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IEZ vs. FCG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEZ vs. FCG

Last updated Jun 24, 2026

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 ISE-Revere Natural Gas Index. Both are passively managed. Over the past 10 years, IEZ returned -1.46%/yr vs 3.91%/yr for FCG. Their correlation of 0.84 suggests significant overlap in exposure. IEZ charges 0.42%/yr vs 0.60%/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.

Loading charts...

Returns By Period

In the year-to-date period, IEZ achieves a 33.32% return, which is significantly higher than FCG's 17.54% return. Over the past 10 years, IEZ has underperformed FCG with an annualized return of -1.46%, while FCG has yielded a comparatively higher 3.91% annualized return.

IEZ

1D
-0.72%
1M
-12.99%
YTD
33.32%
6M
33.77%
1Y
64.80%
3Y*
15.70%
5Y*
12.80%
10Y*
-1.46%

FCG

1D
0.26%
1M
-9.72%
YTD
17.54%
6M
17.54%
1Y
16.99%
3Y*
10.20%
5Y*
13.77%
10Y*
3.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEZ vs. FCG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEZ
iShares U.S. Oil Equipment & Services ETF		33.32%7.51%-8.15%4.43%65.73%15.98%-42.98%1.82%-42.47%-18.18%
FCG
First Trust Natural Gas ETF		17.54%-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 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.63

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

0.75

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

0.82

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

0.83

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

0.84

Over the past year, the correlation between IEZ and FCG has dropped to 0.63 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

IEZ vs. FCG - Sectors Allocation Comparison

Sectors
IEZ
FCG

Energy

99.3%
99.0%

Utilities

1.0%

-

Industrials

0.7%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

1.0%

Energy

IEZ
99.3%
FCG
99.0%

Utilities

IEZ
1.0%
FCG

-

Industrials

IEZ
0.7%
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
1.0%

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. IEOIEZ vs. IBBQIEZ 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 risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEZ
IEZ Risk / Return Rank: 7474
Overall Rank
IEZ Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
IEZ Sortino Ratio Rank: 6767
Sortino Ratio Rank
IEZ Omega Ratio Rank: 6363
Omega Ratio Rank
IEZ Calmar Ratio Rank: 8484
Calmar Ratio Rank
IEZ Martin Ratio Rank: 8181
Martin Ratio Rank
FCG
FCG Risk / Return Rank: 2020
Overall Rank
FCG Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
FCG Sortino Ratio Rank: 1919
Sortino Ratio Rank
FCG Omega Ratio Rank: 1818
Omega Ratio Rank
FCG Calmar Ratio Rank: 2222
Calmar Ratio Rank
FCG Martin Ratio Rank: 2323
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.

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
2.23
0.63

+1.60

Sortino ratioReturn per unit of downside risk
2.91
0.99

+1.92

Omega ratioGain probability vs. loss probability

1.36

1.12

+0.24

Calmar ratioReturn relative to maximum drawdown

4.35

0.95

+3.40

Martin ratioReturn relative to average drawdown

15.22

2.77

+12.45

IEZ vs. FCG - Sharpe Ratio Comparison

The current IEZ Sharpe Ratio is 2.23, which is higher than the FCG Sharpe Ratio of 0.63. 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

-14.97%

-17.90%

+2.93%

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

-56.00%

-76.30%

+20.30%

Average Drawdown

Average peak-to-trough decline

-48.26%

-65.39%

+17.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.27%

6.16%

-1.89%

Volatility

IEZ vs. FCG - Volatility Comparison

iShares U.S. Oil Equipment & Services ETF (IEZ) has a higher volatility of 9.89% compared to First Trust Natural Gas ETF (FCG) at 9.31%. This indicates that IEZ's price experiences larger fluctuations and is considered to be riskier 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

9.89%

9.31%

+0.58%

Volatility (6M)

Calculated over the trailing 6-month period

20.84%

20.32%

+0.52%

Volatility (1Y)

Calculated over the trailing 1-year period

29.51%

27.29%

+2.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.32%

33.43%

+2.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

41.52%

38.29%

+3.23%

IEZ vs. FCG - Expense Ratio Comparison

IEZ has a 0.42% expense ratio, which is lower than FCG's 0.60% 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 2.33% yield.

PositionTTM20252024202320222021202020192018201720162015
FCG
First Trust Natural Gas ETF		2.33%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 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEZ has higher volatility (9.89%) compared to FCG (9.31%). In terms of maximum drawdown, IEZ dropped -92.52% vs FCG's -97.20%.

On 10-year performance, FCG leads with 3.91% vs -1.46% for IEZ. On fees, IEZ is cheaper at 0.42% per year. On volatility, FCG has been the lower-risk option at 9.31%. 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 3.91% return vs -1.46%. 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 0.60% for FCG.

FCG has the higher dividend yield at 2.33%, compared with 1.24% for IEZ.

IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index, while FCG tracks ISE-Revere Natural Gas Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.42% for IEZ and 0.60% for FCG.

IEZ currently has the higher Sharpe Ratio (2.23 vs 0.63), 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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