VAW vs. CUT
Compare and contrast key facts about Vanguard Materials ETF (VAW) and Invesco MSCI Global Timber ETF (CUT).
VAW and CUT 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. CUT is a passively managed fund by Invesco that tracks the performance of the Beacon Global Timber Index. It was launched on Nov 9, 2007. Both VAW and CUT 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. CUT - Performance Comparison
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VAW vs. CUT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VAW Vanguard Materials ETF | 8.97% | 12.30% | 0.48% | 13.67% | -11.80% | 27.43% | 19.44% | 23.53% | -17.49% | 23.76% |
CUT Invesco MSCI Global Timber ETF | -1.41% | -5.92% | 1.82% | 8.65% | -16.38% | 12.29% | 18.05% | 23.35% | -21.70% | 30.41% |
Returns By Period
In the year-to-date period, VAW achieves a 8.97% return, which is significantly higher than CUT's -1.41% return. Over the past 10 years, VAW has outperformed CUT with an annualized return of 10.55%, while CUT has yielded a comparatively lower 4.66% annualized 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%
CUT
- 1D
- 2.29%
- 1M
- -9.49%
- YTD
- -1.41%
- 6M
- -0.62%
- 1Y
- -4.47%
- 3Y*
- 1.30%
- 5Y*
- -2.30%
- 10Y*
- 4.66%
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VAW vs. CUT - Expense Ratio Comparison
VAW has a 0.10% expense ratio, which is lower than CUT's 0.55% expense ratio.
Return for Risk
VAW vs. CUT — Risk / Return Rank
VAW
CUT
VAW vs. CUT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Materials ETF (VAW) and Invesco MSCI Global Timber ETF (CUT). 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 | CUT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.00 | -0.22 | +1.22 |
Sortino ratioReturn per unit of downside risk | 1.51 | -0.19 | +1.70 |
Omega ratioGain probability vs. loss probability | 1.20 | 0.98 | +0.22 |
Calmar ratioReturn relative to maximum drawdown | 1.56 | -0.27 | +1.83 |
Martin ratioReturn relative to average drawdown | 5.38 | -0.69 | +6.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VAW | CUT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.00 | -0.22 | +1.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | -0.13 | +0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.23 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.13 | +0.26 |
Correlation
The correlation between VAW and CUT is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VAW vs. CUT - Dividend Comparison
VAW's dividend yield for the trailing twelve months is around 1.41%, less than CUT's 2.50% 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% |
CUT Invesco MSCI Global Timber ETF | 2.50% | 2.46% | 3.05% | 2.44% | 2.58% | 1.57% | 1.65% | 2.67% | 3.43% | 1.57% | 2.08% | 1.52% |
Drawdowns
VAW vs. CUT - Drawdown Comparison
The maximum VAW drawdown since its inception was -62.17%, smaller than the maximum CUT drawdown of -70.03%. Use the drawdown chart below to compare losses from any high point for VAW and CUT.
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Drawdown Indicators
| VAW | CUT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.17% | -70.03% | +7.86% |
Max Drawdown (1Y)Largest decline over 1 year | -14.33% | -16.98% | +2.65% |
Max Drawdown (5Y)Largest decline over 5 years | -25.50% | -31.21% | +5.71% |
Max Drawdown (10Y)Largest decline over 10 years | -41.13% | -45.76% | +4.63% |
Current DrawdownCurrent decline from peak | -7.36% | -19.60% | +12.24% |
Average DrawdownAverage peak-to-trough decline | -9.67% | -15.20% | +5.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.15% | 6.68% | -2.53% |
Volatility
VAW vs. CUT - Volatility Comparison
Vanguard Materials ETF (VAW) has a higher volatility of 7.07% compared to Invesco MSCI Global Timber ETF (CUT) at 6.60%. This indicates that VAW's price experiences larger fluctuations and is considered to be riskier than CUT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VAW | CUT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.07% | 6.60% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 13.34% | 13.02% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.39% | 19.97% | +1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.56% | 18.29% | +1.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.14% | 20.19% | +0.95% |