Y*: 10.04%
• 5Y*: 7.09%
• 10Y*: 10.55%

AIPO

• 1D: 4.70%
• 1M: -4.73%
• YTD: 12.84%
• 6M: 10.42%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VAW vs. AIPO - Expense Ratio Comparison

VAW has a 0.10% expense ratio, which is lower than AIPO's 0.69% expense ratio.

AIPO

Defiance AI & Power Infrastructure ETF

VAW

Vanguard Materials ETF

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: 60
VAW Sharpe Ratio Rank: 59
VAW Sortino Ratio Rank: 62
VAW Omega Ratio Rank: 55
VAW Calmar Ratio Rank: 65
VAW Martin Ratio Rank: 59

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.

	VAW	AIPO	Difference
Sharpe ratio Return per unit of total volatility	1.00	—	—
Sortino ratio Return per unit of downside risk	1.51	—	—
Omega ratio Gain probability vs. loss probability	1.20	—	—
Calmar ratio Return relative to maximum drawdown	1.56	—	—
Martin ratio Return relative to average drawdown	5.38	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VAW	AIPO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	1.03	-0.65

Correlation

The correlation between VAW and AIPO is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

VAW vs. AIPO - Dividend Comparison

VAW's dividend yield for the trailing twelve months is around 1.41%, more than AIPO's 0.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VAW Vanguard Materials ETF	1.41%	1.55%	1.70%	1.72%	1.98%	1.44%	1.67%	1.94%	2.03%	1.63%	1.67%	2.30%
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%

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	-14.33%	—	—
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	-7.36%	-7.04%	-0.32%
Average Drawdown Average peak-to-trough decline	-9.67%	-5.03%	-4.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	—	—

Volatility

Volatility by Period

	VAW	AIPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.34%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.39%	34.05%	-12.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.56%	34.05%	-14.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.14%	34.05%	-12.91%