FCG vs. IEO

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Natural Gas ETF (FCG) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO).

FCG and IEO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FCG is a passively managed fund by First Trust that tracks the performance of the ISE-Revere Natural Gas Index. It was launched on May 8, 2007. IEO is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Select Oil Exploration & Production Index. It was launched on May 5, 2006. Both FCG and IEO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FCG vs. IEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Natural Gas ETF (FCG) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). The values are adjusted to include any dividend payments, if applicable.

FCG vs. IEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCG First Trust Natural Gas ETF	35.99%	-2.28%	4.16%	2.55%	47.24%	98.49%	-23.20%	-15.76%	-34.81%	-11.38%
IEO iShares U.S. Oil & Gas Exploration & Production ETF	40.59%	2.15%	-1.45%	3.57%	57.82%	75.57%	-32.77%	9.63%	-19.44%	0.33%

Returns By Period

In the year-to-date period, FCG achieves a 35.99% return, which is significantly lower than IEO's 40.59% return. Over the past 10 years, FCG has underperformed IEO with an annualized return of 7.31%, while IEO has yielded a comparatively higher 12.05% annualized return.

FCG

• 1D: -1.95%
• 1M: 13.98%
• YTD: 35.99%
• 6M: 36.46%
• 1Y: 30.79%
• 3Y*: 15.23%
• 5Y*: 22.03%
• 10Y*: 7.31%

IEO

• 1D: -1.57%
• 1M: 15.77%
• YTD: 40.59%
• 6M: 36.46%
• 1Y: 35.31%
• 3Y*: 16.25%
• 5Y*: 23.38%
• 10Y*: 12.05%

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

FCG vs. IEO - Expense Ratio Comparison

FCG has a 0.60% expense ratio, which is higher than IEO's 0.42% expense ratio.

FCG

First Trust Natural Gas ETF

IEO

iShares U.S. Oil & Gas Exploration & Production ETF

Return for Risk

FCG vs. IEO — Risk / Return Rank

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

FCG

FCG Risk / Return Rank: 52
FCG Sharpe Ratio Rank: 55
FCG Sortino Ratio Rank: 53
FCG Omega Ratio Rank: 53
FCG Calmar Ratio Rank: 57
FCG Martin Ratio Rank: 43

IEO

IEO Risk / Return Rank: 65
IEO Sharpe Ratio Rank: 68
IEO Sortino Ratio Rank: 65
IEO Omega Ratio Rank: 65
IEO Calmar Ratio Rank: 69
IEO Martin Ratio Rank: 56

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.

FCG vs. IEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Natural Gas ETF (FCG) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). 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.

	FCG	IEO	Difference
Sharpe ratio Return per unit of total volatility	0.95	1.16	-0.21
Sortino ratio Return per unit of downside risk	1.36	1.58	-0.23
Omega ratio Gain probability vs. loss probability	1.19	1.23	-0.04
Calmar ratio Return relative to maximum drawdown	1.37	1.70	-0.32
Martin ratio Return relative to average drawdown	3.92	5.28	-1.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCG vs. IEO - Sharpe Ratio Comparison

The current FCG Sharpe Ratio is 0.95, which is comparable to the IEO Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of FCG and IEO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FCG	IEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	1.16	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.77	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.35	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.18	-0.28

Correlation

The correlation between FCG and IEO is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FCG vs. IEO - Dividend Comparison

FCG's dividend yield for the trailing twelve months is around 2.02%, more than IEO's 1.88% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCG First Trust Natural Gas ETF	2.02%	2.86%	2.76%	3.25%	3.04%	1.73%	3.82%	2.87%	1.46%	1.56%	1.70%	4.79%
IEO iShares U.S. Oil & Gas Exploration & Production ETF	1.88%	2.61%	2.63%	3.00%	3.77%	2.62%	3.17%	1.85%	1.67%	0.94%	0.98%	2.03%

Drawdowns

FCG vs. IEO - Drawdown Comparison

The maximum FCG drawdown since its inception was -97.20%, which is greater than IEO's maximum drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for FCG and IEO.

Drawdown Indicators

	FCG	IEO	Difference
Max Drawdown Largest peak-to-trough decline	-97.20%	-79.17%	-18.03%
Max Drawdown (1Y) Largest decline over 1 year	-23.23%	-21.95%	-1.28%
Max Drawdown (5Y) Largest decline over 5 years	-33.33%	-31.46%	-1.87%
Max Drawdown (10Y) Largest decline over 10 years	-85.04%	-75.00%	-10.04%
Current Drawdown Current decline from peak	-72.58%	-3.17%	-69.41%
Average Drawdown Average peak-to-trough decline	-65.30%	-26.43%	-38.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.13%	7.06%	+1.07%

Volatility

FCG vs. IEO - Volatility Comparison

First Trust Natural Gas ETF (FCG) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO) have volatilities of 6.09% and 6.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCG	IEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	6.23%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	18.28%	17.31%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	32.42%	30.50%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.88%	30.65%	+3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.28%	34.93%	+3.35%