HEQT vs. DBO

Last updated Aug 4, 2026

HEQT (Simplify Hedged Equity ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - HEQT is a Equity Hedged fund actively managed by Simplify, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. HEQT is actively managed, while DBO is passively managed. Over the past 3 years, HEQT returned 13.27%/yr vs 12.33%/yr for DBO. Their 0.07 correlation means their historical movements had little consistent relationship. HEQT charges 0.43%/yr vs 0.78%/yr for DBO.

Performance

HEQT vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Hedged Equity ETF (HEQT) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEQT achieves a 6.73% return, which is significantly lower than DBO's 66.72% return.

HEQT

• 1D: 0.94%
• 1M: 1.56%
• 6M: 5.12%
• YTD: 6.73%
• 1Y: 13.86%
• 3Y*: 13.27%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.19%

DBO

• 1D: -5.53%
• 1M: 17.71%
• 6M: 53.16%
• YTD: 66.72%
• 1Y: 51.44%
• 3Y*: 12.33%
• 5Y*: 13.64%
• 10Y*: 11.43%
• ALL TIME*: 0.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBO Invesco DB Oil Fund	$11.34M	$10.71M	$13.49M
HEQT Simplify Hedged Equity ETF	$1.83M	$1.55M	$1.82M

HEQT vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HEQT Simplify Hedged Equity ETF	6.73%	10.08%	18.30%	16.61%	-8.25%	2.11%
DBO Invesco DB Oil Fund	66.72%	-11.71%	7.85%	-4.44%	13.04%	-11.09%

Correlation

The correlation between HEQT and DBO is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.21
Correlation (3Y) Balances recent behavior with more history.	-0.04
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.07

The correlation between HEQT and DBO shifts across timeframes, from -0.21 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HEQT vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HEQT

HEQT Risk / Return Rank: 83
HEQT Sharpe Ratio Rank: 84
HEQT Sortino Ratio Rank: 84
HEQT Omega Ratio Rank: 87
HEQT Calmar Ratio Rank: 76
HEQT Martin Ratio Rank: 85

DBO

DBO Risk / Return Rank: 51
DBO Sharpe Ratio Rank: 53
DBO Sortino Ratio Rank: 53
DBO Omega Ratio Rank: 50
DBO Calmar Ratio Rank: 51
DBO Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HEQT vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Hedged Equity ETF (HEQT) and Invesco DB Oil Fund (DBO). 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	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.33	+0.66
Sortino ratio: Return per unit of downside risk	2.83	1.92	+0.90
Omega ratio: Gain probability vs. loss probability	1.39	1.23	+0.16
Calmar ratio: Return relative to maximum drawdown	2.73	1.86	+0.87
Martin ratio: Return relative to average drawdown	12.13	5.64	+6.48

HEQT vs. DBO - Sharpe Ratio Comparison

The current HEQT Sharpe Ratio is 2.00, which is higher than the DBO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of HEQT and DBO, 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. DBO - Drawdown Comparison

The maximum HEQT drawdown since its inception was -11.51%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for HEQT and DBO.

Drawdown Indicators

	HEQT	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-11.51%	-90.18%	+78.67%
Max Drawdown (1Y) Largest decline over 1 year	-5.09%	-27.73%	+22.64%
Max Drawdown (3Y) Largest decline over 3 years	-10.57%	-28.20%	+17.63%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	0.00%	-56.13%	+56.13%
Average Drawdown Average peak-to-trough decline	-2.71%	-62.20%	+59.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	9.16%	-8.01%

Volatility

HEQT vs. DBO - Volatility Comparison

The current volatility for Simplify Hedged Equity ETF (HEQT) is 2.34%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that HEQT experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEQT	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	18.99%	-16.65%
Volatility (6M) Calculated over the trailing 6-month period	5.76%	34.30%	-28.54%
Volatility (1Y) Calculated over the trailing 1-year period	6.98%	38.86%	-31.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.45%	33.43%	-24.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.45%	32.24%	-23.79%

HEQT vs. DBO - Expense Ratio Comparison

HEQT has a 0.43% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

HEQT vs. DBO - Dividend Comparison

HEQT's dividend yield for the trailing twelve months is around 1.18%, less than DBO's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.11%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
HEQT Simplify Hedged Equity ETF	1.18%	1.19%	1.29%	4.10%	3.94%	0.27%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HEQT and DBO in my portfolio?

HEQT and DBO have a correlation of -0.21, 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 DBO?

DBO has higher volatility (18.99%) compared to HEQT (2.34%). In terms of maximum drawdown, HEQT dropped -11.51% vs DBO's -90.18%.

Which ETF is better, HEQT or DBO?

On 3-year performance, HEQT leads with 13.27% vs 12.33% for DBO. On fees, HEQT is cheaper at 0.43% per year. On volatility, HEQT has been the lower-risk option at 2.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEQT or DBO?

Over the 3-year period, HEQT has performed better with a 13.27% return vs 12.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEQT or DBO?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.78% for DBO.

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

DBO has the higher dividend yield at 2.11%, compared with 1.18% for HEQT.

What is the main difference between HEQT and DBO?

HEQT is categorized as Equity Hedged, while DBO is Oil & Gas. They also come from different issuers: Simplify and Invesco. Their fees differ too: 0.43% for HEQT and 0.78% for DBO.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (2.00 vs 1.33), 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.