VAW vs. ICBMX

Last updated Jul 17, 2026

VAW (Vanguard Materials ETF) and ICBMX (ICON Natural Resources and Infrastructure Fund) are both funds - VAW is a Materials fund tracking the MSCI US Investable Market Materials 25/50 Index, while ICBMX is a Energy Equities fund managed by ICON Funds. Over the past 10 years, VAW returned 9.51%/yr vs 12.56%/yr for ICBMX. Their correlation of 0.90 suggests significant overlap in exposure. VAW charges 0.09%/yr vs 1.31%/yr for ICBMX.

Performance

VAW vs. ICBMX - Performance Comparison

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

Returns By Period

In the year-to-date period, VAW achieves a 9.58% return, which is significantly lower than ICBMX's 18.69% return. Over the past 10 years, VAW has underperformed ICBMX with an annualized return of 9.51%, while ICBMX has yielded a comparatively higher 12.56% annualized return.

VAW

• 1D: 0.25%
• 1M: -4.75%
• 6M: 0.74%
• YTD: 9.58%
• 1Y: 15.77%
• 3Y*: 8.86%
• 5Y*: 6.83%
• 10Y*: 9.51%

ICBMX

• 1D: 0.52%
• 1M: -0.33%
• 6M: 8.33%
• YTD: 18.69%
• 1Y: 35.80%
• 3Y*: 19.08%
• 5Y*: 15.60%
• 10Y*: 12.56%

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

VAW vs. ICBMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VAW Vanguard Materials ETF	9.58%	12.30%	0.48%	13.67%	-11.80%	27.43%	19.44%	23.53%	-17.49%	23.76%
ICBMX ICON Natural Resources and Infrastructure Fund	18.69%	15.95%	21.25%	11.02%	0.50%	30.63%	5.53%	22.11%	-17.38%	16.93%

Correlation

The correlation between VAW and ICBMX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.79
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 VAW and ICBMX shifts across timeframes, from 0.76 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VAW vs. ICBMX — Risk / Return Rank

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

VAW

VAW Risk / Return Rank: 28
VAW Sharpe Ratio Rank: 28
VAW Sortino Ratio Rank: 28
VAW Omega Ratio Rank: 26
VAW Calmar Ratio Rank: 29
VAW Martin Ratio Rank: 31

ICBMX

ICBMX Risk / Return Rank: 72
ICBMX Sharpe Ratio Rank: 64
ICBMX Sortino Ratio Rank: 69
ICBMX Omega Ratio Rank: 54
ICBMX Calmar Ratio Rank: 88
ICBMX Martin Ratio Rank: 82

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. ICBMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Materials ETF (VAW) and ICON Natural Resources and Infrastructure Fund (ICBMX). 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	ICBMX	Difference
Sharpe ratio: Return per unit of total volatility	0.86	1.82	-0.96
Sortino ratio: Return per unit of downside risk	1.30	2.69	-1.39
Omega ratio: Gain probability vs. loss probability	1.15	1.31	-0.16
Calmar ratio: Return relative to maximum drawdown	1.18	3.57	-2.39
Martin ratio: Return relative to average drawdown	3.53	11.94	-8.41

VAW vs. ICBMX - Sharpe Ratio Comparison

The current VAW Sharpe Ratio is 0.86, which is lower than the ICBMX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of VAW and ICBMX, 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

VAW vs. ICBMX - Drawdown Comparison

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

Drawdown Indicators

	VAW	ICBMX	Difference
Max Drawdown Largest peak-to-trough decline	-62.17%	-63.92%	+1.75%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-10.10%	-3.32%
Max Drawdown (3Y) Largest decline over 3 years	-23.21%	-26.49%	+3.28%
Max Drawdown (5Y) Largest decline over 5 years	-25.50%	-26.49%	+0.99%
Max Drawdown (10Y) Largest decline over 10 years	-41.13%	-48.18%	+7.05%
Current Drawdown Current decline from peak	-6.84%	-2.98%	-3.86%
Average Drawdown Average peak-to-trough decline	-9.61%	-17.82%	+8.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	3.01%	+1.47%

Volatility

VAW vs. ICBMX - Volatility Comparison

Vanguard Materials ETF (VAW) has a higher volatility of 4.97% compared to ICON Natural Resources and Infrastructure Fund (ICBMX) at 3.45%. This indicates that VAW's price experiences larger fluctuations and is considered to be riskier than ICBMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VAW	ICBMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	3.45%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	14.78%	13.20%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	18.52%	19.92%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	20.69%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	22.23%	-1.05%

VAW vs. ICBMX - Expense Ratio Comparison

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

Dividends

VAW vs. ICBMX - Dividend Comparison

VAW's dividend yield for the trailing twelve months is around 1.41%, less than ICBMX's 8.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICBMX ICON Natural Resources and Infrastructure Fund	8.43%	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	1.41%	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 ICBMX in my portfolio?

VAW and ICBMX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VAW or ICBMX?

VAW has higher volatility (4.97%) compared to ICBMX (3.45%). In terms of maximum drawdown, VAW dropped -62.17% vs ICBMX's -63.92%.

Which has better risk-adjusted returns?

ICBMX currently has the higher Sharpe Ratio (1.82 vs 0.86), 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.