APRW vs. HEQT

Last updated Jun 24, 2026

APRW (AllianzIM U.S. Large Cap Buffer20 Apr ETF) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - APRW is a Options Trading fund actively managed by Allianz, while HEQT is a Equity Hedged fund actively managed by Simplify. Both are actively managed. Over the past 3 years, APRW returned 9.84%/yr vs 12.95%/yr for HEQT. Their correlation of 0.83 suggests significant overlap in exposure. APRW charges 0.74%/yr vs 0.43%/yr for HEQT.

Performance

APRW vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) 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, APRW achieves a 5.94% return, which is significantly higher than HEQT's 4.02% return.

APRW

• 1D: -0.30%
• 1M: 0.01%
• YTD: 5.94%
• 6M: 6.07%
• 1Y: 11.57%
• 3Y*: 9.84%
• 5Y*: 6.97%
• 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)

APRW vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	5.94%	6.18%	11.25%	12.38%	-2.90%	0.69%
HEQT Simplify Hedged Equity ETF	4.02%	10.08%	18.30%	16.61%	-8.25%	2.11%

Correlation

The correlation between APRW and HEQT is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.83

The correlation between APRW and HEQT has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

Return for Risk

APRW vs. HEQT — Risk / Return Rank

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

APRW

APRW Risk / Return Rank: 98
APRW Sharpe Ratio Rank: 97
APRW Sortino Ratio Rank: 98
APRW Omega Ratio Rank: 98
APRW Calmar Ratio Rank: 98
APRW Martin Ratio Rank: 98

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.

APRW vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) 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.

	APRW	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	4.35	1.97	+2.39
Sortino ratio: Return per unit of downside risk	7.57	2.77	+4.81
Omega ratio: Gain probability vs. loss probability	2.07	1.40	+0.67
Calmar ratio: Return relative to maximum drawdown	13.01	2.56	+10.45
Martin ratio: Return relative to average drawdown	68.66	11.59	+57.07

APRW vs. HEQT - Sharpe Ratio Comparison

The current APRW Sharpe Ratio is 4.35, which is higher than the HEQT Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of APRW 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

APRW vs. HEQT - Drawdown Comparison

The maximum APRW drawdown since its inception was -9.61%, smaller than the maximum HEQT drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for APRW and HEQT.

Drawdown Indicators

	APRW	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-9.61%	-11.51%	+1.90%
Max Drawdown (1Y) Largest decline over 1 year	-0.89%	-5.09%	+4.20%
Max Drawdown (3Y) Largest decline over 3 years	-9.61%	-10.57%	+0.96%
Max Drawdown (5Y) Largest decline over 5 years	-9.61%	—	—
Current Drawdown Current decline from peak	-0.46%	-1.12%	+0.66%
Average Drawdown Average peak-to-trough decline	-1.11%	-2.77%	+1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.17%	1.12%	-0.95%

Volatility

APRW vs. HEQT - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) is 1.14%, while Simplify Hedged Equity ETF (HEQT) has a volatility of 2.06%. This indicates that APRW experiences smaller price fluctuations and is considered to be less risky than HEQT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRW	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	2.06%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	2.13%	5.49%	-3.36%
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	6.64%	-3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.73%	8.47%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.40%	8.47%	-2.07%

APRW vs. HEQT - Expense Ratio Comparison

APRW has a 0.74% expense ratio, which is higher than HEQT's 0.43% expense ratio.

Dividends

APRW vs. HEQT - Dividend Comparison

APRW 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	2020
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.67%
HEQT Simplify Hedged Equity ETF	1.20%	1.19%	1.29%	4.10%	3.94%	0.27%	0.00%

Frequently Asked Questions

Can I hold both APRW and HEQT in my portfolio?

APRW and HEQT have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APRW or HEQT?

HEQT has higher volatility (2.06%) compared to APRW (1.14%). In terms of maximum drawdown, APRW dropped -9.61% vs HEQT's -11.51%.

Which ETF is better, APRW or HEQT?

On 3-year performance, HEQT leads with 12.95% vs 9.84% for APRW. On fees, HEQT is cheaper at 0.43% per year. On volatility, APRW has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRW or HEQT?

Over the 3-year period, HEQT has performed better with a 12.95% return vs 9.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRW or HEQT?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.74% for APRW.

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

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

What is the main difference between APRW and HEQT?

APRW is categorized as Options Trading, while HEQT is Equity Hedged. They also come from different issuers: Allianz and Simplify. Their fees differ too: 0.74% for APRW and 0.43% for HEQT.

Which has better risk-adjusted returns?

APRW currently has the higher Sharpe Ratio (4.35 vs 1.97), 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.