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IEO vs. EUO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEO vs. EUO

Last updated Jun 7, 2026

IEO (iShares U.S. Oil & Gas Exploration & Production ETF) and EUO (ProShares UltraShort Euro) are both exchange-traded funds - IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index, while EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, IEO returned 9.53%/yr vs 2.59%/yr for EUO. At a correlation of -0.17, they often move in opposite directions. IEO charges 0.42%/yr vs 0.99%/yr for EUO.

Performance

IEO vs. EUO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Oil & Gas Exploration & Production ETF (IEO) and ProShares UltraShort Euro (EUO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEO achieves a 30.74% return, which is significantly higher than EUO's 6.00% return. Over the past 10 years, IEO has outperformed EUO with an annualized return of 9.53%, while EUO has yielded a comparatively lower 2.59% annualized return.

IEO

1D
-2.60%
1M
2.15%
YTD
30.74%
6M
22.30%
1Y
36.73%
3Y*
14.92%
5Y*
18.27%
10Y*
9.53%

EUO

1D
1.59%
1M
4.89%
YTD
6.00%
6M
4.49%
1Y
2.63%
3Y*
-0.21%
5Y*
5.83%
10Y*
2.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEO vs. EUO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEO
iShares U.S. Oil & Gas Exploration & Production ETF		30.74%2.15%-1.45%3.57%57.82%75.57%-32.77%9.63%-19.44%0.33%
EUO
ProShares UltraShort Euro		6.00%-18.87%19.79%-1.02%13.88%14.83%-15.97%10.51%14.39%-21.71%

Correlation

The correlation between IEO and EUO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.16

Correlation (3Y)
Calculated over the trailing 3-year period

0.03

Correlation (5Y)
Calculated over the trailing 5-year period

-0.08

Correlation (10Y)
Calculated over the trailing 10-year period

-0.06

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2008

-0.17

The correlation between IEO and EUO shifts across timeframes, from -0.17 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Oil & Gas Exploration & Production ETF

ProShares UltraShort Euro

Often compared with IEO:
IEO vs. XLEIEO vs. VDEIEO vs. FCGIEO vs. FENYIEO vs. DEOIEO vs. AMNDIEO vs. PCEF
Often compared with EUO:
EUO vs. BTALEUO vs. ULEEUO vs. YCLEUO vs. VOOEUO vs. QQQEUO vs. MCHIEUO vs. BITO

Return for Risk

IEO vs. EUO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEO
IEO Risk / Return Rank: 4848
Overall Rank
IEO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
IEO Sortino Ratio Rank: 4343
Sortino Ratio Rank
IEO Omega Ratio Rank: 4242
Omega Ratio Rank
IEO Calmar Ratio Rank: 5858
Calmar Ratio Rank
IEO Martin Ratio Rank: 4747
Martin Ratio Rank
EUO
EUO Risk / Return Rank: 1313
Overall Rank
EUO Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
EUO Sortino Ratio Rank: 1212
Sortino Ratio Rank
EUO Omega Ratio Rank: 1212
Omega Ratio Rank
EUO Calmar Ratio Rank: 1414
Calmar Ratio Rank
EUO Martin Ratio Rank: 1414
Martin Ratio Rank
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.

IEO vs. EUO - 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 ProShares UltraShort Euro (EUO). 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.

IEOEUODifference
Sharpe ratioReturn per unit of total volatility
1.59
0.27

+1.32

Sortino ratioReturn per unit of downside risk
2.10
0.46

+1.64

Omega ratioGain probability vs. loss probability

1.26

1.06

+0.20

Calmar ratioReturn relative to maximum drawdown

2.79

0.42

+2.37

Martin ratioReturn relative to average drawdown

7.47

0.91

+6.56

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEO vs. EUO - Sharpe Ratio Comparison

The current IEO Sharpe Ratio is 1.59, which is higher than the EUO Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of IEO and EUO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IEOEUODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.59

0.27

+1.32

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.60

0.38

+0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.27

0.17

+0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.16

0.06

+0.11

Drawdowns

IEO vs. EUO - Drawdown Comparison

The maximum IEO drawdown since its inception was -79.17%, which is greater than EUO's maximum drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for IEO and EUO.

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Drawdown Indicators

IEOEUODifference

Max Drawdown

Largest peak-to-trough decline

-79.17%

-38.58%

-40.59%

Max Drawdown (1Y)

Largest decline over 1 year

-14.30%

-8.05%

-6.25%

Max Drawdown (3Y)

Largest decline over 3 years

-31.46%

-24.46%

-7.00%

Max Drawdown (5Y)

Largest decline over 5 years

-31.46%

-25.28%

-6.18%

Max Drawdown (10Y)

Largest decline over 10 years

-75.00%

-29.61%

-45.39%

Current Drawdown

Current decline from peak

-9.95%

-17.30%

+7.35%

Average Drawdown

Average peak-to-trough decline

-26.27%

-18.50%

-7.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.33%

3.71%

+1.62%

Volatility

IEO vs. EUO - Volatility Comparison

iShares U.S. Oil & Gas Exploration & Production ETF (IEO) has a higher volatility of 7.99% compared to ProShares UltraShort Euro (EUO) at 2.73%. This indicates that IEO's price experiences larger fluctuations and is considered to be riskier than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEOEUODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.99%

2.73%

+5.26%

Volatility (6M)

Calculated over the trailing 6-month period

19.88%

8.81%

+11.07%

Volatility (1Y)

Calculated over the trailing 1-year period

25.13%

12.68%

+12.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.55%

15.56%

+14.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.00%

14.88%

+20.12%

IEO vs. EUO - Expense Ratio Comparison

IEO has a 0.42% expense ratio, which is lower than EUO's 0.99% expense ratio.

Dividends

IEO vs. EUO - Dividend Comparison

IEO's dividend yield for the trailing twelve months is around 2.02%, while EUO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EUO
ProShares UltraShort Euro		0.00%0.00%0.00%0.00%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		2.02%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 EUO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEO has higher volatility (7.99%) compared to EUO (2.73%). In terms of maximum drawdown, IEO dropped -79.17% vs EUO's -38.58%.

On 10-year performance, IEO leads with 9.53% vs 2.59% for EUO. On fees, IEO is cheaper at 0.42% per year. On volatility, EUO has been the lower-risk option at 2.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEO has performed better with a 9.53% return vs 2.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEO is cheaper with a 0.42% expense ratio, compared with 0.99% for EUO.

IEO has the higher dividend yield at 2.02%, compared with 0.00% for EUO.

IEO is categorized as Energy Equities, while EUO is Leveraged Currency. IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index, while EUO tracks USD/EUR Exchange Rate (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.42% for IEO and 0.99% for EUO.

IEO currently has the higher Sharpe Ratio (1.59 vs 0.27), 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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