ETJ vs. HEQT
ETJ (Eaton Vance Risk-Managed Diversified Equity Income Fund) and HEQT (Simplify Hedged Equity ETF) are both funds - ETJ is a Global Equity Income fund managed by Eaton Vance, while HEQT is a Equity Hedged fund actively managed by Simplify. Over the past 3 years, ETJ returned 9.55%/yr vs 12.95%/yr for HEQT. A 0.66 correlation means they provide meaningful diversification when combined. ETJ charges 0.01%/yr vs 0.43%/yr for HEQT.
Performance
ETJ vs. HEQT - Performance Comparison
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Returns By Period
In the year-to-date period, ETJ achieves a -2.44% return, which is significantly lower than HEQT's 4.02% return.
ETJ
- 1D
- 0.00%
- 1M
- -1.61%
- YTD
- -2.44%
- 6M
- -2.00%
- 1Y
- 3.23%
- 3Y*
- 9.55%
- 5Y*
- 2.43%
- 10Y*
- 8.32%
HEQT
- 1D
- -0.71%
- 1M
- -0.14%
- YTD
- 4.02%
- 6M
- 3.76%
- 1Y
- 13.00%
- 3Y*
- 12.95%
- 5Y*
- —
- 10Y*
- —
ETJ vs. HEQT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund | -2.44% | 3.49% | 29.55% | 14.15% | -22.74% | -5.58% |
HEQT Simplify Hedged Equity ETF | 4.02% | 10.08% | 18.30% | 16.61% | -8.25% | 2.11% |
Correlation
The correlation between ETJ and HEQT is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021 | 0.66 |
The correlation between ETJ and HEQT has been stable across timeframes, ranging from 0.61 to 0.66 - a consistent structural relationship.
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Return for Risk
ETJ vs. HEQT — Risk / Return Rank
ETJ
HEQT
ETJ vs. HEQT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) 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.
| ETJ | HEQT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -2.27 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.40 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | 2.56 | -2.25 |
| Martin ratioReturn relative to average drawdown | 1.19 | 11.59 | -10.40 |
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Drawdowns
ETJ vs. HEQT - Drawdown Comparison
The maximum ETJ drawdown since its inception was -32.81%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for ETJ and HEQT.
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Drawdown Indicators
| ETJ | HEQT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.81% | -11.51% | -21.30% |
Max Drawdown (1Y)Largest decline over 1 year | -10.40% | -5.09% | -5.31% |
Max Drawdown (3Y)Largest decline over 3 years | -15.44% | -10.57% | -4.87% |
Max Drawdown (5Y)Largest decline over 5 years | -28.55% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.81% | — | — |
Current DrawdownCurrent decline from peak | -4.35% | -1.12% | -3.23% |
Average DrawdownAverage peak-to-trough decline | -7.51% | -2.77% | -4.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 1.12% | +1.61% |
Volatility
ETJ vs. HEQT - Volatility Comparison
Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) has a higher volatility of 2.80% compared to Simplify Hedged Equity ETF (HEQT) at 2.06%. This indicates that ETJ'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.
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Volatility by Period
| ETJ | HEQT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 2.06% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 9.07% | 5.49% | +3.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.26% | 6.64% | +4.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.59% | 8.47% | +7.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.97% | 8.47% | +9.50% |
ETJ vs. HEQT - Expense Ratio Comparison
ETJ has a 0.01% expense ratio, which is lower than HEQT's 0.43% expense ratio.
Dividends
ETJ vs. HEQT - Dividend Comparison
ETJ's dividend yield for the trailing twelve months is around 9.50%, more than HEQT's 1.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund | 9.50% | 8.86% | 8.16% | 8.86% | 11.68% | 8.53% | 8.79% | 9.77% | 11.23% | 9.82% | 12.46% | 10.98% |
HEQT Simplify Hedged Equity ETF | 1.20% | 1.19% | 1.29% | 4.10% | 3.94% | 0.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ETJ and HEQT have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETJ has higher volatility (2.80%) compared to HEQT (2.06%). In terms of maximum drawdown, ETJ dropped -32.81% vs HEQT's -11.51%.
HEQT currently has the higher Sharpe Ratio (1.97 vs 0.29), 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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