HEEM vs. RSBY

Last updated Jul 18, 2026

HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) and RSBY (Return Stacked Bonds & Futures Yield ETF) are both exchange-traded funds - HEEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets 100% USD Hedged Index, while RSBY is a Multistrategy fund actively managed by Return Stacked. HEEM is passively managed, while RSBY is actively managed. Over the past year, HEEM returned 38.27% vs 18.06% for RSBY. At a correlation of -0.26, they often move in opposite directions. HEEM charges 0.72%/yr vs 0.98%/yr for RSBY.

Performance

HEEM vs. RSBY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and Return Stacked Bonds & Futures Yield ETF (RSBY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HEEM having a 18.57% return and RSBY slightly higher at 19.39%.

HEEM

• 1D: -0.70%
• 1M: -7.25%
• 6M: 11.58%
• YTD: 18.57%
• 1Y: 38.27%
• 3Y*: 21.93%
• 5Y*: 8.93%
• 10Y*: 9.87%

RSBY

• 1D: 0.32%
• 1M: 1.01%
• 6M: 19.51%
• YTD: 19.39%
• 1Y: 18.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEEM vs. RSBY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HEEM iShares Currency Hedged MSCI Emerging Markets ETF	18.57%	34.02%	1.64%
RSBY Return Stacked Bonds & Futures Yield ETF	19.39%	-12.98%	-7.79%

Correlation

The correlation between HEEM and RSBY is -0.22, 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 (1Y) Calculated over the trailing 1-year period	-0.22
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.26

Return for Risk

HEEM vs. RSBY — Risk / Return Rank

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

HEEM

HEEM Risk / Return Rank: 73
HEEM Sharpe Ratio Rank: 70
HEEM Sortino Ratio Rank: 63
HEEM Omega Ratio Rank: 74
HEEM Calmar Ratio Rank: 83
HEEM Martin Ratio Rank: 77

RSBY

RSBY Risk / Return Rank: 56
RSBY Sharpe Ratio Rank: 61
RSBY Sortino Ratio Rank: 63
RSBY Omega Ratio Rank: 56
RSBY Calmar Ratio Rank: 58
RSBY Martin Ratio Rank: 42

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.

HEEM vs. RSBY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and Return Stacked Bonds & Futures Yield ETF (RSBY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HEEM	RSBY	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.59	+0.17
Sortino ratio: Return per unit of downside risk	2.32	2.30	+0.02
Omega ratio: Gain probability vs. loss probability	1.34	1.27	+0.07
Calmar ratio: Return relative to maximum drawdown	3.49	2.28	+1.21
Martin ratio: Return relative to average drawdown	11.17	5.30	+5.87

HEEM vs. RSBY - Sharpe Ratio Comparison

The current HEEM Sharpe Ratio is 1.76, which is comparable to the RSBY Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of HEEM and RSBY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HEEM vs. RSBY - Drawdown Comparison

The maximum HEEM drawdown since its inception was -33.53%, which is greater than RSBY's maximum drawdown of -23.32%. Use the drawdown chart below to compare losses from any high point for HEEM and RSBY.

Drawdown Indicators

	HEEM	RSBY	Difference
Max Drawdown Largest peak-to-trough decline	-33.53%	-23.32%	-10.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.02%	-7.95%	-3.07%
Max Drawdown (3Y) Largest decline over 3 years	-14.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.53%	—	—
Current Drawdown Current decline from peak	-11.02%	-5.76%	-5.26%
Average Drawdown Average peak-to-trough decline	-11.08%	-13.27%	+2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	3.42%	+0.02%

Volatility

HEEM vs. RSBY - Volatility Comparison

iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) has a higher volatility of 10.34% compared to Return Stacked Bonds & Futures Yield ETF (RSBY) at 3.18%. This indicates that HEEM's price experiences larger fluctuations and is considered to be riskier than RSBY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEEM	RSBY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.34%	3.18%	+7.16%
Volatility (6M) Calculated over the trailing 6-month period	19.92%	8.39%	+11.53%
Volatility (1Y) Calculated over the trailing 1-year period	21.84%	11.40%	+10.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.92%	13.33%	+4.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	13.33%	+4.98%

HEEM vs. RSBY - Expense Ratio Comparison

HEEM has a 0.72% expense ratio, which is lower than RSBY's 0.98% expense ratio.

Dividends

HEEM vs. RSBY - Dividend Comparison

HEEM's dividend yield for the trailing twelve months is around 3.24%, more than RSBY's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEEM iShares Currency Hedged MSCI Emerging Markets ETF	3.24%	3.98%	2.38%	2.75%	7.49%	1.93%	1.49%	3.04%	2.37%	2.05%	1.84%	6.28%
RSBY Return Stacked Bonds & Futures Yield ETF	1.73%	2.07%	2.29%	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 HEEM and RSBY in my portfolio?

HEEM and RSBY have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEEM or RSBY?

HEEM has higher volatility (10.34%) compared to RSBY (3.18%). In terms of maximum drawdown, HEEM dropped -33.53% vs RSBY's -23.32%.

Which ETF is better, HEEM or RSBY?

On 1-year performance, HEEM leads with 38.27% vs 18.06% for RSBY. On fees, HEEM is cheaper at 0.72% per year. On volatility, RSBY has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEEM or RSBY?

Over the 1-year period, HEEM has performed better with a 38.27% return vs 18.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEEM or RSBY?

HEEM is cheaper with a 0.72% expense ratio, compared with 0.98% for RSBY.

Which ETF pays a higher dividend yield, HEEM or RSBY?

HEEM has the higher dividend yield at 3.24%, compared with 1.73% for RSBY.

What is the main difference between HEEM and RSBY?

HEEM is categorized as Emerging Markets Diversified, while RSBY is Multistrategy. They also come from different issuers: iShares and Return Stacked. Their fees differ too: 0.72% for HEEM and 0.98% for RSBY.

Which has better risk-adjusted returns?

HEEM currently has the higher Sharpe Ratio (1.76 vs 1.59), 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.