At a glance
IEZ charges 0.37% a year, below the 0.41% average of the 4 funds most like it (the 4th cheapest of 5). It has $376.8M in assets, the 3rd largest of that group; it paid 1.16% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +43.4% with distributions reinvested (S&P 500: +11.5%), 4th of those 5 funds; over three years it returned +9.6% a year. At its worst it fell 69.8% in the 2020 crash (S&P 500: 33.7%) and 36.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months and 1 month after the lows. Its ten largest positions make up 73.0% of the fund, out of 31 in all.
The short version
The iShares U.S. Oil Equipment & Services ETF (IEZ) is a BlackRock index fund. It tracks the Dow Jones U.S. Select Oil Equipment & Services Index: companies that drill wells, supply oilfield gear and build offshore platforms. It is highly concentrated, with Baker Hughes and SLB making up about 43% of assets as of June 30, 2026. Its 0.37% expense ratio is a little above the 0.35% charged by OIH and XES.
Price history
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IEZ +43.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IEZ official prospectus, to Dec 31, 2025 | — | +7.57% | — | +14.65% | -3.56% | — |
| S And P Total Market Index index, same period | — | +17.05% | — | +13.07% | +14.22% | — |
| Dow Jones U S Select Oil Equipment And Services Index index, same period | — | +7.94% | — | +15.12% | -3.22% | — |
| IEZ price data to Oct 27, 2026 | +37.7% | +43.4% | +9.6% | +15.8% | -1.4% | -1.7% |
- Over the year to Oct 27, 2026, IEZ returned +43.4%, 4th of 5 among similar funds.
- Its 5-year annualized return was +15.8% and its 10-year -1.4%.
- In the 2020 COVID crash it fell 69.8% and regained its old high 14.5 months after the low.
- Its worst full calendar year was 2008 (-58.7%); its best was 2022 (+65.8%).
- The deepest fall in its price history was 92.5% (Jun 30, 2014 to Mar 18, 2020), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +37.7% | — |
| 2025 | +7.5% | +7.57% |
| 2024 | -8.1% | -8.23% |
| 2023 | +4.4% | +4.47% |
| 2022 | +65.8% | +65.77% |
| 2021 | +15.9% | +15.89% |
| 2020 | -42.9% | -42.87% |
| 2019 | +1.8% | +1.88% |
| 2018 | -42.4% | -42.49% |
| 2017 | -18.2% | -18.20% |
| 2016 | +28.4% | +28.35% |
| 2015 | -26.9% | — |
| 2014 | -21.9% | — |
| 2013 | +28.1% | — |
| 2012 | -1.1% | — |
| 2011 | -7.6% | — |
| 2010 | +31.8% | — |
| 2009 | +63.6% | — |
| 2008 | -58.7% | — |
| 2007 | +42.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 64.4% over that stretch · deepest drop along the way 72.2%, back to its old high 63.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 67.4% over that stretch · deepest drop along the way 69.8%, back to its old high 14.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 20.9% over that stretch · deepest drop along the way 36.6%, back to its old high 1.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2500 | |
| 2025 | $0.3800 | +8.6% |
| 2024 | $0.3500 | +66.7% |
| 2023 | $0.2100 | +40.0% |
| 2022 | $0.1500 | 0.0% |
| 2021 | $0.1500 | -37.5% |
| 2020 | $0.2400 | -47.8% |
| 2019 | $0.4600 | +21.1% |
| 2018 | $0.3800 | -69.0% |
| 2017 | $1.2260 | +196.9% |
| 2016 | $0.4130 | -51.8% |
| 2015 | $0.8570 | +2.1% |
| 2014 | $0.8390 | +72.6% |
| 2013 | $0.4860 | +50.0% |
| 2012 | $0.3240 | +96.4% |
| 2011 | $0.1650 | -41.1% |
| 2010 | $0.2800 | -10.0% |
| 2009 | $0.3110 | +293.7% |
| 2008 | $0.0790 | -11.2% |
| 2007 | $0.0890 |
What's inside
As of Jun 30, 2026, the fund held 31 securities; the ten largest made up 73.01% of assets. It also reported 5.26% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| BAKER HUGHES COMPANY | 22.14% | |
| SLB N.V. | 21.06% | |
| TECHNIPFMC PLC | 4.77% | |
| HALLIBURTON COMPANY | 4.30% | |
| KODIAK GAS SERVICES, INC. | 4.17% | |
| ARCHROCK INC. | 4.04% | |
| NOV INC. | 3.77% | |
| WEATHERFORD INTERNATIONAL PUBLIC LIMITED COMPANY | 3.32% | |
| Transocean Ltd. | 2.78% | |
| NOBLE CORPORATION PLC | 2.66% | |
| Valaris Limited | 2.65% | |
| SOLARIS ENERGY INFRASTRUCTURE, INC. | 2.50% | |
| LIBERTY ENERGY INC. | 2.42% | |
| OCEANEERING INTERNATIONAL, INC. | 2.29% | |
| CACTUS, INC. | 2.01% |
By country
United States 59.62%Curaçao 21.06%United Kingdom 7.43%Bermuda 4.69%Ireland 3.32%By asset type
Stocks 99.74%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $13.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.33%, -6.73%, -10.16%.
How it works
IEZ, an iShares fund from BlackRock, aims to track the Dow Jones U.S. Select Oil Equipment & Services Index before fees. S&P Dow Jones Indices, not BlackRock, builds the index and decides which stocks are in it and how much each one weighs. The index covers companies that supply equipment or services to oil fields and offshore platforms, such as drilling, exploration, seismic information and platform construction. Large, mid-size and small companies can qualify, and the lineup changes over time.
BlackRock uses "representative sampling." This means the fund may not own every stock in the index. Instead, it can hold a mix chosen to match the index's size, industry and risk traits. Under normal conditions, at least 80% of net assets stay in index stocks. The fund may also hold cash, money market funds, stocks outside the index and derivatives (contracts whose value follows other assets). It may lend securities worth up to one-third of its total assets. It does not move into defensive positions, even in falling markets.
The portfolio is narrow and top-heavy. As of June 30, 2026, the fund had 31 holdings, and the 10 largest made up 73% of assets. Baker Hughes (22.1%) and SLB (21.1%) were far bigger than the next largest, TechnipFMC (4.8%) and Halliburton (4.3%). The fund is "non-diversified," which means it can put more money into a few companies than a typical fund.
What it really costs
- IEZ charges 0.37% a year, versus an average of 0.41% for the similar funds below (4th of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $38 in the first year and $468 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IEZ | $38 | $119 | $208 | $468 |
In a retirement portfolio
IEZ is a concentrated, single-industry fund that has lost more than 70% of its value twice, so it fits better as a small add-on than as a foundation.
IEZ adds targeted exposure to oilfield services, but its history shows deep and lasting losses. It fell 72% from June 2008 to March 2009 and took about 64 months to recover. It dropped 70% in early 2020 and recovered by June 2021. While the broad market fell from January to October 2022, IEZ gained about 21%, though it still slid 37% between June and September. Its worst calendar year was 2008, at −58.7%. Its deepest drop, 92.5% from June 2014 to March 2020, had not been recovered as of October 27, 2026. Anyone forced to sell in a bad year could lock in heavy losses. The trailing yield was 1.16% as of October 27, 2026, paid quarterly. On $10,000, the SEC's standard example puts costs at $468 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, targeted position in oilfield service firms such as Baker Hughes, SLB and Halliburton alongside a broadly diversified portfolio.
- People comfortable with sharp swings: three-year volatility was about 31%, and the fund once fell 92.5% from its 2014 peak.
- Those who prefer a BlackRock index fund for this niche at 0.37%, below the 0.41% average of similar funds.
Look elsewhere if
- Retirees who need dependable income: the trailing yield was just 1.16% as of October 27, 2026, paid quarterly.
- Cost-focused investors: OIH and XES charge 0.35%, and PSCE charges 0.29%, compared with IEZ's 0.37%.
- Long-term holders who expect steady growth: IEZ returned −3.56% a year over 10 years to December 31, 2025, versus 14.22% for the S&P Total Market Index.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IEZ this fund | — | 0.37% | $376.8M | +43.4% | +9.6% |
| OIH VanEck Oil Services ETF | 75% | 0.35% | $1.99B | +50.0% | +9.7% |
| XES SPDR S&P Oil & Gas Equipment & Services ETF | 61% | 0.35% | $467.3M | +44.9% | +10.0% |
| PXJ Invesco Oil & Gas Services ETF | 43% | 0.66% | $61.6M | +64.3% | +19.4% |
| PSCE Invesco S&P SmallCap Energy ETF | 28% | 0.29% | $109.9M | +42.4% | +5.5% |
Questions investors ask
Is IEZ good for retirement?
IEZ is a high-risk, single-industry fund, so it fits better as a small satellite position than a core holding. It fell 72% in the 2008 crisis and 70% in early 2020. Its 92.5% drop from June 2014 to March 2020 had not been recovered as of October 27, 2026. Over the 10 years to December 31, 2025, it returned −3.56% a year, while the broad S&P Total Market Index returned 14.22%.
What's the difference between IEZ and OIH?
They are close cousins. Both hold oilfield service stocks, and their latest holdings reports overlap by about 75%. VanEck's OIH charges 0.35%, compared with 0.37% for IEZ. OIH is also much larger, with about $1.99 billion in net assets against IEZ's $376.8 million as of June 30, 2026. Over one year to October 27, 2026, OIH returned 50% and IEZ 43.4%. Their three-year annualized returns were nearly identical, at 9.7% and 9.6%.
Does IEZ pay dividends?
Yes. IEZ pays dividends quarterly, passing along income from the companies it owns. Over the 12 months to October 27, 2026, it paid about $0.33 per share, a yield of 1.16%. That is a modest yield. Dividends from cyclical energy companies can change from year to year, so the fund is better seen as a way to own an industry than as a dependable source of income.
What are IEZ's top holdings?
As of June 30, 2026, the two largest holdings were Baker Hughes at 22.1% and SLB at 21.1%, together about 43% of the fund. Next came TechnipFMC (4.8%), Halliburton (4.3%), Kodiak Gas Services (4.2%), Archrock (4.0%) and NOV (3.8%). The top 10 holdings made up 73% of assets across 31 companies. Results therefore depend heavily on a few firms.
What is IEZ's expense ratio?
IEZ's expense ratio is 0.37% a year, according to its prospectus filed July 27, 2026. In the SEC's standard example ($10,000 invested, 5% annual return), costs come to about $38 after one year, $208 after five years and $468 after 10 years. That is below the 0.41% average of similar funds. OIH and XES charge 0.35%, and Invesco's PXJ charges 0.66%.