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HEZU vs. RFEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEZU vs. RFEU

Last updated Aug 4, 2026
Documentation

HEZU (iShares Currency Hedged MSCI Eurozone ETF) and RFEU (First Trust RiverFront Dynamic Europe ETF) are both Europe Equities funds. HEZU is passively managed, while RFEU is actively managed. Over the past 10 years, HEZU returned 12.50%/yr vs 7.22%/yr for RFEU. Their 0.72 correlation means they have sometimes moved together and sometimes differently. HEZU charges 0.52%/yr vs 0.83%/yr for RFEU.

Performance

HEZU vs. RFEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Eurozone ETF (HEZU) and First Trust RiverFront Dynamic Europe ETF (RFEU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HEZU achieves a 15.20% return, which is significantly higher than RFEU's 1.50% return. Over the past 10 years, HEZU has outperformed RFEU with an annualized return of 12.50%, while RFEU has yielded a comparatively lower 7.22% annualized return.

HEZU

1D
1.29%
1M
0.86%
6M
9.83%
YTD
15.20%
1Y
28.69%
3Y*
19.41%
5Y*
13.05%
10Y*
12.50%
ALL TIME*
11.05%

RFEU

1D
0.00%
1M
0.00%
6M
0.00%
YTD
1.50%
1Y
15.37%
3Y*
11.66%
5Y*
2.74%
10Y*
7.22%
ALL TIME*
7.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

HEZU

iShares Currency Hedged MSCI Eurozone ETF
$807.52K$1.37M$1.59M

RFEU

First Trust RiverFront Dynamic Europe ETF
$0.00$0.00$0.00

HEZU vs. RFEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEZU
iShares Currency Hedged MSCI Eurozone ETF		15.20%25.93%10.63%22.98%-9.54%23.51%0.52%29.48%-10.23%14.26%
RFEU
First Trust RiverFront Dynamic Europe ETF		1.50%30.78%-1.78%16.19%-24.17%22.83%6.25%23.21%-17.57%26.58%

Correlation

The correlation between HEZU and RFEU is 0.42, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.42

Correlation (3Y)
Balances recent behavior with more history.

0.62

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.68

Correlation (10Y)
Provides a long-term view across more market conditions.

0.71

Correlation (All Time)
Calculated using the full available price history since Apr 14, 2016

0.72

Over the past year, the correlation between HEZU and RFEU has dropped to 0.42 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

HEZU vs. RFEU - Sectors Allocation Comparison

Sectors
HEZU
RFEU

Financial Services

24.7%
18.9%

Industrials

20.5%
15.4%

Technology

16.8%
12.5%

Consumer Cyclical

7.9%
10.6%

Utilities

6.5%
6.4%

Healthcare

5.8%
13.3%

Consumer Defensive

5.5%
9.3%

Communication Services

3.9%
3.8%

Basic Materials

3.9%
1.2%

Energy

3.5%
8.7%

Real Estate

0.8%

-

Financial Services

HEZU
24.7%
RFEU
18.9%

Industrials

HEZU
20.5%
RFEU
15.4%

Technology

HEZU
16.8%
RFEU
12.5%

Consumer Cyclical

HEZU
7.9%
RFEU
10.6%

Utilities

HEZU
6.5%
RFEU
6.4%

Healthcare

HEZU
5.8%
RFEU
13.3%

Consumer Defensive

HEZU
5.5%
RFEU
9.3%

Communication Services

HEZU
3.9%
RFEU
3.8%

Basic Materials

HEZU
3.9%
RFEU
1.2%

Energy

HEZU
3.5%
RFEU
8.7%

Real Estate

HEZU
0.8%
RFEU

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Currency Hedged MSCI Eurozone ETF

First Trust RiverFront Dynamic Europe ETF

Often compared with HEZU:
HEZU vs. EZUHEZU vs. HEDJHEZU vs. HEFAHEZU vs. HSCZHEZU vs. BCIHEZU vs. KBAHEZU vs. EWT
Often compared with RFEU:
RFEU vs. FDDRFEU vs. SPMORFEU vs. ONEQRFEU vs. HEDJRFEU vs. VTAPXRFEU vs. VEUR.LRFEU vs. IEV

Return for Risk

HEZU vs. RFEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
HEZU
HEZU Risk / Return Rank: 7777
Overall Rank
HEZU Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
HEZU Sortino Ratio Rank: 7878
Sortino Ratio Rank
HEZU Omega Ratio Rank: 7777
Omega Ratio Rank
HEZU Calmar Ratio Rank: 7373
Calmar Ratio Rank
HEZU Martin Ratio Rank: 7777
Martin Ratio Rank
RFEU
RFEU Risk / Return Rank: 9292
Overall Rank
RFEU Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
RFEU Sortino Ratio Rank: 9393
Sortino Ratio Rank
RFEU Omega Ratio Rank: 9696
Omega Ratio Rank
RFEU Calmar Ratio Rank: 8585
Calmar Ratio Rank
RFEU Martin Ratio Rank: 9393
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HEZU vs. RFEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Eurozone ETF (HEZU) and First Trust RiverFront Dynamic Europe ETF (RFEU). 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.

HEZURFEUDifference
Sharpe ratioReturn per unit of total volatility
1.85
2.42

-0.58

Sortino ratioReturn per unit of downside risk
2.64
3.68

-1.05

Omega ratioGain probability vs. loss probability

1.33

1.67

-0.34

Calmar ratioReturn relative to maximum drawdown

2.63

3.51

-0.88

Martin ratioReturn relative to average drawdown

10.27

17.19

-6.92

HEZU vs. RFEU - Sharpe Ratio Comparison

The current HEZU Sharpe Ratio is 1.85, which is comparable to the RFEU Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of HEZU and RFEU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

HEZU vs. RFEU - Drawdown Comparison

The maximum HEZU drawdown since its inception was -38.80%, roughly equal to the maximum RFEU drawdown of -39.74%. Use the drawdown chart below to compare losses from any high point for HEZU and RFEU.

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Drawdown Indicators

HEZURFEUDifference

Max Drawdown

Largest peak-to-trough decline

-38.80%

-39.74%

+0.94%

Max Drawdown (1Y)

Largest decline over 1 year

-10.95%

-4.83%

-6.12%

Max Drawdown (3Y)

Largest decline over 3 years

-14.83%

-13.48%

-1.35%

Max Drawdown (5Y)

Largest decline over 5 years

-22.79%

-35.92%

+13.13%

Max Drawdown (10Y)

Largest decline over 10 years

-38.80%

-39.74%

+0.94%

Current Drawdown

Current decline from peak

0.00%

-0.11%

+0.11%

Average Drawdown

Average peak-to-trough decline

-5.77%

-9.47%

+3.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.80%

1.30%

+1.50%

Volatility

HEZU vs. RFEU - Volatility Comparison

iShares Currency Hedged MSCI Eurozone ETF (HEZU) has a higher volatility of 4.35% compared to First Trust RiverFront Dynamic Europe ETF (RFEU) at 0.00%. This indicates that HEZU's price experiences larger fluctuations and is considered to be riskier than RFEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEZURFEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.35%

0.00%

+4.35%

Volatility (6M)

Calculated over the trailing 6-month period

13.52%

1.26%

+12.26%

Volatility (1Y)

Calculated over the trailing 1-year period

15.65%

7.02%

+8.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.62%

16.67%

-0.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.15%

17.43%

+0.72%

HEZU vs. RFEU - Expense Ratio Comparison

HEZU has a 0.52% expense ratio, which is lower than RFEU's 0.83% expense ratio.

Dividends

HEZU vs. RFEU - Dividend Comparison

HEZU's dividend yield for the trailing twelve months is around 2.54%, more than RFEU's 1.37% yield.

PositionTTM20252024202320222021202020192018201720162015
HEZU
iShares Currency Hedged MSCI Eurozone ETF		2.54%2.92%2.77%2.52%23.26%2.25%2.32%5.40%3.48%1.92%3.11%2.68%
RFEU
First Trust RiverFront Dynamic Europe ETF		1.37%2.87%5.45%3.37%4.98%1.82%2.32%3.08%2.84%1.35%3.16%0.00%

Frequently Asked Questions

HEZU and RFEU have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HEZU has higher volatility (4.35%) compared to RFEU (0.00%). In terms of maximum drawdown, HEZU dropped -38.80% vs RFEU's -39.74%.

On 10-year performance, HEZU leads with 12.50% vs 7.22% for RFEU. On fees, HEZU is cheaper at 0.52% per year. On volatility, RFEU has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HEZU has performed better with a 12.50% return vs 7.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HEZU is cheaper with a 0.52% expense ratio, compared with 0.83% for RFEU.

HEZU has the higher dividend yield at 2.54%, compared with 1.37% for RFEU.

They also come from different issuers: iShares and First Trust. Their fees differ too: 0.52% for HEZU and 0.83% for RFEU.

RFEU currently has the higher Sharpe Ratio (2.42 vs 1.85), 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.

Portfolio Optimizer

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