IDEF vs. IEZ

Last updated Jun 4, 2026

IDEF (iShares Defense Industrials Active ETF) and IEZ (iShares U.S. Oil Equipment & Services ETF) are both exchange-traded funds - IDEF is a Aerospace & Defense fund actively managed by iShares, while IEZ is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Equipment & Services Index. IDEF is actively managed, while IEZ is passively managed. Over the past year, IDEF returned 21.86% vs 85.10% for IEZ. At a 0.20 correlation, their price movements are largely independent. IDEF charges 0.55%/yr vs 0.42%/yr for IEZ.

Performance

IDEF vs. IEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Defense Industrials Active ETF (IDEF) 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, IDEF achieves a 4.74% return, which is significantly lower than IEZ's 47.84% return.

IDEF

• 1D: -2.54%
• 1M: -2.65%
• YTD: 4.74%
• 6M: 9.45%
• 1Y: 21.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IEZ

• 1D: 0.03%
• 1M: -3.54%
• YTD: 47.84%
• 6M: 42.02%
• 1Y: 85.10%
• 3Y*: 19.17%
• 5Y*: 13.91%
• 10Y*: -0.13%

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

IDEF vs. IEZ - Yearly Performance Comparison

	2026 (YTD)	2025
IDEF iShares Defense Industrials Active ETF	4.74%	23.05%
IEZ iShares U.S. Oil Equipment & Services ETF	47.84%	30.69%

Correlation

The correlation between IDEF and IEZ is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since May 22, 2025	0.20

Return for Risk

IDEF vs. IEZ — Risk / Return Rank

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

IDEF

IDEF Risk / Return Rank: 28
IDEF Sharpe Ratio Rank: 28
IDEF Sortino Ratio Rank: 28
IDEF Omega Ratio Rank: 26
IDEF Calmar Ratio Rank: 30
IDEF Martin Ratio Rank: 27

IEZ

IEZ Risk / Return Rank: 87
IEZ Sharpe Ratio Rank: 88
IEZ Sortino Ratio Rank: 82
IEZ Omega Ratio Rank: 77
IEZ Calmar Ratio Rank: 95
IEZ Martin Ratio Rank: 92

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.

IDEF vs. IEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Defense Industrials Active ETF (IDEF) 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.

	IDEF	IEZ	Difference
Sharpe ratio Return per unit of total volatility	1.04	3.00	-1.96
Sortino ratio Return per unit of downside risk	1.56	3.71	-2.15
Omega ratio Gain probability vs. loss probability	1.18	1.46	-0.28
Calmar ratio Return relative to maximum drawdown	1.50	8.29	-6.79
Martin ratio Return relative to average drawdown	3.90	22.60	-18.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IDEF vs. IEZ - Sharpe Ratio Comparison

The current IDEF Sharpe Ratio is 1.04, which is lower than the IEZ Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of IDEF 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.

Sharpe Ratios by Period

	IDEF	IEZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	3.00	-1.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.38	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	-0.04	+1.37

Drawdowns

IDEF vs. IEZ - Drawdown Comparison

The maximum IDEF drawdown since its inception was -14.63%, smaller than the maximum IEZ drawdown of -92.52%. Use the drawdown chart below to compare losses from any high point for IDEF and IEZ.

Drawdown Indicators

	IDEF	IEZ	Difference
Max Drawdown Largest peak-to-trough decline	-14.63%	-92.52%	+77.89%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-10.32%	-4.31%
Max Drawdown (3Y) Largest decline over 3 years	—	-40.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-88.29%	—
Current Drawdown Current decline from peak	-12.31%	-51.21%	+38.90%
Average Drawdown Average peak-to-trough decline	-3.90%	-48.26%	+44.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.61%	3.78%	+1.83%

Volatility

IDEF vs. IEZ - Volatility Comparison

iShares Defense Industrials Active ETF (IDEF) and iShares U.S. Oil Equipment & Services ETF (IEZ) have volatilities of 7.87% and 7.95%, 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

	IDEF	IEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.87%	7.95%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	17.98%	20.11%	-2.13%
Volatility (1Y) Calculated over the trailing 1-year period	21.15%	28.62%	-7.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.07%	36.35%	-15.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.07%	41.56%	-20.49%

IDEF vs. IEZ - Expense Ratio Comparison

IDEF has a 0.55% expense ratio, which is higher than IEZ's 0.42% expense ratio.

Dividends

IDEF vs. IEZ - Dividend Comparison

IDEF's dividend yield for the trailing twelve months is around 0.16%, less than IEZ's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IDEF iShares Defense Industrials Active ETF	0.16%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IEZ iShares U.S. Oil Equipment & Services ETF	1.18%	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 IDEF and IEZ in my portfolio?

IDEF and IEZ have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IDEF or IEZ?

IEZ has higher volatility (7.95%) compared to IDEF (7.87%). In terms of maximum drawdown, IDEF dropped -14.63% vs IEZ's -92.52%.

Which ETF is better, IDEF or IEZ?

On 1-year performance, IEZ leads with 85.10% vs 21.86% for IDEF. On fees, IEZ is cheaper at 0.42% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IDEF or IEZ?

Over the 1-year period, IEZ has performed better with a 85.10% return vs 21.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IDEF or IEZ?

IEZ is cheaper with a 0.42% expense ratio, compared with 0.55% for IDEF.

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

IEZ has the higher dividend yield at 1.18%, compared with 0.16% for IDEF.

What is the main difference between IDEF and IEZ?

IDEF is categorized as Aerospace & Defense, while IEZ is Energy Equities. Their fees differ too: 0.55% for IDEF and 0.42% for IEZ.

Which has better risk-adjusted returns?

IEZ currently has the higher Sharpe Ratio (3.00 vs 1.04), 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.