IEO vs. DFCA
IEO (iShares U.S. Oil & Gas Exploration & Production ETF) and DFCA (Dimensional California Municipal Bond ETF) are both exchange-traded funds - IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index, while DFCA is a Municipal Bonds fund actively managed by Dimensional. IEO is passively managed, while DFCA is actively managed. Over the past 3 years, IEO returned 12.01%/yr vs 2.52%/yr for DFCA. Their -0.12 correlation means they have often moved in opposite directions in the past. IEO charges 0.38%/yr vs 0.19%/yr for DFCA.
Performance
IEO vs. DFCA - Performance Comparison
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Returns By Period
In the year-to-date period, IEO achieves a 40.31% return, which is significantly higher than DFCA's 0.32% return.
IEO
- 1D
- -1.56%
- 1M
- 12.30%
- 6M
- 30.88%
- YTD
- 40.31%
- 1Y
- 45.13%
- 3Y*
- 12.01%
- 5Y*
- 23.78%
- 10Y*
- 10.74%
- ALL TIME*
- 6.13%
DFCA
- 1D
- 0.02%
- 1M
- -1.12%
- 6M
- -0.48%
- YTD
- 0.32%
- 1Y
- 3.36%
- 3Y*
- 2.52%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.37M | $2.33M | $2.88M | |
| $8.31M | $7.48M | $8.62M |
IEO vs. DFCA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 40.31% | 2.15% | -1.45% | 15.15% |
DFCA Dimensional California Municipal Bond ETF | 0.32% | 2.99% | 1.49% | 2.68% |
Correlation
The correlation between IEO and DFCA is -0.33, 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. | -0.33 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023 | -0.12 |
Over the past year, the inverse relationship between IEO and DFCA has strengthened: their correlation has moved from -0.12 to -0.33, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
IEO vs. DFCA — Risk / Return Rank
IEO
DFCA
IEO vs. DFCA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Oil & Gas Exploration & Production ETF (IEO) and Dimensional California Municipal Bond ETF (DFCA). 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.
| IEO | DFCA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.37 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 1.91 | +0.87 |
| Martin ratioReturn relative to average drawdown | 6.95 | 5.53 | +1.42 |
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Drawdowns
IEO vs. DFCA - Drawdown Comparison
The maximum IEO drawdown since its inception was -79.17%, which is greater than DFCA's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for IEO and DFCA.
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Drawdown Indicators
| IEO | DFCA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.17% | -3.28% | -75.89% |
Max Drawdown (1Y)Largest decline over 1 year | -16.32% | -1.77% | -14.55% |
Max Drawdown (3Y)Largest decline over 3 years | -31.46% | -3.28% | -28.18% |
Max Drawdown (5Y)Largest decline over 5 years | -31.46% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -75.00% | — | — |
Current DrawdownCurrent decline from peak | -3.36% | -1.26% | -2.10% |
Average DrawdownAverage peak-to-trough decline | -26.13% | -0.69% | -25.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.51% | 0.61% | +5.90% |
Volatility
IEO vs. DFCA - Volatility Comparison
iShares U.S. Oil & Gas Exploration & Production ETF (IEO) has a higher volatility of 7.79% compared to Dimensional California Municipal Bond ETF (DFCA) at 0.69%. This indicates that IEO's price experiences larger fluctuations and is considered to be riskier than DFCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEO | DFCA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 0.69% | +7.10% |
Volatility (6M)Calculated over the trailing 6-month period | 20.54% | 1.44% | +19.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.78% | 1.82% | +23.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.26% | 2.46% | +27.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.91% | 2.46% | +32.45% |
IEO vs. DFCA - Expense Ratio Comparison
IEO has a 0.38% expense ratio, which is higher than DFCA's 0.19% expense ratio.
Dividends
IEO vs. DFCA - Dividend Comparison
IEO's dividend yield for the trailing twelve months is around 1.88%, less than DFCA's 2.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFCA Dimensional California Municipal Bond ETF | 2.77% | 2.86% | 2.86% | 1.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 1.88% | 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
IEO and DFCA have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEO has higher volatility (7.79%) compared to DFCA (0.69%). In terms of maximum drawdown, IEO dropped -79.17% vs DFCA's -3.28%.
On 3-year performance, IEO leads with 12.01% vs 2.52% for DFCA. On fees, DFCA is cheaper at 0.19% per year. On volatility, DFCA has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IEO has performed better with a 12.01% return vs 2.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFCA is cheaper with a 0.19% expense ratio, compared with 0.38% for IEO.
DFCA has the higher dividend yield at 2.77%, compared with 1.88% for IEO.
IEO is categorized as Energy Equities, while DFCA is Municipal Bonds. They also come from different issuers: iShares and Dimensional. Their fees differ too: 0.38% for IEO and 0.19% for DFCA.
DFCA currently has the higher Sharpe Ratio (1.86 vs 1.76), 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.
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