IEO vs. MLPI
IEO (iShares U.S. Oil & Gas Exploration & Production ETF) and MLPI (NEOS MLP & Energy Infrastructure High Income ETF) are both exchange-traded funds - IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index, while MLPI is a MLPs fund actively managed by NEOS. IEO is passively managed, while MLPI is actively managed. A 0.65 correlation means they provide meaningful diversification when combined. IEO charges 0.42%/yr vs 0.68%/yr for MLPI.
Performance
IEO vs. MLPI - Performance Comparison
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Returns By Period
In the year-to-date period, IEO achieves a 34.21% return, which is significantly higher than MLPI's 21.30% return.
IEO
- 1D
- 0.41%
- 1M
- 2.91%
- 6M
- 30.61%
- YTD
- 34.21%
- 1Y
- 31.84%
- 3Y*
- 14.02%
- 5Y*
- 21.52%
- 10Y*
- 10.34%
MLPI
- 1D
- 0.64%
- 1M
- 1.79%
- 6M
- 21.57%
- YTD
- 21.30%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IEO vs. MLPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 34.21% | -1.38% |
MLPI NEOS MLP & Energy Infrastructure High Income ETF | 21.30% | 0.36% |
Correlation
The correlation between IEO and MLPI is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025 | 0.65 |
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Return for Risk
IEO vs. MLPI — Risk / Return Rank
IEO
MLPI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IEO vs. MLPI - 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 NEOS MLP & Energy Infrastructure High Income ETF (MLPI). 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 | MLPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.21 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.96 | — | — |
| Martin ratioReturn relative to average drawdown | 4.89 | — | — |
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Drawdowns
IEO vs. MLPI - Drawdown Comparison
The maximum IEO drawdown since its inception was -79.17%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for IEO and MLPI.
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Drawdown Indicators
| IEO | MLPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.17% | -5.38% | -73.79% |
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 DrawdownCurrent decline from peak | -7.57% | -0.79% | -6.78% |
Average DrawdownAverage peak-to-trough decline | -26.19% | -1.58% | -24.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.55% | — | — |
Volatility
IEO vs. MLPI - Volatility Comparison
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Volatility by Period
| IEO | MLPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.72% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 20.19% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 25.72% | 13.31% | +12.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.40% | 13.31% | +17.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.93% | 13.31% | +21.62% |
IEO vs. MLPI - Expense Ratio Comparison
IEO has a 0.42% expense ratio, which is lower than MLPI's 0.68% expense ratio.
Dividends
IEO vs. MLPI - Dividend Comparison
IEO's dividend yield for the trailing twelve months is around 1.96%, less than MLPI's 7.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 1.96% | 2.61% | 2.63% | 3.00% | 3.77% | 2.62% | 3.17% | 1.85% | 1.67% | 0.94% | 0.98% | 2.03% |
MLPI NEOS MLP & Energy Infrastructure High Income ETF | 7.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IEO and MLPI have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IEO is cheaper at 0.42% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IEO is cheaper with a 0.42% expense ratio, compared with 0.68% for MLPI.
MLPI has the higher dividend yield at 7.09%, compared with 1.96% for IEO.
IEO is categorized as Energy Equities, while MLPI is MLPs. They also come from different issuers: iShares and NEOS. Their fees differ too: 0.42% for IEO and 0.68% for MLPI.
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