BICSX vs. HARD

Last updated Aug 1, 2026

BICSX (BlackRock Commodity Strategies Portfolio) and HARD (Simplify Commodities Strategy No K-1 ETF) are both Commodities funds. Over the past 3 years, BICSX returned 14.99%/yr vs 10.74%/yr for HARD. Their 0.47 correlation means their historical movements had little consistent relationship. BICSX charges 0.72%/yr vs 0.75%/yr for HARD.

Performance

BICSX vs. HARD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Commodity Strategies Portfolio (BICSX) and Simplify Commodities Strategy No K-1 ETF (HARD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BICSX achieves a 17.90% return, which is significantly higher than HARD's 8.92% return.

BICSX

• 1D: 0.47%
• 1M: 6.76%
• 6M: 6.39%
• YTD: 17.90%
• 1Y: 37.35%
• 3Y*: 14.99%
• 5Y*: 11.87%
• 10Y*: 8.97%
• ALL TIME*: 3.96%

HARD

• 1D: 0.65%
• 1M: 7.37%
• 6M: 3.84%
• YTD: 8.92%
• 1Y: 16.64%
• 3Y*: 10.74%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.55%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BICSX BlackRock Commodity Strategies Portfolio	$0.00	$0.00	$0.00
HARD Simplify Commodities Strategy No K-1 ETF	$916.88K	$1.12M	$1.59M

BICSX vs. HARD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BICSX BlackRock Commodity Strategies Portfolio	17.90%	28.70%	4.38%	0.26%
HARD Simplify Commodities Strategy No K-1 ETF	8.92%	12.19%	20.48%	-5.04%

Correlation

The correlation between BICSX and HARD is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	0.47

Over the past year, BICSX and HARD have become more correlated (0.67) than their long-term average of 0.47, meaning their price movements have been converging.

Return for Risk

BICSX vs. HARD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BICSX

BICSX Risk / Return Rank: 85
BICSX Sharpe Ratio Rank: 91
BICSX Sortino Ratio Rank: 84
BICSX Omega Ratio Rank: 83
BICSX Calmar Ratio Rank: 87
BICSX Martin Ratio Rank: 83

HARD

HARD Risk / Return Rank: 25
HARD Sharpe Ratio Rank: 25
HARD Sortino Ratio Rank: 25
HARD Omega Ratio Rank: 25
HARD Calmar Ratio Rank: 25
HARD Martin Ratio Rank: 24

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BICSX vs. HARD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Commodity Strategies Portfolio (BICSX) and Simplify Commodities Strategy No K-1 ETF (HARD). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BICSX	HARD	Difference
Sharpe ratio: Return per unit of total volatility	2.32	0.58	+1.74
Sortino ratio: Return per unit of downside risk	2.94	0.91	+2.04
Omega ratio: Gain probability vs. loss probability	1.39	1.12	+0.28
Calmar ratio: Return relative to maximum drawdown	3.00	0.75	+2.25
Martin ratio: Return relative to average drawdown	10.08	1.84	+8.24

BICSX vs. HARD - Sharpe Ratio Comparison

The current BICSX Sharpe Ratio is 2.32, which is higher than the HARD Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of BICSX and HARD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BICSX vs. HARD - Drawdown Comparison

The maximum BICSX drawdown since its inception was -51.59%, which is greater than HARD's maximum drawdown of -20.81%. Use the drawdown chart below to compare losses from any high point for BICSX and HARD.

Drawdown Indicators

	BICSX	HARD	Difference
Max Drawdown Largest peak-to-trough decline	-51.59%	-20.81%	-30.78%
Max Drawdown (1Y) Largest decline over 1 year	-11.71%	-20.81%	+9.10%
Max Drawdown (3Y) Largest decline over 3 years	-11.71%	-20.81%	+9.10%
Max Drawdown (5Y) Largest decline over 5 years	-22.35%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.82%	—	—
Current Drawdown Current decline from peak	-4.74%	-14.97%	+10.23%
Average Drawdown Average peak-to-trough decline	-20.38%	-6.00%	-14.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	8.43%	-4.95%

Volatility

BICSX vs. HARD - Volatility Comparison

The current volatility for BlackRock Commodity Strategies Portfolio (BICSX) is 3.20%, while Simplify Commodities Strategy No K-1 ETF (HARD) has a volatility of 8.43%. This indicates that BICSX experiences smaller price fluctuations and is considered to be less risky than HARD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BICSX	HARD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	8.43%	-5.23%
Volatility (6M) Calculated over the trailing 6-month period	11.74%	22.57%	-10.83%
Volatility (1Y) Calculated over the trailing 1-year period	15.19%	26.89%	-11.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.74%	19.32%	-3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.02%	19.32%	-4.30%

BICSX vs. HARD - Expense Ratio Comparison

BICSX has a 0.72% expense ratio, which is lower than HARD's 0.75% expense ratio.

Dividends

BICSX vs. HARD - Dividend Comparison

BICSX's dividend yield for the trailing twelve months is around 14.51%, more than HARD's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BICSX BlackRock Commodity Strategies Portfolio	14.51%	3.09%	3.60%	9.39%	9.05%	2.68%	0.80%	2.03%	2.12%	0.65%	0.94%
HARD Simplify Commodities Strategy No K-1 ETF	2.94%	2.36%	3.51%	1.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BICSX and HARD in my portfolio?

BICSX and HARD have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BICSX or HARD?

HARD has higher volatility (8.43%) compared to BICSX (3.20%). In terms of maximum drawdown, BICSX dropped -51.59% vs HARD's -20.81%.

Which has better risk-adjusted returns?

BICSX currently has the higher Sharpe Ratio (2.32 vs 0.58), 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.