HEQT vs. HEGD

Last updated Jun 23, 2026

HEQT (Simplify Hedged Equity ETF) and HEGD (Swan Hedged Equity US Large Cap ETF) are both Equity Hedged funds. Both are actively managed. Over the past 3 years, HEQT returned 13.21%/yr vs 13.86%/yr for HEGD. Their correlation of 0.83 suggests significant overlap in exposure. HEQT charges 0.43%/yr vs 0.88%/yr for HEGD.

Performance

HEQT vs. HEGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Hedged Equity ETF (HEQT) and Swan Hedged Equity US Large Cap ETF (HEGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEQT achieves a 4.76% return, which is significantly lower than HEGD's 5.59% return.

HEQT

• 1D: -0.21%
• 1M: 0.57%
• YTD: 4.76%
• 6M: 4.67%
• 1Y: 14.00%
• 3Y*: 13.21%
• 5Y*: —
• 10Y*: —

HEGD

• 1D: -0.37%
• 1M: -0.26%
• YTD: 5.59%
• 6M: 5.05%
• 1Y: 16.85%
• 3Y*: 13.86%
• 5Y*: 8.76%
• 10Y*: —

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

HEQT vs. HEGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HEQT Simplify Hedged Equity ETF	4.76%	10.08%	18.30%	16.61%	-8.25%	2.11%
HEGD Swan Hedged Equity US Large Cap ETF	5.59%	12.95%	15.24%	14.16%	-11.25%	2.63%

Correlation

The correlation between HEQT and HEGD is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.83

The correlation between HEQT and HEGD has been stable across timeframes, ranging from 0.82 to 0.83 - a consistent structural relationship.

Return for Risk

HEQT vs. HEGD — Risk / Return Rank

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

HEQT

HEQT Risk / Return Rank: 68
HEQT Sharpe Ratio Rank: 68
HEQT Sortino Ratio Rank: 69
HEQT Omega Ratio Rank: 77
HEQT Calmar Ratio Rank: 57
HEQT Martin Ratio Rank: 70

HEGD

HEGD Risk / Return Rank: 75
HEGD Sharpe Ratio Rank: 73
HEGD Sortino Ratio Rank: 73
HEGD Omega Ratio Rank: 73
HEGD Calmar Ratio Rank: 78
HEGD Martin Ratio Rank: 77

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. HEGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Hedged Equity ETF (HEQT) and Swan Hedged Equity US Large Cap ETF (HEGD). 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	HEGD	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.27	-0.14
Sortino ratio: Return per unit of downside risk	3.00	3.17	-0.17
Omega ratio: Gain probability vs. loss probability	1.43	1.41	+0.02
Calmar ratio: Return relative to maximum drawdown	2.76	3.86	-1.10
Martin ratio: Return relative to average drawdown	12.50	14.28	-1.78

HEQT vs. HEGD - Sharpe Ratio Comparison

The current HEQT Sharpe Ratio is 2.13, which is comparable to the HEGD Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of HEQT and HEGD, 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. HEGD - Drawdown Comparison

The maximum HEQT drawdown since its inception was -11.51%, smaller than the maximum HEGD drawdown of -14.56%. Use the drawdown chart below to compare losses from any high point for HEQT and HEGD.

Drawdown Indicators

	HEQT	HEGD	Difference
Max Drawdown Largest peak-to-trough decline	-11.51%	-14.56%	+3.05%
Max Drawdown (1Y) Largest decline over 1 year	-5.09%	-4.39%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	-10.57%	-8.14%	-2.43%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.56%	—
Current Drawdown Current decline from peak	-0.42%	-1.79%	+1.37%
Average Drawdown Average peak-to-trough decline	-2.77%	-3.65%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	1.18%	-0.06%

Volatility

HEQT vs. HEGD - Volatility Comparison

The current volatility for Simplify Hedged Equity ETF (HEQT) is 1.92%, while Swan Hedged Equity US Large Cap ETF (HEGD) has a volatility of 3.24%. This indicates that HEQT experiences smaller price fluctuations and is considered to be less risky than HEGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEQT	HEGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	3.24%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	5.47%	5.58%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	6.61%	7.47%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.47%	9.48%	-1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.47%	9.39%	-0.92%

HEQT vs. HEGD - Expense Ratio Comparison

HEQT has a 0.43% expense ratio, which is lower than HEGD's 0.88% expense ratio.

Dividends

HEQT vs. HEGD - Dividend Comparison

HEQT's dividend yield for the trailing twelve months is around 1.20%, more than HEGD's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021
HEGD Swan Hedged Equity US Large Cap ETF	0.34%	0.36%	0.43%	0.39%	0.87%	0.31%
HEQT Simplify Hedged Equity ETF	1.20%	1.19%	1.29%	4.10%	3.94%	0.27%

Frequently Asked Questions

Can I hold both HEQT and HEGD in my portfolio?

HEQT and HEGD have a correlation of 0.82, 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 HEGD?

HEGD has higher volatility (3.24%) compared to HEQT (1.92%). In terms of maximum drawdown, HEQT dropped -11.51% vs HEGD's -14.56%.

Which ETF is better, HEQT or HEGD?

On 3-year performance, HEGD leads with 13.86% vs 13.21% for HEQT. On fees, HEQT is cheaper at 0.43% per year. On volatility, HEQT has been the lower-risk option at 1.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEQT or HEGD?

Over the 3-year period, HEGD has performed better with a 13.86% return vs 13.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEQT or HEGD?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.88% for HEGD.

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

HEQT has the higher dividend yield at 1.20%, compared with 0.34% for HEGD.

What is the main difference between HEQT and HEGD?

They also come from different issuers: Simplify and Swan. Their fees differ too: 0.43% for HEQT and 0.88% for HEGD.

Which has better risk-adjusted returns?

HEGD currently has the higher Sharpe Ratio (2.27 vs 2.13), 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.