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MXI vs. FXZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MXI vs. FXZ

Last updated Aug 2, 2026
Documentation

MXI (iShares Global Materials ETF) and FXZ (First Trust Materials AlphaDEX Fund) are both Materials funds - MXI tracks the S&P Global Materials Index while FXZ tracks the StrataQuant Materials Index. Both are passively managed. Over the past 10 years, MXI returned 10.43%/yr vs 10.25%/yr for FXZ. Their correlation of 0.83 means they have usually moved in the same direction. MXI charges 0.46%/yr vs 0.67%/yr for FXZ.

Performance

MXI vs. FXZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Materials ETF (MXI) and First Trust Materials AlphaDEX Fund (FXZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MXI achieves a 10.45% return, which is significantly lower than FXZ's 18.92% return. Both investments have delivered pretty close results over the past 10 years, with MXI having a 10.43% annualized return and FXZ not far behind at 10.25%.

MXI

1D
-2.15%
1M
-1.96%
6M
1.26%
YTD
10.45%
1Y
28.15%
3Y*
10.42%
5Y*
5.97%
10Y*
10.43%
ALL TIME*
6.38%

FXZ

1D
-1.69%
1M
-2.68%
6M
7.26%
YTD
18.92%
1Y
38.67%
3Y*
5.94%
5Y*
7.59%
10Y*
10.25%
ALL TIME*
8.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FXZ

First Trust Materials AlphaDEX Fund
$3.44M$3.68M$4.56M

MXI

iShares Global Materials ETF
$1.58M$1.75M$2.67M

MXI vs. FXZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MXI
iShares Global Materials ETF		10.45%27.43%-8.25%14.37%-9.09%15.06%22.31%22.19%-16.06%30.33%
FXZ
First Trust Materials AlphaDEX Fund		18.92%16.25%-16.31%16.27%-0.92%30.84%22.52%21.52%-22.62%23.72%

Correlation

The correlation between MXI and FXZ is 0.88, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.88

Correlation (3Y)
Balances recent behavior with more history.

0.85

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.86

Correlation (10Y)
Provides a long-term view across more market conditions.

0.86

Correlation (All Time)
Calculated using the full available price history since May 10, 2007

0.83

The correlation between MXI and FXZ has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

MXI vs. FXZ - Sectors Allocation Comparison

Sectors
MXI
FXZ

Basic Materials

93.7%
72.3%

Consumer Cyclical

4.9%
4.3%

Industrials

1.0%
23.4%

Consumer Defensive

0.6%

-

Technology

0.5%

-

Communication Services

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Utilities

-

-

Basic Materials

MXI
93.7%
FXZ
72.3%

Consumer Cyclical

MXI
4.9%
FXZ
4.3%

Industrials

MXI
1.0%
FXZ
23.4%

Consumer Defensive

MXI
0.6%
FXZ

-

Technology

MXI
0.5%
FXZ

-

Communication Services

MXI

-

FXZ

-

Energy

MXI

-

FXZ

-

Financial Services

MXI

-

FXZ

-

Healthcare

MXI

-

FXZ

-

Real Estate

MXI

-

FXZ

-

Utilities

MXI

-

FXZ

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Global Materials ETF

First Trust Materials AlphaDEX Fund

Often compared with MXI:
MXI vs. XLBMXI vs. VAWMXI vs. GNRMXI vs. IYMMXI vs. SPYMXI vs. XMEMXI vs. SPHQ
Often compared with FXZ:
FXZ vs. SLXFXZ vs. FXRFXZ vs. URNMFXZ vs. COPXFXZ vs. PALLFXZ vs. UYMFXZ vs. NANR

Return for Risk

MXI vs. FXZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
MXI
MXI Risk / Return Rank: 5151
Overall Rank
MXI Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
MXI Sortino Ratio Rank: 5050
Sortino Ratio Rank
MXI Omega Ratio Rank: 5353
Omega Ratio Rank
MXI Calmar Ratio Rank: 4848
Calmar Ratio Rank
MXI Martin Ratio Rank: 4949
Martin Ratio Rank
FXZ
FXZ Risk / Return Rank: 7070
Overall Rank
FXZ Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
FXZ Sortino Ratio Rank: 6868
Sortino Ratio Rank
FXZ Omega Ratio Rank: 6262
Omega Ratio Rank
FXZ Calmar Ratio Rank: 7979
Calmar Ratio Rank
FXZ Martin Ratio Rank: 7171
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MXI vs. FXZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Materials ETF (MXI) and First Trust Materials AlphaDEX Fund (FXZ). 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.

MXIFXZDifference
Sharpe ratioReturn per unit of total volatility
1.33
1.57

-0.24

Sortino ratioReturn per unit of downside risk
1.80
2.23

-0.43

Omega ratioGain probability vs. loss probability

1.23

1.27

-0.03

Calmar ratioReturn relative to maximum drawdown

1.72

2.81

-1.09

Martin ratioReturn relative to average drawdown

5.64

8.65

-3.01

MXI vs. FXZ - Sharpe Ratio Comparison

The current MXI Sharpe Ratio is 1.33, which is comparable to the FXZ Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of MXI and FXZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

MXI vs. FXZ - Drawdown Comparison

The maximum MXI drawdown since its inception was -68.44%, roughly equal to the maximum FXZ drawdown of -65.46%. Use the drawdown chart below to compare losses from any high point for MXI and FXZ.

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Drawdown Indicators

MXIFXZDifference

Max Drawdown

Largest peak-to-trough decline

-68.44%

-65.46%

-2.98%

Max Drawdown (1Y)

Largest decline over 1 year

-16.18%

-12.75%

-3.43%

Max Drawdown (3Y)

Largest decline over 3 years

-22.25%

-33.99%

+11.74%

Max Drawdown (5Y)

Largest decline over 5 years

-28.76%

-33.99%

+5.23%

Max Drawdown (10Y)

Largest decline over 10 years

-39.52%

-49.41%

+9.89%

Current Drawdown

Current decline from peak

-8.41%

-9.42%

+1.01%

Average Drawdown

Average peak-to-trough decline

-17.98%

-11.31%

-6.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.91%

4.13%

+0.78%

Volatility

MXI vs. FXZ - Volatility Comparison

iShares Global Materials ETF (MXI) and First Trust Materials AlphaDEX Fund (FXZ) have volatilities of 6.48% and 6.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MXIFXZDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.48%

6.20%

+0.28%

Volatility (6M)

Calculated over the trailing 6-month period

18.38%

17.54%

+0.84%

Volatility (1Y)

Calculated over the trailing 1-year period

20.95%

22.84%

-1.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.92%

24.15%

-4.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.42%

24.94%

-4.52%

MXI vs. FXZ - Expense Ratio Comparison

MXI has a 0.46% expense ratio, which is lower than FXZ's 0.67% expense ratio.

Dividends

MXI vs. FXZ - Dividend Comparison

MXI's dividend yield for the trailing twelve months is around 1.73%, more than FXZ's 1.42% yield.

PositionTTM20252024202320222021202020192018201720162015
FXZ
First Trust Materials AlphaDEX Fund		1.42%1.74%1.81%1.97%1.56%1.11%1.51%1.58%1.38%1.01%1.19%1.26%
MXI
iShares Global Materials ETF		1.73%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

MXI and FXZ have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MXI has higher volatility (6.48%) compared to FXZ (6.20%). In terms of maximum drawdown, MXI dropped -68.44% vs FXZ's -65.46%.

On 10-year performance, MXI leads with 10.43% vs 10.25% for FXZ. On fees, MXI is cheaper at 0.46% per year. On volatility, FXZ has been the lower-risk option at 6.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MXI has performed better with a 10.43% return vs 10.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MXI is cheaper with a 0.46% expense ratio, compared with 0.67% for FXZ.

MXI has the higher dividend yield at 1.73%, compared with 1.42% for FXZ.

MXI tracks S&P Global Materials Index, while FXZ tracks StrataQuant Materials Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.46% for MXI and 0.67% for FXZ.

FXZ currently has the higher Sharpe Ratio (1.57 vs 1.33), 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.

Portfolio Optimizer

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