MXI vs. FMAT

Last updated Jun 5, 2026

MXI (iShares Global Materials ETF) and FMAT (Fidelity MSCI Materials Index ETF) are both Materials funds - MXI tracks the S&P Global Materials Index while FMAT tracks the MSCI USA IMI Materials Index. Both are passively managed. Over the past 10 years, MXI returned 11.36%/yr vs 10.23%/yr for FMAT. Their correlation of 0.89 suggests significant overlap in exposure. MXI charges 0.46%/yr vs 0.08%/yr for FMAT.

Performance

MXI vs. FMAT - Performance Comparison

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

Returns By Period

In the year-to-date period, MXI achieves a 16.99% return, which is significantly higher than FMAT's 13.06% return. Over the past 10 years, MXI has outperformed FMAT with an annualized return of 11.36%, while FMAT has yielded a comparatively lower 10.23% annualized return.

MXI

• 1D: -0.06%
• 1M: 3.54%
• YTD: 16.99%
• 6M: 20.75%
• 1Y: 34.23%
• 3Y*: 15.19%
• 5Y*: 6.63%
• 10Y*: 11.36%

FMAT

• 1D: 0.02%
• 1M: 0.81%
• YTD: 13.06%
• 6M: 16.49%
• 1Y: 22.13%
• 3Y*: 12.52%
• 5Y*: 5.80%
• 10Y*: 10.23%

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

MXI vs. FMAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXI iShares Global Materials ETF	16.99%	27.43%	-8.25%	14.37%	-9.09%	15.06%	22.31%	22.19%	-16.06%	30.33%
FMAT Fidelity MSCI Materials Index ETF	13.06%	12.11%	0.47%	13.71%	-11.54%	27.45%	19.57%	23.35%	-17.40%	23.51%

Correlation

The correlation between MXI and FMAT is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 25, 2013	0.89

The correlation between MXI and FMAT has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

MXI vs. FMAT - Sectors Allocation Comparison

Sectors	MXI	FMAT
Basic Materials	95.2%	90.1%
Consumer Cyclical	4.4%	8.3%
Consumer Defensive	0.6%	0.1%
Industrials	0.4%	0.1%
Communication Services	-	-
Energy	-	0.6%
Financial Services	-	-
Healthcare	-	0.5%
Real Estate	-	-
Technology	-	0.1%
Utilities	-	-

Return for Risk

MXI vs. FMAT — Risk / Return Rank

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

MXI

MXI Risk / Return Rank: 49
MXI Sharpe Ratio Rank: 53
MXI Sortino Ratio Rank: 48
MXI Omega Ratio Rank: 50
MXI Calmar Ratio Rank: 44
MXI Martin Ratio Rank: 52

FMAT

FMAT Risk / Return Rank: 35
FMAT Sharpe Ratio Rank: 36
FMAT Sortino Ratio Rank: 35
FMAT Omega Ratio Rank: 33
FMAT Calmar Ratio Rank: 34
FMAT Martin Ratio Rank: 36

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.

MXI vs. FMAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Materials ETF (MXI) and Fidelity MSCI Materials Index ETF (FMAT). 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.

	MXI	FMAT	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.26	+0.51
Sortino ratio: Return per unit of downside risk	2.31	1.83	+0.48
Omega ratio: Gain probability vs. loss probability	1.31	1.22	+0.09
Calmar ratio: Return relative to maximum drawdown	2.13	1.65	+0.48
Martin ratio: Return relative to average drawdown	8.56	5.41	+3.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXI vs. FMAT - Sharpe Ratio Comparison

The current MXI Sharpe Ratio is 1.77, which is higher than the FMAT Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of MXI and FMAT, 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

	MXI	FMAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	1.26	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.30	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.48	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.45	-0.18

Drawdowns

MXI vs. FMAT - Drawdown Comparison

The maximum MXI drawdown since its inception was -68.44%, which is greater than FMAT's maximum drawdown of -41.11%. Use the drawdown chart below to compare losses from any high point for MXI and FMAT.

Drawdown Indicators

	MXI	FMAT	Difference
Max Drawdown Largest peak-to-trough decline	-68.44%	-41.11%	-27.33%
Max Drawdown (1Y) Largest decline over 1 year	-16.18%	-13.48%	-2.70%
Max Drawdown (3Y) Largest decline over 3 years	-22.25%	-23.17%	+0.92%
Max Drawdown (5Y) Largest decline over 5 years	-28.76%	-25.40%	-3.36%
Max Drawdown (10Y) Largest decline over 10 years	-39.52%	-41.11%	+1.59%
Current Drawdown Current decline from peak	-2.98%	-3.96%	+0.98%
Average Drawdown Average peak-to-trough decline	-18.07%	-6.87%	-11.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	4.10%	-0.09%

Volatility

MXI vs. FMAT - Volatility Comparison

iShares Global Materials ETF (MXI) has a higher volatility of 7.15% compared to Fidelity MSCI Materials Index ETF (FMAT) at 5.93%. This indicates that MXI's price experiences larger fluctuations and is considered to be riskier than FMAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXI	FMAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.15%	5.93%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	16.51%	13.92%	+2.59%
Volatility (1Y) Calculated over the trailing 1-year period	19.44%	17.63%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.66%	19.60%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	21.19%	-0.77%

MXI vs. FMAT - Expense Ratio Comparison

MXI has a 0.46% expense ratio, which is higher than FMAT's 0.08% expense ratio.

Dividends

MXI vs. FMAT - Dividend Comparison

MXI's dividend yield for the trailing twelve months is around 1.90%, more than FMAT's 1.42% 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%
MXI iShares Global Materials ETF	1.90%	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

Can I hold both MXI and FMAT in my portfolio?

With a correlation of 0.91, MXI and FMAT 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 is riskier, MXI or FMAT?

MXI has higher volatility (7.15%) compared to FMAT (5.93%). In terms of maximum drawdown, MXI dropped -68.44% vs FMAT's -41.11%.

Which ETF is better, MXI or FMAT?

On 10-year performance, MXI leads with 11.36% vs 10.23% for FMAT. On fees, FMAT is cheaper at 0.08% per year. On volatility, FMAT has been the lower-risk option at 5.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MXI or FMAT?

Over the 10-year period, MXI has performed better with a 11.36% return vs 10.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MXI or FMAT?

FMAT is cheaper with a 0.08% expense ratio, compared with 0.46% for MXI.

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

MXI has the higher dividend yield at 1.90%, compared with 1.42% for FMAT.

What is the main difference between MXI and FMAT?

MXI tracks S&P Global Materials Index, while FMAT tracks MSCI USA IMI Materials Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.46% for MXI and 0.08% for FMAT.

Which has better risk-adjusted returns?

MXI currently has the higher Sharpe Ratio (1.77 vs 1.26), 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.