HNDRX vs. HEQT
HNDRX (Horizon Defined Risk Fund) and HEQT (Simplify Hedged Equity ETF) are both funds - HNDRX is a Options Trading fund managed by Horizon, while HEQT is a Equity Hedged fund actively managed by Simplify. Over the past 3 years, HNDRX returned 12.05%/yr vs 12.64%/yr for HEQT. Their correlation of 0.90 means they have usually moved in the same direction. HNDRX charges 1.04%/yr vs 0.43%/yr for HEQT.
Performance
HNDRX vs. HEQT - Performance Comparison
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Returns By Period
In the year-to-date period, HNDRX achieves a 5.14% return, which is significantly lower than HEQT's 5.74% return.
HNDRX
- 1D
- 0.75%
- 1M
- -0.18%
- 6M
- 3.99%
- YTD
- 5.14%
- 1Y
- 11.14%
- 3Y*
- 12.05%
- 5Y*
- 8.01%
- 10Y*
- —
- ALL TIME*
- 7.88%
HEQT
- 1D
- 0.48%
- 1M
- 0.62%
- 6M
- 4.44%
- YTD
- 5.74%
- 1Y
- 12.81%
- 3Y*
- 12.64%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 8.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.71M | $2.08M | $1.80M | |
| $0.00 | $0.00 | $0.00 |
HNDRX vs. HEQT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HNDRX Horizon Defined Risk Fund | 5.14% | 10.78% | 15.41% | 14.97% | -10.12% | 2.42% |
HEQT Simplify Hedged Equity ETF | 5.74% | 10.08% | 18.30% | 16.61% | -8.25% | 2.11% |
Correlation
The correlation between HNDRX and HEQT is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021 | 0.90 |
The correlation between HNDRX and HEQT has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.
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Return for Risk
HNDRX vs. HEQT — Risk / Return Rank
HNDRX
HEQT
HNDRX vs. HEQT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Defined Risk Fund (HNDRX) and Simplify Hedged Equity ETF (HEQT). 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.
| HNDRX | HEQT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.34 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 2.37 | +0.04 |
| Martin ratioReturn relative to average drawdown | 11.09 | 10.53 | +0.56 |
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Drawdowns
HNDRX vs. HEQT - Drawdown Comparison
The maximum HNDRX drawdown since its inception was -20.71%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for HNDRX and HEQT.
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Drawdown Indicators
| HNDRX | HEQT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.71% | -11.51% | -9.20% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -5.09% | +0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -11.42% | -10.57% | -0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -13.99% | — | — |
Current DrawdownCurrent decline from peak | -0.86% | -0.33% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -2.75% | -2.71% | -0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 1.15% | -0.18% |
Volatility
HNDRX vs. HEQT - Volatility Comparison
The current volatility for Horizon Defined Risk Fund (HNDRX) is 1.65%, while Simplify Hedged Equity ETF (HEQT) has a volatility of 2.18%. This indicates that HNDRX experiences smaller price fluctuations and is considered to be less risky than HEQT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HNDRX | HEQT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 2.18% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 4.75% | 5.69% | -0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.28% | 6.95% | -0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.34% | 8.44% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.42% | 8.44% | +1.98% |
HNDRX vs. HEQT - Expense Ratio Comparison
HNDRX has a 1.04% expense ratio, which is higher than HEQT's 0.43% expense ratio.
Dividends
HNDRX vs. HEQT - Dividend Comparison
HNDRX's dividend yield for the trailing twelve months is around 0.20%, less than HEQT's 1.19% 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% |
HNDRX Horizon Defined Risk Fund | 0.20% | 0.21% | 0.09% | 0.21% | 0.36% | 0.28% | 0.57% | 0.55% | 0.58% |
Frequently Asked Questions
HNDRX and HEQT have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEQT has higher volatility (2.18%) compared to HNDRX (1.65%). In terms of maximum drawdown, HNDRX dropped -20.71% vs HEQT's -11.51%.
HEQT currently has the higher Sharpe Ratio (1.74 vs 1.73), 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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