MXI vs. PYZ

Last updated Jun 24, 2026

MXI (iShares Global Materials ETF) and PYZ (Invesco DWA Basic Materials Momentum ETF) are both exchange-traded funds - MXI is a Materials fund tracking the S&P Global Materials Index, while PYZ is a Momentum fund tracking the Dorsey Wright Basic Materials Technical Leaders Index. Both are passively managed. Over the past 10 years, MXI returned 11.38%/yr vs 10.24%/yr for PYZ. Their correlation of 0.83 suggests significant overlap in exposure. MXI charges 0.46%/yr vs 0.60%/yr for PYZ.

Performance

MXI vs. PYZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Materials ETF (MXI) and Invesco DWA Basic Materials Momentum ETF (PYZ). 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 lower than PYZ's 14.78% return. Over the past 10 years, MXI has outperformed PYZ with an annualized return of 11.38%, while PYZ has yielded a comparatively lower 10.24% 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%

PYZ

• 1D: -2.80%
• 1M: -0.19%
• YTD: 14.78%
• 6M: 11.00%
• 1Y: 37.65%
• 3Y*: 16.95%
• 5Y*: 8.30%
• 10Y*: 10.24%

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

MXI vs. PYZ - 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%
PYZ Invesco DWA Basic Materials Momentum ETF	14.78%	28.01%	2.54%	9.56%	-15.45%	32.68%	15.39%	20.66%	-24.33%	20.01%

Correlation

The correlation between MXI and PYZ is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006	0.83

The correlation between MXI and PYZ has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

MXI vs. PYZ - Sectors Allocation Comparison

Sectors	MXI	PYZ
Basic Materials	95.2%	85.4%
Consumer Cyclical	4.4%	4.2%
Consumer Defensive	0.6%	0.6%
Industrials	0.5%	14.3%
Communication Services	-	-
Energy	-	3.8%
Financial Services	-	0.3%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

MXI vs. PYZ — 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

PYZ

PYZ Risk / Return Rank: 43
PYZ Sharpe Ratio Rank: 43
PYZ Sortino Ratio Rank: 42
PYZ Omega Ratio Rank: 40
PYZ Calmar Ratio Rank: 46
PYZ Martin Ratio Rank: 45

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. PYZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Materials ETF (MXI) and Invesco DWA Basic Materials Momentum ETF (PYZ). 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	PYZ	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.43	+0.02
Sortino ratio: Return per unit of downside risk	1.94	1.98	-0.04
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	1.85	2.13	-0.28
Martin ratio: Return relative to average drawdown	7.13	6.94	+0.19

MXI vs. PYZ - Sharpe Ratio Comparison

The current MXI Sharpe Ratio is 1.45, which is comparable to the PYZ Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of MXI and PYZ, 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. PYZ - Drawdown Comparison

The maximum MXI drawdown since its inception was -68.44%, which is greater than PYZ's maximum drawdown of -65.15%. Use the drawdown chart below to compare losses from any high point for MXI and PYZ.

Drawdown Indicators

	MXI	PYZ	Difference
Max Drawdown Largest peak-to-trough decline	-68.44%	-65.15%	-3.29%
Max Drawdown (1Y) Largest decline over 1 year	-16.18%	-17.75%	+1.57%
Max Drawdown (3Y) Largest decline over 3 years	-22.25%	-26.74%	+4.49%
Max Drawdown (5Y) Largest decline over 5 years	-28.76%	-32.97%	+4.21%
Max Drawdown (10Y) Largest decline over 10 years	-39.52%	-52.46%	+12.94%
Current Drawdown Current decline from peak	-7.43%	-5.41%	-2.02%
Average Drawdown Average peak-to-trough decline	-18.03%	-12.61%	-5.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	5.44%	-1.25%

Volatility

MXI vs. PYZ - Volatility Comparison

The current volatility for iShares Global Materials ETF (MXI) is 8.08%, while Invesco DWA Basic Materials Momentum ETF (PYZ) has a volatility of 8.54%. This indicates that MXI experiences smaller price fluctuations and is considered to be less risky than PYZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXI	PYZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.08%	8.54%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	17.94%	20.88%	-2.94%
Volatility (1Y) Calculated over the trailing 1-year period	20.66%	26.51%	-5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.86%	25.76%	-5.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	26.48%	-6.06%

MXI vs. PYZ - Expense Ratio Comparison

MXI has a 0.46% expense ratio, which is lower than PYZ's 0.60% expense ratio.

Dividends

MXI vs. PYZ - Dividend Comparison

MXI's dividend yield for the trailing twelve months is around 1.72%, more than PYZ's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PYZ Invesco DWA Basic Materials Momentum ETF	0.47%	0.72%	1.13%	1.19%	1.18%	0.33%	1.04%	1.38%	1.20%	0.53%	1.07%	1.25%

Frequently Asked Questions

Can I hold both MXI and PYZ in my portfolio?

MXI and PYZ have a correlation of 0.83, 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 PYZ?

PYZ has higher volatility (8.54%) compared to MXI (8.08%). In terms of maximum drawdown, MXI dropped -68.44% vs PYZ's -65.15%.

Which ETF is better, MXI or PYZ?

On 10-year performance, MXI leads with 11.38% vs 10.24% for PYZ. 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 PYZ?

Over the 10-year period, MXI has performed better with a 11.38% return vs 10.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MXI or PYZ?

MXI is cheaper with a 0.46% expense ratio, compared with 0.60% for PYZ.

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

MXI has the higher dividend yield at 1.72%, compared with 0.47% for PYZ.

What is the main difference between MXI and PYZ?

MXI is categorized as Materials, while PYZ is Momentum. MXI tracks S&P Global Materials Index, while PYZ tracks Dorsey Wright Basic Materials Technical Leaders Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.46% for MXI and 0.60% for PYZ.

Which has better risk-adjusted returns?

MXI currently has the higher Sharpe Ratio (1.45 vs 1.43), 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.