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IEP vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEP vs. VOO

Last updated Jun 23, 2026

IEP (Icahn Enterprises L.P.) is a stock, while VOO (Vanguard S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, IEP returned -4.09%/yr vs 15.77%/yr for VOO. At a 0.36 correlation, their price movements are largely independent.

Performance

IEP vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Icahn Enterprises L.P. (IEP) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEP achieves a 8.54% return, which is significantly lower than VOO's 9.75% return. Over the past 10 years, IEP has underperformed VOO with an annualized return of -4.09%, while VOO has yielded a comparatively higher 15.77% annualized return.

IEP

1D
-0.96%
1M
-4.37%
YTD
8.54%
6M
11.19%
1Y
10.33%
3Y*
-20.40%
5Y*
-19.53%
10Y*
-4.09%

VOO

1D
-0.29%
1M
0.08%
YTD
9.75%
6M
9.30%
1Y
26.77%
3Y*
21.36%
5Y*
13.58%
10Y*
15.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEP vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEP
Icahn Enterprises L.P.		8.54%8.23%-37.79%-58.78%18.76%12.87%-3.55%20.44%18.98%-1.17%
VOO
Vanguard S&P 500 ETF		9.75%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between IEP and VOO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.23

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

0.24

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

0.28

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

0.34

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.36

The correlation between IEP and VOO shifts across timeframes, from 0.23 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

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Icahn Enterprises L.P.

Vanguard S&P 500 ETF

Often compared with IEP:
IEP vs. ZIMIEP vs. CVIIEP vs. HPQIEP vs. UANIEP vs. JEPIIEP vs. RIOIEP vs. ARCC
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. VGT

Return for Risk

IEP vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEP
IEP Risk / Return Rank: 5454
Overall Rank
IEP Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
IEP Sortino Ratio Rank: 5151
Sortino Ratio Rank
IEP Omega Ratio Rank: 4949
Omega Ratio Rank
IEP Calmar Ratio Rank: 5757
Calmar Ratio Rank
IEP Martin Ratio Rank: 5757
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 6868
Overall Rank
VOO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6767
Sortino Ratio Rank
VOO Omega Ratio Rank: 6969
Omega Ratio Rank
VOO Calmar Ratio Rank: 6363
Calmar Ratio Rank
VOO Martin Ratio Rank: 7474
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.

IEP vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Icahn Enterprises L.P. (IEP) and Vanguard S&P 500 ETF (VOO). 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.

IEPVOODifference
Sharpe ratioReturn per unit of total volatility
0.41
2.17

-1.76

Sortino ratioReturn per unit of downside risk
0.81
2.93

-2.13

Omega ratioGain probability vs. loss probability

1.10

1.39

-0.30

Calmar ratioReturn relative to maximum drawdown

0.65

3.02

-2.37

Martin ratioReturn relative to average drawdown

1.37

13.58

-12.21

IEP vs. VOO - Sharpe Ratio Comparison

The current IEP Sharpe Ratio is 0.41, which is lower than the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of IEP and VOO, 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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Drawdowns

IEP vs. VOO - Drawdown Comparison

The maximum IEP drawdown since its inception was -84.21%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for IEP and VOO.

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Drawdown Indicators

IEPVOODifference

Max Drawdown

Largest peak-to-trough decline

-84.21%

-33.99%

-50.22%

Max Drawdown (1Y)

Largest decline over 1 year

-16.06%

-8.90%

-7.16%

Max Drawdown (3Y)

Largest decline over 3 years

-67.83%

-18.69%

-49.14%

Max Drawdown (5Y)

Largest decline over 5 years

-77.56%

-24.52%

-53.04%

Max Drawdown (10Y)

Largest decline over 10 years

-77.56%

-33.99%

-43.57%

Current Drawdown

Current decline from peak

-72.18%

-1.74%

-70.44%

Average Drawdown

Average peak-to-trough decline

-30.62%

-3.68%

-26.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.56%

1.98%

+5.58%

Volatility

IEP vs. VOO - Volatility Comparison

Icahn Enterprises L.P. (IEP) and Vanguard S&P 500 ETF (VOO) have volatilities of 4.81% and 4.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEPVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.81%

4.60%

+0.21%

Volatility (6M)

Calculated over the trailing 6-month period

16.07%

9.73%

+6.34%

Volatility (1Y)

Calculated over the trailing 1-year period

25.12%

12.39%

+12.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

41.02%

16.90%

+24.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.36%

18.05%

+18.31%

Dividends

IEP vs. VOO - Dividend Comparison

IEP's dividend yield for the trailing twelve months is around 27.70%, more than VOO's 1.04% yield.

PositionTTM20252024202320222021202020192018201720162015
IEP
Icahn Enterprises L.P.		27.70%26.49%40.37%34.90%15.79%16.13%15.79%13.01%12.26%11.32%10.01%9.79%
VOO
Vanguard S&P 500 ETF		1.04%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

IEP and VOO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEP has higher volatility (4.81%) compared to VOO (4.60%). In terms of maximum drawdown, IEP dropped -84.21% vs VOO's -33.99%.

VOO currently has the higher Sharpe Ratio (2.17 vs 0.41), 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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