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MXI vs. SLX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MXI vs. SLX

Last updated Jun 24, 2026

MXI (iShares Global Materials ETF) and SLX (VanEck Vectors Steel ETF) are both Materials funds - MXI tracks the S&P Global Materials Index while SLX tracks the NYSE Arca Steel Index. Both are passively managed. Over the past 10 years, MXI returned 11.38%/yr vs 18.83%/yr for SLX. Their correlation of 0.86 suggests significant overlap in exposure. MXI charges 0.46%/yr vs 0.56%/yr for SLX.

Performance

MXI vs. SLX - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, MXI achieves a 11.62% return, which is significantly lower than SLX's 19.94% return. Over the past 10 years, MXI has underperformed SLX with an annualized return of 11.38%, while SLX has yielded a comparatively higher 18.83% 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%

SLX

1D
-2.86%
1M
-4.58%
YTD
19.94%
6M
19.56%
1Y
60.79%
3Y*
21.27%
5Y*
14.70%
10Y*
18.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MXI vs. SLX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SLX
VanEck Vectors Steel ETF		19.94%47.45%-17.94%31.25%14.28%27.69%20.57%12.01%-19.27%24.59%

Correlation

The correlation between MXI and SLX is 0.80, 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

0.80

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

0.80

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

0.83

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

0.83

Correlation (All Time)
Calculated using the full available price history since Oct 17, 2006

0.86

The correlation between MXI and SLX has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

MXI vs. SLX - Sectors Allocation Comparison

Sectors
MXI
SLX

Basic Materials

95.2%
93.2%

Consumer Cyclical

4.4%

-

Consumer Defensive

0.6%

-

Industrials

0.5%
3.3%

Communication Services

-

-

Energy

-

3.5%

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Basic Materials

MXI
95.2%
SLX
93.2%

Consumer Cyclical

MXI
4.4%
SLX

-

Consumer Defensive

MXI
0.6%
SLX

-

Industrials

MXI
0.5%
SLX
3.3%

Communication Services

MXI

-

SLX

-

Energy

MXI

-

SLX
3.5%

Financial Services

MXI

-

SLX

-

Healthcare

MXI

-

SLX

-

Real Estate

MXI

-

SLX

-

Technology

MXI

-

SLX

-

Utilities

MXI

-

SLX

-

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

VanEck Vectors Steel ETF

Often compared with MXI:
MXI vs. XLBMXI vs. VAWMXI vs. GNRMXI vs. IYMMXI vs. SPYMXI vs. SPHQMXI vs. XME
Often compared with SLX:
SLX vs. XMESLX vs. COPXSLX vs. CPERSLX vs. FXZSLX vs. REMXSLX vs. ^DJUSSTSLX vs. PPLT

Return for Risk

MXI vs. SLX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MXI
MXI Risk / Return Rank: 4141
Overall Rank
MXI Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
MXI Sortino Ratio Rank: 3939
Sortino Ratio Rank
MXI Omega Ratio Rank: 4141
Omega Ratio Rank
MXI Calmar Ratio Rank: 3939
Calmar Ratio Rank
MXI Martin Ratio Rank: 4545
Martin Ratio Rank
SLX
SLX Risk / Return Rank: 7575
Overall Rank
SLX Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
SLX Sortino Ratio Rank: 7575
Sortino Ratio Rank
SLX Omega Ratio Rank: 7171
Omega Ratio Rank
SLX Calmar Ratio Rank: 7676
Calmar Ratio Rank
SLX Martin Ratio Rank: 7171
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. SLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Materials ETF (MXI) and VanEck Vectors Steel ETF (SLX). 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.

MXISLXDifference
Sharpe ratioReturn per unit of total volatility
1.45
2.43

-0.98

Sortino ratioReturn per unit of downside risk
1.94
3.15

-1.21

Omega ratioGain probability vs. loss probability

1.26

1.40

-0.14

Calmar ratioReturn relative to maximum drawdown

1.85

3.74

-1.89

Martin ratioReturn relative to average drawdown

7.13

12.59

-5.46

MXI vs. SLX - Sharpe Ratio Comparison

The current MXI Sharpe Ratio is 1.45, which is lower than the SLX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of MXI and SLX, 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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Drawdowns

MXI vs. SLX - Drawdown Comparison

The maximum MXI drawdown since its inception was -68.44%, smaller than the maximum SLX drawdown of -82.14%. Use the drawdown chart below to compare losses from any high point for MXI and SLX.

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Drawdown Indicators

MXISLXDifference

Max Drawdown

Largest peak-to-trough decline

-68.44%

-82.14%

+13.70%

Max Drawdown (1Y)

Largest decline over 1 year

-16.18%

-16.35%

+0.17%

Max Drawdown (3Y)

Largest decline over 3 years

-22.25%

-27.39%

+5.14%

Max Drawdown (5Y)

Largest decline over 5 years

-28.76%

-33.62%

+4.86%

Max Drawdown (10Y)

Largest decline over 10 years

-39.52%

-61.64%

+22.12%

Current Drawdown

Current decline from peak

-7.43%

-10.38%

+2.95%

Average Drawdown

Average peak-to-trough decline

-18.03%

-38.63%

+20.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.19%

4.84%

-0.65%

Volatility

MXI vs. SLX - Volatility Comparison

The current volatility for iShares Global Materials ETF (MXI) is 8.08%, while VanEck Vectors Steel ETF (SLX) has a volatility of 9.40%. This indicates that MXI experiences smaller price fluctuations and is considered to be less risky than SLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MXISLXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.08%

9.40%

-1.32%

Volatility (6M)

Calculated over the trailing 6-month period

17.94%

19.29%

-1.35%

Volatility (1Y)

Calculated over the trailing 1-year period

20.66%

25.19%

-4.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.86%

27.84%

-7.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.42%

30.90%

-10.48%

MXI vs. SLX - Expense Ratio Comparison

MXI has a 0.46% expense ratio, which is lower than SLX's 0.56% expense ratio.

Dividends

MXI vs. SLX - Dividend Comparison

MXI's dividend yield for the trailing twelve months is around 1.72%, more than SLX's 1.29% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SLX
VanEck Vectors Steel ETF		1.29%1.55%3.56%2.80%4.97%7.07%1.87%3.44%6.26%2.50%1.06%5.35%

Frequently Asked Questions

MXI and SLX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SLX has higher volatility (9.40%) compared to MXI (8.08%). In terms of maximum drawdown, MXI dropped -68.44% vs SLX's -82.14%.

On 10-year performance, SLX leads with 18.83% 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.

Over the 10-year period, SLX has performed better with a 18.83% return vs 11.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MXI is cheaper with a 0.46% expense ratio, compared with 0.56% for SLX.

MXI has the higher dividend yield at 1.72%, compared with 1.29% for SLX.

MXI tracks S&P Global Materials Index, while SLX tracks NYSE Arca Steel Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.46% for MXI and 0.56% for SLX.

SLX currently has the higher Sharpe Ratio (2.43 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.

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