GDEC vs. HEQT

Last updated Jun 21, 2026

GDEC (FT Cboe Vest U.S. Equity Moderate Buffer ETF - December) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - GDEC 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 year, GDEC returned 15.90% vs 14.24% for HEQT. Their correlation of 0.82 suggests significant overlap in exposure. GDEC charges 0.85%/yr vs 0.43%/yr for HEQT.

Performance

GDEC vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC) 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 GDEC having a 5.24% return and HEQT slightly lower at 4.98%.

GDEC

• 1D: 0.54%
• 1M: 0.79%
• YTD: 5.24%
• 6M: 5.46%
• 1Y: 15.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEQT

• 1D: 0.51%
• 1M: 0.84%
• YTD: 4.98%
• 6M: 5.41%
• 1Y: 14.24%
• 3Y*: 13.12%
• 5Y*: —
• 10Y*: —

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

GDEC vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GDEC FT Cboe Vest U.S. Equity Moderate Buffer ETF - December	5.24%	12.14%	11.45%	0.50%
HEQT Simplify Hedged Equity ETF	4.98%	10.08%	18.30%	0.71%

Correlation

The correlation between GDEC and HEQT is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Dec 18, 2023	0.82

The correlation between GDEC and HEQT has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.

Return for Risk

GDEC vs. HEQT — Risk / Return Rank

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

GDEC

GDEC Risk / Return Rank: 84
GDEC Sharpe Ratio Rank: 86
GDEC Sortino Ratio Rank: 89
GDEC Omega Ratio Rank: 89
GDEC Calmar Ratio Rank: 68
GDEC Martin Ratio Rank: 86

HEQT

HEQT Risk / Return Rank: 69
HEQT Sharpe Ratio Rank: 68
HEQT Sortino Ratio Rank: 69
HEQT Omega Ratio Rank: 77
HEQT Calmar Ratio Rank: 58
HEQT Martin Ratio Rank: 70

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.

GDEC vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC) 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.

	GDEC	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.11	+0.53
Sortino ratio: Return per unit of downside risk	3.90	2.98	+0.93
Omega ratio: Gain probability vs. loss probability	1.54	1.43	+0.11
Calmar ratio: Return relative to maximum drawdown	3.31	2.74	+0.57
Martin ratio: Return relative to average drawdown	17.24	12.41	+4.83

GDEC vs. HEQT - Sharpe Ratio Comparison

The current GDEC Sharpe Ratio is 2.64, which is comparable to the HEQT Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of GDEC 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

GDEC vs. HEQT - Drawdown Comparison

The maximum GDEC drawdown since its inception was -10.61%, smaller than the maximum HEQT drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for GDEC and HEQT.

Drawdown Indicators

	GDEC	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-10.61%	-11.51%	+0.90%
Max Drawdown (1Y) Largest decline over 1 year	-4.79%	-5.09%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.57%	—
Current Drawdown Current decline from peak	-0.10%	-0.21%	+0.11%
Average Drawdown Average peak-to-trough decline	-0.76%	-2.77%	+2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.12%	-0.20%

Volatility

GDEC vs. HEQT - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC) is 1.81%, while Simplify Hedged Equity ETF (HEQT) has a volatility of 1.91%. This indicates that GDEC 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

	GDEC	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	1.91%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	4.93%	5.53%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	5.99%	6.61%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.95%	8.47%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.95%	8.47%	-0.52%

GDEC vs. HEQT - Expense Ratio Comparison

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

Dividends

GDEC vs. HEQT - Dividend Comparison

GDEC 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
GDEC FT Cboe Vest U.S. Equity Moderate Buffer ETF - December	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 GDEC and HEQT in my portfolio?

GDEC and HEQT have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDEC or HEQT?

HEQT has higher volatility (1.91%) compared to GDEC (1.81%). In terms of maximum drawdown, GDEC dropped -10.61% vs HEQT's -11.51%.

Which ETF is better, GDEC or HEQT?

On 1-year performance, GDEC leads with 15.90% vs 14.24% for HEQT. On fees, HEQT is cheaper at 0.43% 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, GDEC or HEQT?

Over the 1-year period, GDEC has performed better with a 15.90% return vs 14.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDEC or HEQT?

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

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

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

What is the main difference between GDEC and HEQT?

GDEC 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 GDEC and 0.43% for HEQT.

Which has better risk-adjusted returns?

GDEC currently has the higher Sharpe Ratio (2.64 vs 2.11), 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.