SPBC vs. HEQT

Last updated Jun 24, 2026

SPBC (Simplify US Equity PLUS GBTC ETF) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - SPBC is a Diversified Portfolio fund actively managed by Simplify, while HEQT is a Equity Hedged fund actively managed by Simplify. Both are actively managed. Over the past 3 years, SPBC returned 25.41%/yr vs 12.95%/yr for HEQT. Their correlation of 0.84 suggests significant overlap in exposure. SPBC charges 0.50%/yr vs 0.43%/yr for HEQT.

Performance

SPBC vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS GBTC ETF (SPBC) 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, SPBC achieves a 4.82% return, which is significantly higher than HEQT's 4.02% return.

SPBC

• 1D: -1.56%
• 1M: -2.89%
• YTD: 4.82%
• 6M: 3.92%
• 1Y: 17.62%
• 3Y*: 25.41%
• 5Y*: 15.20%
• 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)

SPBC vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPBC Simplify US Equity PLUS GBTC ETF	4.82%	16.83%	37.32%	48.04%	-28.00%	-0.80%
HEQT Simplify Hedged Equity ETF	4.02%	10.08%	18.30%	16.61%	-8.25%	2.11%

Correlation

The correlation between SPBC and HEQT is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.84

The correlation between SPBC and HEQT has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

SPBC vs. HEQT — Risk / Return Rank

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

SPBC

SPBC Risk / Return Rank: 33
SPBC Sharpe Ratio Rank: 35
SPBC Sortino Ratio Rank: 33
SPBC Omega Ratio Rank: 33
SPBC Calmar Ratio Rank: 30
SPBC Martin Ratio Rank: 36

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.

SPBC vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) 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.

	SPBC	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.97	-0.78
Sortino ratio: Return per unit of downside risk	1.67	2.77	-1.10
Omega ratio: Gain probability vs. loss probability	1.21	1.40	-0.18
Calmar ratio: Return relative to maximum drawdown	1.45	2.56	-1.12
Martin ratio: Return relative to average drawdown	5.13	11.59	-6.45

SPBC vs. HEQT - Sharpe Ratio Comparison

The current SPBC Sharpe Ratio is 1.18, which is lower than the HEQT Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of SPBC 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

SPBC vs. HEQT - Drawdown Comparison

The maximum SPBC drawdown since its inception was -33.99%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for SPBC and HEQT.

Drawdown Indicators

	SPBC	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-11.51%	-22.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.24%	-5.09%	-7.15%
Max Drawdown (3Y) Largest decline over 3 years	-21.00%	-10.57%	-10.43%
Max Drawdown (5Y) Largest decline over 5 years	-33.99%	—	—
Current Drawdown Current decline from peak	-3.93%	-1.12%	-2.81%
Average Drawdown Average peak-to-trough decline	-8.58%	-2.77%	-5.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	1.12%	+2.32%

Volatility

SPBC vs. HEQT - Volatility Comparison

Simplify US Equity PLUS GBTC ETF (SPBC) has a higher volatility of 5.19% compared to Simplify Hedged Equity ETF (HEQT) at 2.06%. This indicates that SPBC'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

	SPBC	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	2.06%	+3.13%
Volatility (6M) Calculated over the trailing 6-month period	11.78%	5.49%	+6.29%
Volatility (1Y) Calculated over the trailing 1-year period	15.02%	6.64%	+8.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.52%	8.47%	+12.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	8.47%	+11.93%

SPBC vs. HEQT - Expense Ratio Comparison

SPBC has a 0.50% expense ratio, which is higher than HEQT's 0.43% expense ratio.

Dividends

SPBC vs. HEQT - Dividend Comparison

SPBC's dividend yield for the trailing twelve months is around 0.86%, less 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%
SPBC Simplify US Equity PLUS GBTC ETF	0.86%	0.85%	0.98%	3.79%	0.60%	1.41%

Frequently Asked Questions

Can I hold both SPBC and HEQT in my portfolio?

SPBC and HEQT have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPBC or HEQT?

SPBC has higher volatility (5.19%) compared to HEQT (2.06%). In terms of maximum drawdown, SPBC dropped -33.99% vs HEQT's -11.51%.

Which ETF is better, SPBC or HEQT?

On 3-year performance, SPBC leads with 25.41% vs 12.95% for HEQT. On fees, HEQT is cheaper at 0.43% per year. On volatility, HEQT has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBC or HEQT?

Over the 3-year period, SPBC has performed better with a 25.41% return vs 12.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBC or HEQT?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.50% for SPBC.

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

HEQT has the higher dividend yield at 1.20%, compared with 0.86% for SPBC.

What is the main difference between SPBC and HEQT?

SPBC is categorized as Diversified Portfolio, while HEQT is Equity Hedged. Their fees differ too: 0.50% for SPBC and 0.43% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (1.97 vs 1.18), 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.