MXI vs. RING

Last updated Aug 2, 2026

MXI (iShares Global Materials ETF) and RING (iShares MSCI Global Gold Miners ETF) are both exchange-traded funds - MXI is a Materials fund tracking the S&P Global Materials Index, while RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index. Both are passively managed. Over the past 10 years, MXI returned 10.43%/yr vs 10.69%/yr for RING. Their 0.44 correlation means their historical movements had little consistent relationship. MXI charges 0.46%/yr vs 0.39%/yr for RING.

Performance

MXI vs. RING - Performance Comparison

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

Returns By Period

In the year-to-date period, MXI achieves a 10.45% return, which is significantly higher than RING's -12.74% return. Both investments have delivered pretty close results over the past 10 years, with MXI having a 10.43% annualized return and RING not far ahead at 10.69%.

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%

RING

• 1D: -3.07%
• 1M: -5.09%
• 6M: -20.44%
• YTD: -12.74%
• 1Y: 45.25%
• 3Y*: 41.73%
• 5Y*: 19.27%
• 10Y*: 10.69%
• ALL TIME*: 2.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MXI iShares Global Materials ETF	$1.58M	$1.75M	$2.67M
RING iShares MSCI Global Gold Miners ETF	$77.74M	$52.06M	$43.86M

MXI vs. RING - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
RING iShares MSCI Global Gold Miners ETF	-12.74%	164.72%	15.98%	12.29%	-15.40%	-7.46%	24.98%	49.92%	-13.14%	10.24%

Correlation

The correlation between MXI and RING is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (10Y) Provides a long-term view across more market conditions.	0.45
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012	0.44

Over the past year, MXI and RING have become more correlated (0.77) than their long-term average of 0.44, meaning their price movements have been converging.

MXI vs. RING - Sectors Allocation Comparison

Sectors	MXI	RING
Basic Materials	93.7%	100.0%
Consumer Cyclical	4.9%	-
Industrials	1.0%	-
Consumer Defensive	0.6%	-
Technology	0.5%	-
Communication Services	-	-
Energy	-	-
Financial Services	-	0.0%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MXI vs. RING — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MXI

MXI Risk / Return Rank: 51
MXI Sharpe Ratio Rank: 55
MXI Sortino Ratio Rank: 50
MXI Omega Ratio Rank: 53
MXI Calmar Ratio Rank: 48
MXI Martin Ratio Rank: 49

RING

RING Risk / Return Rank: 37
RING Sharpe Ratio Rank: 40
RING Sortino Ratio Rank: 38
RING Omega Ratio Rank: 41
RING Calmar Ratio Rank: 36
RING Martin Ratio Rank: 31

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. RING - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Materials ETF (MXI) and iShares MSCI Global Gold Miners ETF (RING). 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	RING	Difference
Sharpe ratio: Return per unit of total volatility	1.33	0.99	+0.34
Sortino ratio: Return per unit of downside risk	1.80	1.44	+0.36
Omega ratio: Gain probability vs. loss probability	1.23	1.19	+0.04
Calmar ratio: Return relative to maximum drawdown	1.72	1.24	+0.47
Martin ratio: Return relative to average drawdown	5.64	2.72	+2.91

MXI vs. RING - Sharpe Ratio Comparison

The current MXI Sharpe Ratio is 1.33, which is higher than the RING Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of MXI and RING, 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. RING - Drawdown Comparison

The maximum MXI drawdown since its inception was -68.44%, smaller than the maximum RING drawdown of -79.47%. Use the drawdown chart below to compare losses from any high point for MXI and RING.

Drawdown Indicators

	MXI	RING	Difference
Max Drawdown Largest peak-to-trough decline	-68.44%	-79.47%	+11.03%
Max Drawdown (1Y) Largest decline over 1 year	-16.18%	-38.61%	+22.43%
Max Drawdown (3Y) Largest decline over 3 years	-22.25%	-38.61%	+16.36%
Max Drawdown (5Y) Largest decline over 5 years	-28.76%	-47.94%	+19.18%
Max Drawdown (10Y) Largest decline over 10 years	-39.52%	-52.04%	+12.52%
Current Drawdown Current decline from peak	-8.41%	-35.37%	+26.96%
Average Drawdown Average peak-to-trough decline	-17.98%	-47.24%	+29.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.91%	17.57%	-12.66%

Volatility

MXI vs. RING - Volatility Comparison

The current volatility for iShares Global Materials ETF (MXI) is 6.48%, while iShares MSCI Global Gold Miners ETF (RING) has a volatility of 12.19%. This indicates that MXI experiences smaller price fluctuations and is considered to be less risky than RING based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXI	RING	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	12.19%	-5.71%
Volatility (6M) Calculated over the trailing 6-month period	18.38%	39.42%	-21.04%
Volatility (1Y) Calculated over the trailing 1-year period	20.95%	48.68%	-27.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.92%	37.26%	-17.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	36.65%	-16.23%

MXI vs. RING - Expense Ratio Comparison

MXI has a 0.46% expense ratio, which is higher than RING's 0.39% expense ratio.

Dividends

MXI vs. RING - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
RING iShares MSCI Global Gold Miners ETF	1.42%	0.84%	1.43%	2.01%	2.29%	2.38%	0.83%	0.83%	0.70%	0.42%	1.41%	0.96%

Frequently Asked Questions

Can I hold both MXI and RING in my portfolio?

MXI and RING have a correlation of 0.77, 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 RING?

RING has higher volatility (12.19%) compared to MXI (6.48%). In terms of maximum drawdown, MXI dropped -68.44% vs RING's -79.47%.

Which ETF is better, MXI or RING?

On 10-year performance, RING leads with 10.69% vs 10.43% for MXI. On fees, RING is cheaper at 0.39% per year. On volatility, MXI has been the lower-risk option at 6.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MXI or RING?

Over the 10-year period, RING has performed better with a 10.69% return vs 10.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MXI or RING?

RING is cheaper with a 0.39% expense ratio, compared with 0.46% for MXI.

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

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

What is the main difference between MXI and RING?

MXI is categorized as Materials, while RING is Gold. MXI tracks S&P Global Materials Index, while RING tracks MSCI ACWI Select Gold Miners Investable Market Index. Their fees differ too: 0.46% for MXI and 0.39% for RING.

Which has better risk-adjusted returns?

MXI currently has the higher Sharpe Ratio (1.33 vs 0.99), 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.