According to this, in WordPress Answers, Receiving “This content cannot be displayed in a frame” error on login page, WordPress sends a special header
X-Frame-Options: SAMEORIGIN
that prevents clickjacking. And hence, embedding the admin as an iframe.
It is possible to eliminate this header removing a couple of actions from wp-includes/default-filters.php
, but at your own risk.
Someone might register a domain with a very similar name, embed your login as background iframe and log the login credentials when you try to type them in.
Please, read the full Q&A at WPSE.