SHEH vs. IEO

Last updated Jul 30, 2026

SHEH (Shell plc ADRhedged ETF) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both Energy Equities funds - SHEH tracks the Shell plc - Benchmark Price Return while IEO tracks the Dow Jones U.S. Select Oil Exploration & Production Index. Both are passively managed. Over the past year, SHEH returned 23.86% vs 36.16% for IEO. Their 0.70 correlation means they have sometimes moved together and sometimes differently. SHEH charges 0.19%/yr vs 0.38%/yr for IEO.

Performance

SHEH vs. IEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Shell plc ADRhedged ETF (SHEH) 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, SHEH achieves a 22.29% return, which is significantly lower than IEO's 39.03% return.

SHEH

• 1D: 1.98%
• 1M: 13.74%
• 6M: 21.43%
• YTD: 22.29%
• 1Y: 23.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.80%

IEO

• 1D: 2.97%
• 1M: 11.37%
• 6M: 28.78%
• YTD: 39.03%
• 1Y: 36.16%
• 3Y*: 12.14%
• 5Y*: 22.92%
• 10Y*: 10.87%
• ALL TIME*: 6.09%

*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	$8.19M	$7.02M	$8.93M
SHEH Shell plc ADRhedged ETF	$470.58K	$486.89K	$265.20K

SHEH vs. IEO - Yearly Performance Comparison

	2026 (YTD)	2025
SHEH Shell plc ADRhedged ETF	22.29%	12.63%
IEO iShares U.S. Oil & Gas Exploration & Production ETF	39.03%	12.10%

Correlation

The correlation between SHEH and IEO is 0.68, 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.	0.68
Correlation (All Time) Calculated using the full available price history since Apr 23, 2025	0.70

The correlation between SHEH and IEO has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

SHEH vs. IEO - Sectors Allocation Comparison

Sectors	SHEH	IEO
Energy	96.5%	99.1%
Basic Materials	-	0.9%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	1.0%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SHEH vs. IEO — Risk / Return Rank

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

SHEH

SHEH Risk / Return Rank: 45
SHEH Sharpe Ratio Rank: 49
SHEH Sortino Ratio Rank: 48
SHEH Omega Ratio Rank: 47
SHEH Calmar Ratio Rank: 41
SHEH Martin Ratio Rank: 38

IEO

IEO Risk / Return Rank: 56
IEO Sharpe Ratio Rank: 60
IEO Sortino Ratio Rank: 55
IEO Omega Ratio Rank: 53
IEO Calmar Ratio Rank: 64
IEO Martin Ratio Rank: 48

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.

SHEH vs. IEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Shell plc ADRhedged ETF (SHEH) 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.

	SHEH	IEO	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.40	-0.26
Sortino ratio: Return per unit of downside risk	1.64	1.90	-0.26
Omega ratio: Gain probability vs. loss probability	1.20	1.23	-0.03
Calmar ratio: Return relative to maximum drawdown	1.37	2.23	-0.86
Martin ratio: Return relative to average drawdown	3.73	5.52	-1.79

SHEH vs. IEO - Sharpe Ratio Comparison

The current SHEH Sharpe Ratio is 1.15, which is comparable to the IEO Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of SHEH 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

SHEH vs. IEO - Drawdown Comparison

The maximum SHEH drawdown since its inception was -17.53%, smaller than the maximum IEO drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for SHEH and IEO.

Drawdown Indicators

	SHEH	IEO	Difference
Max Drawdown Largest peak-to-trough decline	-17.53%	-79.17%	+61.64%
Max Drawdown (1Y) Largest decline over 1 year	-17.53%	-16.32%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-31.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.00%	—
Current Drawdown Current decline from peak	-5.72%	-4.24%	-1.48%
Average Drawdown Average peak-to-trough decline	-4.14%	-26.15%	+22.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.41%	6.62%	-0.21%

Volatility

SHEH vs. IEO - Volatility Comparison

The current volatility for Shell plc ADRhedged ETF (SHEH) is 6.94%, while iShares U.S. Oil & Gas Exploration & Production ETF (IEO) has a volatility of 7.51%. This indicates that SHEH experiences smaller price fluctuations and is considered to be less risky than IEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHEH	IEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.94%	7.51%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	17.33%	20.47%	-3.14%
Volatility (1Y) Calculated over the trailing 1-year period	20.94%	25.91%	-4.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.54%	30.27%	-9.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	34.93%	-14.39%

SHEH vs. IEO - Expense Ratio Comparison

SHEH has a 0.19% expense ratio, which is lower than IEO's 0.38% expense ratio.

Dividends

SHEH vs. IEO - Dividend Comparison

SHEH's dividend yield for the trailing twelve months is around 1.90%, which matches IEO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEO iShares U.S. Oil & Gas Exploration & Production ETF	1.90%	2.61%	2.63%	3.00%	3.77%	2.62%	3.17%	1.85%	1.67%	0.94%	0.98%	2.03%
SHEH Shell plc ADRhedged ETF	1.90%	0.00%	0.00%	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 SHEH and IEO in my portfolio?

SHEH and IEO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHEH or IEO?

IEO has higher volatility (7.51%) compared to SHEH (6.94%). In terms of maximum drawdown, SHEH dropped -17.53% vs IEO's -79.17%.

Which ETF is better, SHEH or IEO?

On 1-year performance, IEO leads with 36.16% vs 23.86% for SHEH. On fees, SHEH is cheaper at 0.19% per year. On volatility, SHEH has been the lower-risk option at 6.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHEH or IEO?

Over the 1-year period, IEO has performed better with a 36.16% return vs 23.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHEH or IEO?

SHEH is cheaper with a 0.19% expense ratio, compared with 0.38% for IEO.

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

SHEH and IEO have nearly identical dividend yields, around 1.90%.

What is the main difference between SHEH and IEO?

SHEH tracks Shell plc - Benchmark Price Return, while IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index. They also come from different issuers: ADRhedged and iShares. Their fees differ too: 0.19% for SHEH and 0.38% for IEO.

Which has better risk-adjusted returns?

IEO currently has the higher Sharpe Ratio (1.40 vs 1.15), 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.