DRSK vs. HEQT

Last updated Jun 5, 2026

DRSK (Aptus Defined Risk ETF) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - DRSK is a Diversified Portfolio fund actively managed by Aptus Capital Advisors, while HEQT is a Options Trading fund actively managed by Simplify. Both are actively managed. Over the past 3 years, DRSK returned 9.30%/yr vs 13.47%/yr for HEQT. A 0.52 correlation means they provide meaningful diversification when combined. DRSK charges 0.79%/yr vs 0.53%/yr for HEQT.

Performance

DRSK vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus Defined Risk ETF (DRSK) 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, DRSK achieves a 4.10% return, which is significantly lower than HEQT's 4.92% return.

DRSK

• 1D: 0.34%
• 1M: 2.76%
• YTD: 4.10%
• 6M: 2.54%
• 1Y: 8.04%
• 3Y*: 9.30%
• 5Y*: 3.13%
• 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)

DRSK vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DRSK Aptus Defined Risk ETF	4.10%	7.67%	12.50%	2.08%	-9.57%	-0.29%
HEQT Simplify Hedged Equity ETF	4.92%	10.08%	18.30%	16.61%	-8.25%	2.16%

Correlation

The correlation between DRSK and HEQT is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021	0.52

The correlation between DRSK and HEQT has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.

DRSK vs. HEQT - Sectors Allocation Comparison

Sectors	DRSK	HEQT
Technology	35.6%	36.2%
Financial Services	11.8%	11.9%
Communication Services	11.2%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.5%	8.4%
Industrials	8.3%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.4%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

DRSK vs. HEQT — Risk / Return Rank

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

DRSK

DRSK Risk / Return Rank: 26
DRSK Sharpe Ratio Rank: 28
DRSK Sortino Ratio Rank: 29
DRSK Omega Ratio Rank: 26
DRSK Calmar Ratio Rank: 24
DRSK Martin Ratio Rank: 23

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.

DRSK vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus Defined Risk ETF (DRSK) 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.

	DRSK	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	0.98	2.33	-1.35
Sortino ratio: Return per unit of downside risk	1.53	3.31	-1.78
Omega ratio: Gain probability vs. loss probability	1.18	1.49	-0.31
Calmar ratio: Return relative to maximum drawdown	1.12	2.92	-1.80
Martin ratio: Return relative to average drawdown	2.89	13.35	-10.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DRSK vs. HEQT - Sharpe Ratio Comparison

The current DRSK Sharpe Ratio is 0.98, which is lower than the HEQT Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of DRSK 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

	DRSK	HEQT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	2.33	-1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	1.08	-0.28

Drawdowns

DRSK vs. HEQT - Drawdown Comparison

The maximum DRSK drawdown since its inception was -19.87%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for DRSK and HEQT.

Drawdown Indicators

	DRSK	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-19.87%	-11.51%	-8.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.20%	-5.09%	-2.11%
Max Drawdown (3Y) Largest decline over 3 years	-9.60%	-10.57%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	—	—
Current Drawdown Current decline from peak	-0.91%	-0.09%	-0.82%
Average Drawdown Average peak-to-trough decline	-4.21%	-2.79%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	1.11%	+1.68%

Volatility

DRSK vs. HEQT - Volatility Comparison

Aptus Defined Risk ETF (DRSK) has a higher volatility of 2.97% compared to Simplify Hedged Equity ETF (HEQT) at 0.73%. This indicates that DRSK's price experiences larger fluctuations and is considered to be riskier than HEQT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRSK	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	0.73%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	5.19%	5.27%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	8.26%	6.38%	+1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.39%	8.47%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.06%	8.47%	-1.41%

DRSK vs. HEQT - Expense Ratio Comparison

DRSK has a 0.79% expense ratio, which is higher than HEQT's 0.53% expense ratio.

Dividends

DRSK vs. HEQT - Dividend Comparison

DRSK's dividend yield for the trailing twelve months is around 3.61%, more than HEQT's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DRSK Aptus Defined Risk ETF	3.61%	3.67%	3.31%	3.57%	1.93%	2.64%	5.69%	3.04%	2.62%
HEQT Simplify Hedged Equity ETF	1.19%	1.19%	1.29%	4.10%	3.94%	0.27%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DRSK and HEQT in my portfolio?

DRSK and HEQT have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DRSK or HEQT?

DRSK has higher volatility (2.97%) compared to HEQT (0.73%). In terms of maximum drawdown, DRSK dropped -19.87% vs HEQT's -11.51%.

Which ETF is better, DRSK or HEQT?

On 3-year performance, HEQT leads with 13.47% vs 9.30% for DRSK. On fees, HEQT is cheaper at 0.53% per year. On volatility, HEQT has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DRSK or HEQT?

Over the 3-year period, HEQT has performed better with a 13.47% return vs 9.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DRSK or HEQT?

HEQT is cheaper with a 0.53% expense ratio, compared with 0.79% for DRSK.

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

DRSK has the higher dividend yield at 3.61%, compared with 1.19% for HEQT.

What is the main difference between DRSK and HEQT?

DRSK is categorized as Diversified Portfolio, while HEQT is Options Trading. They also come from different issuers: Aptus Capital Advisors and Simplify. Their fees differ too: 0.79% for DRSK and 0.53% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (2.33 vs 0.98), 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.