FMAT vs IYM: Grades, Fees and Holdings Compared

Fidelity MSCI Materials Index ETF

FMATANYSE Arca

iShares U.S. Basic Materials ETF

IYMBNYSE Arca

Overlap

46.7%by weight

Expense ratio

FMAT −0.29pt a year

FMAT0.08%IYM0.37%

Avg volume · 30D

IYM 3.5×the volume

FMAT57.1KIYM198K

10Y return · a year

IYM +0.5pt

FMAT+10.1%IYM+10.6%

FMAT vs IYM Performance

Oct 29, 2021 – Oct 30, 2026

+34.2%FMAT+46.1%IYM

Expense ratio: FMAT 0.08%, better; IYM 0.37%
Fund size: FMAT $574M; IYM $1.28B
1Y total return: FMAT +18.7%; IYM +27.6%, better
Yield (12M): FMAT 1.40%, better; IYM 1.28%
Holdings: FMAT 107; IYM 43
Avg volume (30D): FMAT 57.1K sh; IYM 198K sh, better
NAV per share: FMAT $58.45; IYM $179.54
52W range

ETF.net Grade

Pillar letters and Scores for FMAT, IYM, with each pillar’s weight
Pillar	FMAT	IYM
Cost30% weight	A95Higher	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	B57	B67Higher
Tradability15% weight	B55	B67Higher
Holdings10% weight	C48Higher	D32
Durability5% weight	C52	A74Higher

Rank among Materials (Broad) funds

How we build Categories ›

Same Category. FMAT and IYM are both graded against the same 14 Materials (Broad) funds, so their Grades compare head to head.

Materials (Broad)⁠

Category · 14 funds

See all 14 ›

FMAT ranks 2nd and IYM 5th of 14 funds in the Materials (Broad) Category.

Rank 1AXLBState Street Materials Select Sector SPDR ETFScore 84
Rank 2AFMATFidelity MSCI Materials Index ETFScore 70
Rank 3BVAWVanguard Materials ETFScore 66
Rank 4BXMEState Street SPDR S&P Metals & Mining ETFScore 62
Rank 5BIYMiShares U.S. Basic Materials ETFScore 55
Rank 6CMXIiShares Global Materials ETFScore 54

Our read on each fund

ETF.net Research

FMATAFidelity MSCI Materials Index ETF

IYMBiShares U.S. Basic Materials ETF

In short

FMAT The whole US materials sector in one cheap wrapper: chemicals, industrial gases, miners and packagers, roughly 120 names spanning large down to small caps, for 0.08% a year. Fidelity has run it since 2013.

IYM A materials-sector original from June 2000, re-engineered in 2021 around a capped Russell 1000 index: roughly 40 U.S. chemical, metals and mining, and packaging names, with mid caps sitting beside the giants.

Stated mandate

FMAT The fund seeks to provide returns that generally correspond, before fees and expenses, to the MSCI USA IMI Materials Index.

IYM The fund seeks to track an index composed of U.S. equities in the basic materials sector.

Why people hold it

FMAT Costs 0.08% a year, tied with XLB for the lowest fee among materials ETFs and a fraction of what the typical fund in the group charges.
Tracks MSCI's investable-market index, so the basket reaches past the mega caps into mid and small caps: roughly 120 holdings, not a dozen giants.fidelity.com
Does what the label says. Its returns have hugged its stated MSCI materials index, one of the stronger index implementations in its peer group.
Live since 2013 with a multi-hundred-million-dollar asset base and quarterly distributions.

IYM Launched June 2000, it has traded through a quarter century of commodity cycles and is a billion-dollar-plus fund today.blackrock.com
The index caps any single issuer at 22.5%, and all names above 4.5% at 45% combined, reset each quarterly rebalance, so one chemical giant cannot swallow the portfolio.blackrock.com sec.gov
Built from the Russell 1000, so mid caps qualify alongside the mega caps: roughly 40 holdings across metals, chemicals and forestry products. Pays quarterly.sec.gov ishares.com

Worth knowing

FMAT One sector, and a cyclical one. Materials profits ride commodity prices and industrial demand, so this can move a long way from the broad market in either direction.
US-listed companies only, so the big Australian, Canadian and European miners sit outside the basket.fidelity.com
Moderately traded rather than a volume leader, so spreads can run wider than at the busiest materials funds, especially in fast markets.

IYM At 0.37% with no waiver, the fee lands near the category median, but XLB (0.08%), FMAT (0.084%) and VAW (0.09%) cover the same sector for a sliver of that.
Materials is a cyclical corner: results track commodity prices and global industrial demand, and with roughly 40 names, single-stock news lands hard.ishares.com
Trading is moderate rather than heavy for the category, so spreads and order type matter more than with the most heavily traded sector funds.

Full FMAT profile⁠

Full IYM profile⁠

FMAT vs IYM Holdings

How FMAT and IYM differ

Overlap by weight

46.7%

Shared holdings make up 61.6% of IYM and 46.7% of FMAT.

Level by level

Holdings28 in both46.7%
Sector5 Sectors89.2%
Countryby domicile95.6%
Asset classEquity100%

Sector

Sector weights in FMAT and IYM, widest gap first
Sector	More in FMATMore in IYM	FMAT	IYM
Industrials	IYM +10.8 points	0.1%	10.9%
Consumer Discretionary	FMAT +5.5 points	8.7%	3.2%
Materials	FMAT +4.2 points	90.1%	85.8%
Health Care	FMAT +0.6 points	0.6%	0.0%
Energy	FMAT +0.5 points	0.5%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FMAT and IYM, widest gap first
Country	More in FMATMore in IYM	FMAT	IYM
United States	IYM +4.3 points	95.5%	99.8%
Ireland	FMAT +1.5 points	1.5%	0.0%
United Kingdom	FMAT +1.5 points	1.5%	0.0%
Switzerland	FMAT +1.4 points	1.4%	0.0%
Canada	IYM +0.1 points	0.1%	0.2%

Concentration

Weight in the 10 largest Holdings

FMAT58.4%
IYM68.8%

Securities held

FMAT105
IYM40

Asset class

FMAT: Equity
IYM: Equity

Holdings

Only in FMAT77
In both28
Only in IYM12

Only in FMAT

77 securities, 54.8% of FMAT by weight

Linde PLC15.84%
Sherwin Williams Co5.13%
Crh Plc(Us)4.12%
Vulcan Materials Co2.48%
Martin Marietta Materials Inc2.18%
Ppg Industries Inc1.82%
Dow Inc1.65%
Securities Lending Cf1.55%
Packaging Corp of America1.54%
Smurfit Westrock PLC1.52%
Amcor PLC1.48%
Amrize Ltd1.41%
Lyondellbasell Inds Class A1.15%
Ball Corp1.11%
James Hardie Ind PLC1.04%
Crown Holdings Inc0.90%
Rpm International Inc0.87%
Aptargroup Inc0.57%
Commercial Metals Co0.49%
Axalta Coating Systems Ltd0.49%
Eagle Materials Inc0.38%
Balchem Corp0.37%
Sonoco Products Co0.34%
Materion Corp0.33%
Sensient Technologies Corp0.32%
Warrior Met Coal Inc0.31%
Perimeter Solutions Inc0.28%
Avient Corp0.27%
Cabot Corp0.26%
Silgan Holdings Inc0.23%
Knife River Holding Co W/I0.22%
Ashland Inc0.21%
Hawkins Inc0.20%
Constellium SE0.20%
Fuller H B Co0.18%
Ingevity Corp0.18%
Graphic Packaging Holding Co0.18%
Innospec Inc0.17%
Century Aluminum Company0.16%
Quaker Houghton0.15%
Usa Rare Earth Inc A0.14%
Chemours Co/ The0.14%
Kaiser Alum Corp0.13%
Greif Inc Class A0.13%
Minerals Technologies Inc0.13%
Alpha Metallurgical Resour Inc0.12%
Perpetua Resources Corp0.10%
Stepan Co0.10%
Huntsman Corp0.10%
Worthington Steel Inc0.09%

Only in IYM

12 securities, 38.2% of IYM by weight

Linde PLC21.05%
Fastenal4.54%
Anglogold Ashanti PLC3.09%
Lyondellbasell Industries Class A1.85%
Southern Copper Corp1.72%
Rbc Bearings1.50%
Carpenter Technology1.42%
Mueller Industries Inc1.23%
Timken0.74%
Hexcel0.61%
Aura Minerals Inc0.28%
Almonty Industries0.20%

Weight gaps

All 28 Holdings in both funds, largest gap first.

Holding weights in FMAT and IYM, widest gap first
Holding	More in FMATMore in IYM	FMAT	IYM
Newmont CorpNEM	IYM +1.97 points	8.05%	10.02%
Ecolab IncECL	IYM +1.61 points	5.19%	6.80%
Freeport Mcmoran IncFCX	IYM +1.53 points	6.47%	8.00%
International Flavors & FragraIFF	IYM +0.94 points	1.54%	2.48%
Steel Dynamics IncSTLD	IYM +0.85 points	2.36%	3.21%
Reliance IncRS	IYM +0.79 points	1.53%	2.32%
International Paper CoIP	IYM +0.76 points	1.23%	1.99%
Cf Industries Holdings IncCF	IYM +0.73 points	1.24%	1.97%
Royal Gold IncRGLD	IYM +0.65 points	1.37%	2.02%
Avery Dennison CorpAVY	IYM +0.50 points	0.95%	1.45%
Air Products & Chemicals IncAPD	IYM +0.43 points	4.61%	5.04%
Coeur Mining IncCDE	IYM +0.41 points	0.99%	1.40%
Nucor CorpNUE	IYM +0.42 points	4.16%	4.58%
Albemarle CorpALB	IYM +0.37 points	0.75%	1.12%
Alcoa CorpAA	IYM +0.36 points	0.72%	1.08%
Solstice Advanced Material IncSOLS	IYM +0.32 points	0.68%	1.00%
Corteva IncCTVA	IYM +0.30 points	0.52%	0.82%
Cleveland-Cliffs IncCLF	IYM +0.29 points	0.55%	0.84%
Eastman Chemical CoEMN	IYM +0.26 points	0.53%	0.79%
Element Solutions IncESI	IYM +0.26 points	0.56%	0.82%
Hecla Mining CoHL	IYM +0.23 points	0.66%	0.89%
Mosaic Co NewMOS	IYM +0.22 points	0.39%	0.61%
Celanese CorpCE	IYM +0.20 points	0.36%	0.56%
Mp Materials CorpMP	IYM +0.19 points	0.40%	0.59%
Scotts Miracle Gro CoSMG	IYM +0.10 points	0.19%	0.29%
Westlake CorpWLK	IYM +0.09 points	0.14%	0.23%
Newmarket CorpNEU	IYM +0.09 points	0.41%	0.50%
Olin CorpOLN	IYM +0.09 points	0.12%	0.21%

All 115 FMAT holdings⁠All 40 IYM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FMAT vs IYM Cost

Overpaying IYM vs FMAT

$5,740

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FMAT 0.084%
$1,773
IYM 0.37%
$7,513

Amount$10,000

Years30 years

Cost over time

FMAT 0.084%
IYM 0.37%
Overpaying

Year by year

Year	FMAT	IYM	Overpaying
10	$154	$670	$516
20	$603	$2,590	$1,987
30	$1,773	$7,513	$5,740

Expense ratio

0.08%FMAT, cheaper
0.37%IYM

FMAT0.08%IYM0.37%

0.08%0.99%

Middle half of Materials (Broad) funds
Median 0.37%

FMAT 2nd cheapest of 14 funds

IYM 7th cheapest of 14 funds

FMAT vs IYM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FMAT 1.40%, better; IYM 1.28%
Payout (12M): FMAT $0.82; IYM $2.30
Last payment: FMAT $0.20; IYM $0.59
Ex-dividend: FMAT Sep 18, 2026; IYM Sep 15, 2026
Paid on: FMAT Sep 22, 2026; IYM Sep 18, 2026
Frequency: FMAT Quarterly; IYM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FMATQuarterly · 39 paymentsAll FMAT payments⁠

IYMQuarterly · 39 paymentsAll IYM payments⁠

FMAT vs IYM Risk

Fall from peak · 5 years

FMAT
IYM

Risk facts

VolatilityStd dev, 3 years: FMAT 17.3%, betterIYM 17.7%
Return per unit of riskSharpe ratio, 3 years: FMAT 0.54IYM 0.65, better
Worst fallMax drawdown, 5 years: FMAT −25.4%, betterIYM −29.9%
Market sensitivityBeta, 5 years: FMAT 0.98IYM 0.88; Market = 1

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