PCR vs. HEQT

Last updated Jul 1, 2026

PCR (Simplify VettaFi Private Credit Strategy ETF) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - PCR is a Multistrategy fund tracking the VettaFi Private Credit Index, while HEQT is a Equity Hedged fund actively managed by Simplify. PCR is passively managed, while HEQT is actively managed. At a 0.44 correlation, their price movements are largely independent.

Performance

PCR vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify VettaFi Private Credit Strategy ETF (PCR) 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, PCR achieves a -10.18% return, which is significantly lower than HEQT's 5.30% return.

PCR

• 1D: 0.12%
• 1M: -0.76%
• YTD: -10.18%
• 6M: -10.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEQT

• 1D: 0.51%
• 1M: 0.51%
• YTD: 5.30%
• 6M: 4.98%
• 1Y: 13.02%
• 3Y*: 13.05%
• 5Y*: —
• 10Y*: —

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

PCR vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025
PCR Simplify VettaFi Private Credit Strategy ETF	-10.18%	-5.73%
HEQT Simplify Hedged Equity ETF	5.30%	3.15%

Correlation

The correlation between PCR and HEQT is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 23, 2025	0.44

Return for Risk

PCR vs. HEQT — Risk / Return Rank

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

PCR

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

HEQT

HEQT Risk / Return Rank: 72
HEQT Sharpe Ratio Rank: 72
HEQT Sortino Ratio Rank: 73
HEQT Omega Ratio Rank: 79
HEQT Calmar Ratio Rank: 61
HEQT Martin Ratio Rank: 73

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.

PCR vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify VettaFi Private Credit Strategy ETF (PCR) 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.

	PCR	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	—	1.96	—
Sortino ratio: Return per unit of downside risk	—	2.77	—
Omega ratio: Gain probability vs. loss probability	—	1.39	—
Calmar ratio: Return relative to maximum drawdown	—	2.57	—
Martin ratio: Return relative to average drawdown	—	11.54	—

Drawdowns

PCR vs. HEQT - Drawdown Comparison

The maximum PCR drawdown since its inception was -20.07%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for PCR and HEQT.

Drawdown Indicators

	PCR	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-11.51%	-8.56%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.09%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-10.57%	—
Current Drawdown Current decline from peak	-15.33%	0.00%	-15.33%
Average Drawdown Average peak-to-trough decline	-9.82%	-2.76%	-7.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.13%	—

Volatility

Volatility by Period

	PCR	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.59%	6.66%	+11.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.59%	8.46%	+10.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.59%	8.46%	+10.13%

Dividends

PCR vs. HEQT - Dividend Comparison

PCR's dividend yield for the trailing twelve months is around 8.86%, more than HEQT's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021
HEQT Simplify Hedged Equity ETF	1.19%	1.19%	1.29%	4.10%	3.94%	0.27%
PCR Simplify VettaFi Private Credit Strategy ETF	8.86%	2.30%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PCR and HEQT in my portfolio?

PCR and HEQT have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

PCR has the higher dividend yield at 8.86%, compared with 1.19% for HEQT.

What is the main difference between PCR and HEQT?

PCR is categorized as Multistrategy, while HEQT is Equity Hedged.