IEZ vs. MDST

Last updated Jun 4, 2026

IEZ (iShares U.S. Oil Equipment & Services ETF) and MDST (Westwood Salient Enhanced Midstream Income ETF) are both Energy Equities funds. IEZ is passively managed, while MDST is actively managed. Over the past year, IEZ returned 85.10% vs 17.62% for MDST. At a 0.49 correlation, their price movements are largely independent. IEZ charges 0.42%/yr vs 0.80%/yr for MDST.

Performance

IEZ vs. MDST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Oil Equipment & Services ETF (IEZ) and Westwood Salient Enhanced Midstream Income ETF (MDST). 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 MDST's 14.94% 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%

MDST

• 1D: 0.14%
• 1M: -0.74%
• YTD: 14.94%
• 6M: 14.77%
• 1Y: 17.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IEZ vs. MDST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IEZ iShares U.S. Oil Equipment & Services ETF	47.84%	7.51%	-17.28%
MDST Westwood Salient Enhanced Midstream Income ETF	14.94%	7.09%	17.29%

Correlation

The correlation between IEZ and MDST is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Apr 10, 2024	0.49

The correlation between IEZ and MDST shifts across timeframes, from 0.36 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

IEZ vs. MDST - Sectors Allocation Comparison

Sectors	IEZ	MDST
Energy	98.8%	100.0%
Utilities	1.0%	-
Industrials	0.6%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

IEZ vs. MDST — 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

MDST

MDST Risk / Return Rank: 44
MDST Sharpe Ratio Rank: 41
MDST Sortino Ratio Rank: 42
MDST Omega Ratio Rank: 41
MDST Calmar Ratio Rank: 53
MDST Martin Ratio Rank: 45

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. MDST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Oil Equipment & Services ETF (IEZ) and Westwood Salient Enhanced Midstream Income ETF (MDST). 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	MDST	Difference
Sharpe ratio: Return per unit of total volatility	3.00	1.47	+1.54
Sortino ratio: Return per unit of downside risk	3.71	2.13	+1.58
Omega ratio: Gain probability vs. loss probability	1.46	1.27	+0.20
Calmar ratio: Return relative to maximum drawdown	8.29	2.63	+5.66
Martin ratio: Return relative to average drawdown	22.60	7.46	+15.14
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. MDST - Sharpe Ratio Comparison

The current IEZ Sharpe Ratio is 3.00, which is higher than the MDST Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of IEZ and MDST, 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	MDST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	1.47	+1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	1.16	-1.20

Drawdowns

IEZ vs. MDST - Drawdown Comparison

The maximum IEZ drawdown since its inception was -92.52%, which is greater than MDST's maximum drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for IEZ and MDST.

Drawdown Indicators

	IEZ	MDST	Difference
Max Drawdown Largest peak-to-trough decline	-92.52%	-14.19%	-78.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-6.74%	-3.58%
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	-51.21%	-3.53%	-47.68%
Average Drawdown Average peak-to-trough decline	-48.26%	-2.17%	-46.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	2.37%	+1.41%

Volatility

IEZ vs. MDST - Volatility Comparison

iShares U.S. Oil Equipment & Services ETF (IEZ) has a higher volatility of 7.95% compared to Westwood Salient Enhanced Midstream Income ETF (MDST) at 4.87%. This indicates that IEZ's price experiences larger fluctuations and is considered to be riskier than MDST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEZ	MDST	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	4.87%	+3.08%
Volatility (6M) Calculated over the trailing 6-month period	20.11%	8.36%	+11.75%
Volatility (1Y) Calculated over the trailing 1-year period	28.62%	12.12%	+16.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.35%	16.11%	+20.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.56%	16.11%	+25.45%

IEZ vs. MDST - Expense Ratio Comparison

IEZ has a 0.42% expense ratio, which is lower than MDST's 0.80% expense ratio.

Dividends

IEZ vs. MDST - Dividend Comparison

IEZ's dividend yield for the trailing twelve months is around 1.18%, less than MDST's 9.33% 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%
MDST Westwood Salient Enhanced Midstream Income ETF	9.33%	10.22%	6.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IEZ and MDST in my portfolio?

IEZ and MDST have a correlation of 0.36, 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 MDST?

IEZ has higher volatility (7.95%) compared to MDST (4.87%). In terms of maximum drawdown, IEZ dropped -92.52% vs MDST's -14.19%.

Which ETF is better, IEZ or MDST?

On 1-year performance, IEZ leads with 85.10% vs 17.62% for MDST. On fees, IEZ is cheaper at 0.42% per year. On volatility, MDST has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEZ or MDST?

Over the 1-year period, IEZ has performed better with a 85.10% return vs 17.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEZ or MDST?

IEZ is cheaper with a 0.42% expense ratio, compared with 0.80% for MDST.

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

MDST has the higher dividend yield at 9.33%, compared with 1.18% for IEZ.

What is the main difference between IEZ and MDST?

They also come from different issuers: iShares and Westwood. Their fees differ too: 0.42% for IEZ and 0.80% for MDST.

Which has better risk-adjusted returns?

IEZ currently has the higher Sharpe Ratio (3.00 vs 1.47), 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.