HEQT vs. KSPY

Last updated Jun 23, 2026

HEQT (Simplify Hedged Equity ETF) and KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) are both Equity Hedged funds. HEQT is actively managed, while KSPY is passively managed. Over the past year, HEQT returned 14.00% vs 18.25% for KSPY. A 0.80 correlation means they provide meaningful diversification when combined. HEQT charges 0.43%/yr vs 0.78%/yr for KSPY.

Performance

HEQT vs. KSPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Hedged Equity ETF (HEQT) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY). 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 KSPY's 6.30% return.

HEQT

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

KSPY

• 1D: -0.27%
• 1M: 1.21%
• YTD: 6.30%
• 6M: 5.95%
• 1Y: 18.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEQT vs. KSPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HEQT Simplify Hedged Equity ETF	4.76%	10.08%	5.60%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	6.30%	13.89%	3.51%

Correlation

The correlation between HEQT and KSPY is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jul 16, 2024	0.80

The correlation between HEQT and KSPY has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

Return for Risk

HEQT vs. KSPY — 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

KSPY

KSPY Risk / Return Rank: 86
KSPY Sharpe Ratio Rank: 81
KSPY Sortino Ratio Rank: 85
KSPY Omega Ratio Rank: 90
KSPY Calmar Ratio Rank: 81
KSPY Martin Ratio Rank: 92

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. KSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Hedged Equity ETF (HEQT) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY). 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	KSPY	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.49	-0.36
Sortino ratio: Return per unit of downside risk	3.00	3.61	-0.61
Omega ratio: Gain probability vs. loss probability	1.43	1.55	-0.12
Calmar ratio: Return relative to maximum drawdown	2.76	4.11	-1.35
Martin ratio: Return relative to average drawdown	12.50	21.39	-8.89

HEQT vs. KSPY - Sharpe Ratio Comparison

The current HEQT Sharpe Ratio is 2.13, which is comparable to the KSPY Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of HEQT and KSPY, 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. KSPY - Drawdown Comparison

The maximum HEQT drawdown since its inception was -11.51%, roughly equal to the maximum KSPY drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for HEQT and KSPY.

Drawdown Indicators

	HEQT	KSPY	Difference
Max Drawdown Largest peak-to-trough decline	-11.51%	-11.67%	+0.16%
Max Drawdown (1Y) Largest decline over 1 year	-5.09%	-4.46%	-0.63%
Max Drawdown (3Y) Largest decline over 3 years	-10.57%	—	—
Current Drawdown Current decline from peak	-0.42%	-0.51%	+0.09%
Average Drawdown Average peak-to-trough decline	-2.77%	-1.17%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	0.85%	+0.27%

Volatility

HEQT vs. KSPY - Volatility Comparison

The current volatility for Simplify Hedged Equity ETF (HEQT) is 1.92%, while Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) has a volatility of 2.67%. This indicates that HEQT experiences smaller price fluctuations and is considered to be less risky than KSPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEQT	KSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	2.67%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	5.47%	5.98%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	6.61%	7.36%	-0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.47%	10.55%	-2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.47%	10.55%	-2.08%

HEQT vs. KSPY - Expense Ratio Comparison

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

Dividends

HEQT vs. KSPY - Dividend Comparison

HEQT's dividend yield for the trailing twelve months is around 1.20%, less than KSPY's 5.80% yield.

Position	TTM	2025	2024	2023	2022	2021
HEQT Simplify Hedged Equity ETF	1.20%	1.19%	1.29%	4.10%	3.94%	0.27%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.80%	6.16%	1.31%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HEQT and KSPY in my portfolio?

HEQT and KSPY have a correlation of 0.77, 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 KSPY?

KSPY has higher volatility (2.67%) compared to HEQT (1.92%). In terms of maximum drawdown, HEQT dropped -11.51% vs KSPY's -11.67%.

Which ETF is better, HEQT or KSPY?

On 1-year performance, KSPY leads with 18.25% vs 14.00% 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 KSPY?

Over the 1-year period, KSPY has performed better with a 18.25% return vs 14.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEQT or KSPY?

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

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

KSPY has the higher dividend yield at 5.80%, compared with 1.20% for HEQT.

What is the main difference between HEQT and KSPY?

They also come from different issuers: Simplify and KraneShares. Their fees differ too: 0.43% for HEQT and 0.78% for KSPY.

Which has better risk-adjusted returns?

KSPY currently has the higher Sharpe Ratio (2.49 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.