ICBMX vs. MXI
ICBMX (ICON Natural Resources and Infrastructure Fund) and MXI (iShares Global Materials ETF) are both funds - ICBMX is a Energy Equities fund managed by ICON Funds, while MXI is a Materials fund tracking the S&P Global Materials Index. Over the past 10 years, ICBMX returned 13.07%/yr vs 11.38%/yr for MXI. Their correlation of 0.83 suggests significant overlap in exposure. ICBMX charges 1.31%/yr vs 0.46%/yr for MXI.
Performance
ICBMX vs. MXI - Performance Comparison
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Returns By Period
In the year-to-date period, ICBMX achieves a 17.87% return, which is significantly higher than MXI's 11.62% return. Over the past 10 years, ICBMX has outperformed MXI with an annualized return of 13.07%, while MXI has yielded a comparatively lower 11.38% annualized return.
ICBMX
- 1D
- 0.33%
- 1M
- 0.47%
- YTD
- 17.87%
- 6M
- 16.11%
- 1Y
- 42.21%
- 3Y*
- 21.24%
- 5Y*
- 14.05%
- 10Y*
- 13.07%
MXI
- 1D
- -2.55%
- 1M
- -2.16%
- YTD
- 11.62%
- 6M
- 10.06%
- 1Y
- 29.81%
- 3Y*
- 13.19%
- 5Y*
- 6.60%
- 10Y*
- 11.38%
ICBMX vs. MXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICBMX ICON Natural Resources and Infrastructure Fund | 17.87% | 15.95% | 21.25% | 11.02% | 0.50% | 30.63% | 5.53% | 22.11% | -17.38% | 16.93% |
MXI iShares Global Materials ETF | 11.62% | 27.43% | -8.25% | 14.37% | -9.09% | 15.06% | 22.31% | 22.19% | -16.06% | 30.33% |
Correlation
The correlation between ICBMX and MXI is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2006 | 0.83 |
The correlation between ICBMX and MXI has been stable across timeframes, ranging from 0.73 to 0.83 - a consistent structural relationship.
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Return for Risk
ICBMX vs. MXI — Risk / Return Rank
ICBMX
MXI
ICBMX vs. MXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ICON Natural Resources and Infrastructure Fund (ICBMX) and iShares Global Materials ETF (MXI). 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.
| ICBMX | MXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.26 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 4.31 | 1.85 | +2.46 |
| Martin ratioReturn relative to average drawdown | 15.21 | 7.13 | +8.07 |
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Drawdowns
ICBMX vs. MXI - Drawdown Comparison
The maximum ICBMX drawdown since its inception was -63.92%, smaller than the maximum MXI drawdown of -68.44%. Use the drawdown chart below to compare losses from any high point for ICBMX and MXI.
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Drawdown Indicators
| ICBMX | MXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.92% | -68.44% | +4.52% |
Max Drawdown (1Y)Largest decline over 1 year | -10.10% | -16.18% | +6.08% |
Max Drawdown (3Y)Largest decline over 3 years | -26.49% | -22.25% | -4.24% |
Max Drawdown (5Y)Largest decline over 5 years | -26.49% | -28.76% | +2.27% |
Max Drawdown (10Y)Largest decline over 10 years | -48.18% | -39.52% | -8.66% |
Current DrawdownCurrent decline from peak | -3.66% | -7.43% | +3.77% |
Average DrawdownAverage peak-to-trough decline | -17.85% | -18.03% | +0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 4.19% | -1.33% |
Volatility
ICBMX vs. MXI - Volatility Comparison
The current volatility for ICON Natural Resources and Infrastructure Fund (ICBMX) is 5.38%, while iShares Global Materials ETF (MXI) has a volatility of 8.08%. This indicates that ICBMX experiences smaller price fluctuations and is considered to be less risky than MXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICBMX | MXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 8.08% | -2.70% |
Volatility (6M)Calculated over the trailing 6-month period | 13.54% | 17.94% | -4.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.33% | 20.66% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.76% | 19.86% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.33% | 20.42% | +1.91% |
ICBMX vs. MXI - Expense Ratio Comparison
ICBMX has a 1.31% expense ratio, which is higher than MXI's 0.46% expense ratio.
Dividends
ICBMX vs. MXI - Dividend Comparison
ICBMX's dividend yield for the trailing twelve months is around 8.49%, more than MXI's 1.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICBMX ICON Natural Resources and Infrastructure Fund | 8.49% | 10.01% | 17.24% | 7.07% | 11.07% | 1.32% | 0.32% | 1.55% | 21.58% | 1.19% | 0.53% | 7.78% |
MXI iShares Global Materials ETF | 1.72% | 2.22% | 3.24% | 2.92% | 4.84% | 3.51% | 1.21% | 3.64% | 2.77% | 1.76% | 1.31% | 3.64% |
Frequently Asked Questions
ICBMX and MXI have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MXI has higher volatility (8.08%) compared to ICBMX (5.38%). In terms of maximum drawdown, ICBMX dropped -63.92% vs MXI's -68.44%.
ICBMX currently has the higher Sharpe Ratio (2.15 vs 1.45), 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.
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