FMAT vs. XLBI

Last updated Jul 17, 2026

FMAT (Fidelity MSCI Materials Index ETF) and XLBI (State Street Materials Select Sector SPDR Premium Income ETF) are both exchange-traded funds - FMAT is a Materials fund tracking the MSCI USA IMI Materials Index, while XLBI is a Derivative Income fund actively managed by State Street. FMAT is passively managed, while XLBI is actively managed. With a 0.95 correlation, they move nearly in lockstep. FMAT charges 0.08%/yr vs 0.35%/yr for XLBI.

Performance

FMAT vs. XLBI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Materials Index ETF (FMAT) and State Street Materials Select Sector SPDR Premium Income ETF (XLBI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMAT achieves a 9.50% return, which is significantly higher than XLBI's 7.51% return.

FMAT

• 1D: 0.25%
• 1M: -4.75%
• 6M: 0.57%
• YTD: 9.50%
• 1Y: 15.68%
• 3Y*: 8.80%
• 5Y*: 6.85%
• 10Y*: 9.50%

XLBI

• 1D: 0.44%
• 1M: -2.14%
• 6M: 4.80%
• YTD: 7.51%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMAT vs. XLBI - Yearly Performance Comparison

	2026 (YTD)	2025
FMAT Fidelity MSCI Materials Index ETF	9.50%	4.14%
XLBI State Street Materials Select Sector SPDR Premium Income ETF	7.51%	2.25%

Correlation

The correlation between FMAT and XLBI is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.95

FMAT vs. XLBI - Sectors Allocation Comparison

Sectors	FMAT	XLBI
Basic Materials	89.9%	-
Consumer Cyclical	8.7%	-
Energy	0.5%	-
Healthcare	0.5%	-
Consumer Defensive	0.1%	-
Technology	0.1%	-
Industrials	0.1%	-
Communication Services	-	-
Financial Services	-	98.9%
Real Estate	-	-
Utilities	-	-

Return for Risk

FMAT vs. XLBI — Risk / Return Rank

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

FMAT

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

XLBI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. XLBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Materials Index ETF (FMAT) and State Street Materials Select Sector SPDR Premium Income ETF (XLBI). 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.

	FMAT	XLBI	Difference
Sharpe ratio: Return per unit of total volatility	0.85	—	—
Sortino ratio: Return per unit of downside risk	1.29	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	1.17	—	—
Martin ratio: Return relative to average drawdown	3.49	—	—

Drawdowns

FMAT vs. XLBI - Drawdown Comparison

The maximum FMAT drawdown since its inception was -41.11%, which is greater than XLBI's maximum drawdown of -10.62%. Use the drawdown chart below to compare losses from any high point for FMAT and XLBI.

Drawdown Indicators

	FMAT	XLBI	Difference
Max Drawdown Largest peak-to-trough decline	-41.11%	-10.62%	-30.49%
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	-6.98%	-2.14%	-4.84%
Average Drawdown Average peak-to-trough decline	-6.86%	-2.11%	-4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	—	—

Volatility

Volatility by Period

	FMAT	XLBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.76%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.50%	13.86%	+4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.71%	13.86%	+5.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	13.86%	+7.32%

FMAT vs. XLBI - Expense Ratio Comparison

FMAT has a 0.08% expense ratio, which is lower than XLBI's 0.35% expense ratio.

Dividends

FMAT vs. XLBI - Dividend Comparison

FMAT's dividend yield for the trailing twelve months is around 1.45%, less than XLBI's 14.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMAT Fidelity MSCI Materials Index ETF	1.45%	1.64%	1.68%	1.71%	2.00%	1.44%	1.73%	1.89%	2.18%	1.53%	1.78%	2.16%
XLBI State Street Materials Select Sector SPDR Premium Income ETF	14.88%	7.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMAT and XLBI in my portfolio?

With a correlation of 0.95, FMAT and XLBI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, FMAT or XLBI?

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 XLBI?

FMAT is cheaper with a 0.08% expense ratio, compared with 0.35% for XLBI.

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

XLBI has the higher dividend yield at 14.88%, compared with 1.45% for FMAT.

What is the main difference between FMAT and XLBI?

FMAT is categorized as Materials, while XLBI is Derivative Income. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.08% for FMAT and 0.35% for XLBI.