IEZ vs. IWM

Last updated Jun 4, 2026

IEZ (iShares U.S. Oil Equipment & Services ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - IEZ is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Equipment & Services Index, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, IEZ returned -0.13%/yr vs 10.93%/yr for IWM. A 0.62 correlation means they provide meaningful diversification when combined. IEZ charges 0.42%/yr vs 0.19%/yr for IWM.

Performance

IEZ vs. IWM - 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 Russell 2000 ETF (IWM). 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 IWM's 17.07% return. Over the past 10 years, IEZ has underperformed IWM with an annualized return of -0.13%, while IWM has yielded a comparatively higher 10.93% 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%

IWM

• 1D: -1.37%
• 1M: 3.52%
• YTD: 17.07%
• 6M: 15.83%
• 1Y: 39.10%
• 3Y*: 17.88%
• 5Y*: 6.11%
• 10Y*: 10.93%

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

IEZ vs. IWM - 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%
IWM iShares Russell 2000 ETF	17.07%	12.66%	11.38%	16.83%	-20.48%	14.54%	20.03%	25.39%	-11.12%	14.58%

Correlation

The correlation between IEZ and IWM is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since May 8, 2006	0.62

Over the past year, the correlation between IEZ and IWM has dropped to 0.38 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

IEZ vs. IWM - Sectors Allocation Comparison

Sectors	IEZ	IWM
Energy	98.8%	6.0%
Utilities	1.0%	3.0%
Industrials	0.6%	17.1%
Basic Materials	-	4.5%
Communication Services	-	2.0%
Consumer Cyclical	-	7.8%
Consumer Defensive	-	2.1%
Financial Services	-	15.8%
Healthcare	-	15.8%
Real Estate	-	5.7%
Technology	-	19.5%

Return for Risk

IEZ vs. IWM — 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

IWM

IWM Risk / Return Rank: 62
IWM Sharpe Ratio Rank: 59
IWM Sortino Ratio Rank: 59
IWM Omega Ratio Rank: 53
IWM Calmar Ratio Rank: 70
IWM Martin Ratio Rank: 67

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. IWM - 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 Russell 2000 ETF (IWM). 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	IWM	Difference
Sharpe ratio: Return per unit of total volatility	3.00	2.05	+0.95
Sortino ratio: Return per unit of downside risk	3.71	2.85	+0.86
Omega ratio: Gain probability vs. loss probability	1.46	1.34	+0.13
Calmar ratio: Return relative to maximum drawdown	8.29	3.56	+4.73
Martin ratio: Return relative to average drawdown	22.60	12.64	+9.96
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. IWM - Sharpe Ratio Comparison

The current IEZ Sharpe Ratio is 3.00, which is higher than the IWM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of IEZ and IWM, 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	IWM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	2.05	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.27	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.00	0.48	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.37	-0.40

Drawdowns

IEZ vs. IWM - Drawdown Comparison

The maximum IEZ drawdown since its inception was -92.52%, which is greater than IWM's maximum drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for IEZ and IWM.

Drawdown Indicators

	IEZ	IWM	Difference
Max Drawdown Largest peak-to-trough decline	-92.52%	-59.05%	-33.47%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-11.03%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-40.25%	-27.50%	-12.75%
Max Drawdown (5Y) Largest decline over 5 years	-40.25%	-31.91%	-8.34%
Max Drawdown (10Y) Largest decline over 10 years	-88.29%	-41.13%	-47.16%
Current Drawdown Current decline from peak	-51.21%	-1.49%	-49.72%
Average Drawdown Average peak-to-trough decline	-48.26%	-10.77%	-37.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	3.10%	+0.68%

Volatility

IEZ vs. IWM - Volatility Comparison

iShares U.S. Oil Equipment & Services ETF (IEZ) has a higher volatility of 7.95% compared to iShares Russell 2000 ETF (IWM) at 5.75%. This indicates that IEZ's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEZ	IWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	5.75%	+2.20%
Volatility (6M) Calculated over the trailing 6-month period	20.11%	13.53%	+6.58%
Volatility (1Y) Calculated over the trailing 1-year period	28.62%	19.20%	+9.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.35%	22.52%	+13.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.56%	23.04%	+18.52%

IEZ vs. IWM - Expense Ratio Comparison

IEZ has a 0.42% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

IEZ vs. IWM - Dividend Comparison

IEZ's dividend yield for the trailing twelve months is around 1.18%, more than IWM's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IWM iShares Russell 2000 ETF	0.88%	1.04%	1.15%	1.35%	1.48%	0.94%	1.04%	1.26%	1.40%	1.26%	1.38%	1.54%

Frequently Asked Questions

Can I hold both IEZ and IWM in my portfolio?

IEZ and IWM have a correlation of 0.38, 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 IWM?

IEZ has higher volatility (7.95%) compared to IWM (5.75%). In terms of maximum drawdown, IEZ dropped -92.52% vs IWM's -59.05%.

Which ETF is better, IEZ or IWM?

On 10-year performance, IWM leads with 10.93% vs -0.13% for IEZ. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 5.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEZ or IWM?

Over the 10-year period, IWM has performed better with a 10.93% 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 IWM?

IWM is cheaper with a 0.19% expense ratio, compared with 0.42% for IEZ.

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

IEZ has the higher dividend yield at 1.18%, compared with 0.88% for IWM.

What is the main difference between IEZ and IWM?

IEZ is categorized as Energy Equities, while IWM is Small Cap Blend Equities. IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index, while IWM tracks Russell 2000 Index. Their fees differ too: 0.42% for IEZ and 0.19% for IWM.

Which has better risk-adjusted returns?

IEZ currently has the higher Sharpe Ratio (3.00 vs 2.05), 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.