IEP vs. UFO

Last updated Jun 25, 2026

IEP (Icahn Enterprises L.P.) is a stock, while UFO (Procure Space ETF) is Global Equities fund tracking the S-Network Space Index. Over the past 5 years, IEP returned -19.37%/yr vs 9.53%/yr for UFO. At a 0.31 correlation, their price movements are largely independent.

Performance

IEP vs. UFO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Icahn Enterprises L.P. (IEP) and Procure Space ETF (UFO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEP achieves a 8.69% return, which is significantly lower than UFO's 20.26% return.

IEP

• 1D: -0.69%
• 1M: -4.24%
• YTD: 8.69%
• 6M: 11.34%
• 1Y: 13.07%
• 3Y*: -20.36%
• 5Y*: -19.37%
• 10Y*: -4.07%

UFO

• 1D: -3.43%
• 1M: -24.91%
• YTD: 20.26%
• 6M: 16.27%
• 1Y: 68.45%
• 3Y*: 37.43%
• 5Y*: 9.53%
• 10Y*: —

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

IEP vs. UFO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IEP Icahn Enterprises L.P.	8.69%	8.23%	-37.79%	-58.78%	18.76%	12.87%	-3.55%	-8.90%
UFO Procure Space ETF	20.26%	67.36%	27.22%	-2.34%	-25.85%	7.17%	-2.15%	5.66%

Correlation

The correlation between IEP and UFO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Apr 11, 2019	0.31

The correlation between IEP and UFO shifts across timeframes, from 0.15 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IEP vs. UFO — Risk / Return Rank

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

IEP

IEP Risk / Return Rank: 58
IEP Sharpe Ratio Rank: 61
IEP Sortino Ratio Rank: 56
IEP Omega Ratio Rank: 54
IEP Calmar Ratio Rank: 61
IEP Martin Ratio Rank: 60

UFO

UFO Risk / Return Rank: 50
UFO Sharpe Ratio Rank: 55
UFO Sortino Ratio Rank: 52
UFO Omega Ratio Rank: 46
UFO Calmar Ratio Rank: 49
UFO Martin Ratio Rank: 51

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.

IEP vs. UFO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Icahn Enterprises L.P. (IEP) and Procure Space ETF (UFO). 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.

	IEP	UFO	Difference
Sharpe ratio: Return per unit of total volatility	0.52	1.69	-1.16
Sortino ratio: Return per unit of downside risk	0.96	2.28	-1.32
Omega ratio: Gain probability vs. loss probability	1.12	1.27	-0.15
Calmar ratio: Return relative to maximum drawdown	0.82	2.19	-1.37
Martin ratio: Return relative to average drawdown	1.73	7.90	-6.18

IEP vs. UFO - Sharpe Ratio Comparison

The current IEP Sharpe Ratio is 0.52, which is lower than the UFO Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of IEP and UFO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IEP vs. UFO - Drawdown Comparison

The maximum IEP drawdown since its inception was -84.21%, which is greater than UFO's maximum drawdown of -50.33%. Use the drawdown chart below to compare losses from any high point for IEP and UFO.

Drawdown Indicators

	IEP	UFO	Difference
Max Drawdown Largest peak-to-trough decline	-84.21%	-50.33%	-33.88%
Max Drawdown (1Y) Largest decline over 1 year	-16.06%	-31.45%	+15.39%
Max Drawdown (3Y) Largest decline over 3 years	-67.83%	-31.45%	-36.38%
Max Drawdown (5Y) Largest decline over 5 years	-77.56%	-50.33%	-27.23%
Max Drawdown (10Y) Largest decline over 10 years	-77.56%	—	—
Current Drawdown Current decline from peak	-72.14%	-31.45%	-40.69%
Average Drawdown Average peak-to-trough decline	-30.63%	-21.81%	-8.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.58%	8.69%	-1.11%

Volatility

IEP vs. UFO - Volatility Comparison

The current volatility for Icahn Enterprises L.P. (IEP) is 4.89%, while Procure Space ETF (UFO) has a volatility of 18.78%. This indicates that IEP experiences smaller price fluctuations and is considered to be less risky than UFO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEP	UFO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	18.78%	-13.89%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	33.33%	-17.24%
Volatility (1Y) Calculated over the trailing 1-year period	25.00%	40.84%	-15.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.02%	30.68%	+10.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.34%	31.18%	+5.16%

Dividends

IEP vs. UFO - Dividend Comparison

IEP's dividend yield for the trailing twelve months is around 27.66%, more than UFO's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEP Icahn Enterprises L.P.	27.66%	26.49%	40.37%	34.90%	15.79%	16.13%	15.79%	13.01%	12.26%	11.32%	10.01%	9.79%
UFO Procure Space ETF	0.36%	0.46%	1.98%	1.90%	3.19%	1.00%	1.07%	0.45%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IEP and UFO in my portfolio?

IEP and UFO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEP or UFO?

UFO has higher volatility (18.78%) compared to IEP (4.89%). In terms of maximum drawdown, IEP dropped -84.21% vs UFO's -50.33%.

Which has better risk-adjusted returns?

UFO currently has the higher Sharpe Ratio (1.69 vs 0.52), 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.