BUCK vs. HEQT

Last updated Jun 5, 2026

BUCK (Simplify Treasury Option Income ETF) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - BUCK is a Government Bonds fund actively managed by Simplify, while HEQT is a Options Trading fund actively managed by Simplify. Both are actively managed. Over the past 3 years, BUCK returned 5.27%/yr vs 13.47%/yr for HEQT. At a 0.08 correlation, their price movements are largely independent. BUCK charges 0.35%/yr vs 0.53%/yr for HEQT.

Performance

BUCK vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Treasury Option Income ETF (BUCK) 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, BUCK achieves a 1.99% return, which is significantly lower than HEQT's 4.92% return.

BUCK

• 1D: 0.09%
• 1M: 0.43%
• YTD: 1.99%
• 6M: 1.92%
• 1Y: 7.46%
• 3Y*: 5.27%
• 5Y*: —
• 10Y*: —

HEQT

• 1D: -0.03%
• 1M: 1.33%
• YTD: 4.92%
• 6M: 5.48%
• 1Y: 14.78%
• 3Y*: 13.47%
• 5Y*: —
• 10Y*: —

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

BUCK vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BUCK Simplify Treasury Option Income ETF	1.99%	4.13%	7.25%	4.63%	0.39%
HEQT Simplify Hedged Equity ETF	4.92%	10.08%	18.30%	16.61%	0.00%

Correlation

The correlation between BUCK and HEQT is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Oct 31, 2022	0.08

BUCK vs. HEQT - Sectors Allocation Comparison

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

Return for Risk

BUCK vs. HEQT — Risk / Return Rank

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

BUCK

BUCK Risk / Return Rank: 85
BUCK Sharpe Ratio Rank: 76
BUCK Sortino Ratio Rank: 81
BUCK Omega Ratio Rank: 85
BUCK Calmar Ratio Rank: 91
BUCK Martin Ratio Rank: 95

HEQT

HEQT Risk / Return Rank: 72
HEQT Sharpe Ratio Rank: 72
HEQT Sortino Ratio Rank: 75
HEQT Omega Ratio Rank: 82
HEQT Calmar Ratio Rank: 60
HEQT Martin Ratio Rank: 72

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.

BUCK vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Treasury Option Income ETF (BUCK) 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.

	BUCK	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.33	+0.09
Sortino ratio: Return per unit of downside risk	3.60	3.31	+0.29
Omega ratio: Gain probability vs. loss probability	1.51	1.49	+0.03
Calmar ratio: Return relative to maximum drawdown	5.73	2.92	+2.81
Martin ratio: Return relative to average drawdown	30.33	13.35	+16.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUCK vs. HEQT - Sharpe Ratio Comparison

The current BUCK Sharpe Ratio is 2.42, which is comparable to the HEQT Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of BUCK 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.

Sharpe Ratios by Period

	BUCK	HEQT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.33	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.48	1.08	+0.39

Drawdowns

BUCK vs. HEQT - Drawdown Comparison

The maximum BUCK drawdown since its inception was -5.43%, smaller than the maximum HEQT drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for BUCK and HEQT.

Drawdown Indicators

	BUCK	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-5.43%	-11.51%	+6.08%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-5.09%	+3.78%
Max Drawdown (3Y) Largest decline over 3 years	-5.43%	-10.57%	+5.14%
Current Drawdown Current decline from peak	0.00%	-0.09%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.49%	-2.79%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	1.11%	-0.86%

Volatility

BUCK vs. HEQT - Volatility Comparison

Simplify Treasury Option Income ETF (BUCK) and Simplify Hedged Equity ETF (HEQT) have volatilities of 0.70% and 0.73%, 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.

Volatility by Period

	BUCK	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	0.73%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.52%	5.27%	-3.75%
Volatility (1Y) Calculated over the trailing 1-year period	3.14%	6.38%	-3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	8.47%	-4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	8.47%	-4.99%

BUCK vs. HEQT - Expense Ratio Comparison

BUCK has a 0.35% expense ratio, which is lower than HEQT's 0.53% expense ratio.

Dividends

BUCK vs. HEQT - Dividend Comparison

BUCK's dividend yield for the trailing twelve months is around 7.41%, more than HEQT's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021
BUCK Simplify Treasury Option Income ETF	7.41%	7.59%	8.84%	4.84%	0.59%	0.00%
HEQT Simplify Hedged Equity ETF	1.19%	1.19%	1.29%	4.10%	3.94%	0.27%

Frequently Asked Questions

Can I hold both BUCK and HEQT in my portfolio?

BUCK and HEQT have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUCK or HEQT?

HEQT has higher volatility (0.73%) compared to BUCK (0.70%). In terms of maximum drawdown, BUCK dropped -5.43% vs HEQT's -11.51%.

Which ETF is better, BUCK or HEQT?

On 3-year performance, HEQT leads with 13.47% vs 5.27% for BUCK. On fees, BUCK is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUCK or HEQT?

Over the 3-year period, HEQT has performed better with a 13.47% return vs 5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUCK or HEQT?

BUCK is cheaper with a 0.35% expense ratio, compared with 0.53% for HEQT.

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

BUCK has the higher dividend yield at 7.41%, compared with 1.19% for HEQT.

What is the main difference between BUCK and HEQT?

BUCK is categorized as Government Bonds, while HEQT is Options Trading. Their fees differ too: 0.35% for BUCK and 0.53% for HEQT.

Which has better risk-adjusted returns?

BUCK currently has the higher Sharpe Ratio (2.42 vs 2.33), 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.