Does it make sense for a Swiss investor to hold USD-hedged international bond ETFs?

To illustrate that a CHF-hedged global bond fund and a Swiss bond fund (SBI AAA-BBB) can perform quite differently (before considering the tax effect of the former):

The overall performance is obviously terrible for both with the 2022 drop.

If you want to include a bit of CHF-hedged global bonds without being hit by the tax inefficiency, you could hold them in pillar 3a.

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