cementious boards or siding will chip with flying rocks.
t-111, stained and sealed would be your best bet and it can be patched in case of some accident.
Also, get a rock guard or deflector. You need one anyway to save on kids, cars, and other things. Mulchers are great for a natural way to fertilize your lawn every time you mow. You can even buy a mulcher blade, then install a guard and your set.