IEO vs. TLT
IEO (iShares U.S. Oil & Gas Exploration & Production ETF) and TLT (iShares 20+ Year Treasury 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 TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, IEO returned 10.42%/yr vs -1.66%/yr for TLT. At a correlation of -0.29, they often move in opposite directions. IEO charges 0.42%/yr vs 0.15%/yr for TLT.
Performance
IEO vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IEO achieves a 34.59% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, IEO has outperformed TLT with an annualized return of 10.42%, while TLT has yielded a comparatively lower -1.66% annualized return.
IEO
- 1D
- 1.66%
- 1M
- -3.23%
- YTD
- 34.59%
- 6M
- 26.42%
- 1Y
- 40.11%
- 3Y*
- 16.01%
- 5Y*
- 18.96%
- 10Y*
- 10.42%
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
IEO vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 34.59% | 2.15% | -1.45% | 3.57% | 57.82% | 75.57% | -32.77% | 9.63% | -19.44% | 0.33% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between IEO and TLT is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.23 |
Correlation (All Time) Calculated using the full available price history since May 8, 2006 | -0.29 |
The correlation between IEO and TLT shifts across timeframes, from -0.29 (all time) to -0.08 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IEO vs. TLT — Risk / Return Rank
IEO
TLT
IEO vs. TLT - 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 iShares 20+ Year Treasury Bond ETF (TLT). 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.
| IEO | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.09 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | 0.65 | +2.17 |
| Martin ratioReturn relative to average drawdown | 7.63 | 1.63 | +6.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IEO | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.61 | 0.51 | +1.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.62 | -0.40 | +1.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | -0.11 | +0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.26 | -0.09 |
Drawdowns
IEO vs. TLT - Drawdown Comparison
The maximum IEO drawdown since its inception was -79.17%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IEO and TLT.
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Drawdown Indicators
| IEO | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.17% | -48.35% | -30.82% |
Max Drawdown (1Y)Largest decline over 1 year | -14.30% | -7.58% | -6.72% |
Max Drawdown (3Y)Largest decline over 3 years | -31.46% | -19.18% | -12.28% |
Max Drawdown (5Y)Largest decline over 5 years | -31.46% | -43.70% | +12.24% |
Max Drawdown (10Y)Largest decline over 10 years | -75.00% | -48.35% | -26.65% |
Current DrawdownCurrent decline from peak | -7.30% | -40.44% | +33.14% |
Average DrawdownAverage peak-to-trough decline | -26.27% | -13.82% | -12.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.28% | 3.04% | +2.24% |
Volatility
IEO vs. TLT - Volatility Comparison
iShares U.S. Oil & Gas Exploration & Production ETF (IEO) has a higher volatility of 9.32% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. This indicates that IEO's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEO | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.32% | 2.76% | +6.56% |
Volatility (6M)Calculated over the trailing 6-month period | 19.86% | 6.50% | +13.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.15% | 9.77% | +15.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.54% | 15.87% | +14.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.00% | 14.91% | +20.09% |
IEO vs. TLT - Expense Ratio Comparison
IEO has a 0.42% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
IEO vs. TLT - Dividend Comparison
IEO's dividend yield for the trailing twelve months is around 1.97%, less than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 1.97% | 2.61% | 2.63% | 3.00% | 3.77% | 2.62% | 3.17% | 1.85% | 1.67% | 0.94% | 0.98% | 2.03% |
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
IEO and TLT have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEO has higher volatility (9.32%) compared to TLT (2.76%). In terms of maximum drawdown, IEO dropped -79.17% vs TLT's -48.35%.
On 10-year performance, IEO leads with 10.42% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.76%. 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 10.42% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.42% for IEO.
TLT has the higher dividend yield at 4.59%, compared with 1.97% for IEO.
IEO is categorized as Energy Equities, while TLT is Government Bonds. IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.42% for IEO and 0.15% for TLT.
IEO currently has the higher Sharpe Ratio (1.61 vs 0.51), 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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