IEZ vs. HAP

Last updated Jun 4, 2026

IEZ (iShares U.S. Oil Equipment & Services ETF) and HAP (VanEck Natural Resources ETF) are both Energy Equities funds - IEZ tracks the Dow Jones U.S. Select Oil Equipment & Services Index while HAP tracks the MarketVector Global Natural Resources Index. Both are passively managed. Over the past 10 years, IEZ returned -0.13%/yr vs 11.99%/yr for HAP. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.42% expense ratio.

Performance

IEZ vs. HAP - Performance Comparison

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

Returns By Period

In the year-to-date period, IEZ achieves a 47.84% return, which is significantly higher than HAP's 21.49% return. Over the past 10 years, IEZ has underperformed HAP with an annualized return of -0.13%, while HAP has yielded a comparatively higher 11.99% annualized return.

IEZ

• 1D: 0.03%
• 1M: -3.54%
• YTD: 47.84%
• 6M: 42.02%
• 1Y: 85.10%
• 3Y*: 19.17%
• 5Y*: 13.91%
• 10Y*: -0.13%

HAP

• 1D: -0.36%
• 1M: 0.64%
• YTD: 21.49%
• 6M: 23.70%
• 1Y: 46.66%
• 3Y*: 18.93%
• 5Y*: 11.51%
• 10Y*: 11.99%

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

IEZ vs. HAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEZ iShares U.S. Oil Equipment & Services ETF	47.84%	7.51%	-8.15%	4.43%	65.73%	15.98%	-42.98%	1.82%	-42.47%	-18.18%
HAP VanEck Natural Resources ETF	21.49%	34.91%	-4.08%	2.46%	7.84%	25.04%	6.30%	18.60%	-10.68%	17.12%

Correlation

The correlation between IEZ and HAP is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Sep 4, 2008	0.77

The correlation between IEZ and HAP shifts across timeframes, from 0.60 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

IEZ vs. HAP - Sectors Allocation Comparison

Sectors	IEZ	HAP
Energy	98.8%	32.3%
Utilities	1.0%	9.8%
Industrials	0.6%	10.2%
Basic Materials	-	36.7%
Communication Services	-	-
Consumer Cyclical	-	0.2%
Consumer Defensive	-	6.5%
Financial Services	-	-
Healthcare	-	2.8%
Real Estate	-	0.4%
Technology	-	0.9%

Return for Risk

IEZ vs. HAP — Risk / Return Rank

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

IEZ

IEZ Risk / Return Rank: 87
IEZ Sharpe Ratio Rank: 88
IEZ Sortino Ratio Rank: 82
IEZ Omega Ratio Rank: 77
IEZ Calmar Ratio Rank: 95
IEZ Martin Ratio Rank: 92

HAP

HAP Risk / Return Rank: 89
HAP Sharpe Ratio Rank: 90
HAP Sortino Ratio Rank: 87
HAP Omega Ratio Rank: 88
HAP Calmar Ratio Rank: 90
HAP Martin Ratio Rank: 92

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. HAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Oil Equipment & Services ETF (IEZ) and VanEck Natural Resources ETF (HAP). 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.

	IEZ	HAP	Difference
Sharpe ratio: Return per unit of total volatility	3.00	3.14	-0.14
Sortino ratio: Return per unit of downside risk	3.71	4.01	-0.30
Omega ratio: Gain probability vs. loss probability	1.46	1.56	-0.10
Calmar ratio: Return relative to maximum drawdown	8.29	5.65	+2.65
Martin ratio: Return relative to average drawdown	22.60	23.05	-0.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEZ vs. HAP - Sharpe Ratio Comparison

The current IEZ Sharpe Ratio is 3.00, which is comparable to the HAP Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of IEZ and HAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IEZ	HAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	3.14	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.63	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.00	0.61	-0.61
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.26	-0.30

Drawdowns

IEZ vs. HAP - Drawdown Comparison

The maximum IEZ drawdown since its inception was -92.52%, which is greater than HAP's maximum drawdown of -50.73%. Use the drawdown chart below to compare losses from any high point for IEZ and HAP.

Drawdown Indicators

	IEZ	HAP	Difference
Max Drawdown Largest peak-to-trough decline	-92.52%	-50.73%	-41.79%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-8.31%	-2.01%
Max Drawdown (3Y) Largest decline over 3 years	-40.25%	-16.92%	-23.33%
Max Drawdown (5Y) Largest decline over 5 years	-40.25%	-25.66%	-14.59%
Max Drawdown (10Y) Largest decline over 10 years	-88.29%	-44.07%	-44.22%
Current Drawdown Current decline from peak	-51.21%	-1.95%	-49.26%
Average Drawdown Average peak-to-trough decline	-48.26%	-12.03%	-36.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	2.03%	+1.75%

Volatility

IEZ vs. HAP - Volatility Comparison

iShares U.S. Oil Equipment & Services ETF (IEZ) has a higher volatility of 7.95% compared to VanEck Natural Resources ETF (HAP) at 4.37%. This indicates that IEZ's price experiences larger fluctuations and is considered to be riskier than HAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEZ	HAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	4.37%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	20.11%	12.24%	+7.87%
Volatility (1Y) Calculated over the trailing 1-year period	28.62%	14.91%	+13.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.35%	18.24%	+18.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.56%	19.74%	+21.82%

IEZ vs. HAP - Expense Ratio Comparison

Both IEZ and HAP have an expense ratio of 0.42%.

Dividends

IEZ vs. HAP - Dividend Comparison

IEZ's dividend yield for the trailing twelve months is around 1.18%, less than HAP's 1.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAP VanEck Natural Resources ETF	1.87%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%
IEZ iShares U.S. Oil Equipment & Services ETF	1.18%	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

Can I hold both IEZ and HAP in my portfolio?

IEZ and HAP 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.

Which is riskier, IEZ or HAP?

IEZ has higher volatility (7.95%) compared to HAP (4.37%). In terms of maximum drawdown, IEZ dropped -92.52% vs HAP's -50.73%.

Which ETF is better, IEZ or HAP?

On 10-year performance, HAP leads with 11.99% vs -0.13% for IEZ. Both ETFs have the same 0.42% expense ratio. On volatility, HAP has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEZ or HAP?

Over the 10-year period, HAP has performed better with a 11.99% return vs -0.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEZ or HAP?

IEZ and HAP have the same expense ratio: 0.42% per year.

Which ETF pays a higher dividend yield, IEZ or HAP?

HAP has the higher dividend yield at 1.87%, compared with 1.18% for IEZ.

What is the main difference between IEZ and HAP?

IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index, while HAP tracks MarketVector Global Natural Resources Index. They also come from different issuers: iShares and VanEck.

Which has better risk-adjusted returns?

HAP currently has the higher Sharpe Ratio (3.14 vs 3.00), 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.