MXI vs. IVV

Last updated Jun 24, 2026

MXI (iShares Global Materials ETF) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - MXI is a Materials fund tracking the S&P Global Materials Index, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, MXI returned 11.38%/yr vs 15.58%/yr for IVV. A 0.76 correlation means they provide meaningful diversification when combined. MXI charges 0.46%/yr vs 0.03%/yr for IVV.

Performance

MXI vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Materials ETF (MXI) and iShares Core S&P 500 ETF (IVV). 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 IVV's 8.20% return. Over the past 10 years, MXI has underperformed IVV with an annualized return of 11.38%, while IVV has yielded a comparatively higher 15.58% 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%

IVV

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.20%
• 6M: 7.25%
• 1Y: 23.72%
• 3Y*: 20.79%
• 5Y*: 13.13%
• 10Y*: 15.58%

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

MXI vs. IVV - 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%
IVV iShares Core S&P 500 ETF	8.20%	17.85%	24.93%	26.31%	-18.16%	28.76%	18.40%	31.07%	-4.49%	21.75%

Correlation

The correlation between MXI and IVV is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Sep 22, 2006	0.76

The correlation between MXI and IVV shifts across timeframes, from 0.62 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

MXI vs. IVV - Sectors Allocation Comparison

Sectors	MXI	IVV
Basic Materials	95.2%	1.7%
Consumer Cyclical	4.4%	9.9%
Consumer Defensive	0.6%	4.5%
Industrials	0.5%	7.8%
Communication Services	-	10.6%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Real Estate	-	1.8%
Technology	-	39.0%
Utilities	-	2.1%

Return for Risk

MXI vs. IVV — 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

IVV

IVV Risk / Return Rank: 59
IVV Sharpe Ratio Rank: 59
IVV Sortino Ratio Rank: 56
IVV Omega Ratio Rank: 58
IVV Calmar Ratio Rank: 56
IVV Martin Ratio Rank: 67

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. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Materials ETF (MXI) and iShares Core S&P 500 ETF (IVV). 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	IVV	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.91	-0.46
Sortino ratio: Return per unit of downside risk	1.94	2.60	-0.66
Omega ratio: Gain probability vs. loss probability	1.26	1.35	-0.09
Calmar ratio: Return relative to maximum drawdown	1.85	2.68	-0.83
Martin ratio: Return relative to average drawdown	7.13	11.98	-4.84

MXI vs. IVV - Sharpe Ratio Comparison

The current MXI Sharpe Ratio is 1.45, which is comparable to the IVV Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of MXI and IVV, 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. IVV - Drawdown Comparison

The maximum MXI drawdown since its inception was -68.44%, which is greater than IVV's maximum drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for MXI and IVV.

Drawdown Indicators

	MXI	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-68.44%	-55.25%	-13.19%
Max Drawdown (1Y) Largest decline over 1 year	-16.18%	-8.89%	-7.29%
Max Drawdown (3Y) Largest decline over 3 years	-22.25%	-18.75%	-3.50%
Max Drawdown (5Y) Largest decline over 5 years	-28.76%	-24.53%	-4.23%
Max Drawdown (10Y) Largest decline over 10 years	-39.52%	-33.90%	-5.62%
Current Drawdown Current decline from peak	-7.43%	-3.14%	-4.29%
Average Drawdown Average peak-to-trough decline	-18.03%	-10.76%	-7.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	1.99%	+2.20%

Volatility

MXI vs. IVV - Volatility Comparison

iShares Global Materials ETF (MXI) has a higher volatility of 8.08% compared to iShares Core S&P 500 ETF (IVV) at 4.88%. This indicates that MXI's price experiences larger fluctuations and is considered to be riskier than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXI	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.08%	4.88%	+3.20%
Volatility (6M) Calculated over the trailing 6-month period	17.94%	9.85%	+8.09%
Volatility (1Y) Calculated over the trailing 1-year period	20.66%	12.48%	+8.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.86%	16.98%	+2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	18.07%	+2.35%

MXI vs. IVV - Expense Ratio Comparison

MXI has a 0.46% expense ratio, which is higher than IVV's 0.03% expense ratio.

Dividends

MXI vs. IVV - Dividend Comparison

MXI's dividend yield for the trailing twelve months is around 1.72%, more than IVV's 1.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVV iShares Core S&P 500 ETF	1.11%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%
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 IVV in my portfolio?

MXI and IVV have a correlation of 0.62, 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 IVV?

MXI has higher volatility (8.08%) compared to IVV (4.88%). In terms of maximum drawdown, MXI dropped -68.44% vs IVV's -55.25%.

Which ETF is better, MXI or IVV?

On 10-year performance, IVV leads with 15.58% vs 11.38% for MXI. On fees, IVV is cheaper at 0.03% per year. On volatility, IVV has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MXI or IVV?

Over the 10-year period, IVV has performed better with a 15.58% 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 IVV?

IVV is cheaper with a 0.03% expense ratio, compared with 0.46% for MXI.

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

MXI has the higher dividend yield at 1.72%, compared with 1.11% for IVV.

What is the main difference between MXI and IVV?

MXI is categorized as Materials, while IVV is S&P 500. MXI tracks S&P Global Materials Index, while IVV tracks S&P 500 Index. Their fees differ too: 0.46% for MXI and 0.03% for IVV.

Which has better risk-adjusted returns?

IVV currently has the higher Sharpe Ratio (1.91 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.