MTRL.L vs. XLBP.L

Last updated Jun 5, 2026

MTRL.L (SPDR® MSCI Europe Materials UCITS ETF) and XLBP.L (Invesco US Materials Sector UCITS ETF) are both Industrials Equities funds tracking the MSCI World/Materials NR USD, from State Street and Invesco respectively. Both are passively managed. Over the past 5 years, MTRL.L returned 6.68%/yr vs 5.93%/yr for XLBP.L. At a 0.33 correlation, their price movements are largely independent. MTRL.L charges 0.18%/yr vs 0.14%/yr for XLBP.L.

Performance

MTRL.L vs. XLBP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR® MSCI Europe Materials UCITS ETF (MTRL.L) and Invesco US Materials Sector UCITS ETF (XLBP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MTRL.L is traded in EUR, while XLBP.L is traded in GBp. To make them comparable, the XLBP.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, MTRL.L achieves a 17.94% return, which is significantly higher than XLBP.L's 13.88% return.

MTRL.L

• 1D: -0.60%
• 1M: 2.97%
• YTD: 17.94%
• 6M: 21.55%
• 1Y: 25.00%
• 3Y*: 12.34%
• 5Y*: 6.68%
• 10Y*: —

XLBP.L

• 1D: -0.28%
• 1M: 1.57%
• YTD: 13.88%
• 6M: 17.15%
• 1Y: 16.93%
• 3Y*: 8.11%
• 5Y*: 5.93%
• 10Y*: 9.62%

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

MTRL.L vs. XLBP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTRL.L SPDR® MSCI Europe Materials UCITS ETF	17.94%	12.76%	-2.85%	10.37%	-7.69%	25.61%	11.68%	23.61%	-10.78%	16.85%
XLBP.L Invesco US Materials Sector UCITS ETF	13.89%	-1.93%	5.63%	8.34%	-6.74%	37.18%	9.69%	27.32%	-11.08%	7.75%

Correlation

The correlation between MTRL.L and XLBP.L is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jul 15, 2016	0.33

Over the past year, MTRL.L and XLBP.L have become more correlated (0.68) than their long-term average of 0.33, meaning their price movements have been converging.

MTRL.L vs. XLBP.L - Sectors Allocation Comparison

Sectors	MTRL.L	XLBP.L
Basic Materials	99.2%	89.8%
Consumer Cyclical	0.8%	8.6%
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	1.6%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

MTRL.L vs. XLBP.L — Risk / Return Rank

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

MTRL.L

MTRL.L Risk / Return Rank: 43
MTRL.L Sharpe Ratio Rank: 43
MTRL.L Sortino Ratio Rank: 42
MTRL.L Omega Ratio Rank: 40
MTRL.L Calmar Ratio Rank: 40
MTRL.L Martin Ratio Rank: 48

XLBP.L

XLBP.L Risk / Return Rank: 38
XLBP.L Sharpe Ratio Rank: 39
XLBP.L Sortino Ratio Rank: 38
XLBP.L Omega Ratio Rank: 36
XLBP.L Calmar Ratio Rank: 38
XLBP.L Martin Ratio Rank: 40

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.

MTRL.L vs. XLBP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR® MSCI Europe Materials UCITS ETF (MTRL.L) and Invesco US Materials Sector UCITS ETF (XLBP.L). 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.

	MTRL.L	XLBP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.11	+0.40
Sortino ratio: Return per unit of downside risk	2.10	1.62	+0.48
Omega ratio: Gain probability vs. loss probability	1.26	1.19	+0.07
Calmar ratio: Return relative to maximum drawdown	1.96	1.65	+0.31
Martin ratio: Return relative to average drawdown	7.85	4.95	+2.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTRL.L vs. XLBP.L - Sharpe Ratio Comparison

The current MTRL.L Sharpe Ratio is 1.51, which is higher than the XLBP.L Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of MTRL.L and XLBP.L, 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

	MTRL.L	XLBP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.11	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.34	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.50	+0.33

Drawdowns

MTRL.L vs. XLBP.L - Drawdown Comparison

The maximum MTRL.L drawdown since its inception was -32.80%, roughly equal to the maximum XLBP.L drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for MTRL.L and XLBP.L.

Drawdown Indicators

	MTRL.L	XLBP.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.80%	-33.99%	+1.19%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-10.22%	-2.84%
Max Drawdown (3Y) Largest decline over 3 years	-20.62%	-23.75%	+3.13%
Max Drawdown (5Y) Largest decline over 5 years	-22.75%	-23.75%	+1.00%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-1.59%	-2.47%	+0.88%
Average Drawdown Average peak-to-trough decline	-6.29%	-6.57%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	3.41%	-0.14%

Volatility

MTRL.L vs. XLBP.L - Volatility Comparison

SPDR® MSCI Europe Materials UCITS ETF (MTRL.L) has a higher volatility of 6.73% compared to Invesco US Materials Sector UCITS ETF (XLBP.L) at 5.13%. This indicates that MTRL.L's price experiences larger fluctuations and is considered to be riskier than XLBP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTRL.L	XLBP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.73%	5.13%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	14.18%	12.14%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	15.21%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	17.20%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.28%	18.82%	+10.46%

MTRL.L vs. XLBP.L - Expense Ratio Comparison

MTRL.L has a 0.18% expense ratio, which is higher than XLBP.L's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MTRL.L vs. XLBP.L - Dividend Comparison

Neither MTRL.L nor XLBP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MTRL.L and XLBP.L in my portfolio?

MTRL.L and XLBP.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MTRL.L or XLBP.L?

On fees, XLBP.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MTRL.L or XLBP.L?

XLBP.L is cheaper with a 0.14% expense ratio, compared with 0.18% for MTRL.L.

What is the main difference between MTRL.L and XLBP.L?

Both ETFs track MSCI World/Materials NR USD. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.18% for MTRL.L and 0.14% for XLBP.L.