FMAT vs. GBLD

Last updated Jun 4, 2026

FMAT (Fidelity MSCI Materials Index ETF) and GBLD (Invesco MSCI Green Building ETF) are both exchange-traded funds - FMAT is a Materials fund tracking the MSCI USA IMI Materials Index, while GBLD is a Sustainable fund tracking the MSCI Global Green Building Index. Both are passively managed. A 0.64 correlation means they provide meaningful diversification when combined. FMAT charges 0.08%/yr vs 0.39%/yr for GBLD.

Performance

FMAT vs. GBLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Materials Index ETF (FMAT) and Invesco MSCI Green Building ETF (GBLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FMAT

• 1D: -0.31%
• 1M: 2.43%
• YTD: 13.04%
• 6M: 16.00%
• 1Y: 22.50%
• 3Y*: 12.38%
• 5Y*: 5.79%
• 10Y*: 10.33%

GBLD

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMAT vs. GBLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMAT Fidelity MSCI Materials Index ETF	13.04%	12.11%	0.47%	13.71%	-11.54%	11.82%
GBLD Invesco MSCI Green Building ETF	4.52%	17.95%	-5.63%	6.39%	-21.69%	-2.45%

Correlation

The correlation between FMAT and GBLD is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Apr 23, 2021	0.64

The correlation between FMAT and GBLD shifts across timeframes, from 0.44 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FMAT vs. GBLD — Risk / Return Rank

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

FMAT

FMAT Risk / Return Rank: 34
FMAT Sharpe Ratio Rank: 35
FMAT Sortino Ratio Rank: 34
FMAT Omega Ratio Rank: 32
FMAT Calmar Ratio Rank: 33
FMAT Martin Ratio Rank: 35

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.

FMAT vs. GBLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Materials Index ETF (FMAT) and Invesco MSCI Green Building ETF (GBLD). 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.

	FMAT	GBLD	Difference
Sharpe ratio: Return per unit of total volatility	1.28	—	—
Sortino ratio: Return per unit of downside risk	1.85	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.68	—	—
Martin ratio: Return relative to average drawdown	5.51	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FMAT	GBLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	—	—

Drawdowns

Drawdown Indicators

	FMAT	GBLD	Difference
Max Drawdown Largest peak-to-trough decline	-41.11%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.11%	—	—
Current Drawdown Current decline from peak	-3.97%	—	—
Average Drawdown Average peak-to-trough decline	-6.87%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	—	—

Volatility

Volatility by Period

	FMAT	GBLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.95%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.66%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.60%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.19%	—	—

FMAT vs. GBLD - Expense Ratio Comparison

FMAT has a 0.08% expense ratio, which is lower than GBLD's 0.39% expense ratio.

Dividends

FMAT vs. GBLD - Dividend Comparison

FMAT's dividend yield for the trailing twelve months is around 1.42%, less than GBLD's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMAT Fidelity MSCI Materials Index ETF	1.42%	1.64%	1.68%	1.71%	2.00%	1.44%	1.73%	1.89%	2.18%	1.53%	1.78%	2.16%
GBLD Invesco MSCI Green Building ETF	3.45%	3.27%	5.34%	6.60%	3.79%	3.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMAT and GBLD in my portfolio?

FMAT and GBLD have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FMAT or GBLD?

On fees, FMAT is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FMAT or GBLD?

FMAT is cheaper with a 0.08% expense ratio, compared with 0.39% for GBLD.

Which ETF pays a higher dividend yield, FMAT or GBLD?

GBLD has the higher dividend yield at 3.45%, compared with 1.42% for FMAT.

What is the main difference between FMAT and GBLD?

FMAT is categorized as Materials, while GBLD is Sustainable. FMAT tracks MSCI USA IMI Materials Index, while GBLD tracks MSCI Global Green Building Index. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.08% for FMAT and 0.39% for GBLD.