HEQT vs. QGRD

Last updated Jun 23, 2026

HEQT (Simplify Hedged Equity ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both Equity Hedged funds. Both are actively managed. Their correlation of 0.82 suggests significant overlap in exposure. HEQT charges 0.43%/yr vs 0.85%/yr for QGRD.

Performance

HEQT vs. QGRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Hedged Equity ETF (HEQT) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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 QGRD's 14.58% return.

HEQT

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

QGRD

• 1D: -0.24%
• 1M: 2.94%
• YTD: 14.58%
• 6M: 13.42%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEQT vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
HEQT Simplify Hedged Equity ETF	4.76%	6.87%
QGRD Horizon NASDAQ-100 Defined Risk ETF	14.58%	8.15%

Correlation

The correlation between HEQT and QGRD 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 (All Time) Calculated using the full available price history since Jul 10, 2025	0.82

Return for Risk

HEQT vs. QGRD — 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

QGRD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. QGRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Hedged Equity ETF (HEQT) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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	QGRD	Difference
Sharpe ratio: Return per unit of total volatility	2.13	—	—
Sortino ratio: Return per unit of downside risk	3.00	—	—
Omega ratio: Gain probability vs. loss probability	1.43	—	—
Calmar ratio: Return relative to maximum drawdown	2.76	—	—
Martin ratio: Return relative to average drawdown	12.50	—	—

Drawdowns

HEQT vs. QGRD - Drawdown Comparison

The maximum HEQT drawdown since its inception was -11.51%, which is greater than QGRD's maximum drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for HEQT and QGRD.

Drawdown Indicators

	HEQT	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-11.51%	-9.41%	-2.10%
Max Drawdown (1Y) Largest decline over 1 year	-5.09%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-10.57%	—	—
Current Drawdown Current decline from peak	-0.42%	-0.57%	+0.15%
Average Drawdown Average peak-to-trough decline	-2.77%	-2.19%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	—	—

Volatility

Volatility by Period

	HEQT	QGRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.47%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.61%	14.15%	-7.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.47%	14.15%	-5.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.47%	14.15%	-5.68%

HEQT vs. QGRD - Expense Ratio Comparison

HEQT has a 0.43% expense ratio, which is lower than QGRD's 0.85% expense ratio.

Dividends

HEQT vs. QGRD - Dividend Comparison

HEQT's dividend yield for the trailing twelve months is around 1.20%, less than QGRD's 1.37% 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%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.37%	1.57%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HEQT and QGRD in my portfolio?

HEQT and QGRD 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 ETF is better, HEQT or QGRD?

On fees, HEQT is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEQT or QGRD?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.85% for QGRD.

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

QGRD has the higher dividend yield at 1.37%, compared with 1.20% for HEQT.

What is the main difference between HEQT and QGRD?

They also come from different issuers: Simplify and Horizon. Their fees differ too: 0.43% for HEQT and 0.85% for QGRD.