IAT vs. IYF

Last updated Jun 4, 2026

IAT (iShares U.S. Regional Banks ETF) and IYF (iShares U.S. Financials ETF) are both Financials Equities funds from iShares - IAT tracks the Dow Jones U.S. Select Regional Banks Index while IYF tracks the Dow Jones U.S. Financials Index. Both are passively managed. Over the past 10 years, IAT returned 7.95%/yr vs 12.56%/yr for IYF. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.42% expense ratio.

Performance

IAT vs. IYF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Regional Banks ETF (IAT) and iShares U.S. Financials ETF (IYF). 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 IYF's -5.20% return. Over the past 10 years, IAT has underperformed IYF with an annualized return of 7.95%, while IYF has yielded a comparatively higher 12.56% annualized 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%

IYF

• 1D: -1.13%
• 1M: -1.00%
• YTD: -5.20%
• 6M: -3.00%
• 1Y: 5.96%
• 3Y*: 20.58%
• 5Y*: 9.52%
• 10Y*: 12.56%

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

IAT vs. IYF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAT iShares U.S. Regional Banks ETF	2.80%	13.05%	24.36%	-8.53%	-20.61%	38.89%	-7.60%	31.38%	-17.45%	10.42%
IYF iShares U.S. Financials ETF	-5.20%	18.25%	31.30%	15.32%	-11.33%	31.60%	-1.00%	31.86%	-9.39%	19.58%

Correlation

The correlation between IAT and IYF is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since May 8, 2006	0.89

The correlation between IAT and IYF has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

IAT vs. IYF - Sectors Allocation Comparison

Sectors	IAT	IYF
Financial Services	100.0%	99.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	0.7%
Technology	-	0.3%
Utilities	-	-

Return for Risk

IAT vs. IYF — 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

IYF

IYF Risk / Return Rank: 14
IYF Sharpe Ratio Rank: 15
IYF Sortino Ratio Rank: 14
IYF Omega Ratio Rank: 14
IYF Calmar Ratio Rank: 14
IYF Martin Ratio Rank: 14

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. IYF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Regional Banks ETF (IAT) and iShares U.S. Financials ETF (IYF). 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	IYF	Difference
Sharpe ratio: Return per unit of total volatility	1.06	0.42	+0.64
Sortino ratio: Return per unit of downside risk	1.52	0.65	+0.87
Omega ratio: Gain probability vs. loss probability	1.20	1.08	+0.12
Calmar ratio: Return relative to maximum drawdown	1.32	0.43	+0.89
Martin ratio: Return relative to average drawdown	3.38	1.18	+2.20
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. IYF - Sharpe Ratio Comparison

The current IAT Sharpe Ratio is 1.06, which is higher than the IYF Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of IAT and IYF, 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	IYF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	0.42	+0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.50	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.60	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.22	-0.13

Drawdowns

IAT vs. IYF - Drawdown Comparison

The maximum IAT drawdown since its inception was -77.22%, roughly equal to the maximum IYF drawdown of -79.09%. Use the drawdown chart below to compare losses from any high point for IAT and IYF.

Drawdown Indicators

	IAT	IYF	Difference
Max Drawdown Largest peak-to-trough decline	-77.22%	-79.09%	+1.87%
Max Drawdown (1Y) Largest decline over 1 year	-17.49%	-13.88%	-3.61%
Max Drawdown (3Y) Largest decline over 3 years	-29.29%	-16.60%	-12.69%
Max Drawdown (5Y) Largest decline over 5 years	-55.55%	-25.06%	-30.49%
Max Drawdown (10Y) Largest decline over 10 years	-55.55%	-42.57%	-12.98%
Current Drawdown Current decline from peak	-9.75%	-8.10%	-1.65%
Average Drawdown Average peak-to-trough decline	-26.97%	-17.61%	-9.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.81%	5.06%	+1.75%

Volatility

IAT vs. IYF - Volatility Comparison

iShares U.S. Regional Banks ETF (IAT) has a higher volatility of 6.12% compared to iShares U.S. Financials ETF (IYF) at 3.41%. This indicates that IAT's price experiences larger fluctuations and is considered to be riskier than IYF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAT	IYF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	3.41%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	15.74%	10.80%	+4.94%
Volatility (1Y) Calculated over the trailing 1-year period	21.86%	14.34%	+7.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.03%	19.00%	+10.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.78%	20.89%	+9.89%

IAT vs. IYF - Expense Ratio Comparison

Both IAT and IYF have an expense ratio of 0.42%.

Dividends

IAT vs. IYF - Dividend Comparison

IAT's dividend yield for the trailing twelve months is around 2.88%, more than IYF's 1.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IYF iShares U.S. Financials ETF	1.57%	1.32%	1.29%	1.67%	1.86%	1.27%	1.72%	1.64%	1.90%	1.46%	1.67%	1.66%

Frequently Asked Questions

Can I hold both IAT and IYF in my portfolio?

IAT and IYF have a correlation of 0.80, 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 IYF?

IAT has higher volatility (6.12%) compared to IYF (3.41%). In terms of maximum drawdown, IAT dropped -77.22% vs IYF's -79.09%.

Which ETF is better, IAT or IYF?

On 10-year performance, IYF leads with 12.56% vs 7.95% for IAT. Both ETFs have the same 0.42% expense ratio. On volatility, IYF has been the lower-risk option at 3.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAT or IYF?

Over the 10-year period, IYF has performed better with a 12.56% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAT or IYF?

IAT and IYF have the same expense ratio: 0.42% per year.

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

IAT has the higher dividend yield at 2.88%, compared with 1.57% for IYF.

What is the main difference between IAT and IYF?

IAT tracks Dow Jones U.S. Select Regional Banks Index, while IYF tracks Dow Jones U.S. Financials Index.

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.