KONG vs. HEQT

Last updated Aug 4, 2026

KONG (Formidable Fortress ETF) and HEQT (Simplify Hedged Equity ETF) are both Equity Hedged funds. Both are actively managed. Over the past 3 years, KONG returned 8.47%/yr vs 13.27%/yr for HEQT. Their 0.72 correlation means they have sometimes moved together and sometimes differently. KONG charges 0.89%/yr vs 0.43%/yr for HEQT.

Performance

KONG vs. HEQT - Performance Comparison

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

Returns By Period

In the year-to-date period, KONG achieves a 5.64% return, which is significantly lower than HEQT's 6.73% return.

KONG

• 1D: 1.18%
• 1M: 2.29%
• 6M: 4.16%
• YTD: 5.64%
• 1Y: 7.92%
• 3Y*: 8.47%
• 5Y*: 5.52%
• 10Y*: —
• ALL TIME*: 5.71%

HEQT

• 1D: 0.94%
• 1M: 1.56%
• 6M: 5.12%
• YTD: 6.73%
• 1Y: 13.86%
• 3Y*: 13.27%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEQT Simplify Hedged Equity ETF	$1.83M	$1.55M	$1.82M
KONG Formidable Fortress ETF	$14.69K	$9.34K	$25.25K

KONG vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KONG Formidable Fortress ETF	5.64%	6.56%	9.67%	12.71%	-9.63%	3.16%
HEQT Simplify Hedged Equity ETF	6.73%	10.08%	18.30%	16.61%	-8.25%	2.11%

Correlation

The correlation between KONG and HEQT is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.72

The correlation between KONG and HEQT has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

Return for Risk

KONG vs. HEQT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KONG

KONG Risk / Return Rank: 29
KONG Sharpe Ratio Rank: 28
KONG Sortino Ratio Rank: 27
KONG Omega Ratio Rank: 26
KONG Calmar Ratio Rank: 28
KONG Martin Ratio Rank: 34

HEQT

HEQT Risk / Return Rank: 83
HEQT Sharpe Ratio Rank: 84
HEQT Sortino Ratio Rank: 84
HEQT Omega Ratio Rank: 87
HEQT Calmar Ratio Rank: 76
HEQT Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KONG vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Formidable Fortress ETF (KONG) 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.

	KONG	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	0.71	2.00	-1.29
Sortino ratio: Return per unit of downside risk	1.06	2.83	-1.76
Omega ratio: Gain probability vs. loss probability	1.13	1.39	-0.26
Calmar ratio: Return relative to maximum drawdown	0.93	2.73	-1.80
Martin ratio: Return relative to average drawdown	3.48	12.13	-8.64

KONG vs. HEQT - Sharpe Ratio Comparison

The current KONG Sharpe Ratio is 0.71, which is lower than the HEQT Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of KONG and HEQT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KONG vs. HEQT - Drawdown Comparison

The maximum KONG drawdown since its inception was -19.98%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for KONG and HEQT.

Drawdown Indicators

	KONG	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-11.51%	-8.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-5.09%	-3.45%
Max Drawdown (3Y) Largest decline over 3 years	-15.48%	-10.57%	-4.91%
Max Drawdown (5Y) Largest decline over 5 years	-18.34%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.68%	-2.71%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	1.15%	+1.13%

Volatility

KONG vs. HEQT - Volatility Comparison

Formidable Fortress ETF (KONG) has a higher volatility of 3.44% compared to Simplify Hedged Equity ETF (HEQT) at 2.34%. This indicates that KONG's price experiences larger fluctuations and is considered to be riskier than HEQT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KONG	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	2.34%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	9.01%	5.76%	+3.25%
Volatility (1Y) Calculated over the trailing 1-year period	11.20%	6.98%	+4.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.92%	8.45%	+5.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.50%	8.45%	+6.05%

KONG vs. HEQT - Expense Ratio Comparison

KONG has a 0.89% expense ratio, which is higher than HEQT's 0.43% expense ratio.

Dividends

KONG vs. HEQT - Dividend Comparison

KONG's dividend yield for the trailing twelve months is around 0.35%, less than HEQT's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021
HEQT Simplify Hedged Equity ETF	1.18%	1.19%	1.29%	4.10%	3.94%	0.27%
KONG Formidable Fortress ETF	0.35%	0.37%	0.78%	0.69%	0.49%	0.12%

Frequently Asked Questions

Can I hold both KONG and HEQT in my portfolio?

KONG and HEQT have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KONG or HEQT?

KONG has higher volatility (3.44%) compared to HEQT (2.34%). In terms of maximum drawdown, KONG dropped -19.98% vs HEQT's -11.51%.

Which ETF is better, KONG or HEQT?

On 3-year performance, HEQT leads with 13.27% vs 8.47% for KONG. On fees, HEQT is cheaper at 0.43% per year. On volatility, HEQT has been the lower-risk option at 2.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KONG or HEQT?

Over the 3-year period, HEQT has performed better with a 13.27% return vs 8.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KONG or HEQT?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.89% for KONG.

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

HEQT has the higher dividend yield at 1.18%, compared with 0.35% for KONG.

What is the main difference between KONG and HEQT?

They also come from different issuers: Formidable and Simplify. Their fees differ too: 0.89% for KONG and 0.43% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (2.00 vs 0.71), 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.