HEQT vs. TRTY

Last updated Jun 5, 2026

HEQT (Simplify Hedged Equity ETF) and TRTY (Cambria Trinity ETF) are both exchange-traded funds - HEQT is a Options Trading fund actively managed by Simplify, while TRTY is a Tactical Allocation fund tracking the Cambria Trinity Index. HEQT is actively managed, while TRTY is passively managed. Over the past 3 years, HEQT returned 13.47%/yr vs 11.97%/yr for TRTY. A 0.59 correlation means they provide meaningful diversification when combined. HEQT charges 0.53%/yr vs 0.44%/yr for TRTY.

Performance

HEQT vs. TRTY - Performance Comparison

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

Returns By Period

In the year-to-date period, HEQT achieves a 4.92% return, which is significantly lower than TRTY's 10.26% return.

HEQT

• 1D: -0.03%
• 1M: 1.33%
• YTD: 4.92%
• 6M: 5.48%
• 1Y: 14.78%
• 3Y*: 13.47%
• 5Y*: —
• 10Y*: —

TRTY

• 1D: 0.14%
• 1M: 0.25%
• YTD: 10.26%
• 6M: 11.44%
• 1Y: 23.72%
• 3Y*: 11.97%
• 5Y*: 5.94%
• 10Y*: —

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

HEQT vs. TRTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HEQT Simplify Hedged Equity ETF	4.92%	10.08%	18.30%	16.61%	-8.25%	2.16%
TRTY Cambria Trinity ETF	10.26%	16.35%	3.89%	3.97%	-3.30%	-1.13%

Correlation

The correlation between HEQT and TRTY is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021	0.59

The correlation between HEQT and TRTY has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.

HEQT vs. TRTY - Sectors Allocation Comparison

Sectors	HEQT	TRTY
Technology	36.2%	7.7%
Financial Services	11.9%	15.8%
Communication Services	10.9%	3.9%
Consumer Cyclical	10.1%	7.9%
Healthcare	8.4%	2.6%
Industrials	8.1%	13.4%
Consumer Defensive	4.9%	3.8%
Energy	3.5%	18.2%
Utilities	2.3%	6.9%
Real Estate	1.9%	8.7%
Basic Materials	1.8%	11.1%

Return for Risk

HEQT vs. TRTY — Risk / Return Rank

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

HEQT

HEQT Risk / Return Rank: 72
HEQT Sharpe Ratio Rank: 72
HEQT Sortino Ratio Rank: 75
HEQT Omega Ratio Rank: 82
HEQT Calmar Ratio Rank: 60
HEQT Martin Ratio Rank: 72

TRTY

TRTY Risk / Return Rank: 80
TRTY Sharpe Ratio Rank: 78
TRTY Sortino Ratio Rank: 71
TRTY Omega Ratio Rank: 84
TRTY Calmar Ratio Rank: 83
TRTY Martin Ratio Rank: 86

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. TRTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Hedged Equity ETF (HEQT) and Cambria Trinity ETF (TRTY). 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.

	HEQT	TRTY	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.50	-0.17
Sortino ratio: Return per unit of downside risk	3.31	3.16	+0.15
Omega ratio: Gain probability vs. loss probability	1.49	1.50	-0.02
Calmar ratio: Return relative to maximum drawdown	2.92	4.34	-1.43
Martin ratio: Return relative to average drawdown	13.35	17.93	-4.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEQT vs. TRTY - Sharpe Ratio Comparison

The current HEQT Sharpe Ratio is 2.33, which is comparable to the TRTY Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of HEQT and TRTY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HEQT	TRTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	2.50	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.61	+0.47

Drawdowns

HEQT vs. TRTY - Drawdown Comparison

The maximum HEQT drawdown since its inception was -11.51%, smaller than the maximum TRTY drawdown of -22.35%. Use the drawdown chart below to compare losses from any high point for HEQT and TRTY.

Drawdown Indicators

	HEQT	TRTY	Difference
Max Drawdown Largest peak-to-trough decline	-11.51%	-22.35%	+10.84%
Max Drawdown (1Y) Largest decline over 1 year	-5.09%	-5.49%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-10.57%	-9.25%	-1.32%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.72%	—
Current Drawdown Current decline from peak	-0.09%	-0.48%	+0.39%
Average Drawdown Average peak-to-trough decline	-2.79%	-4.16%	+1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	1.33%	-0.22%

Volatility

HEQT vs. TRTY - Volatility Comparison

The current volatility for Simplify Hedged Equity ETF (HEQT) is 0.73%, while Cambria Trinity ETF (TRTY) has a volatility of 2.20%. This indicates that HEQT experiences smaller price fluctuations and is considered to be less risky than TRTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEQT	TRTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	2.20%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	5.27%	8.25%	-2.98%
Volatility (1Y) Calculated over the trailing 1-year period	6.38%	9.54%	-3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.47%	10.62%	-2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.47%	10.41%	-1.94%

HEQT vs. TRTY - Expense Ratio Comparison

HEQT has a 0.53% expense ratio, which is higher than TRTY's 0.44% expense ratio.

Dividends

HEQT vs. TRTY - Dividend Comparison

HEQT's dividend yield for the trailing twelve months is around 1.19%, less than TRTY's 3.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HEQT Simplify Hedged Equity ETF	1.19%	1.19%	1.29%	4.10%	3.94%	0.27%	0.00%	0.00%	0.00%
TRTY Cambria Trinity ETF	3.00%	2.86%	3.55%	3.24%	5.17%	4.52%	1.99%	2.64%	1.07%

Frequently Asked Questions

Can I hold both HEQT and TRTY in my portfolio?

HEQT and TRTY have a correlation of 0.64, 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 TRTY?

TRTY has higher volatility (2.20%) compared to HEQT (0.73%). In terms of maximum drawdown, HEQT dropped -11.51% vs TRTY's -22.35%.

Which ETF is better, HEQT or TRTY?

On 3-year performance, HEQT leads with 13.47% vs 11.97% for TRTY. On fees, TRTY is cheaper at 0.44% per year. On volatility, HEQT has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEQT or TRTY?

Over the 3-year period, HEQT has performed better with a 13.47% return vs 11.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEQT or TRTY?

TRTY is cheaper with a 0.44% expense ratio, compared with 0.53% for HEQT.

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

TRTY has the higher dividend yield at 3.00%, compared with 1.19% for HEQT.

What is the main difference between HEQT and TRTY?

HEQT is categorized as Options Trading, while TRTY is Tactical Allocation. They also come from different issuers: Simplify and Cambria. Their fees differ too: 0.53% for HEQT and 0.44% for TRTY.

Which has better risk-adjusted returns?

TRTY currently has the higher Sharpe Ratio (2.50 vs 2.33), 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.