IEZ vs. IEO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares U.S. Oil Equipment & Services ETF (IEZ) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO).

IEZ and IEO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IEZ is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Select Oil Equipment & Services Index. It was launched on May 5, 2006. IEO is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Select Oil Exploration & Production Index. It was launched on May 5, 2006. Both IEZ and IEO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

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	39.05%	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	40.59%	2.15%	-1.45%	3.57%	57.82%	75.57%	-32.77%	9.63%	-19.44%	0.33%

Returns By Period

The year-to-date returns for both investments are quite close, with IEZ having a 39.05% return and IEO slightly higher at 40.59%. Over the past 10 years, IEZ has underperformed IEO with an annualized return of -0.06%, while IEO has yielded a comparatively higher 12.05% annualized return.

IEZ

• 1D: 0.63%
• 1M: 0.17%
• YTD: 39.05%
• 6M: 51.03%
• 1Y: 51.15%
• 3Y*: 16.17%
• 5Y*: 17.40%
• 10Y*: -0.06%

IEO

• 1D: -1.57%
• 1M: 15.77%
• YTD: 40.59%
• 6M: 36.46%
• 1Y: 35.31%
• 3Y*: 16.25%
• 5Y*: 23.38%
• 10Y*: 12.05%

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

IEZ vs. IEO - Expense Ratio Comparison

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

IEZ

iShares U.S. Oil Equipment & Services ETF

IEO

iShares U.S. Oil & Gas Exploration & Production ETF

Return for Risk

IEZ vs. IEO — 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: 77
IEZ Sortino Ratio Rank: 76
IEZ Omega Ratio Rank: 74
IEZ Calmar Ratio Rank: 78
IEZ Martin Ratio Rank: 58

IEO

IEO Risk / Return Rank: 65
IEO Sharpe Ratio Rank: 68
IEO Sortino Ratio Rank: 65
IEO Omega Ratio Rank: 65
IEO Calmar Ratio Rank: 69
IEO Martin Ratio Rank: 56

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. 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.

	IEZ	IEO	Difference
Sharpe ratio Return per unit of total volatility	1.39	1.16	+0.23
Sortino ratio Return per unit of downside risk	1.88	1.58	+0.30
Omega ratio Gain probability vs. loss probability	1.27	1.23	+0.04
Calmar ratio Return relative to maximum drawdown	2.04	1.70	+0.34
Martin ratio Return relative to average drawdown	5.55	5.28	+0.27
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. IEO - Sharpe Ratio Comparison

The current IEZ Sharpe Ratio is 1.39, which is comparable to the IEO Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of IEZ and IEO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IEZ	IEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.16	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.77	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.00	0.35	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.18	-0.22

Correlation

The correlation between IEZ and IEO is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IEZ vs. IEO - Dividend Comparison

IEZ's dividend yield for the trailing twelve months is around 1.25%, less than IEO's 1.88% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEZ iShares U.S. Oil Equipment & Services ETF	1.25%	1.87%	1.76%	0.97%	0.65%	1.20%	2.07%	2.28%	1.81%	3.42%	0.91%	2.40%
IEO iShares U.S. Oil & Gas Exploration & Production ETF	1.88%	2.61%	2.63%	3.00%	3.77%	2.62%	3.17%	1.85%	1.67%	0.94%	0.98%	2.03%

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	-25.55%	-21.95%	-3.60%
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	-54.11%	-3.17%	-50.94%
Average Drawdown Average peak-to-trough decline	-48.23%	-26.43%	-21.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.37%	7.06%	+2.31%

Volatility

IEZ vs. IEO - Volatility Comparison

iShares U.S. Oil Equipment & Services ETF (IEZ) has a higher volatility of 9.57% compared to iShares U.S. Oil & Gas Exploration & Production ETF (IEO) at 6.23%. This indicates that IEZ's price experiences larger fluctuations and is considered to be riskier than IEO based on this measure. 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	9.57%	6.23%	+3.34%
Volatility (6M) Calculated over the trailing 6-month period	21.26%	17.31%	+3.95%
Volatility (1Y) Calculated over the trailing 1-year period	36.94%	30.50%	+6.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.04%	30.65%	+6.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.67%	34.93%	+6.74%