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IEZ vs. FCG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEZ vs. FCG

Last updated Aug 2, 2026
Documentation

IEZ (iShares U.S. Oil Equipment & Services ETF) and FCG (First Trust Natural Gas ETF) are both Energy Equities funds - IEZ tracks the Dow Jones U.S. Select Oil Equipment & Services Index while FCG tracks the Nasdaq FactSet Natural Gas Index. Both are passively managed. Over the past 10 years, IEZ returned -0.93%/yr vs 4.86%/yr for FCG. Their correlation of 0.83 means they have usually moved in the same direction. IEZ charges 0.42%/yr vs 0.59%/yr for FCG.

Performance

IEZ vs. FCG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Oil Equipment & Services ETF (IEZ) and First Trust Natural Gas ETF (FCG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEZ achieves a 33.61% return, which is significantly higher than FCG's 26.67% return. Over the past 10 years, IEZ has underperformed FCG with an annualized return of -0.93%, while FCG has yielded a comparatively higher 4.86% annualized return.

IEZ

1D
2.14%
1M
7.27%
6M
9.35%
YTD
33.61%
1Y
61.28%
3Y*
6.89%
5Y*
17.11%
10Y*
-0.93%
ALL TIME*
-1.89%

FCG

1D
1.91%
1M
11.01%
6M
15.79%
YTD
26.67%
1Y
31.20%
3Y*
7.40%
5Y*
19.13%
10Y*
4.86%
ALL TIME*
-4.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FCG

First Trust Natural Gas ETF
$18.46M$17.58M$23.74M

IEZ

iShares U.S. Oil Equipment & Services ETF
$3.08M$5.63M$14.82M

IEZ vs. FCG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEZ
iShares U.S. Oil Equipment & Services ETF		33.61%7.51%-8.15%4.43%65.73%15.98%-42.98%1.82%-42.47%-18.18%
FCG
First Trust Natural Gas ETF		26.67%-2.28%4.16%2.55%47.24%98.49%-23.20%-15.76%-34.81%-11.38%

Correlation

The correlation between IEZ and FCG is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.60

Correlation (3Y)
Balances recent behavior with more history.

0.74

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.81

Correlation (10Y)
Provides a long-term view across more market conditions.

0.83

Correlation (All Time)
Calculated using the full available price history since May 11, 2007

0.83

Over the past year, the correlation between IEZ and FCG has dropped to 0.60 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

IEZ vs. FCG - Sectors Allocation Comparison

Sectors
IEZ
FCG

Energy

99.1%
98.9%

Utilities

1.0%

-

Industrials

0.9%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

1.1%

Energy

IEZ
99.1%
FCG
98.9%

Utilities

IEZ
1.0%
FCG

-

Industrials

IEZ
0.9%
FCG

-

Basic Materials

IEZ

-

FCG

-

Communication Services

IEZ

-

FCG

-

Consumer Cyclical

IEZ

-

FCG

-

Consumer Defensive

IEZ

-

FCG

-

Financial Services

IEZ

-

FCG

-

Healthcare

IEZ

-

FCG

-

Real Estate

IEZ

-

FCG

-

Technology

IEZ

-

FCG
1.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Oil Equipment & Services ETF

First Trust Natural Gas ETF

Often compared with IEZ:
IEZ vs. XESIEZ vs. XOPIEZ vs. EZUIEZ vs. IBBQIEZ vs. IEOIEZ vs. USOIEZ vs. VDE
Often compared with FCG:
FCG vs. UNGFCG vs. XLEFCG vs. UNLFCG vs. IEOFCG vs. PXEFCG vs. UGAFCG vs. FENY

Return for Risk

IEZ vs. FCG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IEZ
IEZ Risk / Return Rank: 7777
Overall Rank
IEZ Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
IEZ Sortino Ratio Rank: 7979
Sortino Ratio Rank
IEZ Omega Ratio Rank: 7676
Omega Ratio Rank
IEZ Calmar Ratio Rank: 7777
Calmar Ratio Rank
IEZ Martin Ratio Rank: 6969
Martin Ratio Rank
FCG
FCG Risk / Return Rank: 3737
Overall Rank
FCG Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
FCG Sortino Ratio Rank: 3737
Sortino Ratio Rank
FCG Omega Ratio Rank: 3636
Omega Ratio Rank
FCG Calmar Ratio Rank: 3939
Calmar Ratio Rank
FCG Martin Ratio Rank: 3535
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IEZ vs. FCG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Oil Equipment & Services ETF (IEZ) and First Trust Natural Gas ETF (FCG). 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.

IEZFCGDifference
Sharpe ratioReturn per unit of total volatility
1.94
0.98

+0.96

Sortino ratioReturn per unit of downside risk
2.56
1.41

+1.15

Omega ratioGain probability vs. loss probability

1.32

1.17

+0.14

Calmar ratioReturn relative to maximum drawdown

2.75

1.38

+1.37

Martin ratioReturn relative to average drawdown

8.44

3.45

+4.99

IEZ vs. FCG - Sharpe Ratio Comparison

The current IEZ Sharpe Ratio is 1.94, which is higher than the FCG Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of IEZ and FCG, 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

IEZ vs. FCG - Drawdown Comparison

The maximum IEZ drawdown since its inception was -92.52%, roughly equal to the maximum FCG drawdown of -97.20%. Use the drawdown chart below to compare losses from any high point for IEZ and FCG.

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Drawdown Indicators

IEZFCGDifference

Max Drawdown

Largest peak-to-trough decline

-92.52%

-97.20%

+4.68%

Max Drawdown (1Y)

Largest decline over 1 year

-20.34%

-19.67%

-0.67%

Max Drawdown (3Y)

Largest decline over 3 years

-40.25%

-29.44%

-10.81%

Max Drawdown (5Y)

Largest decline over 5 years

-40.25%

-33.33%

-6.92%

Max Drawdown (10Y)

Largest decline over 10 years

-88.29%

-85.04%

-3.25%

Current Drawdown

Current decline from peak

-55.90%

-74.46%

+18.56%

Average Drawdown

Average peak-to-trough decline

-48.31%

-65.45%

+17.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.63%

7.87%

-1.24%

Volatility

IEZ vs. FCG - Volatility Comparison

The current volatility for iShares U.S. Oil Equipment & Services ETF (IEZ) is 7.82%, while First Trust Natural Gas ETF (FCG) has a volatility of 8.83%. This indicates that IEZ experiences smaller price fluctuations and is considered to be less risky than FCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEZFCGDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.82%

8.83%

-1.01%

Volatility (6M)

Calculated over the trailing 6-month period

20.66%

21.32%

-0.66%

Volatility (1Y)

Calculated over the trailing 1-year period

28.78%

27.51%

+1.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.96%

33.08%

+2.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

41.44%

38.24%

+3.20%

IEZ vs. FCG - Expense Ratio Comparison

IEZ has a 0.42% expense ratio, which is lower than FCG's 0.59% expense ratio.

Dividends

IEZ vs. FCG - Dividend Comparison

IEZ's dividend yield for the trailing twelve months is around 1.24%, less than FCG's 2.17% yield.

PositionTTM20252024202320222021202020192018201720162015
FCG
First Trust Natural Gas ETF		2.17%2.86%2.76%3.25%3.04%1.73%3.82%2.87%1.46%1.56%1.70%4.79%
IEZ
iShares U.S. Oil Equipment & Services ETF		1.24%1.87%1.76%0.97%0.65%1.20%2.07%2.28%1.81%3.42%0.91%2.40%

Frequently Asked Questions

IEZ and FCG have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FCG has higher volatility (8.83%) compared to IEZ (7.82%). In terms of maximum drawdown, IEZ dropped -92.52% vs FCG's -97.20%.

On 10-year performance, FCG leads with 4.86% vs -0.93% for IEZ. On fees, IEZ is cheaper at 0.42% per year. On volatility, IEZ has been the lower-risk option at 7.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FCG has performed better with a 4.86% return vs -0.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEZ is cheaper with a 0.42% expense ratio, compared with 0.59% for FCG.

FCG has the higher dividend yield at 2.17%, compared with 1.24% for IEZ.

IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index, while FCG tracks Nasdaq FactSet Natural Gas Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.42% for IEZ and 0.59% for FCG.

IEZ currently has the higher Sharpe Ratio (1.94 vs 0.98), 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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