QGRD vs. HEQT

Last updated Jul 12, 2026

QGRD (Horizon NASDAQ-100 Defined Risk ETF) and HEQT (Simplify Hedged Equity ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, QGRD returned 22.30% vs 13.42% for HEQT. Their correlation of 0.80 suggests significant overlap in exposure. QGRD charges 0.85%/yr vs 0.43%/yr for HEQT.

Performance

QGRD vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon NASDAQ-100 Defined Risk ETF (QGRD) 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, QGRD achieves a 12.68% return, which is significantly higher than HEQT's 6.02% return.

QGRD

• 1D: 0.17%
• 1M: 0.37%
• 6M: 10.70%
• YTD: 12.68%
• 1Y: 22.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEQT

• 1D: 0.32%
• 1M: 1.66%
• 6M: 4.89%
• YTD: 6.02%
• 1Y: 13.42%
• 3Y*: 13.30%
• 5Y*: —
• 10Y*: —

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

QGRD vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	12.68%	8.15%
HEQT Simplify Hedged Equity ETF	6.02%	6.87%

Correlation

The correlation between QGRD and HEQT is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.80

The correlation between QGRD and HEQT has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.

Return for Risk

QGRD vs. HEQT — Risk / Return Rank

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

QGRD

QGRD Risk / Return Rank: 55
QGRD Sharpe Ratio Rank: 56
QGRD Sortino Ratio Rank: 53
QGRD Omega Ratio Rank: 55
QGRD Calmar Ratio Rank: 59
QGRD Martin Ratio Rank: 53

HEQT

HEQT Risk / Return Rank: 77
HEQT Sharpe Ratio Rank: 79
HEQT Sortino Ratio Rank: 80
HEQT Omega Ratio Rank: 84
HEQT Calmar Ratio Rank: 66
HEQT Martin Ratio Rank: 78

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.

QGRD vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon NASDAQ-100 Defined Risk ETF (QGRD) 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.

	QGRD	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.00	-0.47
Sortino ratio: Return per unit of downside risk	2.06	2.82	-0.76
Omega ratio: Gain probability vs. loss probability	1.27	1.40	-0.13
Calmar ratio: Return relative to maximum drawdown	2.36	2.62	-0.27
Martin ratio: Return relative to average drawdown	7.18	11.79	-4.61

QGRD vs. HEQT - Sharpe Ratio Comparison

The current QGRD Sharpe Ratio is 1.52, which is comparable to the HEQT Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of QGRD 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

QGRD vs. HEQT - Drawdown Comparison

The maximum QGRD drawdown since its inception was -9.41%, smaller than the maximum HEQT drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for QGRD and HEQT.

Drawdown Indicators

	QGRD	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-9.41%	-11.51%	+2.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-5.09%	-4.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.57%	—
Current Drawdown Current decline from peak	-2.22%	0.00%	-2.22%
Average Drawdown Average peak-to-trough decline	-2.23%	-2.74%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	1.13%	+1.95%

Volatility

QGRD vs. HEQT - Volatility Comparison

Horizon NASDAQ-100 Defined Risk ETF (QGRD) has a higher volatility of 6.69% compared to Simplify Hedged Equity ETF (HEQT) at 2.10%. This indicates that QGRD'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

	QGRD	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.69%	2.10%	+4.59%
Volatility (6M) Calculated over the trailing 6-month period	11.51%	5.52%	+5.99%
Volatility (1Y) Calculated over the trailing 1-year period	14.56%	6.69%	+7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.56%	8.45%	+6.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.56%	8.45%	+6.11%

QGRD vs. HEQT - Expense Ratio Comparison

QGRD has a 0.85% expense ratio, which is higher than HEQT's 0.43% expense ratio.

Dividends

QGRD vs. HEQT - Dividend Comparison

QGRD's dividend yield for the trailing twelve months is around 1.39%, more 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%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.39%	1.57%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QGRD and HEQT in my portfolio?

QGRD and HEQT have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QGRD or HEQT?

QGRD has higher volatility (6.69%) compared to HEQT (2.10%). In terms of maximum drawdown, QGRD dropped -9.41% vs HEQT's -11.51%.

Which ETF is better, QGRD or HEQT?

On 1-year performance, QGRD leads with 22.30% vs 13.42% for HEQT. On fees, HEQT is cheaper at 0.43% per year. On volatility, HEQT has been the lower-risk option at 2.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QGRD or HEQT?

Over the 1-year period, QGRD has performed better with a 22.30% return vs 13.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QGRD or HEQT?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.85% for QGRD.

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

QGRD has the higher dividend yield at 1.39%, compared with 1.18% for HEQT.

What is the main difference between QGRD and HEQT?

They also come from different issuers: Horizon and Simplify. Their fees differ too: 0.85% for QGRD and 0.43% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (2.00 vs 1.52), 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.