IEZ vs. IEO

Last updated Aug 2, 2026

IEZ (iShares U.S. Oil Equipment & Services ETF) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both Energy Equities funds from iShares - IEZ tracks the Dow Jones U.S. Select Oil Equipment & Services Index while IEO tracks the Dow Jones U.S. Select Oil Exploration & Production Index. Both are passively managed. Over the past 10 years, IEZ returned -0.93%/yr vs 11.48%/yr for IEO. Their correlation of 0.86 means they have usually moved in the same direction. IEZ charges 0.42%/yr vs 0.38%/yr for IEO.

Performance

IEZ vs. IEO - 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 U.S. Oil & Gas Exploration & Production ETF (IEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEZ achieves a 33.61% return, which is significantly lower than IEO's 42.54% return. Over the past 10 years, IEZ has underperformed IEO with an annualized return of -0.93%, while IEO has yielded a comparatively higher 11.48% 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%

IEO

• 1D: 1.37%
• 1M: 14.08%
• 6M: 29.47%
• YTD: 42.54%
• 1Y: 47.44%
• 3Y*: 12.66%
• 5Y*: 23.53%
• 10Y*: 11.48%
• ALL TIME*: 6.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IEO iShares U.S. Oil & Gas Exploration & Production ETF	$7.85M	$6.98M	$8.74M
IEZ iShares U.S. Oil Equipment & Services ETF	$3.08M	$5.63M	$14.82M

IEZ vs. IEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
IEO iShares U.S. Oil & Gas Exploration & Production ETF	42.54%	2.15%	-1.45%	3.57%	57.82%	75.57%	-32.77%	9.63%	-19.44%	0.33%

Correlation

The correlation between IEZ and IEO is 0.62, 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.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since May 5, 2006	0.86

Over the past year, the correlation between IEZ and IEO has dropped to 0.62 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

IEZ vs. IEO - Sectors Allocation Comparison

Sectors	IEZ	IEO
Energy	99.1%	99.1%
Utilities	1.0%	-
Industrials	0.9%	1.0%
Basic Materials	-	0.9%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

IEZ vs. IEO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IEZ

IEZ Risk / Return Rank: 77
IEZ Sharpe Ratio Rank: 84
IEZ Sortino Ratio Rank: 79
IEZ Omega Ratio Rank: 76
IEZ Calmar Ratio Rank: 77
IEZ Martin Ratio Rank: 69

IEO

IEO Risk / Return Rank: 67
IEO Sharpe Ratio Rank: 74
IEO Sortino Ratio Rank: 66
IEO Omega Ratio Rank: 64
IEO Calmar Ratio Rank: 75
IEO Martin Ratio Rank: 56

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. IEO - 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 U.S. Oil & Gas Exploration & Production ETF (IEO). 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	IEO	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.67	+0.28
Sortino ratio: Return per unit of downside risk	2.56	2.18	+0.38
Omega ratio: Gain probability vs. loss probability	1.32	1.27	+0.05
Calmar ratio: Return relative to maximum drawdown	2.75	2.64	+0.11
Martin ratio: Return relative to average drawdown	8.44	6.61	+1.83

IEZ vs. IEO - Sharpe Ratio Comparison

The current IEZ Sharpe Ratio is 1.94, which is comparable to the IEO Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of IEZ and IEO, 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. IEO - Drawdown Comparison

The maximum IEZ drawdown since its inception was -92.52%, which is greater than IEO's maximum drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for IEZ and IEO.

Drawdown Indicators

	IEZ	IEO	Difference
Max Drawdown Largest peak-to-trough decline	-92.52%	-79.17%	-13.35%
Max Drawdown (1Y) Largest decline over 1 year	-20.34%	-16.32%	-4.02%
Max Drawdown (3Y) Largest decline over 3 years	-40.25%	-31.46%	-8.79%
Max Drawdown (5Y) Largest decline over 5 years	-40.25%	-31.46%	-8.79%
Max Drawdown (10Y) Largest decline over 10 years	-88.29%	-75.00%	-13.29%
Current Drawdown Current decline from peak	-55.90%	-1.83%	-54.07%
Average Drawdown Average peak-to-trough decline	-48.31%	-26.14%	-22.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.63%	6.54%	+0.09%

Volatility

IEZ vs. IEO - Volatility Comparison

iShares U.S. Oil Equipment & Services ETF (IEZ) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO) have volatilities of 7.82% and 7.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEZ	IEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.82%	7.46%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	20.66%	20.47%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	28.78%	25.90%	+2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.96%	30.27%	+5.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.44%	34.91%	+6.53%

IEZ vs. IEO - Expense Ratio Comparison

IEZ has a 0.42% expense ratio, which is higher than IEO's 0.38% expense ratio.

Dividends

IEZ vs. IEO - Dividend Comparison

IEZ's dividend yield for the trailing twelve months is around 1.24%, less than IEO's 1.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEO iShares U.S. Oil & Gas Exploration & Production ETF	1.85%	2.61%	2.63%	3.00%	3.77%	2.62%	3.17%	1.85%	1.67%	0.94%	0.98%	2.03%
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 IEO in my portfolio?

IEZ and IEO have a correlation of 0.62, 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 IEO?

IEZ has higher volatility (7.82%) compared to IEO (7.46%). In terms of maximum drawdown, IEZ dropped -92.52% vs IEO's -79.17%.

Which ETF is better, IEZ or IEO?

On 10-year performance, IEO leads with 11.48% vs -0.93% for IEZ. On fees, IEO is cheaper at 0.38% per year. On volatility, IEO has been the lower-risk option at 7.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEZ or IEO?

Over the 10-year period, IEO has performed better with a 11.48% return vs -0.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEZ or IEO?

IEO is cheaper with a 0.38% expense ratio, compared with 0.42% for IEZ.

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

IEO has the higher dividend yield at 1.85%, compared with 1.24% for IEZ.

What is the main difference between IEZ and IEO?

IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index, while IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index. Their fees differ too: 0.42% for IEZ and 0.38% for IEO.

Which has better risk-adjusted returns?

IEZ currently has the higher Sharpe Ratio (1.94 vs 1.67), 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.