IESU.L vs. IUES.L
IESU.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) and IUES.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) are both Energy Equities funds from iShares - IESU.L tracks the S&P 500 Capped 35/20 Energy Index NTR while IUES.L tracks the MSCI World/Energy NR USD. Both are passively managed. Over the past 10 years, IESU.L returned 8.52%/yr vs 8.49%/yr for IUES.L. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.15% expense ratio.
Performance
IESU.L vs. IUES.L - Performance Comparison
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Different Trading Currencies
IESU.L is traded in GBp, while IUES.L is traded in USD. To make them comparable, the IUES.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with IESU.L having a 27.25% return and IUES.L slightly higher at 27.42%. Both investments have delivered pretty close results over the past 10 years, with IESU.L having a 8.52% annualized return and IUES.L not far behind at 8.49%.
IESU.L
- 1D
- 2.33%
- 1M
- 3.67%
- 6M
- 18.53%
- YTD
- 27.25%
- 1Y
- 35.48%
- 3Y*
- 13.78%
- 5Y*
- 22.56%
- 10Y*
- 8.52%
IUES.L
- 1D
- 2.83%
- 1M
- 3.69%
- 6M
- 18.75%
- YTD
- 27.42%
- 1Y
- 34.91%
- 3Y*
- 13.81%
- 5Y*
- 22.56%
- 10Y*
- 8.49%
IESU.L vs. IUES.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IESU.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc) | 27.25% | 2.26% | 5.45% | -5.96% | 83.53% | 53.82% | -35.62% | 5.37% | -13.39% | -10.01% |
IUES.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc) | 27.42% | 2.08% | 5.69% | -5.63% | 83.32% | 53.38% | -35.31% | 4.57% | -13.26% | -9.61% |
Correlation
The correlation between IESU.L and IUES.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2015 | 0.96 |
The correlation between IESU.L and IUES.L has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
IESU.L vs. IUES.L — Risk / Return Rank
IESU.L
IUES.L
IESU.L vs. IUES.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IESU.L) and iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L). 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.
| IESU.L | IUES.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.26 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 2.00 | +0.03 |
| Martin ratioReturn relative to average drawdown | 4.96 | 4.87 | +0.09 |
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Drawdowns
IESU.L vs. IUES.L - Drawdown Comparison
The maximum IESU.L drawdown since its inception was -63.88%, roughly equal to the maximum IUES.L drawdown of -62.43%. Use the drawdown chart below to compare losses from any high point for IESU.L and IUES.L.
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Drawdown Indicators
| IESU.L | IUES.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.88% | -62.43% | -1.45% |
Max Drawdown (1Y)Largest decline over 1 year | -17.34% | -17.37% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -26.36% | -23.95% | -2.41% |
Max Drawdown (5Y)Largest decline over 5 years | -26.36% | -23.95% | -2.41% |
Max Drawdown (10Y)Largest decline over 10 years | -62.16% | -62.43% | +0.27% |
Current DrawdownCurrent decline from peak | -11.59% | -11.53% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -20.51% | -15.97% | -4.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.13% | 7.15% | -0.02% |
Volatility
IESU.L vs. IUES.L - Volatility Comparison
iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IESU.L) and iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) have volatilities of 7.73% and 7.98%, 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
| IESU.L | IUES.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.73% | 7.98% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 21.73% | 20.73% | +1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.62% | 23.81% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.09% | 26.70% | +2.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.16% | 28.24% | +0.92% |
IESU.L vs. IUES.L - Expense Ratio Comparison
Both IESU.L and IUES.L have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IESU.L vs. IUES.L - Dividend Comparison
Neither IESU.L nor IUES.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, IESU.L and IUES.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IESU.L and IUES.L have the same expense ratio: 0.15% per year.
IESU.L tracks S&P 500 Capped 35/20 Energy Index NTR, while IUES.L tracks MSCI World/Energy NR USD.
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