SPYA vs. IEO
SPYA (Twin Oak Endure ETF) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both exchange-traded funds - SPYA is a Equity Hedged fund actively managed by Twin Oak, while IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index. SPYA is actively managed, while IEO is passively managed. Over the past year, SPYA returned 17.32% vs 39.72% for IEO. At a correlation of -0.10, they often move in opposite directions. SPYA charges 0.49%/yr vs 0.42%/yr for IEO.
Performance
SPYA vs. IEO - Performance Comparison
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Returns By Period
In the year-to-date period, SPYA achieves a 5.79% return, which is significantly lower than IEO's 30.74% return.
SPYA
- 1D
- -2.44%
- 1M
- 0.54%
- YTD
- 5.79%
- 6M
- 5.38%
- 1Y
- 17.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IEO
- 1D
- -2.60%
- 1M
- -0.38%
- YTD
- 30.74%
- 6M
- 22.30%
- 1Y
- 39.72%
- 3Y*
- 14.92%
- 5Y*
- 18.27%
- 10Y*
- 9.53%
SPYA vs. IEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPYA Twin Oak Endure ETF | 5.79% | 11.69% |
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 30.74% | 4.10% |
Correlation
The correlation between SPYA and IEO is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025 | -0.10 |
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Return for Risk
SPYA vs. IEO — Risk / Return Rank
SPYA
IEO
SPYA vs. IEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Twin Oak Endure ETF (SPYA) 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.
| SPYA | IEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.26 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 2.79 | -0.96 |
| Martin ratioReturn relative to average drawdown | 7.18 | 7.47 | -0.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPYA | IEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.53 | 1.59 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.60 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.27 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.59 | 0.16 | +1.43 |
Drawdowns
SPYA vs. IEO - Drawdown Comparison
The maximum SPYA drawdown since its inception was -9.51%, smaller than the maximum IEO drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for SPYA and IEO.
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Drawdown Indicators
| SPYA | IEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.51% | -79.17% | +69.66% |
Max Drawdown (1Y)Largest decline over 1 year | -9.51% | -14.30% | +4.79% |
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 DrawdownCurrent decline from peak | -2.74% | -9.95% | +7.21% |
Average DrawdownAverage peak-to-trough decline | -1.45% | -26.27% | +24.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 5.33% | -2.91% |
Volatility
SPYA vs. IEO - Volatility Comparison
The current volatility for Twin Oak Endure ETF (SPYA) is 3.66%, while iShares U.S. Oil & Gas Exploration & Production ETF (IEO) has a volatility of 7.99%. This indicates that SPYA 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.
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Volatility by Period
| SPYA | IEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.66% | 7.99% | -4.33% |
Volatility (6M)Calculated over the trailing 6-month period | 8.88% | 19.88% | -11.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.38% | 25.13% | -13.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.39% | 30.55% | -19.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.39% | 35.00% | -23.61% |
SPYA vs. IEO - Expense Ratio Comparison
SPYA has a 0.49% expense ratio, which is higher than IEO's 0.42% expense ratio.
Dividends
SPYA vs. IEO - Dividend Comparison
SPYA's dividend yield for the trailing twelve months is around 0.35%, less than IEO's 2.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 2.02% | 2.61% | 2.63% | 3.00% | 3.77% | 2.62% | 3.17% | 1.85% | 1.67% | 0.94% | 0.98% | 2.03% |
SPYA Twin Oak Endure ETF | 0.35% | 0.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPYA and IEO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEO has higher volatility (7.99%) compared to SPYA (3.66%). In terms of maximum drawdown, SPYA dropped -9.51% vs IEO's -79.17%.
On 1-year performance, IEO leads with 39.72% vs 17.32% for SPYA. On fees, IEO is cheaper at 0.42% per year. On volatility, SPYA has been the lower-risk option at 3.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IEO has performed better with a 39.72% return vs 17.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEO is cheaper with a 0.42% expense ratio, compared with 0.49% for SPYA.
IEO has the higher dividend yield at 2.02%, compared with 0.35% for SPYA.
SPYA is categorized as Equity Hedged, while IEO is Energy Equities. They also come from different issuers: Twin Oak and iShares. Their fees differ too: 0.49% for SPYA and 0.42% for IEO.
IEO currently has the higher Sharpe Ratio (1.59 vs 1.53), 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.
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