IBHE vs. IEO

Last updated Aug 2, 2026

IBHE (iShares iBonds 2025 Term High Yield & Income ETF) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both exchange-traded funds - IBHE is a High Yield Bonds fund tracking the Bloomberg 2025 Term High Yield and Income Index, while IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index. Both are passively managed. Their 0.31 correlation means their historical movements had little consistent relationship. IBHE charges 0.35%/yr vs 0.38%/yr for IEO.

Performance

IBHE vs. IEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds 2025 Term High Yield & Income ETF (IBHE) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBHE

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

IEO

• 1D: 1.37%
• 1M: 14.08%
• 6M: 29.47%
• YTD: 42.54%
• 1Y: 47.44%
• 3Y*: 12.66%
• 5Y*: 23.53%
• 10Y*: 11.48%
• ALL TIME*: 6.22%

*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)
IEO iShares U.S. Oil & Gas Exploration & Production ETF	$7.85M	$6.98M	$8.74M

IBHE vs. IEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	4.45%	7.62%	10.32%	-4.08%	4.40%	4.16%	5.49%
IEO iShares U.S. Oil & Gas Exploration & Production ETF	42.54%	2.15%	-1.45%	3.57%	57.82%	75.57%	-32.77%	-2.14%

Correlation

The correlation between IBHE and IEO is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.13
Correlation (3Y) Balances recent behavior with more history.	0.08
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (All Time) Calculated using the full available price history since May 9, 2019	0.31

The correlation between IBHE and IEO shifts across timeframes, from -0.13 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBHE vs. IEO — Risk / Return Rank

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

IBHE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

IEO

IEO Risk / Return Rank: 67
IEO Sharpe Ratio Rank: 74
IEO Sortino Ratio Rank: 66
IEO Omega Ratio Rank: 64
IEO Calmar Ratio Rank: 75
IEO Martin Ratio Rank: 56

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.

IBHE vs. IEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2025 Term High Yield & Income ETF (IBHE) 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.

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.

	IBHE	IEO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.67	—
Sortino ratio: Return per unit of downside risk	—	2.18	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.64	—
Martin ratio: Return relative to average drawdown	—	6.61	—

Drawdowns

Drawdown Indicators

	IBHE	IEO	Difference
Max Drawdown Largest peak-to-trough decline	—	-79.17%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-16.32%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-31.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.00%	—
Current Drawdown Current decline from peak	—	-1.83%	—
Average Drawdown Average peak-to-trough decline	—	-26.14%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.54%	—

Volatility

Volatility by Period

	IBHE	IEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.46%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.47%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	25.90%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	30.27%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	34.91%	—

IBHE vs. IEO - Expense Ratio Comparison

IBHE has a 0.35% expense ratio, which is lower than IEO's 0.38% expense ratio.

Dividends

IBHE vs. IEO - Dividend Comparison

IBHE has not paid dividends to shareholders, while IEO's dividend yield for the trailing twelve months is around 1.85%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBHE iShares iBonds 2025 Term High Yield & Income ETF	1.47%	4.53%	6.92%	7.17%	5.77%	4.84%	5.74%	3.73%	0.00%	0.00%	0.00%	0.00%
IEO iShares U.S. Oil & Gas Exploration & Production ETF	1.85%	2.61%	2.63%	3.00%	3.77%	2.62%	3.17%	1.85%	1.67%	0.94%	0.98%	2.03%

Frequently Asked Questions

Can I hold both IBHE and IEO in my portfolio?

IBHE and IEO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBHE or IEO?

On fees, IBHE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBHE or IEO?

IBHE is cheaper with a 0.35% expense ratio, compared with 0.38% for IEO.

Which ETF pays a higher dividend yield, IBHE or IEO?

IEO has the higher dividend yield at 1.85%, compared with 1.47% for IBHE.

What is the main difference between IBHE and IEO?

IBHE is categorized as High Yield Bonds, while IEO is Energy Equities. IBHE tracks Bloomberg 2025 Term High Yield and Income Index, while IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index. Their fees differ too: 0.35% for IBHE and 0.38% for IEO.