HEQ vs USEP

Comparison between John Hancock Hedged equity & Income Fund (HEQ, ETF) and Innovator U.S. Equity Ultra Buffer ETF - September (USEP, ETF).

5-Year PerformanceUSEP has outperformed HEQ, delivering a return of +7.9% compared to +7.3%

HEQ vs USEP - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HEQ(ETF)	USEP(ETF)
Net Assets	$155M	$155M
Expense Ratio	N/A	0.79%
Max Drawdown	59.66%	13.37%
Sharpe Ratio	1.22	1.66
5Y Beta	0.52	0.43
5Y Dividends CAGR	1.51%	N/A

Net Assets

HEQ

$155M

Winner

USEP

$155M

Expense Ratio

HEQ

N/A

USEP

0.79%

Max Drawdown

HEQ

59.66%

Winner

USEP

13.37%

Sharpe Ratio

HEQ

1.22

Winner

USEP

1.66

5Y Beta

HEQ

0.52

Winner

USEP

0.43

5Y Dividends CAGR

HEQ

1.51%

USEP

N/A

HEQ vs USEP - Historical Returns

Returns include dividend reinvestment.

Period	HEQ	USEP
1 month	+2.81%	+0.64%
3 months	+7.44%	+5.38%
6 months	+12.27%	+5.00%
1 year	+18.81%	+13.59%
5 years(CAGR)	+7.29%	+7.94%
10 years(CAGR)	+7.66%	N/A
Max(CAGR)	+5.93%	+7.97%

Winner

HEQ

+2.81%

USEP

+0.64%

Winner

HEQ

+7.44%

USEP

+5.38%

Winner

HEQ

+12.27%

USEP

+5.00%

Winner

HEQ

+18.81%

USEP

+13.59%

5Y(CAGR)

HEQ

+7.29%

Winner

USEP

+7.94%

10Y(CAGR)

HEQ

+7.66%

USEP

N/A

Max(CAGR)

HEQ

+5.93%

Winner

USEP

+7.97%

HEQ vs USEP - Annual Returns (2011 - 2026)

Returns include dividend reinvestment.

Year	HEQ	USEP
2026	+11.23%	+4.48%
2025	+14.87%	+11.84%
2024	+11.63%	+12.74%
2023	-4.59%	+19.03%
2022	-2.97%	-8.14%
2021	+26.11%	+6.46%
2020	-13.94%	+6.87%
2019	+25.50%	+3.60%
2018	-18.15%	N/A
2017	+21.02%	N/A
2016	+21.17%	N/A
2015	-2.20%	N/A
2014	+5.02%	N/A
2013	+17.83%	N/A
2012	+10.48%	N/A
2011	-23.41%	N/A

HEQ vs USEP Drawdown Comparison

The maximum drawdown for HEQ was -44.30%, occurring on Mar 23, 2020. Recovery took 365 trading sessions.

The maximum drawdown for USEP was -13.37%, occurring on Mar 23, 2020. Recovery took 105 trading sessions.

The current HEQ drawdown is -1.76%. The current USEP drawdown is -0.33%.

Rank	HEQ	USEP
#1	-44.30% Jan 15, 2020 - Jun 28, 2021	-13.37% Feb 12, 2020 - Jul 14, 2020
#2	-32.38% Jul 8, 2011 - Sep 18, 2013	-11.84% Jan 4, 2022 - Jun 13, 2023
#3	-26.16% May 11, 2018 - Dec 16, 2019	-9.72% Feb 19, 2025 - Jun 9, 2025
#4	-25.35% May 25, 2022 - Jun 11, 2025	-4.64% Sep 1, 2023 - Nov 14, 2023
#5	-21.69% Jul 24, 2014 - Aug 11, 2016	-4.03% Feb 25, 2026 - Apr 13, 2026
#6	-7.91% Jan 2, 2018 - May 1, 2018	-3.12% Sep 2, 2020 - Nov 5, 2020
#7	-7.73% Jul 14, 2021 - Jan 7, 2022	-2.43% Jul 31, 2023 - Aug 29, 2023
#8	-7.33% Oct 3, 2016 - Dec 22, 2016	-2.21% Jul 31, 2024 - Aug 13, 2024
#9	-7.12% Apr 18, 2022 - May 20, 2022	-2.17% Mar 28, 2024 - May 6, 2024
#10	-7.00% Jan 14, 2022 - Mar 29, 2022	-2.05% Sep 2, 2021 - Oct 21, 2021
#11	-6.91% Feb 25, 2026 - Apr 14, 2026	-2.02% Oct 27, 2025 - Dec 4, 2025
#12	-6.04% Oct 20, 2017 - Dec 19, 2017	-1.85% Aug 28, 2024 - Sep 13, 2024
#13	-5.98% Jul 31, 2017 - Sep 22, 2017	-1.54% Dec 11, 2024 - Jan 21, 2025
#14	-4.53% Sep 7, 2016 - Oct 3, 2016	-1.39% Nov 8, 2021 - Dec 23, 2021
#15	-4.51% Jan 22, 2014 - Feb 28, 2014	-1.34% Oct 8, 2025 - Oct 23, 2025

Correlation

Correlation between HEQ and USEP is 0.86 which considered as a strong positive correlation - the stocks tend to move together.

0.86

-101

Dividend Comparison (2011 - 2026)

HEQ vs USEP dividend yield comparison.

Year	HEQ	USEP
2026	4.36%	0.00%
2025	9.30%	0.00%
2024	9.79%	0.00%
2023	10.75%	0.00%
2022	10.09%	0.00%
2021	8.92%	0.00%
2020	11.64%	0.00%
2019	10.09%	0.64%
2018	11.50%	0.00%
2017	10.44%	0.00%
2016	9.57%	0.00%
2015	10.40%	0.00%
2014	9.22%	0.00%
2013	7.88%	0.00%
2012	8.54%	0.00%
2011	4.57%	0.00%