APLY vs. HEQT

Last updated Jun 24, 2026

APLY (YieldMax AAPL Option Income Strategy ETF) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - APLY is a Options Trading fund actively managed by YieldMax, while HEQT is a Equity Hedged fund actively managed by Simplify. Both are actively managed. Over the past 3 years, APLY returned 8.87%/yr vs 12.95%/yr for HEQT. At a 0.49 correlation, their price movements are largely independent. APLY charges 0.99%/yr vs 0.43%/yr for HEQT.

Performance

APLY vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AAPL Option Income Strategy ETF (APLY) and Simplify Hedged Equity ETF (HEQT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with APLY having a 4.06% return and HEQT slightly lower at 4.02%.

APLY

• 1D: -0.56%
• 1M: -4.43%
• YTD: 4.06%
• 6M: 3.68%
• 1Y: 30.98%
• 3Y*: 8.87%
• 5Y*: —
• 10Y*: —

HEQT

• 1D: -0.71%
• 1M: -0.14%
• YTD: 4.02%
• 6M: 3.76%
• 1Y: 13.00%
• 3Y*: 12.95%
• 5Y*: —
• 10Y*: —

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

APLY vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	4.06%	4.69%	18.62%	11.43%
HEQT Simplify Hedged Equity ETF	4.02%	10.08%	18.30%	9.83%

Correlation

The correlation between APLY and HEQT is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Apr 18, 2023	0.49

Return for Risk

APLY vs. HEQT — Risk / Return Rank

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

APLY

APLY Risk / Return Rank: 52
APLY Sharpe Ratio Rank: 53
APLY Sortino Ratio Rank: 52
APLY Omega Ratio Rank: 54
APLY Calmar Ratio Rank: 56
APLY Martin Ratio Rank: 43

HEQT

HEQT Risk / Return Rank: 63
HEQT Sharpe Ratio Rank: 62
HEQT Sortino Ratio Rank: 62
HEQT Omega Ratio Rank: 70
HEQT Calmar Ratio Rank: 54
HEQT Martin Ratio Rank: 66

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.

APLY vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AAPL Option Income Strategy ETF (APLY) 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.

	APLY	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.97	-0.23
Sortino ratio: Return per unit of downside risk	2.42	2.77	-0.34
Omega ratio: Gain probability vs. loss probability	1.33	1.40	-0.07
Calmar ratio: Return relative to maximum drawdown	2.65	2.56	+0.08
Martin ratio: Return relative to average drawdown	6.59	11.59	-5.00

APLY vs. HEQT - Sharpe Ratio Comparison

The current APLY Sharpe Ratio is 1.73, which is comparable to the HEQT Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of APLY 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

APLY vs. HEQT - Drawdown Comparison

The maximum APLY drawdown since its inception was -30.41%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for APLY and HEQT.

Drawdown Indicators

	APLY	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-30.41%	-11.51%	-18.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-5.09%	-6.67%
Max Drawdown (3Y) Largest decline over 3 years	-30.41%	-10.57%	-19.84%
Current Drawdown Current decline from peak	-5.78%	-1.12%	-4.66%
Average Drawdown Average peak-to-trough decline	-6.88%	-2.77%	-4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.71%	1.12%	+3.59%

Volatility

APLY vs. HEQT - Volatility Comparison

YieldMax AAPL Option Income Strategy ETF (APLY) has a higher volatility of 5.60% compared to Simplify Hedged Equity ETF (HEQT) at 2.06%. This indicates that APLY'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

	APLY	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	2.06%	+3.54%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	5.49%	+8.00%
Volatility (1Y) Calculated over the trailing 1-year period	17.97%	6.64%	+11.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.93%	8.47%	+12.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.93%	8.47%	+12.46%

APLY vs. HEQT - Expense Ratio Comparison

APLY has a 0.99% expense ratio, which is higher than HEQT's 0.43% expense ratio.

Dividends

APLY vs. HEQT - Dividend Comparison

APLY's dividend yield for the trailing twelve months is around 36.54%, more than HEQT's 1.20% yield.

Position	TTM	2025	2024	2023	2022	2021
APLY YieldMax AAPL Option Income Strategy ETF	36.54%	36.38%	24.95%	14.36%	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 APLY and HEQT in my portfolio?

APLY and HEQT have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APLY or HEQT?

APLY has higher volatility (5.60%) compared to HEQT (2.06%). In terms of maximum drawdown, APLY dropped -30.41% vs HEQT's -11.51%.

Which ETF is better, APLY or HEQT?

On 3-year performance, HEQT leads with 12.95% vs 8.87% for APLY. On fees, HEQT is cheaper at 0.43% per year. On volatility, HEQT has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APLY or HEQT?

Over the 3-year period, HEQT has performed better with a 12.95% return vs 8.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APLY or HEQT?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.99% for APLY.

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

APLY has the higher dividend yield at 36.54%, compared with 1.20% for HEQT.

What is the main difference between APLY and HEQT?

APLY is categorized as Options Trading, while HEQT is Equity Hedged. They also come from different issuers: YieldMax and Simplify. Their fees differ too: 0.99% for APLY and 0.43% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (1.97 vs 1.73), 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.