EZU vs. IEZ

Last updated Jun 3, 2026

EZU (iShares MSCI Eurozone ETF) and IEZ (iShares U.S. Oil Equipment & Services ETF) are both exchange-traded funds - EZU is a Europe Equities fund tracking the MSCI EMU, while IEZ is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Equipment & Services Index. Both are passively managed. Over the past 10 years, EZU returned 9.96%/yr vs -0.14%/yr for IEZ. A 0.53 correlation means they provide meaningful diversification when combined. EZU charges 0.51%/yr vs 0.42%/yr for IEZ.

Performance

EZU vs. IEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Eurozone ETF (EZU) and iShares U.S. Oil Equipment & Services ETF (IEZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EZU achieves a 8.17% return, which is significantly lower than IEZ's 47.79% return. Over the past 10 years, EZU has outperformed IEZ with an annualized return of 9.96%, while IEZ has yielded a comparatively lower -0.14% annualized return.

EZU

• 1D: 0.73%
• 1M: 3.97%
• YTD: 8.17%
• 6M: 11.21%
• 1Y: 19.95%
• 3Y*: 18.60%
• 5Y*: 9.36%
• 10Y*: 9.96%

IEZ

• 1D: 2.36%
• 1M: -3.90%
• YTD: 47.79%
• 6M: 47.74%
• 1Y: 90.56%
• 3Y*: 19.16%
• 5Y*: 14.05%
• 10Y*: -0.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EZU vs. IEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZU iShares MSCI Eurozone ETF	8.17%	40.00%	2.23%	23.44%	-17.25%	13.92%	7.62%	23.27%	-16.76%	27.89%
IEZ iShares U.S. Oil Equipment & Services ETF	47.79%	7.51%	-8.15%	4.43%	65.73%	15.98%	-42.98%	1.82%	-42.47%	-18.18%

Correlation

The correlation between EZU and IEZ is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 8, 2006	0.53

Over the past year, the correlation between EZU and IEZ has dropped to 0.20 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

EZU vs. IEZ - Sectors Allocation Comparison

Sectors	EZU	IEZ
Financial Services	24.2%	-
Industrials	21.3%	0.6%
Technology	14.6%	-
Consumer Cyclical	8.3%	-
Utilities	6.8%	1.0%
Healthcare	5.8%	-
Consumer Defensive	5.6%	-
Energy	4.2%	98.8%
Basic Materials	4.1%	-
Communication Services	4.1%	-
Real Estate	1.0%	-

Return for Risk

EZU vs. IEZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EZU

EZU Risk / Return Rank: 33
EZU Sharpe Ratio Rank: 33
EZU Sortino Ratio Rank: 32
EZU Omega Ratio Rank: 32
EZU Calmar Ratio Rank: 33
EZU Martin Ratio Rank: 37

IEZ

IEZ Risk / Return Rank: 89
IEZ Sharpe Ratio Rank: 91
IEZ Sortino Ratio Rank: 85
IEZ Omega Ratio Rank: 80
IEZ Calmar Ratio Rank: 96
IEZ Martin Ratio Rank: 93

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.

EZU vs. IEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Eurozone ETF (EZU) and iShares U.S. Oil Equipment & Services ETF (IEZ). 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.

	EZU	IEZ	Difference
Sharpe ratio Return per unit of total volatility	1.19	3.18	-1.99
Sortino ratio Return per unit of downside risk	1.75	3.88	-2.13
Omega ratio Gain probability vs. loss probability	1.22	1.48	-0.27
Calmar ratio Return relative to maximum drawdown	1.62	9.02	-7.39
Martin ratio Return relative to average drawdown	5.88	24.71	-18.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EZU vs. IEZ - Sharpe Ratio Comparison

The current EZU Sharpe Ratio is 1.19, which is lower than the IEZ Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of EZU and IEZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EZU	IEZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	3.18	-1.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.39	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	-0.00	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	-0.04	+0.25

Drawdowns

EZU vs. IEZ - Drawdown Comparison

The maximum EZU drawdown since its inception was -65.32%, smaller than the maximum IEZ drawdown of -92.52%. Use the drawdown chart below to compare losses from any high point for EZU and IEZ.

Drawdown Indicators

	EZU	IEZ	Difference
Max Drawdown Largest peak-to-trough decline	-65.32%	-92.52%	+27.20%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-10.32%	-2.74%
Max Drawdown (3Y) Largest decline over 3 years	-15.02%	-40.25%	+25.23%
Max Drawdown (5Y) Largest decline over 5 years	-36.11%	-40.25%	+4.14%
Max Drawdown (10Y) Largest decline over 10 years	-41.37%	-88.29%	+46.92%
Current Drawdown Current decline from peak	0.00%	-51.22%	+51.22%
Average Drawdown Average peak-to-trough decline	-19.24%	-48.26%	+29.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	3.76%	-0.16%

Volatility

EZU vs. IEZ - Volatility Comparison

The current volatility for iShares MSCI Eurozone ETF (EZU) is 6.82%, while iShares U.S. Oil Equipment & Services ETF (IEZ) has a volatility of 7.95%. This indicates that EZU experiences smaller price fluctuations and is considered to be less risky than IEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZU	IEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.82%	7.95%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	14.07%	20.12%	-6.05%
Volatility (1Y) Calculated over the trailing 1-year period	16.89%	28.64%	-11.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.85%	36.35%	-16.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.49%	41.57%	-21.08%

EZU vs. IEZ - Expense Ratio Comparison

EZU has a 0.51% expense ratio, which is higher than IEZ's 0.42% expense ratio.

Dividends

EZU vs. IEZ - Dividend Comparison

EZU's dividend yield for the trailing twelve months is around 2.64%, more than IEZ's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZU iShares MSCI Eurozone ETF	2.64%	2.85%	2.90%	2.56%	2.79%	2.46%	2.13%	2.84%	3.47%	1.91%	3.07%	2.18%
IEZ iShares U.S. Oil Equipment & Services ETF	1.18%	1.87%	1.76%	0.97%	0.65%	1.20%	2.07%	2.28%	1.81%	3.42%	0.91%	2.40%

Frequently Asked Questions

Can I hold both EZU and IEZ in my portfolio?

EZU and IEZ have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZU or IEZ?

IEZ has higher volatility (7.95%) compared to EZU (6.82%). In terms of maximum drawdown, EZU dropped -65.32% vs IEZ's -92.52%.

Which ETF is better, EZU or IEZ?

On 10-year performance, EZU leads with 9.96% vs -0.14% for IEZ. On fees, IEZ is cheaper at 0.42% per year. On volatility, EZU has been the lower-risk option at 6.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZU or IEZ?

Over the 10-year period, EZU has performed better with a 9.96% return vs -0.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZU or IEZ?

IEZ is cheaper with a 0.42% expense ratio, compared with 0.51% for EZU.

Which ETF pays a higher dividend yield, EZU or IEZ?

EZU has the higher dividend yield at 2.64%, compared with 1.18% for IEZ.

What is the main difference between EZU and IEZ?

EZU is categorized as Europe Equities, while IEZ is Energy Equities. EZU tracks MSCI EMU, while IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index. Their fees differ too: 0.51% for EZU and 0.42% for IEZ.

Which has better risk-adjusted returns?

IEZ currently has the higher Sharpe Ratio (3.18 vs 1.19), 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.