DJAN vs. HEQT

Last updated Jun 25, 2026

DJAN (FT Cboe Vest U.S. Equity Deep Buffer ETF - January) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - DJAN is a Options Trading fund actively managed by FT Vest, while HEQT is a Equity Hedged fund actively managed by Simplify. Both are actively managed. Over the past 3 years, DJAN returned 11.79%/yr vs 12.89%/yr for HEQT. Their correlation of 0.85 suggests significant overlap in exposure. DJAN charges 0.85%/yr vs 0.43%/yr for HEQT.

Performance

DJAN vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN) 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 DJAN having a 4.03% return and HEQT slightly lower at 3.86%.

DJAN

• 1D: -0.10%
• 1M: -0.28%
• YTD: 4.03%
• 6M: 4.07%
• 1Y: 13.14%
• 3Y*: 11.79%
• 5Y*: 7.42%
• 10Y*: —

HEQT

• 1D: -0.16%
• 1M: -0.30%
• YTD: 3.86%
• 6M: 3.37%
• 1Y: 12.07%
• 3Y*: 12.89%
• 5Y*: —
• 10Y*: —

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

DJAN vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DJAN FT Cboe Vest U.S. Equity Deep Buffer ETF - January	4.03%	11.09%	13.05%	13.81%	-5.73%	0.40%
HEQT Simplify Hedged Equity ETF	3.86%	10.08%	18.30%	16.61%	-8.25%	2.11%

Correlation

The correlation between DJAN and HEQT is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.85

The correlation between DJAN and HEQT has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

DJAN vs. HEQT — Risk / Return Rank

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

DJAN

DJAN Risk / Return Rank: 82
DJAN Sharpe Ratio Rank: 83
DJAN Sortino Ratio Rank: 86
DJAN Omega Ratio Rank: 87
DJAN Calmar Ratio Rank: 70
DJAN Martin Ratio Rank: 84

HEQT

HEQT Risk / Return Rank: 62
HEQT Sharpe Ratio Rank: 61
HEQT Sortino Ratio Rank: 62
HEQT Omega Ratio Rank: 69
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.

DJAN vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN) 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.

	DJAN	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.83	+0.49
Sortino ratio: Return per unit of downside risk	3.38	2.58	+0.80
Omega ratio: Gain probability vs. loss probability	1.46	1.37	+0.10
Calmar ratio: Return relative to maximum drawdown	3.09	2.38	+0.71
Martin ratio: Return relative to average drawdown	15.16	10.73	+4.43

DJAN vs. HEQT - Sharpe Ratio Comparison

The current DJAN Sharpe Ratio is 2.32, which is comparable to the HEQT Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of DJAN 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

DJAN vs. HEQT - Drawdown Comparison

The maximum DJAN drawdown since its inception was -9.57%, smaller than the maximum HEQT drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for DJAN and HEQT.

Drawdown Indicators

	DJAN	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-9.57%	-11.51%	+1.94%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-5.09%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-9.33%	-10.57%	+1.24%
Max Drawdown (5Y) Largest decline over 5 years	-9.57%	—	—
Current Drawdown Current decline from peak	-0.97%	-1.28%	+0.31%
Average Drawdown Average peak-to-trough decline	-1.89%	-2.76%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	1.13%	-0.26%

Volatility

DJAN vs. HEQT - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN) is 1.76%, while Simplify Hedged Equity ETF (HEQT) has a volatility of 2.06%. This indicates that DJAN 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

	DJAN	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	2.06%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	4.52%	5.48%	-0.96%
Volatility (1Y) Calculated over the trailing 1-year period	5.71%	6.65%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.05%	8.47%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.92%	8.47%	-1.55%

DJAN vs. HEQT - Expense Ratio Comparison

DJAN has a 0.85% expense ratio, which is higher than HEQT's 0.43% expense ratio.

Dividends

DJAN vs. HEQT - Dividend Comparison

DJAN has not paid dividends to shareholders, while HEQT's dividend yield for the trailing twelve months is around 1.21%.

Position	TTM	2025	2024	2023	2022	2021
DJAN FT Cboe Vest U.S. Equity Deep Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HEQT Simplify Hedged Equity ETF	0.90%	1.19%	1.29%	4.10%	3.94%	0.27%

Frequently Asked Questions

Can I hold both DJAN and HEQT in my portfolio?

DJAN and HEQT have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DJAN or HEQT?

HEQT has higher volatility (2.06%) compared to DJAN (1.76%). In terms of maximum drawdown, DJAN dropped -9.57% vs HEQT's -11.51%.

Which ETF is better, DJAN or HEQT?

On 3-year performance, HEQT leads with 12.89% vs 11.79% for DJAN. On fees, HEQT is cheaper at 0.43% per year. On volatility, DJAN has been the lower-risk option at 1.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJAN or HEQT?

Over the 3-year period, HEQT has performed better with a 12.89% return vs 11.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJAN or HEQT?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.85% for DJAN.

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

HEQT has the higher dividend yield at 1.21%, compared with 0.00% for DJAN.

What is the main difference between DJAN and HEQT?

DJAN is categorized as Options Trading, while HEQT is Equity Hedged. They also come from different issuers: FT Vest and Simplify. Their fees differ too: 0.85% for DJAN and 0.43% for HEQT.

Which has better risk-adjusted returns?

DJAN currently has the higher Sharpe Ratio (2.32 vs 1.83), 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.