HARD vs. BICSX

Last updated Jun 23, 2026

HARD (Simplify Commodities Strategy No K-1 ETF) and BICSX (BlackRock Commodity Strategies Portfolio) are both Commodities funds. Over the past 3 years, HARD returned 10.40%/yr vs 14.22%/yr for BICSX. At a 0.46 correlation, their price movements are largely independent. HARD charges 0.75%/yr vs 0.72%/yr for BICSX.

Performance

HARD vs. BICSX - Performance Comparison

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

Returns By Period

In the year-to-date period, HARD achieves a 4.88% return, which is significantly lower than BICSX's 12.85% return.

HARD

• 1D: -0.66%
• 1M: -11.24%
• YTD: 4.88%
• 6M: 2.63%
• 1Y: 8.74%
• 3Y*: 10.40%
• 5Y*: —
• 10Y*: —

BICSX

• 1D: -1.35%
• 1M: -6.56%
• YTD: 12.85%
• 6M: 12.31%
• 1Y: 27.44%
• 3Y*: 14.22%
• 5Y*: 11.56%
• 10Y*: 8.46%

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

HARD vs. BICSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HARD Simplify Commodities Strategy No K-1 ETF	4.88%	12.19%	20.48%	-5.04%
BICSX BlackRock Commodity Strategies Portfolio	12.85%	28.70%	4.38%	0.26%

Correlation

The correlation between HARD and BICSX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	0.46

Over the past year, HARD and BICSX have become more correlated (0.67) than their long-term average of 0.46, meaning their price movements have been converging.

Return for Risk

HARD vs. BICSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HARD

HARD Risk / Return Rank: 13
HARD Sharpe Ratio Rank: 13
HARD Sortino Ratio Rank: 13
HARD Omega Ratio Rank: 13
HARD Calmar Ratio Rank: 14
HARD Martin Ratio Rank: 15

BICSX

BICSX Risk / Return Rank: 52
BICSX Sharpe Ratio Rank: 44
BICSX Sortino Ratio Rank: 38
BICSX Omega Ratio Rank: 39
BICSX Calmar Ratio Rank: 70
BICSX Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HARD vs. BICSX - Risk-Adjusted Trends Comparison

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

	HARD	BICSX	Difference
Sharpe ratio: Return per unit of total volatility	0.33	1.81	-1.47
Sortino ratio: Return per unit of downside risk	0.60	2.37	-1.77
Omega ratio: Gain probability vs. loss probability	1.08	1.31	-0.23
Calmar ratio: Return relative to maximum drawdown	0.48	3.06	-2.58
Martin ratio: Return relative to average drawdown	1.41	12.49	-11.07

HARD vs. BICSX - Sharpe Ratio Comparison

The current HARD Sharpe Ratio is 0.33, which is lower than the BICSX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of HARD and BICSX, 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

HARD vs. BICSX - Drawdown Comparison

The maximum HARD drawdown since its inception was -18.12%, smaller than the maximum BICSX drawdown of -51.59%. Use the drawdown chart below to compare losses from any high point for HARD and BICSX.

Drawdown Indicators

	HARD	BICSX	Difference
Max Drawdown Largest peak-to-trough decline	-18.12%	-51.59%	+33.47%
Max Drawdown (1Y) Largest decline over 1 year	-18.12%	-8.82%	-9.30%
Max Drawdown (3Y) Largest decline over 3 years	-18.12%	-10.53%	-7.59%
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	-18.12%	-8.82%	-9.30%
Average Drawdown Average peak-to-trough decline	-5.61%	-20.47%	+14.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.21%	2.18%	+4.03%

Volatility

HARD vs. BICSX - Volatility Comparison

Simplify Commodities Strategy No K-1 ETF (HARD) has a higher volatility of 5.10% compared to BlackRock Commodity Strategies Portfolio (BICSX) at 3.96%. This indicates that HARD's price experiences larger fluctuations and is considered to be riskier than BICSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HARD	BICSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	3.96%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	21.87%	12.25%	+9.62%
Volatility (1Y) Calculated over the trailing 1-year period	26.37%	14.96%	+11.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.05%	15.80%	+3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.05%	15.04%	+4.01%

HARD vs. BICSX - Expense Ratio Comparison

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

Dividends

HARD vs. BICSX - Dividend Comparison

HARD's dividend yield for the trailing twelve months is around 2.86%, more than BICSX's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BICSX BlackRock Commodity Strategies Portfolio	2.74%	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	2.86%	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 HARD and BICSX in my portfolio?

HARD and BICSX 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, HARD or BICSX?

HARD has higher volatility (5.10%) compared to BICSX (3.96%). In terms of maximum drawdown, HARD dropped -18.12% vs BICSX's -51.59%.

Which has better risk-adjusted returns?

BICSX currently has the higher Sharpe Ratio (1.81 vs 0.33), 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.