BFEB vs. HEQT
BFEB (Innovator S&P 500 Buffer ETF - February) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - BFEB is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index February Series, while HEQT is a Equity Hedged fund actively managed by Simplify. BFEB is passively managed, while HEQT is actively managed. Over the past 3 years, BFEB returned 15.78%/yr vs 13.27%/yr for HEQT. Their correlation of 0.88 means they have usually moved in the same direction. BFEB charges 0.79%/yr vs 0.43%/yr for HEQT.
Performance
BFEB vs. HEQT - Performance Comparison
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Returns By Period
In the year-to-date period, BFEB achieves a 9.56% return, which is significantly higher than HEQT's 6.73% return.
BFEB
- 1D
- 0.66%
- 1M
- 1.41%
- 6M
- 6.78%
- YTD
- 9.56%
- 1Y
- 18.66%
- 3Y*
- 15.78%
- 5Y*
- 11.53%
- 10Y*
- —
- ALL TIME*
- 11.91%
HEQT
- 1D
- 0.94%
- 1M
- 1.56%
- 6M
- 5.12%
- YTD
- 6.73%
- 1Y
- 13.86%
- 3Y*
- 13.27%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 9.19%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $298.59K | $511.89K | $646.30K | |
| $1.83M | $1.55M | $1.82M |
BFEB vs. HEQT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BFEB Innovator S&P 500 Buffer ETF - February | 9.56% | 12.99% | 17.58% | 22.35% | -6.76% | 1.37% |
HEQT Simplify Hedged Equity ETF | 6.73% | 10.08% | 18.30% | 16.61% | -8.25% | 2.11% |
Correlation
The correlation between BFEB and HEQT is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021 | 0.88 |
The correlation between BFEB and HEQT has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.
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Return for Risk
BFEB vs. HEQT — Risk / Return Rank
BFEB
HEQT
BFEB vs. HEQT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator S&P 500 Buffer ETF - February (BFEB) 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.
| BFEB | HEQT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.39 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | 2.73 | +0.19 |
| Martin ratioReturn relative to average drawdown | 14.38 | 12.13 | +2.25 |
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Drawdowns
BFEB vs. HEQT - Drawdown Comparison
The maximum BFEB drawdown since its inception was -27.20%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for BFEB and HEQT.
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Drawdown Indicators
| BFEB | HEQT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.20% | -11.51% | -15.69% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -5.09% | -1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -10.57% | -3.25% |
Max Drawdown (5Y)Largest decline over 5 years | -14.84% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.73% | -2.71% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 1.15% | +0.15% |
Volatility
BFEB vs. HEQT - Volatility Comparison
Innovator S&P 500 Buffer ETF - February (BFEB) and Simplify Hedged Equity ETF (HEQT) have volatilities of 2.31% and 2.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BFEB | HEQT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 2.34% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 6.90% | 5.76% | +1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.49% | 6.98% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.46% | 8.45% | +3.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.16% | 8.45% | +5.71% |
BFEB vs. HEQT - Expense Ratio Comparison
BFEB has a 0.79% expense ratio, which is higher than HEQT's 0.43% expense ratio.
Dividends
BFEB vs. HEQT - Dividend Comparison
BFEB has not paid dividends to shareholders, while HEQT's dividend yield for the trailing twelve months is around 1.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BFEB Innovator S&P 500 Buffer ETF - February | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HEQT Simplify Hedged Equity ETF | 1.18% | 1.19% | 1.29% | 4.10% | 3.94% | 0.27% |
Frequently Asked Questions
BFEB and HEQT have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEQT has higher volatility (2.34%) compared to BFEB (2.31%). In terms of maximum drawdown, BFEB dropped -27.20% vs HEQT's -11.51%.
On 3-year performance, BFEB leads with 15.78% vs 13.27% for HEQT. On fees, HEQT is cheaper at 0.43% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BFEB has performed better with a 15.78% return vs 13.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HEQT is cheaper with a 0.43% expense ratio, compared with 0.79% for BFEB.
HEQT has the higher dividend yield at 1.18%, compared with 0.00% for BFEB.
BFEB is categorized as Options Trading, while HEQT is Equity Hedged. They also come from different issuers: Innovator and Simplify. Their fees differ too: 0.79% for BFEB and 0.43% for HEQT.
BFEB currently has the higher Sharpe Ratio (2.21 vs 2.00), 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.
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