IAT vs. BPAY

Last updated Jun 4, 2026

IAT (iShares U.S. Regional Banks ETF) and BPAY (BlackRock Future Financial and Technology ETF) are both Financials Equities funds. IAT is passively managed, while BPAY is actively managed. Over the past 3 years, IAT returned 22.20%/yr vs 8.49%/yr for BPAY. A 0.68 correlation means they provide meaningful diversification when combined. IAT charges 0.42%/yr vs 0.70%/yr for BPAY.

Performance

IAT vs. BPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Regional Banks ETF (IAT) and BlackRock Future Financial and Technology ETF (BPAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAT achieves a 2.80% return, which is significantly higher than BPAY's -12.44% return.

IAT

• 1D: -1.71%
• 1M: -1.74%
• YTD: 2.80%
• 6M: 7.09%
• 1Y: 22.99%
• 3Y*: 22.20%
• 5Y*: 1.35%
• 10Y*: 7.95%

BPAY

• 1D: -4.23%
• 1M: -4.47%
• YTD: -12.44%
• 6M: -14.32%
• 1Y: -10.80%
• 3Y*: 8.49%
• 5Y*: —
• 10Y*: —

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

IAT vs. BPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IAT iShares U.S. Regional Banks ETF	2.80%	13.05%	24.36%	-8.53%	-13.47%
BPAY BlackRock Future Financial and Technology ETF	-12.44%	8.54%	17.28%	13.19%	-16.39%

Correlation

The correlation between IAT and BPAY is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Aug 19, 2022	0.68

The correlation between IAT and BPAY shifts across timeframes, from 0.49 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

IAT vs. BPAY - Sectors Allocation Comparison

Sectors	IAT	BPAY
Financial Services	100.0%	53.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	6.0%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	4.6%
Real Estate	-	2.2%
Technology	-	36.4%
Utilities	-	-

Return for Risk

IAT vs. BPAY — Risk / Return Rank

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

IAT

IAT Risk / Return Rank: 27
IAT Sharpe Ratio Rank: 29
IAT Sortino Ratio Rank: 28
IAT Omega Ratio Rank: 29
IAT Calmar Ratio Rank: 27
IAT Martin Ratio Rank: 25

BPAY

BPAY Risk / Return Rank: 5
BPAY Sharpe Ratio Rank: 5
BPAY Sortino Ratio Rank: 5
BPAY Omega Ratio Rank: 5
BPAY Calmar Ratio Rank: 6
BPAY Martin Ratio Rank: 6

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.

IAT vs. BPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Regional Banks ETF (IAT) and BlackRock Future Financial and Technology ETF (BPAY). 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.

	IAT	BPAY	Difference
Sharpe ratio: Return per unit of total volatility	1.06	-0.42	+1.48
Sortino ratio: Return per unit of downside risk	1.52	-0.42	+1.95
Omega ratio: Gain probability vs. loss probability	1.20	0.95	+0.25
Calmar ratio: Return relative to maximum drawdown	1.32	-0.32	+1.64
Martin ratio: Return relative to average drawdown	3.38	-0.64	+4.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAT vs. BPAY - Sharpe Ratio Comparison

The current IAT Sharpe Ratio is 1.06, which is higher than the BPAY Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of IAT and BPAY, 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

	IAT	BPAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	-0.42	+1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.06	+0.04

Drawdowns

IAT vs. BPAY - Drawdown Comparison

The maximum IAT drawdown since its inception was -77.22%, which is greater than BPAY's maximum drawdown of -33.62%. Use the drawdown chart below to compare losses from any high point for IAT and BPAY.

Drawdown Indicators

	IAT	BPAY	Difference
Max Drawdown Largest peak-to-trough decline	-77.22%	-33.62%	-43.60%
Max Drawdown (1Y) Largest decline over 1 year	-17.49%	-33.62%	+16.13%
Max Drawdown (3Y) Largest decline over 3 years	-29.29%	-33.62%	+4.33%
Max Drawdown (5Y) Largest decline over 5 years	-55.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-55.55%	—	—
Current Drawdown Current decline from peak	-9.75%	-26.03%	+16.28%
Average Drawdown Average peak-to-trough decline	-26.97%	-10.54%	-16.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.81%	16.98%	-10.17%

Volatility

IAT vs. BPAY - Volatility Comparison

The current volatility for iShares U.S. Regional Banks ETF (IAT) is 6.12%, while BlackRock Future Financial and Technology ETF (BPAY) has a volatility of 6.91%. This indicates that IAT experiences smaller price fluctuations and is considered to be less risky than BPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAT	BPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	6.91%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	15.74%	18.71%	-2.97%
Volatility (1Y) Calculated over the trailing 1-year period	21.86%	26.01%	-4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.03%	24.35%	+4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.78%	24.35%	+6.43%

IAT vs. BPAY - Expense Ratio Comparison

IAT has a 0.42% expense ratio, which is lower than BPAY's 0.70% expense ratio.

Dividends

IAT vs. BPAY - Dividend Comparison

IAT's dividend yield for the trailing twelve months is around 2.88%, less than BPAY's 7.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BPAY BlackRock Future Financial and Technology ETF	7.41%	6.49%	0.48%	1.18%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IAT iShares U.S. Regional Banks ETF	2.88%	2.94%	2.95%	3.56%	3.12%	1.88%	2.87%	2.49%	2.48%	1.55%	1.52%	1.78%

Frequently Asked Questions

Can I hold both IAT and BPAY in my portfolio?

IAT and BPAY have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAT or BPAY?

BPAY has higher volatility (6.91%) compared to IAT (6.12%). In terms of maximum drawdown, IAT dropped -77.22% vs BPAY's -33.62%.

Which ETF is better, IAT or BPAY?

On 3-year performance, IAT leads with 22.20% vs 8.49% for BPAY. On fees, IAT is cheaper at 0.42% per year. On volatility, IAT has been the lower-risk option at 6.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAT or BPAY?

Over the 3-year period, IAT has performed better with a 22.20% return vs 8.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAT or BPAY?

IAT is cheaper with a 0.42% expense ratio, compared with 0.70% for BPAY.

Which ETF pays a higher dividend yield, IAT or BPAY?

BPAY has the higher dividend yield at 7.41%, compared with 2.88% for IAT.

What is the main difference between IAT and BPAY?

They also come from different issuers: iShares and BlackRock. Their fees differ too: 0.42% for IAT and 0.70% for BPAY.

Which has better risk-adjusted returns?

IAT currently has the higher Sharpe Ratio (1.06 vs -0.42), 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.