FXZ vs. ICBMX

Last updated Jun 4, 2026

FXZ (First Trust Materials AlphaDEX Fund) and ICBMX (ICON Natural Resources and Infrastructure Fund) are both funds - FXZ is a Materials fund tracking the StrataQuant Materials Index, while ICBMX is a Energy Equities fund managed by ICON Funds. Over the past 10 years, FXZ returned 11.67%/yr vs 13.15%/yr for ICBMX. Their correlation of 0.85 suggests significant overlap in exposure. FXZ charges 0.67%/yr vs 1.31%/yr for ICBMX.

Performance

FXZ vs. ICBMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Materials AlphaDEX Fund (FXZ) and ICON Natural Resources and Infrastructure Fund (ICBMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXZ achieves a 29.62% return, which is significantly higher than ICBMX's 22.35% return. Over the past 10 years, FXZ has underperformed ICBMX with an annualized return of 11.67%, while ICBMX has yielded a comparatively higher 13.15% annualized return.

FXZ

• 1D: -0.40%
• 1M: 5.70%
• YTD: 29.62%
• 6M: 33.34%
• 1Y: 53.31%
• 3Y*: 13.07%
• 5Y*: 7.84%
• 10Y*: 11.67%

ICBMX

• 1D: 1.79%
• 1M: 2.55%
• YTD: 22.35%
• 6M: 21.90%
• 1Y: 47.97%
• 3Y*: 23.32%
• 5Y*: 14.25%
• 10Y*: 13.15%

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

FXZ vs. ICBMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXZ First Trust Materials AlphaDEX Fund	29.62%	16.25%	-16.31%	16.27%	-0.92%	30.84%	22.52%	21.52%	-22.62%	23.72%
ICBMX ICON Natural Resources and Infrastructure Fund	22.35%	15.95%	21.25%	11.02%	0.50%	30.63%	5.53%	22.11%	-17.38%	16.93%

Correlation

The correlation between FXZ and ICBMX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.85

The correlation between FXZ and ICBMX has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

Return for Risk

FXZ vs. ICBMX — Risk / Return Rank

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

FXZ

FXZ Risk / Return Rank: 74
FXZ Sharpe Ratio Rank: 75
FXZ Sortino Ratio Rank: 70
FXZ Omega Ratio Rank: 66
FXZ Calmar Ratio Rank: 81
FXZ Martin Ratio Rank: 80

ICBMX

ICBMX Risk / Return Rank: 78
ICBMX Sharpe Ratio Rank: 77
ICBMX Sortino Ratio Rank: 74
ICBMX Omega Ratio Rank: 57
ICBMX Calmar Ratio Rank: 92
ICBMX Martin Ratio Rank: 90

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.

FXZ vs. ICBMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Materials AlphaDEX Fund (FXZ) and ICON Natural Resources and Infrastructure Fund (ICBMX). 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.

	FXZ	ICBMX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.55	-0.09
Sortino ratio: Return per unit of downside risk	3.21	3.58	-0.37
Omega ratio: Gain probability vs. loss probability	1.40	1.42	-0.01
Calmar ratio: Return relative to maximum drawdown	4.20	5.08	-0.88
Martin ratio: Return relative to average drawdown	15.80	18.21	-2.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXZ vs. ICBMX - Sharpe Ratio Comparison

The current FXZ Sharpe Ratio is 2.45, which is comparable to the ICBMX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of FXZ and ICBMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FXZ	ICBMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.55	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.69	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.59	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.30	+0.05

Drawdowns

FXZ vs. ICBMX - Drawdown Comparison

The maximum FXZ drawdown since its inception was -65.46%, roughly equal to the maximum ICBMX drawdown of -63.92%. Use the drawdown chart below to compare losses from any high point for FXZ and ICBMX.

Drawdown Indicators

	FXZ	ICBMX	Difference
Max Drawdown Largest peak-to-trough decline	-65.46%	-63.92%	-1.54%
Max Drawdown (1Y) Largest decline over 1 year	-12.75%	-10.10%	-2.65%
Max Drawdown (3Y) Largest decline over 3 years	-33.99%	-26.49%	-7.50%
Max Drawdown (5Y) Largest decline over 5 years	-33.99%	-26.49%	-7.50%
Max Drawdown (10Y) Largest decline over 10 years	-49.41%	-48.18%	-1.23%
Current Drawdown Current decline from peak	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-11.36%	-17.88%	+6.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	2.81%	+0.57%

Volatility

FXZ vs. ICBMX - Volatility Comparison

First Trust Materials AlphaDEX Fund (FXZ) has a higher volatility of 7.04% compared to ICON Natural Resources and Infrastructure Fund (ICBMX) at 5.00%. This indicates that FXZ's price experiences larger fluctuations and is considered to be riskier than ICBMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXZ	ICBMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.04%	5.00%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	16.40%	13.24%	+3.16%
Volatility (1Y) Calculated over the trailing 1-year period	21.87%	20.16%	+1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.13%	20.76%	+3.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.87%	22.31%	+2.56%

FXZ vs. ICBMX - Expense Ratio Comparison

FXZ has a 0.67% expense ratio, which is lower than ICBMX's 1.31% expense ratio.

Dividends

FXZ vs. ICBMX - Dividend Comparison

FXZ's dividend yield for the trailing twelve months is around 1.38%, less than ICBMX's 8.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXZ First Trust Materials AlphaDEX Fund	1.38%	1.74%	1.81%	1.97%	1.56%	1.11%	1.51%	1.58%	1.38%	1.01%	1.19%	1.26%
ICBMX ICON Natural Resources and Infrastructure Fund	8.18%	10.01%	17.24%	7.07%	11.07%	1.32%	0.32%	1.55%	21.58%	1.19%	0.53%	7.78%

Frequently Asked Questions

Can I hold both FXZ and ICBMX in my portfolio?

FXZ and ICBMX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXZ or ICBMX?

FXZ has higher volatility (7.04%) compared to ICBMX (5.00%). In terms of maximum drawdown, FXZ dropped -65.46% vs ICBMX's -63.92%.

Which has better risk-adjusted returns?

ICBMX currently has the higher Sharpe Ratio (2.55 vs 2.45), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.