HEQT vs. USO
HEQT (Simplify Hedged Equity ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - HEQT is a Options Trading fund actively managed by Simplify, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. HEQT is actively managed, while USO is passively managed. Over the past 3 years, HEQT returned 13.47%/yr vs 28.78%/yr for USO. At a 0.07 correlation, their price movements are largely independent. HEQT charges 0.53%/yr vs 0.86%/yr for USO.
Performance
HEQT vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, HEQT achieves a 4.92% return, which is significantly lower than USO's 97.72% return.
HEQT
- 1D
- -0.03%
- 1M
- 1.33%
- YTD
- 4.92%
- 6M
- 5.48%
- 1Y
- 14.78%
- 3Y*
- 13.47%
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
HEQT vs. USO - 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% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | -5.51% |
Correlation
The correlation between HEQT and USO is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021 | 0.07 |
The correlation between HEQT and USO shifts across timeframes, from -0.22 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HEQT vs. USO — Risk / Return Rank
HEQT
USO
HEQT vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Hedged Equity ETF (HEQT) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.37 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | 4.79 | -1.88 |
| Martin ratioReturn relative to average drawdown | 13.35 | 9.00 | +4.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HEQT | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.33 | 2.21 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | -0.18 | +1.26 |
Drawdowns
HEQT vs. USO - Drawdown Comparison
The maximum HEQT drawdown since its inception was -11.51%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for HEQT and USO.
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Drawdown Indicators
| HEQT | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.51% | -98.19% | +86.68% |
Max Drawdown (1Y)Largest decline over 1 year | -5.09% | -20.39% | +15.30% |
Max Drawdown (3Y)Largest decline over 3 years | -10.57% | -26.05% | +15.48% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -0.09% | -85.45% | +85.36% |
Average DrawdownAverage peak-to-trough decline | -2.79% | -75.30% | +72.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 10.84% | -9.73% |
Volatility
HEQT vs. USO - Volatility Comparison
The current volatility for Simplify Hedged Equity ETF (HEQT) is 0.73%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that HEQT experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEQT | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 14.97% | -14.24% |
Volatility (6M)Calculated over the trailing 6-month period | 5.27% | 38.35% | -33.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.38% | 44.32% | -37.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.47% | 36.09% | -27.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.47% | 39.00% | -30.53% |
HEQT vs. USO - Expense Ratio Comparison
HEQT has a 0.53% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
HEQT vs. USO - Dividend Comparison
HEQT's dividend yield for the trailing twelve months is around 1.19%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
HEQT Simplify Hedged Equity ETF | 1.19% | 1.19% | 1.29% | 4.10% | 3.94% | 0.27% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEQT and USO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to HEQT (0.73%). In terms of maximum drawdown, HEQT dropped -11.51% vs USO's -98.19%.
On 3-year performance, USO leads with 28.78% vs 13.47% for HEQT. On fees, HEQT is cheaper at 0.53% 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.
Over the 3-year period, USO has performed better with a 28.78% return vs 13.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HEQT is cheaper with a 0.53% expense ratio, compared with 0.86% for USO.
HEQT has the higher dividend yield at 1.19%, compared with 0.00% for USO.
HEQT is categorized as Options Trading, while USO is Oil & Gas. They also come from different issuers: Simplify and USCF. Their fees differ too: 0.53% for HEQT and 0.86% for USO.
HEQT currently has the higher Sharpe Ratio (2.33 vs 2.21), 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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