At a glance
MXI charges 0.37% a year, above the 0.24% average of the 6 funds most like it (the 4th cheapest of 7). It has $339.6M in assets, the 6th largest of that group; it paid 1.7% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +20.2% with distributions reinvested (S&P 500: +11.5%), 4th of those 7 funds; over three years it returned +15.8% a year. At its worst it fell 34.7% in the 2020 crash (S&P 500: 33.7%) and 28.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 18 months after the lows. Its ten largest positions make up 39.1% of the fund, out of 106 in all.
The short version
iShares Global Materials ETF (MXI) is a BlackRock index fund that tracks the S&P Global 1200 Materials (Sector) Capped Index. That index holds large chemical, mining, gold and building-materials companies around the world, led by Linde and BHP. As of June 30, 2026, only about 27% of the fund was in U.S. companies. The trade-off is cost: 0.37% a year, compared with 0.08% to 0.09% for FMAT, XLB and VAW.
Price history
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MXI +20.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MXI official prospectus, to Dec 31, 2025 | — | +26.97% | — | +6.92% | +10.87% | — |
| S&P Global Broad Market Index Net index, same period | — | +21.96% | — | +10.50% | +11.28% | — |
| MXI price data to Oct 27, 2026 | +13.0% | +20.2% | +15.8% | +7.4% | +10.4% | +6.5% |
- Over the year to Oct 27, 2026, MXI returned +20.2%, 4th of 7 among similar funds.
- Its 5-year annualized return was +7.4% and its 10-year +10.4%.
- In the 2020 COVID crash it fell 34.7% and regained its old high 3.7 months after the low.
- Its worst full calendar year was 2008 (-48.5%); its best was 2009 (+60.5%).
- The deepest fall in its price history was 68.4% (May 19, 2008 to Nov 20, 2008), recovered by Jan 12, 2018.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.0% | — |
| 2025 | +27.4% | +26.97% |
| 2024 | -8.2% | -8.25% |
| 2023 | +14.4% | +14.49% |
| 2022 | -9.1% | -9.16% |
| 2021 | +15.1% | +15.36% |
| 2020 | +22.3% | +22.15% |
| 2019 | +22.2% | +22.06% |
| 2018 | -16.0% | -15.80% |
| 2017 | +30.3% | +29.55% |
| 2016 | +23.6% | +23.52% |
| 2015 | -16.9% | — |
| 2014 | -8.4% | — |
| 2013 | +2.2% | — |
| 2012 | +11.6% | — |
| 2011 | -20.3% | — |
| 2010 | +19.9% | — |
| 2009 | +60.5% | — |
| 2008 | -48.5% | — |
| 2007 | +37.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.7% over that stretch · deepest drop along the way 68.4%, back to its old high 109.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.7% over that stretch · deepest drop along the way 34.7%, back to its old high 3.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.3% over that stretch · deepest drop along the way 28.7%, back to its old high 17.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1300 | |
| 2025 | $2.1500 | -14.7% |
| 2024 | $2.5200 | -1.2% |
| 2023 | $2.5500 | -32.9% |
| 2022 | $3.8000 | +19.5% |
| 2021 | $3.1800 | +221.2% |
| 2020 | $0.9900 | -59.6% |
| 2019 | $2.4500 | +54.1% |
| 2018 | $1.5900 | +29.3% |
| 2017 | $1.2300 | +68.5% |
| 2016 | $0.7300 | -55.5% |
| 2015 | $1.6400 | +26.2% |
| 2014 | $1.3000 | -2.3% |
| 2013 | $1.3300 | +1.5% |
| 2012 | $1.3100 | +3.1% |
| 2011 | $1.2700 | +5.8% |
| 2010 | $1.2000 | +160.9% |
| 2009 | $0.4600 | -55.8% |
| 2008 | $1.0400 | +116.7% |
| 2007 | $0.4800 |
What's inside
As of Jun 30, 2026, the fund held 106 securities; the ten largest made up 39.06% of assets.
| Holding | Weight | |
|---|---|---|
| LINDE PUBLIC LIMITED COMPANY | 7.91% | |
| BHP GROUP LIMITED | 6.98% | |
| L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE SA | 4.16% | |
| RIO TINTO PLC | 3.33% | |
| NEWMONT CORPORATION | 3.29% | |
| FREEPORT-MCMORAN INC. | 2.98% | |
| Shin-Etsu Chemical Co., Ltd. | 2.85% | |
| THE SHERWIN-WILLIAMS COMPANY | 2.61% | |
| AGNICO EAGLE MINES LIMITED | 2.60% | |
| CRH PUBLIC LIMITED COMPANY | 2.36% | |
| ECOLAB INC. | 2.32% | |
| AIR PRODUCTS AND CHEMICALS, INC. | 2.15% | |
| GLENCORE PLC | 2.14% | |
| BARRICK MINING CORPORATION | 2.03% | |
| ANGLO AMERICAN PLC | 1.91% |
By country
United States 27.23%Australia 11.83%Canada 11.38%Ireland 11.07%Japan 7.62%By asset type
Stocks 97.49%Other 2.36%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $22.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.62%, +2.65%, -5.21%.
How it works
MXI follows an index built by S&P Dow Jones Indices, a part of S&P Global. The index is a slice of the S&P Global 1200, which tracks large companies from major stock markets. It keeps only the companies that S&P counts as part of the materials sector. These include chemical makers, metals and mining firms, gold producers and construction-materials companies from Australia, Canada, Europe, Japan, Latin America and the U.S.
The index limits how much its biggest companies can weigh. Together, all companies above 5% of the index cannot add up to more than 25%. At each quarterly review, the index trims companies above 4.5% so that, combined, they total no more than 22.5%. It also rebalances between reviews if those limits are broken. As of June 30, 2026, Linde (7.9%) and BHP (7.0%) were the only holdings above 5%.
BlackRock uses "representative sampling." This means the fund may hold a sample of stocks that behaves like the index rather than every stock in it. It must keep at least 80% of its assets in index stocks. It held 106 companies as of June 30, 2026, plus a few small stock-index futures contracts. It may lend out up to one-third of its assets for a fee. Its portfolio turnover was 11%, which means little trading.
What it really costs
- MXI charges 0.37% a year, versus an average of 0.24% for the similar funds below (4th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $38 in the first year and $468 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MXI | $38 | $119 | $208 | $468 |
In a retirement portfolio
MXI is a single-sector fund that has lost more than two-thirds of its value in a crisis, so it fits best as a small add-on to a broader core.
MXI could add global exposure to chemical makers, miners and gold producers, which can move differently from broad stock funds. The history shows the price of that exposure. The fund fell 68.4% from May 2008 to November 2008 and did not get back to its earlier peak until January 2018, about 110 months later. Its worst calendar year was 2008, a loss of 48.5%. It dropped 34.7% in the 2020 COVID crash but recovered in under four months. In 2022 it fell 28.7% and took about 18 months to recover. A retiree who had to sell shares during one of those stretches would have locked in losses. The yield was 1.7% as of October 27, 2026, paid twice a year, and the expense ratio is 0.37%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want global materials exposure. As of June 30, 2026, Australia, Canada, Ireland, Japan and the U.K. together outweighed U.S. companies.
- Investors adding a small satellite position in miners and gold producers such as BHP, Rio Tinto, Newmont and Agnico Eagle alongside a broad core fund.
- Buy-and-hold investors who like low trading. Portfolio turnover was 11%, and the SEC example puts 10-year costs at $468 per $10,000.
Look elsewhere if
- Cost-focused investors. FMAT, XLB and VAW charge 0.08% to 0.09% a year, compared with MXI's 0.37%.
- Anyone who can't ride out deep losses. MXI fell 68.4% in 2008 and took about 110 months to fully recover.
- Income seekers. The yield was 1.7% as of October 27, 2026, and the fund pays only twice a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MXI this fund | — | 0.37% | $339.6M | +20.2% | +15.8% |
| FMAT Fidelity MSCI Materials Index ETF | 39% | 0.084% | $578.7M | +13.8% | +13.3% |
| XLB Materials Select Sector SPDR Fund | 39% | 0.08% | $8.17B | +18.5% | -10.3% |
| VAW Vanguard Materials ETF | 38% | 0.09% | $4.55B | +13.9% | +13.3% |
| RSPM Invesco S&P 500 Equal Weight Materials ETF | 34% | 0.4% | $177.6M | +21.6% | +12.8% |
| PICK iShares MSCI Global Metals & Mining Produce… | 32% | 0.39% | $2.58B | +26.0% | +18.5% |
| IYM iShares U.S. Basic Materials ETF | 25% | 0.39% | $1.16B | +24.9% | +16.2% |
Questions investors ask
Is MXI a good investment for retirement?
MXI is better suited to a small, higher-risk role than to a core one. It holds only materials stocks, and those swing with commodity prices. It fell 68.4% in 2008 and took about 110 months to recover. In 2022 it fell 28.7% and took about 18 months to recover. Its yield was 1.7% as of October 27, 2026, and it charges 0.37% a year. Past results don't predict the future.
What's the difference between MXI and XLB?
The main differences are reach and cost. MXI tracks a global index that includes BHP, Air Liquide and Shin-Etsu Chemical. The two funds' holdings overlap by 39%. XLB charges 0.08% a year, compared with MXI's 0.37%. XLB is also much larger: $8.2 billion in net assets, against MXI's $339.6 million, both as of June 30, 2026. Over the year ended October 27, 2026, MXI returned 20.2% and XLB returned 18.5%.
Does MXI pay dividends?
Yes. MXI pays dividends twice a year. Over the 12 months ended October 27, 2026, it paid $1.84 per share, a yield of 1.7%. The dividends come from the fund's chemical, mining and building-materials companies, so the amount can rise or fall with their profits and with exchange rates. The fund is built for sector exposure, not steady income.
What are MXI's top holdings?
As of June 30, 2026, MXI's largest holdings were Linde (7.9%), BHP (7.0%), Air Liquide (4.2%), Rio Tinto (3.3%) and Newmont (3.3%). Freeport-McMoRan, Shin-Etsu Chemical, Sherwin-Williams, Agnico Eagle and CRH rounded out the top 10. The fund held 106 companies, and the top 10 made up about 39% of its assets. U.S. companies were about 27% of the fund.
What is MXI's 10-year return?
MXI returned an average of 10.87% a year over the 10 years ended December 31, 2025, according to its prospectus. Its 5-year average was 6.92%, and its 1-year return was 26.97%. Over the same 10 and 5 years, the broad S&P Global Broad Market Index Net returned 11.28% and 10.5% a year. Returns were uneven, with losses of 15.8% in 2018, 9.16% in 2022 and 8.25% in 2024.