HEQT vs. MAXJ
HEQT (Simplify Hedged Equity ETF) and MAXJ (iShares Large Cap Max Buffer Jun ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, HEQT returned 14.00% vs 9.15% for MAXJ. A 0.77 correlation means they provide meaningful diversification when combined. HEQT charges 0.43%/yr vs 0.50%/yr for MAXJ.
Performance
HEQT vs. MAXJ - Performance Comparison
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Returns By Period
In the year-to-date period, HEQT achieves a 4.76% return, which is significantly higher than MAXJ's 3.18% return.
HEQT
- 1D
- -0.21%
- 1M
- 0.57%
- YTD
- 4.76%
- 6M
- 4.67%
- 1Y
- 14.00%
- 3Y*
- 13.21%
- 5Y*
- —
- 10Y*
- —
MAXJ
- 1D
- 0.09%
- 1M
- 0.52%
- YTD
- 3.18%
- 6M
- 3.28%
- 1Y
- 9.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HEQT vs. MAXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HEQT Simplify Hedged Equity ETF | 4.76% | 10.08% | 7.20% |
MAXJ iShares Large Cap Max Buffer Jun ETF | 3.18% | 8.97% | 4.56% |
Correlation
The correlation between HEQT and MAXJ is 0.69, 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 | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024 | 0.77 |
The correlation between HEQT and MAXJ has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.
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Return for Risk
HEQT vs. MAXJ — Risk / Return Rank
HEQT
MAXJ
HEQT vs. MAXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Hedged Equity ETF (HEQT) and iShares Large Cap Max Buffer Jun ETF (MAXJ). 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 | MAXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.53 | ||
| Sortino ratioReturn per unit of downside risk | -3.27 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.87 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.76 | 5.39 | -2.63 |
| Martin ratioReturn relative to average drawdown | 12.50 | 31.75 | -19.25 |
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Drawdowns
HEQT vs. MAXJ - Drawdown Comparison
The maximum HEQT drawdown since its inception was -11.51%, which is greater than MAXJ's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for HEQT and MAXJ.
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Drawdown Indicators
| HEQT | MAXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.51% | -6.35% | -5.16% |
Max Drawdown (1Y)Largest decline over 1 year | -5.09% | -1.70% | -3.39% |
Max Drawdown (3Y)Largest decline over 3 years | -10.57% | — | — |
Current DrawdownCurrent decline from peak | -0.42% | 0.00% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -2.77% | -0.55% | -2.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 0.29% | +0.83% |
Volatility
HEQT vs. MAXJ - Volatility Comparison
Simplify Hedged Equity ETF (HEQT) has a higher volatility of 1.92% compared to iShares Large Cap Max Buffer Jun ETF (MAXJ) at 0.32%. This indicates that HEQT's price experiences larger fluctuations and is considered to be riskier than MAXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEQT | MAXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.92% | 0.32% | +1.60% |
Volatility (6M)Calculated over the trailing 6-month period | 5.47% | 1.89% | +3.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.61% | 2.52% | +4.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.47% | 5.22% | +3.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.47% | 5.22% | +3.25% |
HEQT vs. MAXJ - Expense Ratio Comparison
HEQT has a 0.43% expense ratio, which is lower than MAXJ's 0.50% expense ratio.
Dividends
HEQT vs. MAXJ - Dividend Comparison
HEQT's dividend yield for the trailing twelve months is around 1.20%, more than MAXJ's 0.98% 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% |
MAXJ iShares Large Cap Max Buffer Jun ETF | 0.98% | 1.01% | 0.81% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEQT and MAXJ have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEQT has higher volatility (1.92%) compared to MAXJ (0.32%). In terms of maximum drawdown, HEQT dropped -11.51% vs MAXJ's -6.35%.
On 1-year performance, HEQT leads with 14.00% vs 9.15% for MAXJ. On fees, HEQT is cheaper at 0.43% per year. On volatility, MAXJ has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HEQT has performed better with a 14.00% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HEQT is cheaper with a 0.43% expense ratio, compared with 0.50% for MAXJ.
HEQT has the higher dividend yield at 1.20%, compared with 0.98% for MAXJ.
They also come from different issuers: Simplify and iShares. Their fees differ too: 0.43% for HEQT and 0.50% for MAXJ.
MAXJ currently has the higher Sharpe Ratio (3.66 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.
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