Vanguard Materials ETF (VAW) Performance
VAW total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +9.2% since Dec 31, 2025
- 1 year
- +11.9% total return
- 5 years
- +5.7% a year
- 10 years
- +9.8% a year
- Since first price
- +8.9% a year since 2004
VAW trailing returns vs SPY, QQQ, AGG
| Period | VAW total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.3% | −0.3% | −1.0% | −5.0% | +0.9% |
| 3 months | +0.5% | +0.2% | +3.2% | +1.9% | −0.4% |
| 6 months | −3.5% | −4.2% | +7.8% | +8.4% | −1.5% |
| YTD | +9.2% | +8.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +11.9% | +10.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +44.8%+13.1%/yr | +38.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +31.7%+5.7%/yr | +20.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +154.5%+9.8%/yr | +112.9% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +310.6%+9.9%/yr | +206.7% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +398.5%+8.4%/yr | +236.8% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionJan 30, 2004 | +597.0%+8.9%/yr | +355.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: VAW vs SPY
From Jan 30, 2004: VAW grew to $69,697, SPY to $101,402.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
VAW returns by calendar year
16 of 21 full years positive. Best 2009 (+51.4%), worst 2008 (−46.5%). 2026 is year to date.
VAW annual returns table
| Year | VAW | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +9.2% | −13.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +12.3% | −18.7% | +17.7% | +20.8% | +7.2% |
| 2024 | +0.5% | −12.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +13.7% | −13.7% | +26.2% | +54.9% | +5.7% |
| 2022 | −11.8% | −25.5% | −18.2% | −32.6% | −13.0% |
| 2021 | +27.4% | −10.7% | +28.7% | +27.4% | −1.8% |
| 2020 | +19.4% | −38.5% | +18.3% | +48.6% | +7.5% |
| 2019 | +23.5% | −10.4% | +31.2% | +39.0% | +8.5% |
| 2018 | −17.5% | −26.7% | −4.6% | −0.1% | +0.1% |
| 2017 | +23.8% | −4.5% | +21.7% | +32.7% | +3.6% |
| 2016 | +21.5% | −12.7% | +12.0% | +7.1% | +2.4% |
| 2015 | −10.2% | −23.8% | +1.2% | +9.4% | +0.5% |
| 2014 | +5.9% | −12.1% | +13.5% | +19.2% | +6.0% |
| 2013 | +24.9% | −7.1% | +32.3% | +36.6% | −2.0% |
| 2012 | +17.3% | −13.9% | +16.0% | +18.1% | +3.8% |
| 2011 | −9.5% | −30.3% | +1.9% | +3.4% | +7.7% |
| 2010 | +24.5% | −19.9% | +15.1% | +19.9% | +6.4% |
| 2009 | +51.4% | −26.1% | +26.4% | +54.7% | +3.0% |
| 2008 | −46.5% | −62.0% | −36.8% | −41.7% | +7.9% |
| 2007 | +26.5% | −15.9% | +5.1% | +19.0% | +6.6% |
| 2006 | +19.5% | −16.6% | +15.8% | +7.1% | +3.9% |
| 2005 | +3.4% | −16.4% | +4.8% | +1.6% | +2.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
VAW largest drawdowns
Now 7.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| May 16, 2008 | −62.2% | Mar 9, 2009 | Jan 9, 2013 | 10 months | 4.7 years |
| Jan 26, 2018 | −41.1% | Mar 23, 2020 | Sep 1, 2020 | 2.2 years | 2.6 years |
| Feb 24, 2015 | −27.2% | Jan 25, 2016 | Nov 15, 2016 | 11 months | 1.7 years |
| Apr 20, 2022 | −25.5% | Sep 26, 2022 | Feb 29, 2024 | 5 months | 1.9 years |
| Oct 18, 2024 | −23.2% | Apr 8, 2025 | Dec 26, 2025 | 6 months | 1.2 years |
| May 9, 2006 | −16.6% | Jun 13, 2006 | Nov 22, 2006 | 35 days | 6 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
VAW risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2004 |
|---|---|---|---|---|
| Annualized return | +9.9% | +6.5% | +9.3% | +8.8% |
| Volatility (annualized) | 17.4% | 20.3% | 19.7% | 20.4% |
| Sharpe ratio | 0.38 | 0.24 | 0.44 | — |
| Sortino ratio | 0.56 | 0.35 | 0.65 | — |
| Best month | +8.7% | +11.1% | +15.3% | +17.9% |
| Worst month | −11.2% | −14.3% | −15.2% | −23.5% |
| Best 12 months | +27.2% | +27.2% | +83.1% | +83.1% |
| Worst 12 months | −6.1% | −12.7% | −20.2% | −54.1% |
| Positive months | 56% | 52% | 60% | 58% |
| Beta vs S&P 500 | 0.78 | 0.97 | 1.05 | — |
| Correlation with S&P 500 | 0.55 | 0.75 | 0.82 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
VAW rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 262 | −54.1% | +12.2% | +83.1% | 74% |
| 3-year (a year) | 238 | −13.2% | +8.9% | +31.1% | 89% |
| 5-year (a year) | 214 | −3.9% | +8.4% | +24.7% | 97% |
| 10-year (a year) | 154 | +5.0% | +9.0% | +14.5% | 100% |
Every holding period starting at a month-end since 2004. Returns for 3 years and longer are annualized.
VAW performance overview
Vanguard Materials ETF (VAW) returned +11.9% over the past year and +9.8% a year over ten years, with distributions reinvested. Since its first recorded price in 2004 it has returned +8.9% a year, turning $10,000 into about $69,697. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −62.2%, from May 16, 2008 to Mar 9, 2009, and it took 3.8 years to get back to the old high. VAW finished 16 of its 21 full calendar years with a gain; the best year was 2009 (+51.4%) and the worst 2008 (−46.5%). Volatility has been 20.4% a year.
Related: VAW chart, VAW holdings, VAW dividends, VAW valuation. See the VAW overview for the latest quote and fund facts.
VAW performance FAQ
What is the VAW return over the past year?
VAW returned +11.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 10.3%.
What is the average annual return of VAW?
VAW has returned +5.7% a year over 5 years, +9.8% a year over 10 years, +8.9% a year since January 30, 2004 (total return, distributions reinvested).
How much would $10,000 invested in VAW be worth?
$10,000 invested in VAW at its first recorded close on January 30, 2004 would be worth about $69,697 on October 23, 2026 with distributions reinvested.
What was the worst year for VAW?
The worst calendar year was 2008, with a total return of −46.5%. The best was 2009 at +51.4%.
What is the biggest drawdown of VAW?
The largest peak-to-trough decline was −62.2% between May 16, 2008 and March 9, 2009. It recovered to the old high on January 9, 2013, 3.8 years after the bottom.
How volatile is VAW?
Over the past 3 years VAW had an annualized volatility of 17.4% and a Sharpe ratio of 0.38 (excess return over 1–3 month T-bills per unit of risk).