CAS vs. HEQT

Last updated Jun 4, 2026

CAS (Simplify China A Shares PLUS Income ETF) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - CAS is a China Equities fund actively managed by Simplify, while HEQT is a Options Trading fund actively managed by Simplify. Both are actively managed. At a 0.00 correlation, their price movements are largely independent. CAS charges 0.88%/yr vs 0.53%/yr for HEQT.

Performance

CAS vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify China A Shares PLUS Income ETF (CAS) and Simplify Hedged Equity ETF (HEQT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CAS

• 1D: -0.49%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEQT

• 1D: -0.06%
• 1M: 1.79%
• YTD: 4.95%
• 6M: 5.64%
• 1Y: 14.90%
• 3Y*: 13.47%
• 5Y*: —
• 10Y*: —

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

CAS vs. HEQT - Yearly Performance Comparison

	2026 (YTD)
CAS Simplify China A Shares PLUS Income ETF	-1.66%
HEQT Simplify Hedged Equity ETF	0.18%

Correlation

The correlation between CAS and HEQT is 0.00, 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 (All Time) Calculated using the full available price history since May 29, 2026	0.00

CAS vs. HEQT - Sectors Allocation Comparison

Sectors	CAS	HEQT
Financial Services	43.4%	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

CAS vs. HEQT — Risk / Return Rank

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

HEQT

HEQT Risk / Return Rank: 70
HEQT Sharpe Ratio Rank: 70
HEQT Sortino Ratio Rank: 72
HEQT Omega Ratio Rank: 80
HEQT Calmar Ratio Rank: 58
HEQT Martin Ratio Rank: 71

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.

CAS vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify China A Shares PLUS Income ETF (CAS) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CAS	HEQT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	-3.61	1.09	-4.69

Drawdowns

CAS vs. HEQT - Drawdown Comparison

The maximum CAS drawdown since its inception was -2.59%, smaller than the maximum HEQT drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for CAS and HEQT.

Drawdown Indicators

	CAS	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-2.59%	-11.51%	+8.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.09%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-10.57%	—
Current Drawdown Current decline from peak	-1.66%	-0.06%	-1.60%
Average Drawdown Average peak-to-trough decline	-1.72%	-2.79%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.11%	—

Volatility

Volatility by Period

	CAS	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.27%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.83%	6.38%	+14.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.83%	8.48%	+12.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	8.48%	+12.35%

CAS vs. HEQT - Expense Ratio Comparison

CAS has a 0.88% expense ratio, which is higher than HEQT's 0.53% expense ratio.

Dividends

CAS vs. HEQT - Dividend Comparison

CAS has not paid dividends to shareholders, while HEQT's dividend yield for the trailing twelve months is around 1.19%.

Position	TTM	2025	2024	2023	2022	2021
CAS Simplify China A Shares PLUS Income ETF	0.00%	0.00%	0.00%	0.00%	0.00%	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 CAS and HEQT in my portfolio?

CAS and HEQT have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAS or HEQT?

On fees, HEQT is cheaper at 0.53% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAS or HEQT?

HEQT is cheaper with a 0.53% expense ratio, compared with 0.88% for CAS.

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

HEQT has the higher dividend yield at 1.19%, compared with 0.00% for CAS.

What is the main difference between CAS and HEQT?

CAS is categorized as China Equities, while HEQT is Options Trading. Their fees differ too: 0.88% for CAS and 0.53% for HEQT.