MXI vs. GOEX

Last updated Jun 24, 2026

MXI (iShares Global Materials ETF) and GOEX (Global X Gold Explorers ETF) are both exchange-traded funds - MXI is a Materials fund tracking the S&P Global Materials Index, while GOEX is a Gold fund tracking the Solactive Global Gold Explorers & Developers Total Return. Both are passively managed. Over the past 10 years, MXI returned 11.38%/yr vs 11.97%/yr for GOEX. At a 0.46 correlation, their price movements are largely independent. MXI charges 0.46%/yr vs 0.65%/yr for GOEX.

Performance

MXI vs. GOEX - Performance Comparison

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

Returns By Period

In the year-to-date period, MXI achieves a 11.62% return, which is significantly higher than GOEX's -10.87% return. Over the past 10 years, MXI has underperformed GOEX with an annualized return of 11.38%, while GOEX has yielded a comparatively higher 11.97% annualized return.

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%

GOEX

• 1D: -4.76%
• 1M: -7.11%
• YTD: -10.87%
• 6M: -15.49%
• 1Y: 57.11%
• 3Y*: 46.70%
• 5Y*: 19.54%
• 10Y*: 11.97%

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

MXI vs. GOEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
GOEX Global X Gold Explorers ETF	-10.87%	179.50%	19.38%	1.99%	-14.63%	-14.45%	34.98%	36.73%	-14.84%	12.61%

Correlation

The correlation between MXI and GOEX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010	0.46

Over the past year, MXI and GOEX have become more correlated (0.69) than their long-term average of 0.46, meaning their price movements have been converging.

MXI vs. GOEX - Sectors Allocation Comparison

Sectors	MXI	GOEX
Basic Materials	95.2%	100.0%
Consumer Cyclical	4.4%	-
Consumer Defensive	0.6%	-
Industrials	0.5%	0.1%
Communication Services	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

MXI vs. GOEX — Risk / Return Rank

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

MXI

MXI Risk / Return Rank: 41
MXI Sharpe Ratio Rank: 43
MXI Sortino Ratio Rank: 39
MXI Omega Ratio Rank: 41
MXI Calmar Ratio Rank: 39
MXI Martin Ratio Rank: 45

GOEX

GOEX Risk / Return Rank: 31
GOEX Sharpe Ratio Rank: 32
GOEX Sortino Ratio Rank: 31
GOEX Omega Ratio Rank: 33
GOEX Calmar Ratio Rank: 30
GOEX Martin Ratio Rank: 29

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. GOEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Materials ETF (MXI) and Global X Gold Explorers ETF (GOEX). 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.

	MXI	GOEX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.11	+0.34
Sortino ratio: Return per unit of downside risk	1.94	1.58	+0.36
Omega ratio: Gain probability vs. loss probability	1.26	1.21	+0.04
Calmar ratio: Return relative to maximum drawdown	1.85	1.45	+0.40
Martin ratio: Return relative to average drawdown	7.13	3.84	+3.29

MXI vs. GOEX - Sharpe Ratio Comparison

The current MXI Sharpe Ratio is 1.45, which is higher than the GOEX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of MXI and GOEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MXI vs. GOEX - Drawdown Comparison

The maximum MXI drawdown since its inception was -68.44%, smaller than the maximum GOEX drawdown of -88.83%. Use the drawdown chart below to compare losses from any high point for MXI and GOEX.

Drawdown Indicators

	MXI	GOEX	Difference
Max Drawdown Largest peak-to-trough decline	-68.44%	-88.83%	+20.39%
Max Drawdown (1Y) Largest decline over 1 year	-16.18%	-39.64%	+23.46%
Max Drawdown (3Y) Largest decline over 3 years	-22.25%	-39.64%	+17.39%
Max Drawdown (5Y) Largest decline over 5 years	-28.76%	-47.16%	+18.40%
Max Drawdown (10Y) Largest decline over 10 years	-39.52%	-53.66%	+14.14%
Current Drawdown Current decline from peak	-7.43%	-34.22%	+26.79%
Average Drawdown Average peak-to-trough decline	-18.03%	-63.47%	+45.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	14.92%	-10.73%

Volatility

MXI vs. GOEX - Volatility Comparison

The current volatility for iShares Global Materials ETF (MXI) is 8.08%, while Global X Gold Explorers ETF (GOEX) has a volatility of 18.46%. This indicates that MXI experiences smaller price fluctuations and is considered to be less risky than GOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXI	GOEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.08%	18.46%	-10.38%
Volatility (6M) Calculated over the trailing 6-month period	17.94%	42.70%	-24.76%
Volatility (1Y) Calculated over the trailing 1-year period	20.66%	51.52%	-30.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.86%	39.57%	-19.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	40.17%	-19.75%

MXI vs. GOEX - Expense Ratio Comparison

MXI has a 0.46% expense ratio, which is lower than GOEX's 0.65% expense ratio.

Dividends

MXI vs. GOEX - Dividend Comparison

MXI's dividend yield for the trailing twelve months is around 1.72%, less than GOEX's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOEX Global X Gold Explorers ETF	2.33%	2.08%	2.46%	0.05%	1.04%	2.35%	2.62%	1.60%	0.00%	0.00%	38.91%	11.70%
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

Can I hold both MXI and GOEX in my portfolio?

MXI and GOEX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MXI or GOEX?

GOEX has higher volatility (18.46%) compared to MXI (8.08%). In terms of maximum drawdown, MXI dropped -68.44% vs GOEX's -88.83%.

Which ETF is better, MXI or GOEX?

On 10-year performance, GOEX leads with 11.97% vs 11.38% for MXI. On fees, MXI is cheaper at 0.46% per year. On volatility, MXI has been the lower-risk option at 8.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MXI or GOEX?

Over the 10-year period, GOEX has performed better with a 11.97% return vs 11.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MXI or GOEX?

MXI is cheaper with a 0.46% expense ratio, compared with 0.65% for GOEX.

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

GOEX has the higher dividend yield at 2.33%, compared with 1.72% for MXI.

What is the main difference between MXI and GOEX?

MXI is categorized as Materials, while GOEX is Gold. MXI tracks S&P Global Materials Index, while GOEX tracks Solactive Global Gold Explorers & Developers Total Return. They also come from different issuers: iShares and Global X. Their fees differ too: 0.46% for MXI and 0.65% for GOEX.

Which has better risk-adjusted returns?

MXI currently has the higher Sharpe Ratio (1.45 vs 1.11), 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.