Are HEQT and TLT in the same category?

HEQT is an alternatives ETF and TLT is a bond ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.

Which returned more over the last year, HEQT or TLT?

In the year to Nov 4, 2026, with distributions reinvested, HEQT returned +10.3% and TLT −4.8%.

Which is cheaper, HEQT or TLT?

TLT is cheaper, by 0.33 percentage points a year. That is about $33 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Across categories

HEQT vs TLT: Differences, Returns & Fees

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Over the year to Nov 4, 2026, HEQT returned +10.3% to TLT's −4.8%, and TLT charges 0.15% to HEQT's 0.48%.

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Net assets on Nov 3, 2026: $307m for Simplify Hedged Equity ETF and $48.3bn for iShares 20+ Year Treasury Bond ETF.

HEQT on its own →TLT on its own →

At a glance

+10.3%

HEQT total return, 1 year

−4.8%

TLT total return, 1 year

0.48%

HEQT expense ratio

0.15%

TLT expense ratio

Pair scorecard

TLT costs 0.33 points a year less; their one-year returns differ by 15.1 points; TLT is far larger, $48.3bn against $307m.

HEQT vs TLT: Differences, Returns & Fees
Measure	HEQT	TLT
Return
Measure	HEQT	TLT
Total return, 1 year	+10.3%	−4.8%
Total return, 52 weeks	+10.2%
Drawdown
Measure	HEQT	TLT
Below its high		41.8%, high on Aug 4, 2020
Against its benchmark
Measure	HEQT	TLT
What it tracks	not published	ICE U.S. Treasury 20+ Year Bond Index
Treasury bills, 52 weeks	+3.7%
Against cash	6.5 points ahead
Cost and size
Measure	HEQT	TLT
Expense ratio	0.48%	0.15%
Net assets, as of Nov 3, 2026	$307m	$48.3bn
Holdings
Measure	HEQT	TLT
Holdings in common	not published
Risk
Measure	HEQT	TLT
Correlation with the S&P 500’s weekly returns	+0.97
Beta to the S&P 500	+0.56: about 0.56% for each 1%
Its average week when the S&P 500 fell	fell 0.58%
Down-week capture	54.2%
Weeks the S&P 500 fell	26 of 52, by 1.07% on average

Method

Side by side

HEQT Simplify Hedged Equity ETF TLT iShares 20+ Year Treasury Bond ETF

Where it sits Alternatives ETF Bond ETF

Issuer Simplify iShares

What it is Hedged equity Tracks an index of 20+ year Treasuries

Total return, 1 year +10.3% −4.8%

Its benchmark over the same days +14.8% (VOO) −4.7% (BBLB)

Gap to its benchmark −4.5 pts vs VOO −0.1 pts vs BBLB

Expense ratio 0.48% 0.15%

Holdings not read by ETFIQ 47

Net assets, as of Nov 3, 2026 $307m $48.3bn

HEQT and TLT on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.

Alert

About each fund

HEQT

HEQT is a hedged equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.97 with the S&P 500’s and a beta of +0.56, so for each 1% the index moved it moved about 0.56% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HEQT fell 0.58% on average, a down-week capture of 54.2%. Over the same 52 weeks HEQT returned +10.2% and a Treasury bill fund +3.7%, so it finished 6.5 percentage points ahead of cash.

TLT

TLT tracks an index of 20+ year Treasuries. Over the year to Nov 4, 2026 it returned −4.8% with distributions reinvested, against −4.7% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. The prospectus expense ratio is 0.15% a year. It sat 41.8% below its high of Aug 4, 2020 on Nov 4, 2026.

Questions people ask

Are HEQT and TLT in the same category?: HEQT is an alternatives ETF and TLT is a bond ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, HEQT or TLT?: In the year to Nov 4, 2026, with distributions reinvested, HEQT returned +10.3% and TLT −4.8%.
Which is cheaper, HEQT or TLT?: TLT is cheaper, by 0.33 percentage points a year. That is about $33 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

AGG vs HEQT BND vs HEQT GLD vs HEQT HEQT vs QQQ HOLA vs TLT SHDG vs TLT TAIL vs TLT PHEQ vs TLT

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →HEQT on its own →TLT on its own →Hold both: look the portfolio through →Rankings →HEQT dividend history →TLT dividend history →TLT holdings →Standards and sources →

Sources and dates

HEQT filings on SEC EDGAR ↗

HEQT prospectus with the expense ratio (SEC) ↗

Simplify website ↗

TLT filings on SEC EDGAR ↗

TLT prospectus with the expense ratio (SEC) ↗

iShares page for TLT ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, HEQT against TLT, data as of Nov 4, 2026. https://etfiq.com/compare/any/heqt-vs-tlt

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.