IEZ vs. IDEF

Last updated Jul 15, 2026

IEZ (iShares U.S. Oil Equipment & Services ETF) and IDEF (iShares Defense Industrials Active ETF) are both exchange-traded funds - IEZ is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Equipment & Services Index, while IDEF is a Aerospace & Defense fund actively managed by iShares. IEZ is passively managed, while IDEF is actively managed. Over the past year, IEZ returned 56.95% vs 10.21% for IDEF. At a 0.17 correlation, their price movements are largely independent. IEZ charges 0.42%/yr vs 0.55%/yr for IDEF.

Performance

IEZ vs. IDEF - Performance Comparison

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

Returns By Period

In the year-to-date period, IEZ achieves a 33.37% return, which is significantly higher than IDEF's 2.41% return.

IEZ

• 1D: 0.65%
• 1M: -9.29%
• 6M: 19.36%
• YTD: 33.37%
• 1Y: 56.95%
• 3Y*: 9.02%
• 5Y*: 16.63%
• 10Y*: -1.66%

IDEF

• 1D: 0.29%
• 1M: -2.31%
• 6M: -10.49%
• YTD: 2.41%
• 1Y: 10.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IEZ vs. IDEF - Yearly Performance Comparison

	2026 (YTD)	2025
IEZ iShares U.S. Oil Equipment & Services ETF	33.37%	27.16%
IDEF iShares Defense Industrials Active ETF	2.41%	21.50%

Correlation

The correlation between IEZ and IDEF is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since May 21, 2025	0.17

IEZ vs. IDEF - Sectors Allocation Comparison

Sectors	IEZ	IDEF
Energy	99.3%	1.5%
Utilities	1.0%	0.5%
Industrials	0.7%	84.8%
Basic Materials	-	1.6%
Communication Services	-	0.2%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.1%
Healthcare	-	-
Real Estate	-	-
Technology	-	11.4%

Return for Risk

IEZ vs. IDEF — Risk / Return Rank

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

IEZ

IEZ Risk / Return Rank: 72
IEZ Sharpe Ratio Rank: 78
IEZ Sortino Ratio Rank: 73
IEZ Omega Ratio Rank: 68
IEZ Calmar Ratio Rank: 70
IEZ Martin Ratio Rank: 69

IDEF

IDEF Risk / Return Rank: 18
IDEF Sharpe Ratio Rank: 18
IDEF Sortino Ratio Rank: 18
IDEF Omega Ratio Rank: 17
IDEF Calmar Ratio Rank: 19
IDEF Martin Ratio Rank: 18

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. IDEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Oil Equipment & Services ETF (IEZ) and iShares Defense Industrials Active ETF (IDEF). 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.

	IEZ	IDEF	Difference
Sharpe ratio: Return per unit of total volatility	1.96	0.46	+1.50
Sortino ratio: Return per unit of downside risk	2.61	0.81	+1.79
Omega ratio: Gain probability vs. loss probability	1.32	1.09	+0.23
Calmar ratio: Return relative to maximum drawdown	2.81	0.65	+2.16
Martin ratio: Return relative to average drawdown	9.82	1.46	+8.37

IEZ vs. IDEF - Sharpe Ratio Comparison

The current IEZ Sharpe Ratio is 1.96, which is higher than the IDEF Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of IEZ and IDEF, 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

IEZ vs. IDEF - Drawdown Comparison

The maximum IEZ drawdown since its inception was -92.52%, which is greater than IDEF's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for IEZ and IDEF.

Drawdown Indicators

	IEZ	IDEF	Difference
Max Drawdown Largest peak-to-trough decline	-92.52%	-15.69%	-76.83%
Max Drawdown (1Y) Largest decline over 1 year	-20.34%	-15.69%	-4.65%
Max Drawdown (3Y) Largest decline over 3 years	-40.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-40.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-88.29%	—	—
Current Drawdown Current decline from peak	-55.98%	-14.26%	-41.72%
Average Drawdown Average peak-to-trough decline	-48.29%	-4.73%	-43.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.84%	7.02%	-1.18%

Volatility

IEZ vs. IDEF - Volatility Comparison

iShares U.S. Oil Equipment & Services ETF (IEZ) has a higher volatility of 8.82% compared to iShares Defense Industrials Active ETF (IDEF) at 6.44%. This indicates that IEZ's price experiences larger fluctuations and is considered to be riskier than IDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEZ	IDEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.82%	6.44%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	20.73%	18.58%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	29.34%	22.50%	+6.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.14%	21.64%	+14.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.45%	21.64%	+19.81%

IEZ vs. IDEF - Expense Ratio Comparison

IEZ has a 0.42% expense ratio, which is lower than IDEF's 0.55% expense ratio.

Dividends

IEZ vs. IDEF - Dividend Comparison

IEZ's dividend yield for the trailing twelve months is around 1.24%, more than IDEF's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IDEF iShares Defense Industrials Active ETF	0.34%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both IEZ and IDEF in my portfolio?

IEZ and IDEF have a correlation of 0.20, 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 IDEF?

IEZ has higher volatility (8.82%) compared to IDEF (6.44%). In terms of maximum drawdown, IEZ dropped -92.52% vs IDEF's -15.69%.

Which ETF is better, IEZ or IDEF?

On 1-year performance, IEZ leads with 56.95% vs 10.21% for IDEF. On fees, IEZ is cheaper at 0.42% per year. On volatility, IDEF has been the lower-risk option at 6.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEZ or IDEF?

Over the 1-year period, IEZ has performed better with a 56.95% return vs 10.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEZ or IDEF?

IEZ is cheaper with a 0.42% expense ratio, compared with 0.55% for IDEF.

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

IEZ has the higher dividend yield at 1.24%, compared with 0.34% for IDEF.

What is the main difference between IEZ and IDEF?

IEZ is categorized as Energy Equities, while IDEF is Aerospace & Defense. Their fees differ too: 0.42% for IEZ and 0.55% for IDEF.

Which has better risk-adjusted returns?

IEZ currently has the higher Sharpe Ratio (1.96 vs 0.46), 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.