TUA vs. HEQT

Last updated Jun 5, 2026

TUA (Simplify Short Term Treasury Futures Strategy ETF) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - TUA is a Intermediate Core Bond fund actively managed by Simplify, while HEQT is a Options Trading fund actively managed by Simplify. Both are actively managed. Over the past 3 years, TUA returned -0.77%/yr vs 13.47%/yr for HEQT. At a 0.01 correlation, their price movements are largely independent. TUA charges 0.16%/yr vs 0.53%/yr for HEQT.

Performance

TUA vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Short Term Treasury Futures Strategy ETF (TUA) 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, TUA achieves a -4.96% return, which is significantly lower than HEQT's 4.92% return.

TUA

• 1D: 0.44%
• 1M: -0.67%
• YTD: -4.96%
• 6M: -4.51%
• 1Y: -2.21%
• 3Y*: -0.77%
• 5Y*: —
• 10Y*: —

HEQT

• 1D: -0.03%
• 1M: 1.33%
• YTD: 4.92%
• 6M: 5.48%
• 1Y: 14.78%
• 3Y*: 13.47%
• 5Y*: —
• 10Y*: —

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

TUA vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TUA Simplify Short Term Treasury Futures Strategy ETF	-4.96%	7.27%	-3.59%	-2.04%	-0.81%
HEQT Simplify Hedged Equity ETF	4.92%	10.08%	18.30%	16.61%	-0.95%

Correlation

The correlation between TUA and HEQT is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Nov 16, 2022	0.01

TUA vs. HEQT - Sectors Allocation Comparison

Sectors	TUA	HEQT
Financial Services	13.6%	11.9%
Basic Materials	-	1.8%
Communication Services	-	10.9%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.4%
Industrials	-	8.1%
Real Estate	-	1.9%
Technology	-	36.2%
Utilities	-	2.3%

Return for Risk

TUA vs. HEQT — Risk / Return Rank

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

TUA

TUA Risk / Return Rank: 6
TUA Sharpe Ratio Rank: 6
TUA Sortino Ratio Rank: 5
TUA Omega Ratio Rank: 5
TUA Calmar Ratio Rank: 6
TUA Martin Ratio Rank: 5

HEQT

HEQT Risk / Return Rank: 72
HEQT Sharpe Ratio Rank: 72
HEQT Sortino Ratio Rank: 75
HEQT Omega Ratio Rank: 82
HEQT Calmar Ratio Rank: 60
HEQT Martin Ratio Rank: 72

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.

TUA vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Short Term Treasury Futures Strategy ETF (TUA) 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.

	TUA	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	2.33	-2.65
Sortino ratio: Return per unit of downside risk	-0.42	3.31	-3.74
Omega ratio: Gain probability vs. loss probability	0.95	1.49	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.33	2.92	-3.25
Martin ratio: Return relative to average drawdown	-0.87	13.35	-14.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TUA vs. HEQT - Sharpe Ratio Comparison

The current TUA Sharpe Ratio is -0.33, which is lower than the HEQT Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of TUA 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

	TUA	HEQT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.33	2.33	-2.65
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	1.08	-1.21

Drawdowns

TUA vs. HEQT - Drawdown Comparison

The maximum TUA drawdown since its inception was -15.85%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for TUA and HEQT.

Drawdown Indicators

	TUA	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-15.85%	-11.51%	-4.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-5.09%	-1.59%
Max Drawdown (3Y) Largest decline over 3 years	-9.14%	-10.57%	+1.43%
Current Drawdown Current decline from peak	-9.65%	-0.09%	-9.56%
Average Drawdown Average peak-to-trough decline	-8.37%	-2.79%	-5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	1.11%	+1.45%

Volatility

TUA vs. HEQT - Volatility Comparison

Simplify Short Term Treasury Futures Strategy ETF (TUA) has a higher volatility of 2.00% compared to Simplify Hedged Equity ETF (HEQT) at 0.73%. This indicates that TUA'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

	TUA	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	0.73%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	4.85%	5.27%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	6.86%	6.38%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.76%	8.47%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.76%	8.47%	+2.29%

TUA vs. HEQT - Expense Ratio Comparison

TUA has a 0.16% expense ratio, which is lower than HEQT's 0.53% expense ratio.

Dividends

TUA vs. HEQT - Dividend Comparison

TUA's dividend yield for the trailing twelve months is around 3.54%, 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%
TUA Simplify Short Term Treasury Futures Strategy ETF	3.54%	3.84%	5.19%	4.83%	0.15%	0.00%

Frequently Asked Questions

Can I hold both TUA and HEQT in my portfolio?

TUA and HEQT have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TUA or HEQT?

TUA has higher volatility (2.00%) compared to HEQT (0.73%). In terms of maximum drawdown, TUA dropped -15.85% vs HEQT's -11.51%.

Which ETF is better, TUA or HEQT?

On 3-year performance, HEQT leads with 13.47% vs -0.77% for TUA. On fees, TUA is cheaper at 0.16% per year. On volatility, HEQT has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TUA or HEQT?

Over the 3-year period, HEQT has performed better with a 13.47% return vs -0.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUA or HEQT?

TUA is cheaper with a 0.16% expense ratio, compared with 0.53% for HEQT.

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

TUA has the higher dividend yield at 3.54%, compared with 1.19% for HEQT.

What is the main difference between TUA and HEQT?

TUA is categorized as Intermediate Core Bond, while HEQT is Options Trading. Their fees differ too: 0.16% for TUA and 0.53% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (2.33 vs -0.33), 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.