XDEF vs. IEO

Last updated Jun 4, 2026

XDEF (Xtrackers Europe Defense Technologies ETF) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both exchange-traded funds - XDEF is a Aerospace & Defense fund tracking the STOXX Europe Total Market Defence, Space and Cybersecurity Innovation 50-25 Index, while IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index. Both are passively managed. At a correlation of -0.38, they often move in opposite directions. XDEF charges 0.35%/yr vs 0.42%/yr for IEO.

Performance

XDEF vs. IEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Europe Defense Technologies ETF (XDEF) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XDEF

• 1D: -2.06%
• 1M: -2.01%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 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)

XDEF vs. IEO - Yearly Performance Comparison

	2026 (YTD)
XDEF Xtrackers Europe Defense Technologies ETF	-99.17%
IEO iShares U.S. Oil & Gas Exploration & Production ETF	31.96%

Correlation

The correlation between XDEF and IEO is -0.38, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 5, 2026	-0.38

Return for Risk

XDEF vs. IEO — Risk / Return Rank

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

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.

XDEF vs. IEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Europe Defense Technologies ETF (XDEF) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XDEF	IEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.61	—
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	-0.64	0.17	-0.81

Drawdowns

XDEF vs. IEO - Drawdown Comparison

The maximum XDEF drawdown since its inception was -99.30%, which is greater than IEO's maximum drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for XDEF and IEO.

Drawdown Indicators

	XDEF	IEO	Difference
Max Drawdown Largest peak-to-trough decline	-99.30%	-79.17%	-20.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.30%	—
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	-99.26%	-7.30%	-91.96%
Average Drawdown Average peak-to-trough decline	-70.45%	-26.27%	-44.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.28%	—

Volatility

Volatility by Period

	XDEF	IEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.32%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	157.63%	25.15%	+132.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	157.63%	30.54%	+127.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	157.63%	35.00%	+122.63%

XDEF vs. IEO - Expense Ratio Comparison

XDEF has a 0.35% expense ratio, which is lower than IEO's 0.42% expense ratio.

Dividends

XDEF vs. IEO - Dividend Comparison

XDEF 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%
XDEF Xtrackers Europe Defense Technologies ETF	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 XDEF and IEO in my portfolio?

XDEF and IEO 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 ETF is better, XDEF or IEO?

On fees, XDEF is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XDEF or IEO?

XDEF is cheaper with a 0.35% expense ratio, compared with 0.42% for IEO.

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

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

What is the main difference between XDEF and IEO?

XDEF is categorized as Aerospace & Defense, while IEO is Energy Equities. XDEF tracks STOXX Europe Total Market Defence, Space and Cybersecurity Innovation 50-25 Index, while IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.35% for XDEF and 0.42% for IEO.