DMAXvsHEQTETF Comparison
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iShares Large Cap Max Buffer Dec ETF (DMAX) and Simplify Hedged Equity ETF (HEQT) belong to the same industry segment: Options Strategies. Both ETFs have the same top 3 sector exposures: Information Technology, Financials and Communication Services. DMAX is more expensive with a Total Expense Ratio (TER) of 0.53%, versus 0.2% for HEQT. DMAX is up 0.67% year-to-date (YTD) with +$57M in YTD flows. HEQT performs worse with -0.21% YTD performance, and -$15M in YTD flows. Run a side-by-side ETF comparison of DMAX and HEQT below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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DMAX vs HEQT performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/10/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DMAX HEQT | +0.22%-0.86% | +0.31%-0.95% | +0.67%-0.21% | +9.94%+18.13% | n/a+43.62% | n/an/a |
| Flows | DMAX HEQT | -$2M-$15M | +$21M-$15M | +$57M-$15M | +$52M-$126M | -+$158M | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DMAX HEQT | +2.81%+8.32% | +2.94%+7.31% | n/a+7.70% | n/an/a |
| Max drawdown | DMAX HEQT | -1.47%-5.27% | -1.47%-5.27% | n/a-10.18% | n/an/a |
| Max drawdown duration | DMAX HEQT | 44d42d | 44d42d | n/a149d | n/an/a |
Trading data
DMAX | HEQT | |
Last sale 4/10/2026 at 1:30 PM | $26.79 | $31.88 |
| Previous close 04/09/2026 | $26.79 | $31.92 |
| Consolidated volume 04/09/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 4/10/2026 at 1:30 PM
Live
Closed
DMAX | HEQT | |
|---|---|---|
| Last price | $26.79 | $31.88 |
| 1D performance | -0.02% | -0.13% |
| AuM | $138.36 M | $313.72 M |
| E/R | 0.53% | 0.2% |
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Exposure
Countries
DMAX
USA
96%
Other
4%
HEQT
USA
96.44%
Other
3.56%
Sectors
DMAX
Information Techn.
33.47%
Financials
10.33%
Communication Ser.
10.11%
Consumer Discreti.
9.89%
Health Care
9.31%
Industrials
8.33%
Other
18.56%
HEQT
Information Techn.
33.85%
Financials
10.44%
Communication Ser.
10.23%
Consumer Discreti.
10%
Health Care
9.42%
Industrials
8.43%
Other
17.62%
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Diversification
DMAX
Total weight of top 15 holdings out of 15
41.9%
HEQT
Total weight of top 15 holdings out of 15
42.39%
Top 15 holdings
Data as of February 28, 2026
DMAX
NVIDIA
7.48%
APPLE
6.71%
MICROSOFT-T
4.97%
AMAZON.COM INC
3.37%
ALPHABET INC-CL
2.98%
BROADCOM LIMITED
2.53%
META PLATFORMS
2.38%
ALPHABET INC-CL
2.38%
TESLA
1.91%
BERKSHIRE HATHWAY
1.53%
JPMORGAN CHASE
1.39%
LILLY
1.35%
EXXON
1.04%
JOHNSON&JOHNSON
0.98%
WALMART INC
0.91%
HEQT
NVIDIA
7.56%
APPLE
6.79%
MICROSOFT-T
5.03%
AMAZON.COM INC
3.41%
ALPHABET INC-CL
3.01%
BROADCOM LIMITED
2.56%
META PLATFORMS
2.41%
ALPHABET INC-CL
2.40%
TESLA
1.93%
BERKSHIRE HATHWAY
1.55%
JPMORGAN CHASE
1.40%
LILLY
1.37%
EXXON
1.05%
JOHNSON&JOHNSON
0.99%
WALMART INC
0.92%
Frequently asked questions about DMAX and HEQT
How have the DMAX and HEQT ETFs performed in 2026?
As of April 10, 2026, DMAX is up 0.67% year-to-date (YTD), while HEQT has lost -0.21%. That puts DMAX better performer ahead so far this year.
Which ETF is attracting more investor money: DMAX or HEQT?
Year-to-date, the DMAX ETF saw +$57M in flows, compared to -$15M for HEQT.
Which ETF is more volatile: DMAX or HEQT?
Over the past year, DMAX had a volatility of 2.94%, while HEQT experienced 7.31%.
Which ETF is bigger: DMAX or HEQT?
As of April 10, 2026, DMAX holds $138.36 M in assets under management (AUM), while HEQT manages $313.72 M.
What sectors do the DMAX and HEQT ETFs invest in?
DMAX leans toward sectors like Information Technology, Financials and Communication Services. Meanwhile, HEQT focuses on Information Technology, Financials and Communication Services.
What are the top holdings of the DMAX ETF and HEQT ETF?
DMAX top holdings include NVIDIA, APPLE and MICROSOFT-T. HEQT holds in its top three: NVIDIA, APPLE and MICROSOFT-T.
Which ETF is more diversified: DMAX or HEQT?
DMAX holds 504 securities with 41.9% of its assets in the top 15. HEQT has 504 securities and a top 15 weight of 42.39%.
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Latest news about DMAX & HEQT
Tony’s ETF Buyer’s Guide: Hedged Equity ETFs
February 10, 2026
HEQT
Hedged Equity ETFs: Options-Based Alternatives to the 60/40 Portfolio
March 25, 2025
HEQT
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