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MXI vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MXI vs. IWM

Last updated Jun 5, 2026

MXI (iShares Global Materials ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - MXI is a Materials fund tracking the S&P Global Materials Index, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, MXI returned 11.36%/yr vs 10.97%/yr for IWM. A 0.72 correlation means they provide meaningful diversification when combined. MXI charges 0.46%/yr vs 0.19%/yr for IWM.

Performance

MXI vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Materials ETF (MXI) and iShares Russell 2000 ETF (IWM). 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 16.99% return, which is significantly lower than IWM's 18.84% return. Both investments have delivered pretty close results over the past 10 years, with MXI having a 11.36% annualized return and IWM not far behind at 10.97%.

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%

IWM

1D
1.51%
1M
3.34%
YTD
18.84%
6M
16.56%
1Y
41.60%
3Y*
19.00%
5Y*
6.43%
10Y*
10.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MXI vs. IWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IWM
iShares Russell 2000 ETF		18.84%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%

Correlation

The correlation between MXI and IWM is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (5Y)
Calculated over the trailing 5-year period

0.71

Correlation (10Y)
Calculated over the trailing 10-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Sep 25, 2006

0.72

The correlation between MXI and IWM has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

MXI vs. IWM - Sectors Allocation Comparison

Sectors
MXI
IWM

Basic Materials

95.2%
4.5%

Consumer Cyclical

4.4%
7.8%

Consumer Defensive

0.6%
2.1%

Industrials

0.4%
17.1%

Communication Services

-

2.0%

Energy

-

6.0%

Financial Services

-

15.8%

Healthcare

-

15.8%

Real Estate

-

5.7%

Technology

-

19.5%

Utilities

-

3.0%

Basic Materials

MXI
95.2%
IWM
4.5%

Consumer Cyclical

MXI
4.4%
IWM
7.8%

Consumer Defensive

MXI
0.6%
IWM
2.1%

Industrials

MXI
0.4%
IWM
17.1%

Communication Services

MXI

-

IWM
2.0%

Energy

MXI

-

IWM
6.0%

Financial Services

MXI

-

IWM
15.8%

Healthcare

MXI

-

IWM
15.8%

Real Estate

MXI

-

IWM
5.7%

Technology

MXI

-

IWM
19.5%

Utilities

MXI

-

IWM
3.0%

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

iShares Russell 2000 ETF

Often compared with MXI:
MXI vs. XLBMXI vs. GNRMXI vs. VAWMXI vs. IYMMXI vs. SPYMXI vs. SPHQMXI vs. XME
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. IWO

Return for Risk

MXI vs. IWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MXI
MXI Risk / Return Rank: 4949
Overall Rank
MXI Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
MXI Sortino Ratio Rank: 4848
Sortino Ratio Rank
MXI Omega Ratio Rank: 5050
Omega Ratio Rank
MXI Calmar Ratio Rank: 4444
Calmar Ratio Rank
MXI Martin Ratio Rank: 5252
Martin Ratio Rank
IWM
IWM Risk / Return Rank: 6868
Overall Rank
IWM Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 6666
Sortino Ratio Rank
IWM Omega Ratio Rank: 5959
Omega Ratio Rank
IWM Calmar Ratio Rank: 7676
Calmar Ratio Rank
IWM Martin Ratio Rank: 7373
Martin Ratio Rank
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. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Materials ETF (MXI) and iShares Russell 2000 ETF (IWM). 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.

MXIIWMDifference
Sharpe ratioReturn per unit of total volatility
1.77
2.18

-0.41

Sortino ratioReturn per unit of downside risk
2.31
3.00

-0.69

Omega ratioGain probability vs. loss probability

1.31

1.36

-0.05

Calmar ratioReturn relative to maximum drawdown

2.13

3.79

-1.66

Martin ratioReturn relative to average drawdown

8.56

13.45

-4.89

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXI vs. IWM - Sharpe Ratio Comparison

The current MXI Sharpe Ratio is 1.77, which is comparable to the IWM Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of MXI and IWM, 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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Sharpe Ratios by Period

MXIIWMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.77

2.18

-0.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.34

0.29

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

0.48

+0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.37

-0.10

Drawdowns

MXI vs. IWM - Drawdown Comparison

The maximum MXI drawdown since its inception was -68.44%, which is greater than IWM's maximum drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for MXI and IWM.

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Drawdown Indicators

MXIIWMDifference

Max Drawdown

Largest peak-to-trough decline

-68.44%

-59.05%

-9.39%

Max Drawdown (1Y)

Largest decline over 1 year

-16.18%

-11.03%

-5.15%

Max Drawdown (3Y)

Largest decline over 3 years

-22.25%

-27.50%

+5.25%

Max Drawdown (5Y)

Largest decline over 5 years

-28.76%

-31.91%

+3.15%

Max Drawdown (10Y)

Largest decline over 10 years

-39.52%

-41.13%

+1.61%

Current Drawdown

Current decline from peak

-2.98%

-0.01%

-2.97%

Average Drawdown

Average peak-to-trough decline

-18.07%

-10.77%

-7.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.01%

3.10%

+0.91%

Volatility

MXI vs. IWM - Volatility Comparison

iShares Global Materials ETF (MXI) has a higher volatility of 7.15% compared to iShares Russell 2000 ETF (IWM) at 5.70%. This indicates that MXI's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MXIIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.15%

5.70%

+1.45%

Volatility (6M)

Calculated over the trailing 6-month period

16.51%

13.60%

+2.91%

Volatility (1Y)

Calculated over the trailing 1-year period

19.44%

19.19%

+0.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.66%

22.53%

-2.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.42%

23.04%

-2.62%

MXI vs. IWM - Expense Ratio Comparison

MXI has a 0.46% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

MXI vs. IWM - Dividend Comparison

MXI's dividend yield for the trailing twelve months is around 1.90%, more than IWM's 0.87% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.87%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
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

MXI and IWM have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MXI has higher volatility (7.15%) compared to IWM (5.70%). In terms of maximum drawdown, MXI dropped -68.44% vs IWM's -59.05%.

On 10-year performance, MXI leads with 11.36% vs 10.97% for IWM. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 5.70%. 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 11.36% return vs 10.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 0.46% for MXI.

MXI has the higher dividend yield at 1.90%, compared with 0.87% for IWM.

MXI is categorized as Materials, while IWM is Small Cap Blend Equities. MXI tracks S&P Global Materials Index, while IWM tracks Russell 2000 Index. Their fees differ too: 0.46% for MXI and 0.19% for IWM.

IWM currently has the higher Sharpe Ratio (2.18 vs 1.77), 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.

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