Ask HN: Should reduced salary + vested options (after year) == market rate?

What I'm trying to determine is, if I take a below market rate salary at a startup, is it reasonable to ask for a percentage of equity (based on valuation at time of job offer) where the vested portion of my equity, plus my salary received after one year is around my market rate had I worked at a non-startup for the year?

As any value I work for below market rate I consider my risk, and I feel like I should be compensated for that in equity.

Thanks.