IEV vs. IAK

Last updated Jun 14, 2026

IEV (iShares Europe ETF) and IAK (iShares U.S. Insurance ETF) are both exchange-traded funds - IEV is a Europe Equities fund tracking the S&P Europe 350 Index, while IAK is a Financials Equities fund tracking the Dow Jones U.S. Select Insurance Index. Both are passively managed. Over the past 10 years, IEV returned 10.08%/yr vs 12.67%/yr for IAK. A 0.62 correlation means they provide meaningful diversification when combined. IEV charges 0.59%/yr vs 0.43%/yr for IAK.

Performance

IEV vs. IAK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Europe ETF (IEV) and iShares U.S. Insurance ETF (IAK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEV achieves a 7.67% return, which is significantly higher than IAK's 1.11% return. Over the past 10 years, IEV has underperformed IAK with an annualized return of 10.08%, while IAK has yielded a comparatively higher 12.67% annualized return.

IEV

• 1D: 0.24%
• 1M: 4.78%
• YTD: 7.67%
• 6M: 9.80%
• 1Y: 19.81%
• 3Y*: 16.38%
• 5Y*: 8.81%
• 10Y*: 10.08%

IAK

• 1D: 0.68%
• 1M: 2.70%
• YTD: 1.11%
• 6M: 0.88%
• 1Y: 5.16%
• 3Y*: 18.27%
• 5Y*: 13.37%
• 10Y*: 12.67%

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

IEV vs. IAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEV iShares Europe ETF	7.67%	35.63%	1.36%	20.14%	-14.24%	16.73%	4.07%	24.03%	-14.68%	24.84%
IAK iShares U.S. Insurance ETF	1.11%	9.50%	28.25%	11.28%	11.33%	26.84%	-2.86%	25.94%	-11.48%	14.18%

Correlation

The correlation between IEV and IAK is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since May 5, 2006	0.62

Over the past year, the correlation between IEV and IAK has dropped to 0.22 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

IEV vs. IAK - Sectors Allocation Comparison

Sectors	IEV	IAK
Financial Services	23.6%	99.4%
Industrials	18.7%	-
Healthcare	12.4%	0.6%
Technology	9.9%	-
Consumer Defensive	8.5%	-
Consumer Cyclical	6.7%	-
Basic Materials	5.7%	-
Energy	5.2%	-
Utilities	4.6%	-
Communication Services	3.4%	-
Real Estate	0.6%	-

Return for Risk

IEV vs. IAK — Risk / Return Rank

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

IEV

IEV Risk / Return Rank: 35
IEV Sharpe Ratio Rank: 35
IEV Sortino Ratio Rank: 35
IEV Omega Ratio Rank: 33
IEV Calmar Ratio Rank: 33
IEV Martin Ratio Rank: 38

IAK

IAK Risk / Return Rank: 15
IAK Sharpe Ratio Rank: 14
IAK Sortino Ratio Rank: 13
IAK Omega Ratio Rank: 13
IAK Calmar Ratio Rank: 17
IAK Martin Ratio Rank: 16

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.

IEV vs. IAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Europe ETF (IEV) and iShares U.S. Insurance ETF (IAK). 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.

	IEV	IAK	Difference
Sharpe ratio: Return per unit of total volatility	1.10	0.29	+0.81
Sortino ratio: Return per unit of downside risk	1.64	0.50	+1.14
Omega ratio: Gain probability vs. loss probability	1.20	1.06	+0.14
Calmar ratio: Return relative to maximum drawdown	1.44	0.57	+0.87
Martin ratio: Return relative to average drawdown	5.27	1.27	+4.00

IEV vs. IAK - Sharpe Ratio Comparison

The current IEV Sharpe Ratio is 1.10, which is higher than the IAK Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of IEV and IAK, 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

IEV vs. IAK - Drawdown Comparison

The maximum IEV drawdown since its inception was -63.27%, smaller than the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for IEV and IAK.

Drawdown Indicators

	IEV	IAK	Difference
Max Drawdown Largest peak-to-trough decline	-63.27%	-77.38%	+14.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.31%	-7.62%	-4.69%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-11.58%	-3.05%
Max Drawdown (5Y) Largest decline over 5 years	-30.60%	-14.76%	-15.84%
Max Drawdown (10Y) Largest decline over 10 years	-36.62%	-44.95%	+8.33%
Current Drawdown Current decline from peak	-0.66%	-0.23%	-0.43%
Average Drawdown Average peak-to-trough decline	-15.03%	-16.11%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	3.41%	-0.02%

Volatility

IEV vs. IAK - Volatility Comparison

iShares Europe ETF (IEV) has a higher volatility of 5.78% compared to iShares U.S. Insurance ETF (IAK) at 5.49%. This indicates that IEV's price experiences larger fluctuations and is considered to be riskier than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEV	IAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	5.49%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	13.54%	10.75%	+2.79%
Volatility (1Y) Calculated over the trailing 1-year period	16.13%	15.10%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	18.14%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.66%	20.92%	-2.26%

IEV vs. IAK - Expense Ratio Comparison

IEV has a 0.59% expense ratio, which is higher than IAK's 0.43% expense ratio.

Dividends

IEV vs. IAK - Dividend Comparison

IEV's dividend yield for the trailing twelve months is around 2.54%, less than IAK's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAK iShares U.S. Insurance ETF	2.60%	1.69%	1.49%	1.44%	1.69%	2.26%	2.07%	1.84%	2.33%	1.62%	1.68%	1.62%
IEV iShares Europe ETF	2.54%	2.73%	3.10%	2.77%	3.06%	2.81%	1.76%	3.06%	3.43%	2.39%	3.08%	2.81%

Frequently Asked Questions

Can I hold both IEV and IAK in my portfolio?

IEV and IAK 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.

Which is riskier, IEV or IAK?

IEV has higher volatility (5.78%) compared to IAK (5.49%). In terms of maximum drawdown, IEV dropped -63.27% vs IAK's -77.38%.

Which ETF is better, IEV or IAK?

On 10-year performance, IAK leads with 12.67% vs 10.08% for IEV. On fees, IAK is cheaper at 0.43% per year. On volatility, IAK has been the lower-risk option at 5.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEV or IAK?

Over the 10-year period, IAK has performed better with a 12.67% return vs 10.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEV or IAK?

IAK is cheaper with a 0.43% expense ratio, compared with 0.59% for IEV.

Which ETF pays a higher dividend yield, IEV or IAK?

IAK has the higher dividend yield at 2.60%, compared with 2.54% for IEV.

What is the main difference between IEV and IAK?

IEV is categorized as Europe Equities, while IAK is Financials Equities. IEV tracks S&P Europe 350 Index, while IAK tracks Dow Jones U.S. Select Insurance Index. Their fees differ too: 0.59% for IEV and 0.43% for IAK.

Which has better risk-adjusted returns?

IEV currently has the higher Sharpe Ratio (1.10 vs 0.29), 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.