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SLX vs. MXI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SLX vs. MXI

Last updated Jun 5, 2026

SLX (VanEck Vectors Steel ETF) and MXI (iShares Global Materials ETF) are both Materials funds - SLX tracks the NYSE Arca Steel Index while MXI tracks the S&P Global Materials Index. Both are passively managed. Over the past 10 years, SLX returned 19.28%/yr vs 11.36%/yr for MXI. Their correlation of 0.86 suggests significant overlap in exposure. SLX charges 0.56%/yr vs 0.46%/yr for MXI.

Performance

SLX vs. MXI - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, SLX achieves a 31.70% return, which is significantly higher than MXI's 16.99% return. Over the past 10 years, SLX has outperformed MXI with an annualized return of 19.28%, while MXI has yielded a comparatively lower 11.36% annualized return.

SLX

1D
-0.45%
1M
6.72%
YTD
31.70%
6M
36.25%
1Y
76.28%
3Y*
26.79%
5Y*
16.03%
10Y*
19.28%

MXI

1D
-0.06%
1M
3.54%
YTD
16.99%
6M
20.75%
1Y
34.23%
3Y*
15.19%
5Y*
6.63%
10Y*
11.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SLX vs. MXI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SLX
VanEck Vectors Steel ETF		31.70%47.45%-17.94%31.25%14.28%27.69%20.57%12.01%-19.27%24.59%
MXI
iShares Global Materials ETF		16.99%27.43%-8.25%14.37%-9.09%15.06%22.31%22.19%-16.06%30.33%

Correlation

The correlation between SLX and MXI is 0.79, 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

0.79

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 18, 2006

0.86

The correlation between SLX and MXI has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

SLX vs. MXI - Sectors Allocation Comparison

Sectors
SLX
MXI

Basic Materials

95.0%
95.2%

Energy

3.5%

-

Industrials

1.4%
0.4%

Communication Services

-

-

Consumer Cyclical

-

4.4%

Consumer Defensive

-

0.6%

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Basic Materials

SLX
95.0%
MXI
95.2%

Energy

SLX
3.5%
MXI

-

Industrials

SLX
1.4%
MXI
0.4%

Communication Services

SLX

-

MXI

-

Consumer Cyclical

SLX

-

MXI
4.4%

Consumer Defensive

SLX

-

MXI
0.6%

Financial Services

SLX

-

MXI

-

Healthcare

SLX

-

MXI

-

Real Estate

SLX

-

MXI

-

Technology

SLX

-

MXI

-

Utilities

SLX

-

MXI

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Vectors Steel ETF

iShares Global Materials ETF

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

Return for Risk

SLX vs. MXI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SLX
SLX Risk / Return Rank: 8787
Overall Rank
SLX Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
SLX Sortino Ratio Rank: 8888
Sortino Ratio Rank
SLX Omega Ratio Rank: 8585
Omega Ratio Rank
SLX Calmar Ratio Rank: 8686
Calmar Ratio Rank
SLX Martin Ratio Rank: 8282
Martin Ratio Rank
MXI
MXI Risk / Return Rank: 4949
Overall Rank
MXI Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
MXI Sortino Ratio Rank: 4848
Sortino Ratio Rank
MXI Omega Ratio Rank: 5050
Omega Ratio Rank
MXI Calmar Ratio Rank: 4444
Calmar Ratio Rank
MXI Martin Ratio Rank: 5252
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.

SLX vs. MXI - Risk-Adjusted Trends Comparison

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

SLXMXIDifference
Sharpe ratioReturn per unit of total volatility
3.21
1.77

+1.44

Sortino ratioReturn per unit of downside risk
4.01
2.31

+1.70

Omega ratioGain probability vs. loss probability

1.51

1.31

+0.20

Calmar ratioReturn relative to maximum drawdown

4.69

2.13

+2.57

Martin ratioReturn relative to average drawdown

16.40

8.56

+7.83

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLX vs. MXI - Sharpe Ratio Comparison

The current SLX Sharpe Ratio is 3.21, which is higher than the MXI Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of SLX and MXI, 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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Sharpe Ratios by Period

SLXMXIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.21

1.77

+1.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.58

0.34

+0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.62

0.56

+0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.22

0.26

-0.04

Drawdowns

SLX vs. MXI - Drawdown Comparison

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

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Drawdown Indicators

SLXMXIDifference

Max Drawdown

Largest peak-to-trough decline

-82.14%

-68.44%

-13.70%

Max Drawdown (1Y)

Largest decline over 1 year

-16.35%

-16.18%

-0.17%

Max Drawdown (3Y)

Largest decline over 3 years

-27.39%

-22.25%

-5.14%

Max Drawdown (5Y)

Largest decline over 5 years

-33.62%

-28.76%

-4.86%

Max Drawdown (10Y)

Largest decline over 10 years

-61.64%

-39.52%

-22.12%

Current Drawdown

Current decline from peak

-1.59%

-2.98%

+1.39%

Average Drawdown

Average peak-to-trough decline

-38.72%

-18.07%

-20.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.67%

4.01%

+0.66%

Volatility

SLX vs. MXI - Volatility Comparison

VanEck Vectors Steel ETF (SLX) has a higher volatility of 7.67% compared to iShares Global Materials ETF (MXI) at 7.15%. This indicates that SLX's price experiences larger fluctuations and is considered to be riskier than MXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SLXMXIDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.67%

7.15%

+0.52%

Volatility (6M)

Calculated over the trailing 6-month period

17.94%

16.51%

+1.43%

Volatility (1Y)

Calculated over the trailing 1-year period

23.92%

19.44%

+4.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.72%

19.66%

+8.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.02%

20.42%

+10.60%

SLX vs. MXI - Expense Ratio Comparison

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

Dividends

SLX vs. MXI - Dividend Comparison

SLX's dividend yield for the trailing twelve months is around 1.18%, less than MXI's 1.90% yield.

PositionTTM20252024202320222021202020192018201720162015
MXI
iShares Global Materials ETF		1.90%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		1.18%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

SLX and MXI have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SLX has higher volatility (7.67%) compared to MXI (7.15%). In terms of maximum drawdown, SLX dropped -82.14% vs MXI's -68.44%.

On 10-year performance, SLX leads with 19.28% vs 11.36% for MXI. On fees, MXI is cheaper at 0.46% per year. On volatility, MXI has been the lower-risk option at 7.15%. 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 19.28% return vs 11.36%. 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 1.90%, compared with 1.18% for SLX.

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

SLX currently has the higher Sharpe Ratio (3.21 vs 1.77), 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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