RFIX vs. HEQT

Last updated Jun 4, 2026

RFIX (Simplify Bond Bull ETF) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - RFIX is a Nontraditional Bonds fund actively managed by Simplify, while HEQT is a Options Trading fund actively managed by Simplify. Both are actively managed. Over the past year, RFIX returned -14.76% vs 14.90% for HEQT. At a correlation of -0.01, they often move in opposite directions. RFIX charges 0.50%/yr vs 0.53%/yr for HEQT.

Performance

RFIX vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Bond Bull ETF (RFIX) 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, RFIX achieves a 7.97% return, which is significantly higher than HEQT's 4.95% return.

RFIX

• 1D: 0.99%
• 1M: -2.56%
• YTD: 7.97%
• 6M: -2.48%
• 1Y: -14.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEQT

• 1D: -0.06%
• 1M: 1.79%
• YTD: 4.95%
• 6M: 5.64%
• 1Y: 14.90%
• 3Y*: 13.47%
• 5Y*: —
• 10Y*: —

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

RFIX vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RFIX Simplify Bond Bull ETF	7.97%	-28.43%	-12.32%
HEQT Simplify Hedged Equity ETF	4.95%	10.08%	-1.73%

Correlation

The correlation between RFIX and HEQT is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	-0.01

Return for Risk

RFIX vs. HEQT — Risk / Return Rank

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

RFIX

RFIX Risk / Return Rank: 4
RFIX Sharpe Ratio Rank: 4
RFIX Sortino Ratio Rank: 4
RFIX Omega Ratio Rank: 5
RFIX Calmar Ratio Rank: 4
RFIX Martin Ratio Rank: 4

HEQT

HEQT Risk / Return Rank: 70
HEQT Sharpe Ratio Rank: 70
HEQT Sortino Ratio Rank: 72
HEQT Omega Ratio Rank: 80
HEQT Calmar Ratio Rank: 58
HEQT Martin Ratio Rank: 71

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.

RFIX vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Bond Bull ETF (RFIX) 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.

	RFIX	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	2.34	-2.84
Sortino ratio: Return per unit of downside risk	-0.55	3.34	-3.88
Omega ratio: Gain probability vs. loss probability	0.94	1.49	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.58	2.94	-3.52
Martin ratio: Return relative to average drawdown	-1.01	13.45	-14.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFIX vs. HEQT - Sharpe Ratio Comparison

The current RFIX Sharpe Ratio is -0.50, which is lower than the HEQT Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of RFIX 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.

Sharpe Ratios by Period

	RFIX	HEQT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.50	2.34	-2.84
Sharpe Ratio (All Time) Calculated using the full available price history	-0.76	1.09	-1.84

Drawdowns

RFIX vs. HEQT - Drawdown Comparison

The maximum RFIX drawdown since its inception was -38.79%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for RFIX and HEQT.

Drawdown Indicators

	RFIX	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-38.79%	-11.51%	-27.28%
Max Drawdown (1Y) Largest decline over 1 year	-25.48%	-5.09%	-20.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.57%	—
Current Drawdown Current decline from peak	-32.25%	-0.06%	-32.19%
Average Drawdown Average peak-to-trough decline	-24.11%	-2.79%	-21.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.70%	1.11%	+13.59%

Volatility

RFIX vs. HEQT - Volatility Comparison

Simplify Bond Bull ETF (RFIX) has a higher volatility of 5.47% compared to Simplify Hedged Equity ETF (HEQT) at 0.81%. This indicates that RFIX'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

	RFIX	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	0.81%	+4.66%
Volatility (6M) Calculated over the trailing 6-month period	20.35%	5.27%	+15.08%
Volatility (1Y) Calculated over the trailing 1-year period	29.75%	6.38%	+23.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.90%	8.48%	+22.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.90%	8.48%	+22.42%

RFIX vs. HEQT - Expense Ratio Comparison

RFIX has a 0.50% expense ratio, which is lower than HEQT's 0.53% expense ratio.

Dividends

RFIX vs. HEQT - Dividend Comparison

RFIX's dividend yield for the trailing twelve months is around 4.63%, 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%
RFIX Simplify Bond Bull ETF	4.63%	5.07%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RFIX and HEQT in my portfolio?

RFIX and HEQT have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFIX or HEQT?

RFIX has higher volatility (5.47%) compared to HEQT (0.81%). In terms of maximum drawdown, RFIX dropped -38.79% vs HEQT's -11.51%.

Which ETF is better, RFIX or HEQT?

On 1-year performance, HEQT leads with 14.90% vs -14.76% for RFIX. On fees, RFIX is cheaper at 0.50% per year. On volatility, HEQT has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFIX or HEQT?

Over the 1-year period, HEQT has performed better with a 14.90% return vs -14.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFIX or HEQT?

RFIX is cheaper with a 0.50% expense ratio, compared with 0.53% for HEQT.

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

RFIX has the higher dividend yield at 4.63%, compared with 1.19% for HEQT.

What is the main difference between RFIX and HEQT?

RFIX is categorized as Nontraditional Bonds, while HEQT is Options Trading. Their fees differ too: 0.50% for RFIX and 0.53% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (2.34 vs -0.50), 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.