REBYX vs. IHI

Last updated Jun 5, 2026

REBYX (Russell Investments U.S. Small Cap Equity Fund) and IHI (iShares U.S. Medical Devices ETF) are both funds - REBYX is a Small Cap Blend Equities fund managed by Russell, while IHI is a Health & Biotech Equities fund tracking the Dow Jones U.S. Select Medical Equipment Index. Over the past 10 years, REBYX returned 9.26%/yr vs 8.86%/yr for IHI. A 0.69 correlation means they provide meaningful diversification when combined. REBYX charges 0.90%/yr vs 0.43%/yr for IHI.

Performance

REBYX vs. IHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Russell Investments U.S. Small Cap Equity Fund (REBYX) and iShares U.S. Medical Devices ETF (IHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, REBYX achieves a 16.13% return, which is significantly higher than IHI's -19.70% return. Both investments have delivered pretty close results over the past 10 years, with REBYX having a 9.26% annualized return and IHI not far behind at 8.86%.

REBYX

• 1D: -0.93%
• 1M: 0.99%
• YTD: 16.13%
• 6M: 15.52%
• 1Y: 35.19%
• 3Y*: 14.76%
• 5Y*: 5.99%
• 10Y*: 9.26%

IHI

• 1D: 2.76%
• 1M: 0.16%
• YTD: -19.70%
• 6M: -21.09%
• 1Y: -19.03%
• 3Y*: -2.23%
• 5Y*: -1.96%
• 10Y*: 8.86%

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

REBYX vs. IHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
REBYX Russell Investments U.S. Small Cap Equity Fund	16.13%	8.86%	8.16%	13.81%	-16.14%	26.28%	13.04%	23.74%	-12.22%	2.12%
IHI iShares U.S. Medical Devices ETF	-19.70%	6.88%	8.62%	3.24%	-19.80%	21.03%	24.17%	32.75%	15.45%	30.81%

Correlation

The correlation between REBYX and IHI is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since May 8, 2006	0.69

Over the past year, the correlation between REBYX and IHI has dropped to 0.45 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

Return for Risk

REBYX vs. IHI — Risk / Return Rank

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

REBYX

REBYX Risk / Return Rank: 57
REBYX Sharpe Ratio Rank: 46
REBYX Sortino Ratio Rank: 45
REBYX Omega Ratio Rank: 40
REBYX Calmar Ratio Rank: 83
REBYX Martin Ratio Rank: 69

IHI

IHI Risk / Return Rank: 1
IHI Sharpe Ratio Rank: 1
IHI Sortino Ratio Rank: 1
IHI Omega Ratio Rank: 2
IHI Calmar Ratio Rank: 3
IHI Martin Ratio Rank: 0

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.

REBYX vs. IHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Russell Investments U.S. Small Cap Equity Fund (REBYX) and iShares U.S. Medical Devices ETF (IHI). 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.

	REBYX	IHI	Difference
Sharpe ratio: Return per unit of total volatility	1.97	-1.13	+3.10
Sortino ratio: Return per unit of downside risk	2.84	-1.57	+4.40
Omega ratio: Gain probability vs. loss probability	1.34	0.83	+0.51
Calmar ratio: Return relative to maximum drawdown	3.83	-0.73	+4.57
Martin ratio: Return relative to average drawdown	13.24	-1.85	+15.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REBYX vs. IHI - Sharpe Ratio Comparison

The current REBYX Sharpe Ratio is 1.97, which is higher than the IHI Sharpe Ratio of -1.13. The chart below compares the historical Sharpe Ratios of REBYX and IHI, 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

	REBYX	IHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	-1.13	+3.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	-0.10	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.45	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.47	-0.14

Drawdowns

REBYX vs. IHI - Drawdown Comparison

The maximum REBYX drawdown since its inception was -62.03%, which is greater than IHI's maximum drawdown of -49.65%. Use the drawdown chart below to compare losses from any high point for REBYX and IHI.

Drawdown Indicators

	REBYX	IHI	Difference
Max Drawdown Largest peak-to-trough decline	-62.03%	-49.65%	-12.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-26.11%	+16.95%
Max Drawdown (3Y) Largest decline over 3 years	-32.68%	-26.64%	-6.04%
Max Drawdown (5Y) Largest decline over 5 years	-32.68%	-33.12%	+0.44%
Max Drawdown (10Y) Largest decline over 10 years	-44.79%	-33.25%	-11.54%
Current Drawdown Current decline from peak	-1.16%	-24.17%	+23.01%
Average Drawdown Average peak-to-trough decline	-11.17%	-8.32%	-2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	10.29%	-7.64%

Volatility

REBYX vs. IHI - Volatility Comparison

The current volatility for Russell Investments U.S. Small Cap Equity Fund (REBYX) is 5.04%, while iShares U.S. Medical Devices ETF (IHI) has a volatility of 7.01%. This indicates that REBYX experiences smaller price fluctuations and is considered to be less risky than IHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	REBYX	IHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	7.01%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	12.44%	13.05%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	17.87%	16.96%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.77%	18.99%	+3.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.52%	19.79%	+3.73%

REBYX vs. IHI - Expense Ratio Comparison

REBYX has a 0.90% expense ratio, which is higher than IHI's 0.43% expense ratio.

Dividends

REBYX vs. IHI - Dividend Comparison

REBYX's dividend yield for the trailing twelve months is around 7.13%, more than IHI's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IHI iShares U.S. Medical Devices ETF	0.45%	0.34%	0.46%	0.53%	0.45%	0.25%	0.25%	0.33%	0.26%	0.37%	0.55%	1.28%
REBYX Russell Investments U.S. Small Cap Equity Fund	7.13%	8.28%	13.03%	2.64%	5.30%	31.12%	0.64%	4.46%	18.61%	0.33%	0.88%	8.23%

Frequently Asked Questions

Can I hold both REBYX and IHI in my portfolio?

REBYX and IHI have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, REBYX or IHI?

IHI has higher volatility (7.01%) compared to REBYX (5.04%). In terms of maximum drawdown, REBYX dropped -62.03% vs IHI's -49.65%.

Which has better risk-adjusted returns?

REBYX currently has the higher Sharpe Ratio (1.97 vs -1.13), 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.