FCG vs. IEZ

Last updated Aug 2, 2026

FCG (First Trust Natural Gas ETF) and IEZ (iShares U.S. Oil Equipment & Services ETF) are both Energy Equities funds - FCG tracks the Nasdaq FactSet Natural Gas Index while IEZ tracks the Dow Jones U.S. Select Oil Equipment & Services Index. Both are passively managed. Over the past 10 years, FCG returned 4.86%/yr vs -0.93%/yr for IEZ. Their correlation of 0.83 means they have usually moved in the same direction. FCG charges 0.59%/yr vs 0.42%/yr for IEZ.

Performance

FCG vs. IEZ - 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 Equipment & Services ETF (IEZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCG achieves a 26.67% return, which is significantly lower than IEZ's 33.61% return. Over the past 10 years, FCG has outperformed IEZ with an annualized return of 4.86%, while IEZ has yielded a comparatively lower -0.93% annualized return.

FCG

• 1D: 1.91%
• 1M: 11.01%
• 6M: 15.79%
• YTD: 26.67%
• 1Y: 31.20%
• 3Y*: 7.40%
• 5Y*: 19.13%
• 10Y*: 4.86%
• ALL TIME*: -4.44%

IEZ

• 1D: 2.14%
• 1M: 7.27%
• 6M: 9.35%
• YTD: 33.61%
• 1Y: 61.28%
• 3Y*: 6.89%
• 5Y*: 17.11%
• 10Y*: -0.93%
• ALL TIME*: -1.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FCG First Trust Natural Gas ETF	$18.46M	$17.58M	$23.74M
IEZ iShares U.S. Oil Equipment & Services ETF	$3.08M	$5.63M	$14.82M

FCG vs. IEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCG First Trust Natural Gas ETF	26.67%	-2.28%	4.16%	2.55%	47.24%	98.49%	-23.20%	-15.76%	-34.81%	-11.38%
IEZ iShares U.S. Oil Equipment & Services ETF	33.61%	7.51%	-8.15%	4.43%	65.73%	15.98%	-42.98%	1.82%	-42.47%	-18.18%

Correlation

The correlation between FCG and IEZ is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.83

Over the past year, the correlation between FCG and IEZ has dropped to 0.60 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

FCG vs. IEZ - Sectors Allocation Comparison

Sectors	FCG	IEZ
Energy	98.9%	99.1%
Technology	1.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	0.9%
Real Estate	-	-
Utilities	-	1.0%

Return for Risk

FCG vs. IEZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FCG

FCG Risk / Return Rank: 37
FCG Sharpe Ratio Rank: 39
FCG Sortino Ratio Rank: 37
FCG Omega Ratio Rank: 36
FCG Calmar Ratio Rank: 39
FCG Martin Ratio Rank: 35

IEZ

IEZ Risk / Return Rank: 77
IEZ Sharpe Ratio Rank: 84
IEZ Sortino Ratio Rank: 79
IEZ Omega Ratio Rank: 76
IEZ Calmar Ratio Rank: 77
IEZ Martin Ratio Rank: 69

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FCG vs. IEZ - 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 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FCG	IEZ	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.94	-0.96
Sortino ratio: Return per unit of downside risk	1.41	2.56	-1.15
Omega ratio: Gain probability vs. loss probability	1.17	1.32	-0.14
Calmar ratio: Return relative to maximum drawdown	1.38	2.75	-1.37
Martin ratio: Return relative to average drawdown	3.45	8.44	-4.99

FCG vs. IEZ - Sharpe Ratio Comparison

The current FCG Sharpe Ratio is 0.98, which is lower than the IEZ Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of FCG 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.

Drawdowns

FCG vs. IEZ - Drawdown Comparison

The maximum FCG drawdown since its inception was -97.20%, which is greater than IEZ's maximum drawdown of -92.52%. Use the drawdown chart below to compare losses from any high point for FCG and IEZ.

Drawdown Indicators

	FCG	IEZ	Difference
Max Drawdown Largest peak-to-trough decline	-97.20%	-92.52%	-4.68%
Max Drawdown (1Y) Largest decline over 1 year	-19.67%	-20.34%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-29.44%	-40.25%	+10.81%
Max Drawdown (5Y) Largest decline over 5 years	-33.33%	-40.25%	+6.92%
Max Drawdown (10Y) Largest decline over 10 years	-85.04%	-88.29%	+3.25%
Current Drawdown Current decline from peak	-74.46%	-55.90%	-18.56%
Average Drawdown Average peak-to-trough decline	-65.45%	-48.31%	-17.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.87%	6.63%	+1.24%

Volatility

FCG vs. IEZ - Volatility Comparison

First Trust Natural Gas ETF (FCG) has a higher volatility of 8.83% compared to iShares U.S. Oil Equipment & Services ETF (IEZ) at 7.82%. This indicates that FCG's price experiences larger fluctuations and is considered to be riskier than IEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCG	IEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.83%	7.82%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	21.32%	20.66%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	27.51%	28.78%	-1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.08%	35.96%	-2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.24%	41.44%	-3.20%

FCG vs. IEZ - Expense Ratio Comparison

FCG has a 0.59% expense ratio, which is higher than IEZ's 0.42% expense ratio.

Dividends

FCG vs. IEZ - Dividend Comparison

FCG's dividend yield for the trailing twelve months is around 2.17%, more than IEZ's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCG First Trust Natural Gas ETF	2.17%	2.86%	2.76%	3.25%	3.04%	1.73%	3.82%	2.87%	1.46%	1.56%	1.70%	4.79%
IEZ iShares U.S. Oil Equipment & Services ETF	1.24%	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 FCG and IEZ in my portfolio?

FCG and IEZ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCG or IEZ?

FCG has higher volatility (8.83%) compared to IEZ (7.82%). In terms of maximum drawdown, FCG dropped -97.20% vs IEZ's -92.52%.

Which ETF is better, FCG or IEZ?

On 10-year performance, FCG leads with 4.86% vs -0.93% for IEZ. On fees, IEZ is cheaper at 0.42% per year. On volatility, IEZ has been the lower-risk option at 7.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCG or IEZ?

Over the 10-year period, FCG has performed better with a 4.86% return vs -0.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCG or IEZ?

IEZ is cheaper with a 0.42% expense ratio, compared with 0.59% for FCG.

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

FCG has the higher dividend yield at 2.17%, compared with 1.24% for IEZ.

What is the main difference between FCG and IEZ?

FCG tracks Nasdaq FactSet Natural Gas Index, while IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.59% for FCG and 0.42% for IEZ.

Which has better risk-adjusted returns?

IEZ currently has the higher Sharpe Ratio (1.94 vs 0.98), 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.