Say I am an American issuer, and I've issued some bond denominated in CAD. I've hedged the coupon by entering into an FX USD/CAD fixed for floating swap and I receive the fixed leg and pay floating, paid semi-annually and reset quarterly. Assume this is the only option available to me.
I want to hedge out the FX floating leg of that IR swap now. I can do that by entering into either an FX basis swap, or by rolling 3 month FX forwards (receiving CAD and paying USD at the fwd rate). So essentially I want to compare these two strategies ex-post where the goal is to hedge that floating rate.
Besides comparing the cost of each hedge, what other metrics are available to compare these two strategies? The dollar amount alone doesn't capture certain unique features of each strategy (for instance, variability of payment amounts using forwards vs fixed using swaps; tying up capital using swaps; timing of the payments etc). There are also considerations such as lost upside and the opportunity cost of funds used to hedge. Is there a superior metric that's commonly used when evaluating trading strategies? How are comparative strategies typically evaluated?