A blend and a process for producing that blend in which a high ethylene content ethylene-propylene polymer and a lower ethylene content ethylene-propylene polymer are subjected to simultaneous blending and shearing to reduce their molecular weights and molecular weight distribution. The sheared blend of polymers can function as a shear stable dispersant viscosity index improver with improved lower temperature properties or the hydrocarbon base for multifunctional for viscosity index improvers, motor fuel additives or polymeric dispersants.