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I camp 12 months a year in Canada. In the winter when I camp everything I wear is made out of Marino wool. I buy a lot of my gear secondhand. Wool will retain heat when it is wet. Cotton is NOT suitable for cold weather. Instead of wearing anything cotton I layer up with moisturizer wicking fabrics. At night you need to take off any clothes you wore during the day because they will have moisture in them and moisture is a killer in cold weather. At night you need to sleep in fresh dry clothes.
Marino is great. Alpaca wool is also really good.
Down is another excellent insulator but it doesn’t retain heat when it is wet either.
