HEQT vs. HNDRX

Last updated Jun 23, 2026

HEQT (Simplify Hedged Equity ETF) and HNDRX (Horizon Defined Risk Fund) are both funds - HEQT is a Equity Hedged fund actively managed by Simplify, while HNDRX is a Options Trading fund managed by Horizon Investments. Over the past 3 years, HEQT returned 13.21%/yr vs 12.60%/yr for HNDRX. Their correlation of 0.90 suggests significant overlap in exposure. HEQT charges 0.43%/yr vs 1.04%/yr for HNDRX.

Performance

HEQT vs. HNDRX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with HEQT having a 4.76% return and HNDRX slightly higher at 4.87%.

HEQT

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

HNDRX

• 1D: 0.41%
• 1M: 0.63%
• YTD: 4.87%
• 6M: 4.66%
• 1Y: 12.94%
• 3Y*: 12.60%
• 5Y*: 8.72%
• 10Y*: —

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

HEQT vs. HNDRX - 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%
HNDRX Horizon Defined Risk Fund	4.87%	10.78%	15.41%	14.97%	-10.12%	2.42%

Correlation

The correlation between HEQT and HNDRX 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	0.88
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.90

The correlation between HEQT and HNDRX has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Return for Risk

HEQT vs. HNDRX — 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

HNDRX

HNDRX Risk / Return Rank: 68
HNDRX Sharpe Ratio Rank: 64
HNDRX Sortino Ratio Rank: 62
HNDRX Omega Ratio Rank: 72
HNDRX Calmar Ratio Rank: 62
HNDRX 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.

HEQT vs. HNDRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Hedged Equity ETF (HEQT) and Horizon Defined Risk Fund (HNDRX). 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	HNDRX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.16	-0.03
Sortino ratio: Return per unit of downside risk	3.00	3.01	-0.01
Omega ratio: Gain probability vs. loss probability	1.43	1.43	0.00
Calmar ratio: Return relative to maximum drawdown	2.76	2.90	-0.14
Martin ratio: Return relative to average drawdown	12.50	13.63	-1.13

HEQT vs. HNDRX - Sharpe Ratio Comparison

The current HEQT Sharpe Ratio is 2.13, which is comparable to the HNDRX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of HEQT and HNDRX, 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. HNDRX - Drawdown Comparison

The maximum HEQT drawdown since its inception was -11.51%, smaller than the maximum HNDRX drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for HEQT and HNDRX.

Drawdown Indicators

	HEQT	HNDRX	Difference
Max Drawdown Largest peak-to-trough decline	-11.51%	-20.71%	+9.20%
Max Drawdown (1Y) Largest decline over 1 year	-5.09%	-4.48%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-10.57%	-11.42%	+0.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.99%	—
Current Drawdown Current decline from peak	-0.42%	-0.08%	-0.34%
Average Drawdown Average peak-to-trough decline	-2.77%	-2.78%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	0.95%	+0.17%

Volatility

HEQT vs. HNDRX - Volatility Comparison

Simplify Hedged Equity ETF (HEQT) has a higher volatility of 1.92% compared to Horizon Defined Risk Fund (HNDRX) at 1.52%. This indicates that HEQT's price experiences larger fluctuations and is considered to be riskier than HNDRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEQT	HNDRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	1.52%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	5.47%	4.80%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	6.61%	6.02%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.47%	9.34%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.47%	10.46%	-1.99%

HEQT vs. HNDRX - Expense Ratio Comparison

HEQT has a 0.43% expense ratio, which is lower than HNDRX's 1.04% expense ratio.

Dividends

HEQT vs. HNDRX - Dividend Comparison

HEQT's dividend yield for the trailing twelve months is around 1.20%, more than HNDRX's 0.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HEQT Simplify Hedged Equity ETF	1.20%	1.19%	1.29%	4.10%	3.94%	0.27%	0.00%	0.00%	0.00%
HNDRX Horizon Defined Risk Fund	0.20%	0.21%	0.09%	0.21%	0.36%	0.28%	0.57%	0.55%	0.58%

Frequently Asked Questions

Can I hold both HEQT and HNDRX in my portfolio?

HEQT and HNDRX 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, HEQT or HNDRX?

HEQT has higher volatility (1.92%) compared to HNDRX (1.52%). In terms of maximum drawdown, HEQT dropped -11.51% vs HNDRX's -20.71%.

Which has better risk-adjusted returns?

HNDRX currently has the higher Sharpe Ratio (2.16 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.