AAAU vs. HEQT

Last updated Jun 13, 2026

AAAU (Goldman Sachs Physical Gold ETF) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, while HEQT is a Options Trading fund actively managed by Simplify. AAAU is passively managed, while HEQT is actively managed. Over the past 3 years, AAAU returned 29.19%/yr vs 12.98%/yr for HEQT. At a 0.13 correlation, their price movements are largely independent. AAAU charges 0.18%/yr vs 0.53%/yr for HEQT.

Performance

AAAU vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Physical Gold ETF (AAAU) and Simplify Hedged Equity ETF (HEQT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAAU achieves a -2.40% return, which is significantly lower than HEQT's 4.29% return.

AAAU

• 1D: 0.12%
• 1M: -10.17%
• YTD: -2.40%
• 6M: -2.14%
• 1Y: 24.10%
• 3Y*: 29.19%
• 5Y*: 17.33%
• 10Y*: —

HEQT

• 1D: 0.24%
• 1M: 0.29%
• YTD: 4.29%
• 6M: 4.75%
• 1Y: 13.60%
• 3Y*: 12.98%
• 5Y*: —
• 10Y*: —

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

AAAU vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AAAU Goldman Sachs Physical Gold ETF	-2.40%	64.06%	26.91%	12.96%	-0.50%	1.96%
HEQT Simplify Hedged Equity ETF	4.29%	10.08%	18.30%	16.61%	-8.25%	2.11%

Correlation

The correlation between AAAU and HEQT is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.13

The correlation between AAAU and HEQT shifts across timeframes, from 0.13 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

AAAU vs. HEQT - Sectors Allocation Comparison

Sectors	AAAU	HEQT
Real Estate	100.0%	1.9%
Basic Materials	-	1.8%
Communication Services	-	10.9%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.9%
Healthcare	-	8.4%
Industrials	-	8.1%
Technology	-	36.2%
Utilities	-	2.3%

Return for Risk

AAAU vs. HEQT — Risk / Return Rank

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

AAAU

AAAU Risk / Return Rank: 26
AAAU Sharpe Ratio Rank: 28
AAAU Sortino Ratio Rank: 25
AAAU Omega Ratio Rank: 31
AAAU Calmar Ratio Rank: 24
AAAU Martin Ratio Rank: 24

HEQT

HEQT Risk / Return Rank: 74
HEQT Sharpe Ratio Rank: 76
HEQT Sortino Ratio Rank: 77
HEQT Omega Ratio Rank: 83
HEQT Calmar Ratio Rank: 61
HEQT Martin Ratio Rank: 74

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.

AAAU vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and Simplify Hedged Equity ETF (HEQT). 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.

	AAAU	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	0.89	2.09	-1.20
Sortino ratio: Return per unit of downside risk	1.26	2.95	-1.70
Omega ratio: Gain probability vs. loss probability	1.19	1.43	-0.24
Calmar ratio: Return relative to maximum drawdown	0.99	2.68	-1.69
Martin ratio: Return relative to average drawdown	2.86	12.16	-9.30

AAAU vs. HEQT - Sharpe Ratio Comparison

The current AAAU Sharpe Ratio is 0.89, which is lower than the HEQT Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of AAAU and HEQT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAAU vs. HEQT - Drawdown Comparison

The maximum AAAU drawdown since its inception was -24.38%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for AAAU and HEQT.

Drawdown Indicators

	AAAU	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-24.38%	-11.51%	-12.87%
Max Drawdown (1Y) Largest decline over 1 year	-24.38%	-5.09%	-19.29%
Max Drawdown (3Y) Largest decline over 3 years	-24.38%	-10.57%	-13.81%
Max Drawdown (5Y) Largest decline over 5 years	-24.38%	—	—
Current Drawdown Current decline from peak	-21.95%	-0.69%	-21.26%
Average Drawdown Average peak-to-trough decline	-6.23%	-2.78%	-3.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.44%	1.12%	+7.32%

Volatility

AAAU vs. HEQT - Volatility Comparison

Goldman Sachs Physical Gold ETF (AAAU) has a higher volatility of 7.77% compared to Simplify Hedged Equity ETF (HEQT) at 1.64%. This indicates that AAAU's price experiences larger fluctuations and is considered to be riskier than HEQT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAAU	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	1.64%	+6.13%
Volatility (6M) Calculated over the trailing 6-month period	23.88%	5.45%	+18.43%
Volatility (1Y) Calculated over the trailing 1-year period	27.10%	6.52%	+20.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	8.47%	+9.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	8.47%	+8.66%

AAAU vs. HEQT - Expense Ratio Comparison

AAAU has a 0.18% expense ratio, which is lower than HEQT's 0.53% expense ratio.

Dividends

AAAU vs. HEQT - Dividend Comparison

AAAU has not paid dividends to shareholders, while HEQT's dividend yield for the trailing twelve months is around 1.20%.

Position	TTM	2025	2024	2023	2022	2021
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HEQT Simplify Hedged Equity ETF	1.20%	1.19%	1.29%	4.10%	3.94%	0.27%

Frequently Asked Questions

Can I hold both AAAU and HEQT in my portfolio?

AAAU and HEQT have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAAU or HEQT?

AAAU has higher volatility (7.77%) compared to HEQT (1.64%). In terms of maximum drawdown, AAAU dropped -24.38% vs HEQT's -11.51%.

Which ETF is better, AAAU or HEQT?

On 3-year performance, AAAU leads with 29.19% vs 12.98% for HEQT. On fees, AAAU is cheaper at 0.18% per year. On volatility, HEQT has been the lower-risk option at 1.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAAU or HEQT?

Over the 3-year period, AAAU has performed better with a 29.19% return vs 12.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAAU or HEQT?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.53% for HEQT.

Which ETF pays a higher dividend yield, AAAU or HEQT?

HEQT has the higher dividend yield at 1.20%, compared with 0.00% for AAAU.

What is the main difference between AAAU and HEQT?

AAAU is categorized as Gold, while HEQT is Options Trading. They also come from different issuers: Goldman Sachs and Simplify. Their fees differ too: 0.18% for AAAU and 0.53% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (2.09 vs 0.89), 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.