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MXI vs. VAW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MXI vs. VAW

Last updated Aug 2, 2026
Documentation

MXI (iShares Global Materials ETF) and VAW (Vanguard Materials ETF) are both Materials funds - MXI tracks the S&P Global Materials Index while VAW tracks the MSCI US Investable Market Materials 25/50 Index. Both are passively managed. Over the past 10 years, MXI returned 10.43%/yr vs 9.56%/yr for VAW. Their correlation of 0.89 means they have usually moved in the same direction. MXI charges 0.46%/yr vs 0.09%/yr for VAW.

Performance

MXI vs. VAW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Materials ETF (MXI) and Vanguard Materials ETF (VAW). 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 10.45% return, which is significantly higher than VAW's 8.16% return. Over the past 10 years, MXI has outperformed VAW with an annualized return of 10.43%, while VAW has yielded a comparatively lower 9.56% 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%

VAW

1D
-2.38%
1M
-4.20%
6M
-0.26%
YTD
8.16%
1Y
17.08%
3Y*
7.54%
5Y*
5.77%
10Y*
9.56%
ALL TIME*
9.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

MXI

iShares Global Materials ETF
$1.58M$1.75M$2.67M

VAW

Vanguard Materials ETF
$9.35M$9.71M$12.39M

MXI vs. VAW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VAW
Vanguard Materials ETF		8.16%12.30%0.48%13.67%-11.80%27.43%19.44%23.53%-17.49%23.76%

Correlation

The correlation between MXI and VAW is 0.90, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.90

Correlation (3Y)
Balances recent behavior with more history.

0.89

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.90

Correlation (10Y)
Provides a long-term view across more market conditions.

0.89

Correlation (All Time)
Calculated using the full available price history since Sep 22, 2006

0.89

The correlation between MXI and VAW has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

MXI vs. VAW - Sectors Allocation Comparison

Sectors
MXI
VAW

Basic Materials

93.7%
89.3%

Consumer Cyclical

4.9%
9.5%

Industrials

1.0%
0.6%

Consumer Defensive

0.6%
0.0%

Technology

0.5%
0.1%

Communication Services

-

-

Energy

-

0.0%

Financial Services

-

-

Healthcare

-

0.5%

Real Estate

-

-

Utilities

-

-

Basic Materials

MXI
93.7%
VAW
89.3%

Consumer Cyclical

MXI
4.9%
VAW
9.5%

Industrials

MXI
1.0%
VAW
0.6%

Consumer Defensive

MXI
0.6%
VAW
0.0%

Technology

MXI
0.5%
VAW
0.1%

Communication Services

MXI

-

VAW

-

Energy

MXI

-

VAW
0.0%

Financial Services

MXI

-

VAW

-

Healthcare

MXI

-

VAW
0.5%

Real Estate

MXI

-

VAW

-

Utilities

MXI

-

VAW

-

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

Vanguard Materials ETF

Often compared with MXI:
MXI vs. XLBMXI vs. GNRMXI vs. IYMMXI vs. SPYMXI vs. XMEMXI vs. SPHQMXI vs. PYZ
Often compared with VAW:
VAW vs. XLBVAW vs. XMEVAW vs. PAVEVAW vs. FMATVAW vs. DBCVAW vs. VDEVAW vs. IYM

Return for Risk

MXI vs. VAW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
MXI
MXI Risk / Return Rank: 5151
Overall Rank
MXI Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
MXI Sortino Ratio Rank: 5050
Sortino Ratio Rank
MXI Omega Ratio Rank: 5353
Omega Ratio Rank
MXI Calmar Ratio Rank: 4848
Calmar Ratio Rank
MXI Martin Ratio Rank: 4949
Martin Ratio Rank
VAW
VAW Risk / Return Rank: 3535
Overall Rank
VAW Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
VAW Sortino Ratio Rank: 3535
Sortino Ratio Rank
VAW Omega Ratio Rank: 3333
Omega Ratio Rank
VAW Calmar Ratio Rank: 3535
Calmar Ratio Rank
VAW Martin Ratio Rank: 3535
Martin Ratio Rank
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. VAW - Risk-Adjusted Trends Comparison

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

MXIVAWDifference
Sharpe ratioReturn per unit of total volatility
1.33
0.87

+0.46

Sortino ratioReturn per unit of downside risk
1.80
1.31

+0.49

Omega ratioGain probability vs. loss probability

1.23

1.16

+0.08

Calmar ratioReturn relative to maximum drawdown

1.72

1.21

+0.51

Martin ratioReturn relative to average drawdown

5.64

3.47

+2.17

MXI vs. VAW - Sharpe Ratio Comparison

The current MXI Sharpe Ratio is 1.33, which is higher than the VAW Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of MXI and VAW, 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. VAW - Drawdown Comparison

The maximum MXI drawdown since its inception was -68.44%, which is greater than VAW's maximum drawdown of -62.17%. Use the drawdown chart below to compare losses from any high point for MXI and VAW.

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Drawdown Indicators

MXIVAWDifference

Max Drawdown

Largest peak-to-trough decline

-68.44%

-62.17%

-6.27%

Max Drawdown (1Y)

Largest decline over 1 year

-16.18%

-13.42%

-2.76%

Max Drawdown (3Y)

Largest decline over 3 years

-22.25%

-23.21%

+0.96%

Max Drawdown (5Y)

Largest decline over 5 years

-28.76%

-25.50%

-3.26%

Max Drawdown (10Y)

Largest decline over 10 years

-39.52%

-41.13%

+1.61%

Current Drawdown

Current decline from peak

-8.41%

-8.05%

-0.36%

Average Drawdown

Average peak-to-trough decline

-17.98%

-9.60%

-8.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.91%

4.65%

+0.26%

Volatility

MXI vs. VAW - Volatility Comparison

iShares Global Materials ETF (MXI) has a higher volatility of 6.48% compared to Vanguard Materials ETF (VAW) at 5.54%. This indicates that MXI's price experiences larger fluctuations and is considered to be riskier than VAW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MXIVAWDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.48%

5.54%

+0.94%

Volatility (6M)

Calculated over the trailing 6-month period

18.38%

15.14%

+3.24%

Volatility (1Y)

Calculated over the trailing 1-year period

20.95%

18.68%

+2.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.92%

19.75%

+0.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.42%

21.22%

-0.80%

MXI vs. VAW - Expense Ratio Comparison

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

Dividends

MXI vs. VAW - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
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%
VAW
Vanguard Materials ETF		1.42%1.55%1.70%1.72%1.98%1.44%1.67%1.94%2.03%1.63%1.67%2.30%

Frequently Asked Questions

With a correlation of 0.90, MXI and VAW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

MXI has higher volatility (6.48%) compared to VAW (5.54%). In terms of maximum drawdown, MXI dropped -68.44% vs VAW's -62.17%.

On 10-year performance, MXI leads with 10.43% vs 9.56% for VAW. On fees, VAW is cheaper at 0.09% per year. On volatility, VAW has been the lower-risk option at 5.54%. 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 10.43% return vs 9.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

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

MXI tracks S&P Global Materials Index, while VAW tracks MSCI US Investable Market Materials 25/50 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.46% for MXI and 0.09% for VAW.

MXI currently has the higher Sharpe Ratio (1.33 vs 0.87), 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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