LAPR vs. HEQT

Last updated Jun 24, 2026

LAPR (Innovator Premium Income 15 Buffer ETF - April) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - LAPR is a Options Trading fund actively managed by Innovator, while HEQT is a Equity Hedged fund actively managed by Simplify. Both are actively managed. Over the past year, LAPR returned 6.70% vs 13.00% for HEQT. A 0.66 correlation means they provide meaningful diversification when combined. LAPR charges 0.79%/yr vs 0.43%/yr for HEQT.

Performance

LAPR vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 15 Buffer ETF - April (LAPR) 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, LAPR achieves a 3.32% return, which is significantly lower than HEQT's 4.02% return.

LAPR

• 1D: -0.08%
• 1M: 0.16%
• YTD: 3.32%
• 6M: 3.40%
• 1Y: 6.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEQT

• 1D: -0.71%
• 1M: -0.14%
• YTD: 4.02%
• 6M: 3.76%
• 1Y: 13.00%
• 3Y*: 12.95%
• 5Y*: —
• 10Y*: —

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

LAPR vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LAPR Innovator Premium Income 15 Buffer ETF - April	3.32%	5.81%	4.66%
HEQT Simplify Hedged Equity ETF	4.02%	10.08%	12.38%

Correlation

The correlation between LAPR and HEQT is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.66

The correlation between LAPR and HEQT has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.

Return for Risk

LAPR vs. HEQT — Risk / Return Rank

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

LAPR

LAPR Risk / Return Rank: 99
LAPR Sharpe Ratio Rank: 98
LAPR Sortino Ratio Rank: 99
LAPR Omega Ratio Rank: 99
LAPR Calmar Ratio Rank: 99
LAPR Martin Ratio Rank: 99

HEQT

HEQT Risk / Return Rank: 63
HEQT Sharpe Ratio Rank: 62
HEQT Sortino Ratio Rank: 62
HEQT Omega Ratio Rank: 70
HEQT Calmar Ratio Rank: 54
HEQT Martin Ratio Rank: 66

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.

LAPR vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 15 Buffer ETF - April (LAPR) 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.

	LAPR	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	5.38	1.97	+3.42
Sortino ratio: Return per unit of downside risk	11.58	2.77	+8.81
Omega ratio: Gain probability vs. loss probability	2.77	1.40	+1.38
Calmar ratio: Return relative to maximum drawdown	18.93	2.56	+16.37
Martin ratio: Return relative to average drawdown	108.62	11.59	+97.04

LAPR vs. HEQT - Sharpe Ratio Comparison

The current LAPR Sharpe Ratio is 5.38, which is higher than the HEQT Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of LAPR 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

LAPR vs. HEQT - Drawdown Comparison

The maximum LAPR drawdown since its inception was -3.81%, smaller than the maximum HEQT drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for LAPR and HEQT.

Drawdown Indicators

	LAPR	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-3.81%	-11.51%	+7.70%
Max Drawdown (1Y) Largest decline over 1 year	-0.36%	-5.09%	+4.73%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.57%	—
Current Drawdown Current decline from peak	-0.12%	-1.12%	+1.00%
Average Drawdown Average peak-to-trough decline	-0.12%	-2.77%	+2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	1.12%	-1.06%

Volatility

LAPR vs. HEQT - Volatility Comparison

The current volatility for Innovator Premium Income 15 Buffer ETF - April (LAPR) is 0.45%, while Simplify Hedged Equity ETF (HEQT) has a volatility of 2.06%. This indicates that LAPR 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.

Volatility by Period

	LAPR	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	2.06%	-1.61%
Volatility (6M) Calculated over the trailing 6-month period	1.05%	5.49%	-4.44%
Volatility (1Y) Calculated over the trailing 1-year period	1.26%	6.64%	-5.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.27%	8.47%	-5.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.27%	8.47%	-5.20%

LAPR vs. HEQT - Expense Ratio Comparison

LAPR has a 0.79% expense ratio, which is higher than HEQT's 0.43% expense ratio.

Dividends

LAPR vs. HEQT - Dividend Comparison

LAPR's dividend yield for the trailing twelve months is around 5.53%, more than HEQT's 1.20% 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%
LAPR Innovator Premium Income 15 Buffer ETF - April	5.53%	5.40%	4.21%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LAPR and HEQT in my portfolio?

LAPR and HEQT have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LAPR or HEQT?

HEQT has higher volatility (2.06%) compared to LAPR (0.45%). In terms of maximum drawdown, LAPR dropped -3.81% vs HEQT's -11.51%.

Which ETF is better, LAPR or HEQT?

On 1-year performance, HEQT leads with 13.00% vs 6.70% for LAPR. On fees, HEQT is cheaper at 0.43% per year. On volatility, LAPR has been the lower-risk option at 0.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LAPR or HEQT?

Over the 1-year period, HEQT has performed better with a 13.00% return vs 6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LAPR or HEQT?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.79% for LAPR.

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

LAPR has the higher dividend yield at 5.53%, compared with 1.20% for HEQT.

What is the main difference between LAPR and HEQT?

LAPR is categorized as Options Trading, while HEQT is Equity Hedged. They also come from different issuers: Innovator and Simplify. Their fees differ too: 0.79% for LAPR and 0.43% for HEQT.

Which has better risk-adjusted returns?

LAPR currently has the higher Sharpe Ratio (5.38 vs 1.97), 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.