WTIU vs. IEO

Last updated Jun 4, 2026

WTIU (MicroSectors Energy 3X Leveraged ETN) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both exchange-traded funds - WTIU is a Leveraged Equities fund tracking the Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%), while IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index. Both are passively managed. Over the past 3 years, WTIU returned 5.93%/yr vs 16.01%/yr for IEO. With a 0.97 correlation, they move nearly in lockstep. WTIU charges 0.95%/yr vs 0.42%/yr for IEO.

Performance

WTIU vs. IEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Energy 3X Leveraged ETN (WTIU) 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, WTIU achieves a 91.57% return, which is significantly higher than IEO's 34.59% return.

WTIU

• 1D: 4.02%
• 1M: -7.74%
• YTD: 91.57%
• 6M: 66.33%
• 1Y: 103.25%
• 3Y*: 5.93%
• 5Y*: —
• 10Y*: —

IEO

• 1D: 1.66%
• 1M: -3.23%
• YTD: 34.59%
• 6M: 26.42%
• 1Y: 40.11%
• 3Y*: 16.01%
• 5Y*: 18.96%
• 10Y*: 10.42%

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

WTIU vs. IEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WTIU MicroSectors Energy 3X Leveraged ETN	91.57%	-17.13%	-29.63%	-28.42%
IEO iShares U.S. Oil & Gas Exploration & Production ETF	34.59%	2.15%	-1.45%	4.25%

Correlation

The correlation between WTIU and IEO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 16, 2023	0.97

The correlation between WTIU and IEO has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

WTIU vs. IEO - Sectors Allocation Comparison

Sectors	WTIU	IEO
Energy	100.0%	99.3%
Basic Materials	-	0.7%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

WTIU vs. IEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WTIU

WTIU Risk / Return Rank: 43
WTIU Sharpe Ratio Rank: 43
WTIU Sortino Ratio Rank: 38
WTIU Omega Ratio Rank: 37
WTIU Calmar Ratio Rank: 54
WTIU Martin Ratio Rank: 41

IEO

IEO Risk / Return Rank: 45
IEO Sharpe Ratio Rank: 45
IEO Sortino Ratio Rank: 41
IEO Omega Ratio Rank: 40
IEO Calmar Ratio Rank: 56
IEO 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.

WTIU vs. IEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Energy 3X Leveraged ETN (WTIU) 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.

	WTIU	IEO	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.61	-0.06
Sortino ratio: Return per unit of downside risk	2.00	2.12	-0.12
Omega ratio: Gain probability vs. loss probability	1.25	1.26	-0.01
Calmar ratio: Return relative to maximum drawdown	2.65	2.82	-0.16
Martin ratio: Return relative to average drawdown	6.55	7.63	-1.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WTIU vs. IEO - Sharpe Ratio Comparison

The current WTIU Sharpe Ratio is 1.54, which is comparable to the IEO Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of WTIU 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.

Sharpe Ratios by Period

	WTIU	IEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	1.61	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.62	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.17	-0.26

Drawdowns

WTIU vs. IEO - Drawdown Comparison

The maximum WTIU drawdown since its inception was -75.73%, roughly equal to the maximum IEO drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for WTIU and IEO.

Drawdown Indicators

	WTIU	IEO	Difference
Max Drawdown Largest peak-to-trough decline	-75.73%	-79.17%	+3.44%
Max Drawdown (1Y) Largest decline over 1 year	-39.11%	-14.30%	-24.81%
Max Drawdown (3Y) Largest decline over 3 years	-75.73%	-31.46%	-44.27%
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	-32.10%	-7.30%	-24.80%
Average Drawdown Average peak-to-trough decline	-39.19%	-26.27%	-12.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.83%	5.28%	+10.55%

Volatility

WTIU vs. IEO - Volatility Comparison

MicroSectors Energy 3X Leveraged ETN (WTIU) has a higher volatility of 27.06% compared to iShares U.S. Oil & Gas Exploration & Production ETF (IEO) at 9.32%. This indicates that WTIU'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

	WTIU	IEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.06%	9.32%	+17.74%
Volatility (6M) Calculated over the trailing 6-month period	54.98%	19.86%	+35.12%
Volatility (1Y) Calculated over the trailing 1-year period	67.51%	25.15%	+42.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.62%	30.54%	+40.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.62%	35.00%	+35.62%

WTIU vs. IEO - Expense Ratio Comparison

WTIU has a 0.95% expense ratio, which is higher than IEO's 0.42% expense ratio.

Dividends

WTIU vs. IEO - Dividend Comparison

WTIU has not paid dividends to shareholders, while IEO's dividend yield for the trailing twelve months is around 1.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEO iShares U.S. Oil & Gas Exploration & Production ETF	1.97%	2.61%	2.63%	3.00%	3.77%	2.62%	3.17%	1.85%	1.67%	0.94%	0.98%	2.03%
WTIU MicroSectors Energy 3X Leveraged ETN	0.00%	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 WTIU and IEO in my portfolio?

With a correlation of 0.97, WTIU and IEO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, WTIU or IEO?

WTIU has higher volatility (27.06%) compared to IEO (9.32%). In terms of maximum drawdown, WTIU dropped -75.73% vs IEO's -79.17%.

Which ETF is better, WTIU or IEO?

On 3-year performance, IEO leads with 16.01% vs 5.93% for WTIU. On fees, IEO is cheaper at 0.42% per year. On volatility, IEO has been the lower-risk option at 9.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WTIU or IEO?

Over the 3-year period, IEO has performed better with a 16.01% return vs 5.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WTIU or IEO?

IEO is cheaper with a 0.42% expense ratio, compared with 0.95% for WTIU.

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

IEO has the higher dividend yield at 1.97%, compared with 0.00% for WTIU.

What is the main difference between WTIU and IEO?

WTIU is categorized as Leveraged Equities, while IEO is Energy Equities. WTIU tracks Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%), while IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index. They also come from different issuers: REX and iShares. Their fees differ too: 0.95% for WTIU and 0.42% for IEO.

Which has better risk-adjusted returns?

IEO currently has the higher Sharpe Ratio (1.61 vs 1.54), 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.