SPYH vs. HEQT

Last updated Jun 24, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and HEQT (Simplify Hedged Equity ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, SPYH returned 15.64% vs 13.00% for HEQT. Their correlation of 0.86 suggests significant overlap in exposure. SPYH charges 0.68%/yr vs 0.43%/yr for HEQT.

Performance

SPYH vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 Hedged Equity Income ETF (SPYH) and Simplify Hedged Equity ETF (HEQT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPYH having a 3.89% return and HEQT slightly higher at 4.02%.

SPYH

• 1D: -1.00%
• 1M: -1.05%
• YTD: 3.89%
• 6M: 3.22%
• 1Y: 15.64%
• 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)

SPYH vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	3.89%	20.01%
HEQT Simplify Hedged Equity ETF	4.02%	12.68%

Correlation

The correlation between SPYH and HEQT is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.86

The correlation between SPYH and HEQT has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

SPYH vs. HEQT — Risk / Return Rank

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

SPYH

SPYH Risk / Return Rank: 63
SPYH Sharpe Ratio Rank: 62
SPYH Sortino Ratio Rank: 60
SPYH Omega Ratio Rank: 64
SPYH Calmar Ratio Rank: 57
SPYH Martin Ratio Rank: 70

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.

SPYH vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 Hedged Equity Income ETF (SPYH) 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.

	SPYH	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.97	-0.06
Sortino ratio: Return per unit of downside risk	2.60	2.77	-0.16
Omega ratio: Gain probability vs. loss probability	1.36	1.40	-0.04
Calmar ratio: Return relative to maximum drawdown	2.61	2.56	+0.04
Martin ratio: Return relative to average drawdown	12.08	11.59	+0.50

SPYH vs. HEQT - Sharpe Ratio Comparison

The current SPYH Sharpe Ratio is 1.90, which is comparable to the HEQT Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of SPYH 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

SPYH vs. HEQT - Drawdown Comparison

The maximum SPYH drawdown since its inception was -7.22%, smaller than the maximum HEQT drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for SPYH and HEQT.

Drawdown Indicators

	SPYH	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-7.22%	-11.51%	+4.29%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-5.09%	-0.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.57%	—
Current Drawdown Current decline from peak	-2.13%	-1.12%	-1.01%
Average Drawdown Average peak-to-trough decline	-0.75%	-2.77%	+2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	1.12%	+0.18%

Volatility

SPYH vs. HEQT - Volatility Comparison

NEOS S&P 500 Hedged Equity Income ETF (SPYH) has a higher volatility of 3.28% compared to Simplify Hedged Equity ETF (HEQT) at 2.06%. This indicates that SPYH'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

	SPYH	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	2.06%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	6.43%	5.49%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	8.28%	6.64%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.44%	8.47%	+3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	8.47%	+3.97%

SPYH vs. HEQT - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is higher than HEQT's 0.43% expense ratio.

Dividends

SPYH vs. HEQT - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.68%, 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%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.68%	5.54%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYH and HEQT in my portfolio?

SPYH and HEQT have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYH or HEQT?

SPYH has higher volatility (3.28%) compared to HEQT (2.06%). In terms of maximum drawdown, SPYH dropped -7.22% vs HEQT's -11.51%.

Which ETF is better, SPYH or HEQT?

On 1-year performance, SPYH leads with 15.64% vs 13.00% 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, SPYH or HEQT?

Over the 1-year period, SPYH has performed better with a 15.64% return vs 13.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYH or HEQT?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.68% for SPYH.

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

SPYH has the higher dividend yield at 7.68%, compared with 1.20% for HEQT.

What is the main difference between SPYH and HEQT?

They also come from different issuers: NEOS and Simplify. Their fees differ too: 0.68% for SPYH and 0.43% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (1.97 vs 1.90), 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.