MXI vs. SPY

Last updated Aug 2, 2026

MXI (iShares Global Materials ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MXI is a Materials fund tracking the S&P Global Materials Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, MXI returned 10.43%/yr vs 15.07%/yr for SPY. Their 0.75 correlation means they have sometimes moved together and sometimes differently. MXI charges 0.46%/yr vs 0.09%/yr for SPY.

Performance

MXI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Materials ETF (MXI) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MXI having a 10.45% return and SPY slightly lower at 10.13%. Over the past 10 years, MXI has underperformed SPY with an annualized return of 10.43%, while SPY has yielded a comparatively higher 15.07% annualized return.

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%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

MXI vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between MXI and SPY is 0.62, 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.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Sep 22, 2006	0.75

The correlation between MXI and SPY shifts across timeframes, from 0.62 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

MXI vs. SPY - Sectors Allocation Comparison

Sectors	MXI	SPY
Basic Materials	93.7%	1.9%
Consumer Cyclical	4.9%	8.9%
Industrials	1.0%	7.6%
Consumer Defensive	0.6%	4.8%
Technology	0.5%	36.9%
Communication Services	-	9.7%
Energy	-	3.4%
Financial Services	-	12.5%
Healthcare	-	9.4%
Real Estate	-	2.0%
Utilities	-	2.6%

Return for Risk

MXI vs. SPY — 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

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Materials ETF (MXI) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.52	-0.19
Sortino ratio: Return per unit of downside risk	1.80	2.11	-0.32
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	1.72	2.20	-0.49
Martin ratio: Return relative to average drawdown	5.64	9.40	-3.76

MXI vs. SPY - Sharpe Ratio Comparison

The current MXI Sharpe Ratio is 1.33, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of MXI and SPY, 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. SPY - Drawdown Comparison

The maximum MXI drawdown since its inception was -68.44%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MXI and SPY.

Drawdown Indicators

	MXI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-68.44%	-55.19%	-13.25%
Max Drawdown (1Y) Largest decline over 1 year	-16.18%	-8.88%	-7.30%
Max Drawdown (3Y) Largest decline over 3 years	-22.25%	-18.76%	-3.49%
Max Drawdown (5Y) Largest decline over 5 years	-28.76%	-24.50%	-4.26%
Max Drawdown (10Y) Largest decline over 10 years	-39.52%	-33.72%	-5.80%
Current Drawdown Current decline from peak	-8.41%	-1.40%	-7.01%
Average Drawdown Average peak-to-trough decline	-17.98%	-9.01%	-8.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.91%	2.08%	+2.83%

Volatility

MXI vs. SPY - Volatility Comparison

iShares Global Materials ETF (MXI) has a higher volatility of 6.48% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that MXI's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	3.58%	+2.90%
Volatility (6M) Calculated over the trailing 6-month period	18.38%	10.14%	+8.24%
Volatility (1Y) Calculated over the trailing 1-year period	20.95%	12.89%	+8.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.92%	17.18%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	17.95%	+2.47%

MXI vs. SPY - Expense Ratio Comparison

MXI has a 0.46% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MXI vs. SPY - Dividend Comparison

MXI's dividend yield for the trailing twelve months is around 1.73%, more than SPY's 1.01% 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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MXI and SPY in my portfolio?

MXI and SPY 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 SPY?

MXI has higher volatility (6.48%) compared to SPY (3.58%). In terms of maximum drawdown, MXI dropped -68.44% vs SPY's -55.19%.

Which ETF is better, MXI or SPY?

On 10-year performance, SPY leads with 15.07% vs 10.43% for MXI. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MXI or SPY?

Over the 10-year period, SPY has performed better with a 15.07% 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 SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.46% for MXI.

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

MXI has the higher dividend yield at 1.73%, compared with 1.01% for SPY.

What is the main difference between MXI and SPY?

MXI is categorized as Materials, while SPY is S&P 500. MXI tracks S&P Global Materials Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.46% for MXI and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 1.33), 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.