HEQT vs. BDMIX

Last updated Jun 13, 2026

HEQT (Simplify Hedged Equity ETF) and BDMIX (BlackRock Global Long/Short Equity Fund Class I) are both funds - HEQT is a Options Trading fund actively managed by Simplify, while BDMIX is a Long-Short fund managed by BlackRock. Over the past 3 years, HEQT returned 12.98%/yr vs 21.45%/yr for BDMIX. At a 0.14 correlation, their price movements are largely independent. HEQT charges 0.53%/yr vs 1.57%/yr for BDMIX.

Performance

HEQT vs. BDMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Hedged Equity ETF (HEQT) and BlackRock Global Long/Short Equity Fund Class I (BDMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEQT achieves a 4.29% return, which is significantly lower than BDMIX's 11.73% return.

HEQT

• 1D: 0.24%
• 1M: 0.29%
• YTD: 4.29%
• 6M: 4.75%
• 1Y: 13.60%
• 3Y*: 12.98%
• 5Y*: —
• 10Y*: —

BDMIX

• 1D: 1.05%
• 1M: 2.20%
• YTD: 11.73%
• 6M: 13.28%
• 1Y: 21.47%
• 3Y*: 21.45%
• 5Y*: 12.75%
• 10Y*: 8.42%

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

HEQT vs. BDMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HEQT Simplify Hedged Equity ETF	4.29%	10.08%	18.30%	16.61%	-8.25%	2.11%
BDMIX BlackRock Global Long/Short Equity Fund Class I	11.73%	18.30%	21.39%	14.55%	1.80%	0.69%

Correlation

The correlation between HEQT and BDMIX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.14

Over the past year, HEQT and BDMIX have become more correlated (0.35) than their long-term average of 0.14, meaning their price movements have been converging.

Return for Risk

HEQT vs. BDMIX — Risk / Return Rank

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

HEQT

HEQT Risk / Return Rank: 74
HEQT Sharpe Ratio Rank: 76
HEQT Sortino Ratio Rank: 77
HEQT Omega Ratio Rank: 83
HEQT Calmar Ratio Rank: 61
HEQT Martin Ratio Rank: 74

BDMIX

BDMIX Risk / Return Rank: 94
BDMIX Sharpe Ratio Rank: 96
BDMIX Sortino Ratio Rank: 94
BDMIX Omega Ratio Rank: 89
BDMIX Calmar Ratio Rank: 98
BDMIX Martin Ratio Rank: 95

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.

HEQT vs. BDMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Hedged Equity ETF (HEQT) and BlackRock Global Long/Short Equity Fund Class I (BDMIX). 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.

	HEQT	BDMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	3.07	-0.98
Sortino ratio: Return per unit of downside risk	2.95	4.51	-1.55
Omega ratio: Gain probability vs. loss probability	1.43	1.58	-0.15
Calmar ratio: Return relative to maximum drawdown	2.68	6.70	-4.02
Martin ratio: Return relative to average drawdown	12.16	18.34	-6.18

HEQT vs. BDMIX - Sharpe Ratio Comparison

The current HEQT Sharpe Ratio is 2.09, which is lower than the BDMIX Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of HEQT and BDMIX, 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

HEQT vs. BDMIX - Drawdown Comparison

The maximum HEQT drawdown since its inception was -11.51%, roughly equal to the maximum BDMIX drawdown of -11.89%. Use the drawdown chart below to compare losses from any high point for HEQT and BDMIX.

Drawdown Indicators

	HEQT	BDMIX	Difference
Max Drawdown Largest peak-to-trough decline	-11.51%	-11.89%	+0.38%
Max Drawdown (1Y) Largest decline over 1 year	-5.09%	-3.24%	-1.85%
Max Drawdown (3Y) Largest decline over 3 years	-10.57%	-4.07%	-6.50%
Max Drawdown (5Y) Largest decline over 5 years	—	-5.99%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-9.44%	—
Current Drawdown Current decline from peak	-0.69%	-1.33%	+0.64%
Average Drawdown Average peak-to-trough decline	-2.78%	-2.68%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	1.18%	-0.06%

Volatility

HEQT vs. BDMIX - Volatility Comparison

The current volatility for Simplify Hedged Equity ETF (HEQT) is 1.64%, while BlackRock Global Long/Short Equity Fund Class I (BDMIX) has a volatility of 2.69%. This indicates that HEQT experiences smaller price fluctuations and is considered to be less risky than BDMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEQT	BDMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	2.69%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	5.45%	4.75%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	6.52%	7.07%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.47%	6.58%	+1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.47%	5.84%	+2.63%

HEQT vs. BDMIX - Expense Ratio Comparison

HEQT has a 0.53% expense ratio, which is lower than BDMIX's 1.57% expense ratio.

Dividends

HEQT vs. BDMIX - Dividend Comparison

HEQT's dividend yield for the trailing twelve months is around 1.20%, less than BDMIX's 8.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDMIX BlackRock Global Long/Short Equity Fund Class I	8.00%	8.94%	13.26%	7.42%	0.00%	1.23%	0.30%	6.78%	0.94%	0.00%	0.00%	1.86%
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

Can I hold both HEQT and BDMIX in my portfolio?

HEQT and BDMIX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEQT or BDMIX?

BDMIX has higher volatility (2.69%) compared to HEQT (1.64%). In terms of maximum drawdown, HEQT dropped -11.51% vs BDMIX's -11.89%.

Which has better risk-adjusted returns?

BDMIX currently has the higher Sharpe Ratio (3.07 vs 2.09), 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.