XV vs. HEQT

Last updated Jun 4, 2026

XV (Simplify Target 15 Distribution ETF) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - XV is a Derivative Income fund actively managed by Simplify, while HEQT is a Options Trading fund actively managed by Simplify. Both are actively managed. Over the past year, XV returned 13.08% vs 14.90% for HEQT. A 0.59 correlation means they provide meaningful diversification when combined. XV charges 0.75%/yr vs 0.53%/yr for HEQT.

Performance

XV vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Target 15 Distribution ETF (XV) 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, XV achieves a 3.17% return, which is significantly lower than HEQT's 4.95% return.

XV

• 1D: -0.40%
• 1M: 1.21%
• YTD: 3.17%
• 6M: 2.76%
• 1Y: 13.08%
• 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)

XV vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025
XV Simplify Target 15 Distribution ETF	3.17%	16.13%
HEQT Simplify Hedged Equity ETF	4.95%	14.63%

Correlation

The correlation between XV and HEQT is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.59

The correlation between XV and HEQT has been stable across timeframes, ranging from 0.59 to 0.61 - a consistent structural relationship.

XV vs. HEQT - Sectors Allocation Comparison

Sectors	XV	HEQT
Financial Services	78.4%	11.9%
Technology	33.1%	36.2%
Communication Services	10.7%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	9.8%	8.4%
Industrials	8.7%	8.1%
Consumer Defensive	5.4%	4.9%
Energy	3.5%	3.5%
Utilities	2.5%	2.3%
Real Estate	2.0%	1.9%
Basic Materials	1.9%	1.8%

Return for Risk

XV vs. HEQT — Risk / Return Rank

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

XV

XV Risk / Return Rank: 44
XV Sharpe Ratio Rank: 40
XV Sortino Ratio Rank: 41
XV Omega Ratio Rank: 39
XV Calmar Ratio Rank: 46
XV Martin Ratio Rank: 52

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.

XV vs. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Target 15 Distribution ETF (XV) 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.

	XV	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	1.42	2.34	-0.93
Sortino ratio: Return per unit of downside risk	2.09	3.34	-1.24
Omega ratio: Gain probability vs. loss probability	1.25	1.49	-0.24
Calmar ratio: Return relative to maximum drawdown	2.29	2.94	-0.65
Martin ratio: Return relative to average drawdown	8.72	13.45	-4.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XV vs. HEQT - Sharpe Ratio Comparison

The current XV Sharpe Ratio is 1.42, which is lower than the HEQT Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of XV 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

	XV	HEQT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	2.34	-0.93
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	1.09	+0.53

Drawdowns

XV vs. HEQT - Drawdown Comparison

The maximum XV drawdown since its inception was -5.73%, smaller than the maximum HEQT drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for XV and HEQT.

Drawdown Indicators

	XV	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-5.73%	-11.51%	+5.78%
Max Drawdown (1Y) Largest decline over 1 year	-5.73%	-5.09%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.57%	—
Current Drawdown Current decline from peak	-0.42%	-0.06%	-0.36%
Average Drawdown Average peak-to-trough decline	-0.98%	-2.79%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	1.11%	+0.39%

Volatility

XV vs. HEQT - Volatility Comparison

Simplify Target 15 Distribution ETF (XV) has a higher volatility of 2.09% compared to Simplify Hedged Equity ETF (HEQT) at 0.81%. This indicates that XV'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

	XV	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.09%	0.81%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	5.97%	5.27%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	9.31%	6.38%	+2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.77%	8.48%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.77%	8.48%	+2.29%

XV vs. HEQT - Expense Ratio Comparison

XV has a 0.75% expense ratio, which is higher than HEQT's 0.53% expense ratio.

Dividends

XV vs. HEQT - Dividend Comparison

XV's dividend yield for the trailing twelve months is around 19.22%, 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%
XV Simplify Target 15 Distribution ETF	19.22%	13.87%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XV and HEQT in my portfolio?

XV and HEQT have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XV or HEQT?

XV has higher volatility (2.09%) compared to HEQT (0.81%). In terms of maximum drawdown, XV dropped -5.73% vs HEQT's -11.51%.

Which ETF is better, XV or HEQT?

On 1-year performance, HEQT leads with 14.90% vs 13.08% for XV. On fees, HEQT is cheaper at 0.53% 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, XV or HEQT?

Over the 1-year period, HEQT has performed better with a 14.90% return vs 13.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XV or HEQT?

HEQT is cheaper with a 0.53% expense ratio, compared with 0.75% for XV.

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

XV has the higher dividend yield at 19.22%, compared with 1.19% for HEQT.

What is the main difference between XV and HEQT?

XV is categorized as Derivative Income, while HEQT is Options Trading. Their fees differ too: 0.75% for XV and 0.53% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (2.34 vs 1.42), 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.