HEZU vs. RFEU

Last updated Jun 6, 2026

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 11.73%/yr vs 7.15%/yr for RFEU. A 0.73 correlation means they provide meaningful diversification when combined. 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.

Returns By Period

In the year-to-date period, HEZU achieves a 8.75% 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 11.73%, while RFEU has yielded a comparatively lower 7.15% annualized return.

HEZU

• 1D: -1.81%
• 1M: 0.51%
• YTD: 8.75%
• 6M: 10.10%
• 1Y: 18.64%
• 3Y*: 17.31%
• 5Y*: 12.27%
• 10Y*: 11.73%

RFEU

• 1D: 0.00%
• 1M: 0.00%
• YTD: 1.50%
• 6M: 4.12%
• 1Y: 13.19%
• 3Y*: 12.41%
• 5Y*: 3.74%
• 10Y*: 7.15%

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

HEZU vs. RFEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEZU iShares Currency Hedged MSCI Eurozone ETF	8.75%	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 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Apr 15, 2016	0.73

Over the past year, the correlation between HEZU and RFEU has dropped to 0.50 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

HEZU vs. RFEU - Sectors Allocation Comparison

Sectors	HEZU	RFEU
Financial Services	24.4%	18.9%
Industrials	21.2%	15.4%
Technology	14.5%	12.5%
Consumer Cyclical	8.4%	10.6%
Utilities	6.8%	6.4%
Healthcare	5.8%	13.3%
Consumer Defensive	5.6%	9.3%
Energy	4.2%	8.7%
Basic Materials	4.1%	1.2%
Communication Services	4.1%	3.8%
Real Estate	1.0%	-

Return for Risk

HEZU vs. RFEU — Risk / Return Rank

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

HEZU

HEZU Risk / Return Rank: 37
HEZU Sharpe Ratio Rank: 36
HEZU Sortino Ratio Rank: 36
HEZU Omega Ratio Rank: 36
HEZU Calmar Ratio Rank: 36
HEZU Martin Ratio Rank: 43

RFEU

RFEU Risk / Return Rank: 59
RFEU Sharpe Ratio Rank: 52
RFEU Sortino Ratio Rank: 54
RFEU Omega Ratio Rank: 65
RFEU Calmar Ratio Rank: 60
RFEU Martin Ratio Rank: 61

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.

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.

	HEZU	RFEU	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.68	-0.44
Sortino ratio: Return per unit of downside risk	1.82	2.44	-0.62
Omega ratio: Gain probability vs. loss probability	1.23	1.37	-0.14
Calmar ratio: Return relative to maximum drawdown	1.71	2.82	-1.11
Martin ratio: Return relative to average drawdown	6.61	10.32	-3.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEZU vs. RFEU - Sharpe Ratio Comparison

The current HEZU Sharpe Ratio is 1.24, which is comparable to the RFEU Sharpe Ratio of 1.68. 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.

Sharpe Ratios by Period

	HEZU	RFEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.68	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.23	+0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.41	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.41	+0.15

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.

Drawdown Indicators

	HEZU	RFEU	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-39.74%	+0.94%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-5.15%	-5.80%
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	-1.81%	-0.11%	-1.70%
Average Drawdown Average peak-to-trough decline	-5.83%	-9.62%	+3.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	1.35%	+1.48%

Volatility

HEZU vs. RFEU - Volatility Comparison

iShares Currency Hedged MSCI Eurozone ETF (HEZU) has a higher volatility of 4.86% 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.

Volatility by Period

	HEZU	RFEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	0.00%	+4.86%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	4.33%	+8.23%
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	8.66%	+6.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.49%	16.76%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	17.85%	+0.58%

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 2.69%, less than RFEU's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEZU iShares Currency Hedged MSCI Eurozone ETF	2.69%	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	2.83%	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

Can I hold both HEZU and RFEU in my portfolio?

HEZU and RFEU have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEZU or RFEU?

HEZU has higher volatility (4.86%) compared to RFEU (0.00%). In terms of maximum drawdown, HEZU dropped -38.80% vs RFEU's -39.74%.

Which ETF is better, HEZU or RFEU?

On 10-year performance, HEZU leads with 11.73% vs 7.15% 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.

Which ETF has performed better, HEZU or RFEU?

Over the 10-year period, HEZU has performed better with a 11.73% return vs 7.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEZU or RFEU?

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

Which ETF pays a higher dividend yield, HEZU or RFEU?

RFEU has the higher dividend yield at 2.83%, compared with 2.69% for HEZU.

What is the main difference between HEZU and RFEU?

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

Which has better risk-adjusted returns?

RFEU currently has the higher Sharpe Ratio (1.68 vs 1.24), 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.