HEWJ vs. RSBY

Last updated Jul 16, 2026

HEWJ (iShares Currency Hedged MSCI Japan ETF) and RSBY (Return Stacked Bonds & Futures Yield ETF) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while RSBY is a Multistrategy fund actively managed by Return Stacked. HEWJ is passively managed, while RSBY is actively managed. Over the past year, HEWJ returned 53.02% vs 17.98% for RSBY. At a correlation of -0.27, they often move in opposite directions. HEWJ charges 0.49%/yr vs 0.98%/yr for RSBY.

Performance

HEWJ vs. RSBY - Performance Comparison

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

Returns By Period

In the year-to-date period, HEWJ achieves a 22.43% return, which is significantly higher than RSBY's 18.74% return.

HEWJ

• 1D: -0.37%
• 1M: 0.56%
• 6M: 14.64%
• YTD: 22.43%
• 1Y: 53.02%
• 3Y*: 29.39%
• 5Y*: 22.34%
• 10Y*: 16.64%

RSBY

• 1D: 0.72%
• 1M: -0.53%
• 6M: 17.67%
• YTD: 18.74%
• 1Y: 17.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEWJ vs. RSBY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HEWJ iShares Currency Hedged MSCI Japan ETF	22.43%	30.25%	7.20%
RSBY Return Stacked Bonds & Futures Yield ETF	18.74%	-12.98%	-7.79%

Correlation

The correlation between HEWJ and RSBY is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.27

Return for Risk

HEWJ vs. RSBY — Risk / Return Rank

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

HEWJ

HEWJ Risk / Return Rank: 92
HEWJ Sharpe Ratio Rank: 93
HEWJ Sortino Ratio Rank: 91
HEWJ Omega Ratio Rank: 91
HEWJ Calmar Ratio Rank: 93
HEWJ Martin Ratio Rank: 93

RSBY

RSBY Risk / Return Rank: 54
RSBY Sharpe Ratio Rank: 59
RSBY Sortino Ratio Rank: 61
RSBY Omega Ratio Rank: 54
RSBY Calmar Ratio Rank: 56
RSBY Martin Ratio Rank: 41

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.

HEWJ vs. RSBY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) 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.

	HEWJ	RSBY	Difference
Sharpe ratio: Return per unit of total volatility	2.64	1.58	+1.06
Sortino ratio: Return per unit of downside risk	3.47	2.29	+1.17
Omega ratio: Gain probability vs. loss probability	1.47	1.27	+0.20
Calmar ratio: Return relative to maximum drawdown	5.14	2.27	+2.86
Martin ratio: Return relative to average drawdown	19.03	5.30	+13.73

HEWJ vs. RSBY - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.64, which is higher than the RSBY Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of HEWJ 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

HEWJ vs. RSBY - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, which is greater than RSBY's maximum drawdown of -23.32%. Use the drawdown chart below to compare losses from any high point for HEWJ and RSBY.

Drawdown Indicators

	HEWJ	RSBY	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-23.32%	-8.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-7.95%	-2.42%
Max Drawdown (3Y) Largest decline over 3 years	-20.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.90%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.53%	—	—
Current Drawdown Current decline from peak	-3.23%	-6.28%	+3.05%
Average Drawdown Average peak-to-trough decline	-6.58%	-13.32%	+6.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	3.40%	-0.61%

Volatility

HEWJ vs. RSBY - Volatility Comparison

iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 7.68% compared to Return Stacked Bonds & Futures Yield ETF (RSBY) at 3.20%. This indicates that HEWJ'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

	HEWJ	RSBY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.68%	3.20%	+4.48%
Volatility (6M) Calculated over the trailing 6-month period	15.76%	8.40%	+7.36%
Volatility (1Y) Calculated over the trailing 1-year period	20.16%	11.40%	+8.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.33%	13.36%	+5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.46%	13.36%	+6.10%

HEWJ vs. RSBY - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is lower than RSBY's 0.98% expense ratio.

Dividends

HEWJ vs. RSBY - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.06%, more than RSBY's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEWJ iShares Currency Hedged MSCI Japan ETF	4.06%	5.10%	2.20%	2.02%	47.68%	2.03%	1.20%	2.78%	1.37%	1.21%	1.88%	3.25%
RSBY Return Stacked Bonds & Futures Yield ETF	1.74%	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 HEWJ and RSBY in my portfolio?

HEWJ and RSBY have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEWJ or RSBY?

HEWJ has higher volatility (7.68%) compared to RSBY (3.20%). In terms of maximum drawdown, HEWJ dropped -31.53% vs RSBY's -23.32%.

Which ETF is better, HEWJ or RSBY?

On 1-year performance, HEWJ leads with 53.02% vs 17.98% for RSBY. On fees, HEWJ is cheaper at 0.49% per year. On volatility, RSBY has been the lower-risk option at 3.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEWJ or RSBY?

Over the 1-year period, HEWJ has performed better with a 53.02% return vs 17.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEWJ or RSBY?

HEWJ is cheaper with a 0.49% expense ratio, compared with 0.98% for RSBY.

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

HEWJ has the higher dividend yield at 4.06%, compared with 1.74% for RSBY.

What is the main difference between HEWJ and RSBY?

HEWJ is categorized as Japan Equities, while RSBY is Multistrategy. They also come from different issuers: iShares and Return Stacked. Their fees differ too: 0.49% for HEWJ and 0.98% for RSBY.

Which has better risk-adjusted returns?

HEWJ currently has the higher Sharpe Ratio (2.64 vs 1.58), 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.