GTR vs. HEQT

Last updated Jul 12, 2026

GTR (WisdomTree Target Range Fund) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - GTR is a Options Trading fund actively managed by WisdomTree, while HEQT is a Equity Hedged fund actively managed by Simplify. Both are actively managed. Over the past 3 years, GTR returned 12.20%/yr vs 13.30%/yr for HEQT. Their correlation of 0.85 suggests significant overlap in exposure. GTR charges 0.70%/yr vs 0.43%/yr for HEQT.

Performance

GTR vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Target Range Fund (GTR) 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, GTR achieves a 9.14% return, which is significantly higher than HEQT's 6.02% return.

GTR

• 1D: 0.27%
• 1M: 1.21%
• 6M: 6.32%
• YTD: 9.14%
• 1Y: 17.29%
• 3Y*: 12.20%
• 5Y*: —
• 10Y*: —

HEQT

• 1D: 0.32%
• 1M: 1.66%
• 6M: 4.89%
• YTD: 6.02%
• 1Y: 13.42%
• 3Y*: 13.30%
• 5Y*: —
• 10Y*: —

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

GTR vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GTR WisdomTree Target Range Fund	9.14%	12.90%	8.41%	12.45%	-19.07%	-0.05%
HEQT Simplify Hedged Equity ETF	6.02%	10.08%	18.30%	16.61%	-8.25%	2.11%

Correlation

The correlation between GTR 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	0.81
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.85

The correlation between GTR and HEQT has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

Return for Risk

GTR vs. HEQT — Risk / Return Rank

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

GTR

GTR Risk / Return Rank: 69
GTR Sharpe Ratio Rank: 67
GTR Sortino Ratio Rank: 68
GTR Omega Ratio Rank: 66
GTR Calmar Ratio Rank: 70
GTR Martin Ratio Rank: 74

HEQT

HEQT Risk / Return Rank: 77
HEQT Sharpe Ratio Rank: 79
HEQT Sortino Ratio Rank: 80
HEQT Omega Ratio Rank: 84
HEQT Calmar Ratio Rank: 66
HEQT Martin Ratio Rank: 78

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.

GTR vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Target Range Fund (GTR) 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.

	GTR	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.00	-0.26
Sortino ratio: Return per unit of downside risk	2.48	2.82	-0.34
Omega ratio: Gain probability vs. loss probability	1.31	1.40	-0.08
Calmar ratio: Return relative to maximum drawdown	2.80	2.62	+0.18
Martin ratio: Return relative to average drawdown	10.98	11.79	-0.81

GTR vs. HEQT - Sharpe Ratio Comparison

The current GTR Sharpe Ratio is 1.74, which is comparable to the HEQT Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of GTR 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

GTR vs. HEQT - Drawdown Comparison

The maximum GTR drawdown since its inception was -21.44%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for GTR and HEQT.

Drawdown Indicators

	GTR	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-21.44%	-11.51%	-9.93%
Max Drawdown (1Y) Largest decline over 1 year	-5.97%	-5.09%	-0.88%
Max Drawdown (3Y) Largest decline over 3 years	-12.88%	-10.57%	-2.31%
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
Average Drawdown Average peak-to-trough decline	-8.47%	-2.74%	-5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	1.13%	+0.39%

Volatility

GTR vs. HEQT - Volatility Comparison

WisdomTree Target Range Fund (GTR) has a higher volatility of 2.71% compared to Simplify Hedged Equity ETF (HEQT) at 2.10%. This indicates that GTR'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

	GTR	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	2.10%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	7.04%	5.52%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	9.65%	6.69%	+2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.84%	8.45%	+2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.84%	8.45%	+2.39%

GTR vs. HEQT - Expense Ratio Comparison

GTR has a 0.70% expense ratio, which is higher than HEQT's 0.43% expense ratio.

Dividends

GTR vs. HEQT - Dividend Comparison

GTR's dividend yield for the trailing twelve months is around 5.31%, more than HEQT's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021
GTR WisdomTree Target Range Fund	5.31%	5.74%	5.30%	2.85%	0.46%	0.00%
HEQT Simplify Hedged Equity ETF	1.18%	1.19%	1.29%	4.10%	3.94%	0.27%

Frequently Asked Questions

Can I hold both GTR and HEQT in my portfolio?

GTR 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, GTR or HEQT?

GTR has higher volatility (2.71%) compared to HEQT (2.10%). In terms of maximum drawdown, GTR dropped -21.44% vs HEQT's -11.51%.

Which ETF is better, GTR or HEQT?

On 3-year performance, HEQT leads with 13.30% vs 12.20% for GTR. On fees, HEQT is cheaper at 0.43% per year. On volatility, HEQT has been the lower-risk option at 2.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GTR or HEQT?

Over the 3-year period, HEQT has performed better with a 13.30% return vs 12.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GTR or HEQT?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.70% for GTR.

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

GTR has the higher dividend yield at 5.31%, compared with 1.18% for HEQT.

What is the main difference between GTR and HEQT?

GTR is categorized as Options Trading, while HEQT is Equity Hedged. They also come from different issuers: WisdomTree and Simplify. Their fees differ too: 0.70% for GTR and 0.43% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (2.00 vs 1.74), 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.