HARD vs. BTCI

Last updated Jun 4, 2026

HARD (Simplify Commodities Strategy No K-1 ETF) and BTCI (NEOS Bitcoin High Income ETF) are both exchange-traded funds - HARD is a Commodities fund actively managed by Simplify, while BTCI is a Cryptocurrency fund actively managed by Neos. Both are actively managed. Over the past year, HARD returned 24.26% vs -33.43% for BTCI. At a 0.13 correlation, their price movements are largely independent. HARD charges 0.75%/yr vs 0.99%/yr for BTCI.

Performance

HARD vs. BTCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Commodities Strategy No K-1 ETF (HARD) and NEOS Bitcoin High Income ETF (BTCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HARD achieves a 14.81% return, which is significantly higher than BTCI's -22.74% return.

HARD

• 1D: -0.24%
• 1M: -9.01%
• YTD: 14.81%
• 6M: 14.73%
• 1Y: 24.26%
• 3Y*: 13.00%
• 5Y*: —
• 10Y*: —

BTCI

• 1D: -2.56%
• 1M: -16.29%
• YTD: -22.74%
• 6M: -26.41%
• 1Y: -33.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HARD vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HARD Simplify Commodities Strategy No K-1 ETF	14.81%	12.19%	10.18%
BTCI NEOS Bitcoin High Income ETF	-22.74%	-1.09%	28.24%

Correlation

The correlation between HARD and BTCI is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (All Time) Calculated using the full available price history since Oct 18, 2024	0.13

Return for Risk

HARD vs. BTCI — Risk / Return Rank

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

HARD

HARD Risk / Return Rank: 29
HARD Sharpe Ratio Rank: 25
HARD Sortino Ratio Rank: 24
HARD Omega Ratio Rank: 25
HARD Calmar Ratio Rank: 39
HARD Martin Ratio Rank: 31

BTCI

BTCI Risk / Return Rank: 2
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 2
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 2
BTCI Martin Ratio Rank: 2

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. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Commodities Strategy No K-1 ETF (HARD) and NEOS Bitcoin High Income ETF (BTCI). 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.

	HARD	BTCI	Difference
Sharpe ratio: Return per unit of total volatility	0.92	-0.86	+1.78
Sortino ratio: Return per unit of downside risk	1.29	-1.14	+2.43
Omega ratio: Gain probability vs. loss probability	1.17	0.87	+0.30
Calmar ratio: Return relative to maximum drawdown	1.97	-0.75	+2.71
Martin ratio: Return relative to average drawdown	4.51	-1.34	+5.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HARD vs. BTCI - Sharpe Ratio Comparison

The current HARD Sharpe Ratio is 0.92, which is higher than the BTCI Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of HARD and BTCI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HARD	BTCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	-0.86	+1.78
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	-0.03	+0.71

Drawdowns

HARD vs. BTCI - Drawdown Comparison

The maximum HARD drawdown since its inception was -13.51%, smaller than the maximum BTCI drawdown of -44.98%. Use the drawdown chart below to compare losses from any high point for HARD and BTCI.

Drawdown Indicators

	HARD	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-13.51%	-44.98%	+31.47%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-44.98%	+32.60%
Max Drawdown (3Y) Largest decline over 3 years	-13.51%	—	—
Current Drawdown Current decline from peak	-10.38%	-42.87%	+32.49%
Average Drawdown Average peak-to-trough decline	-5.47%	-15.18%	+9.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	25.05%	-19.66%

Volatility

HARD vs. BTCI - Volatility Comparison

Simplify Commodities Strategy No K-1 ETF (HARD) and NEOS Bitcoin High Income ETF (BTCI) have volatilities of 8.11% and 8.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HARD	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.11%	8.35%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	21.64%	30.94%	-9.30%
Volatility (1Y) Calculated over the trailing 1-year period	26.47%	38.93%	-12.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.09%	40.11%	-21.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.09%	40.11%	-21.02%

HARD vs. BTCI - Expense Ratio Comparison

HARD has a 0.75% expense ratio, which is lower than BTCI's 0.99% expense ratio.

Dividends

HARD vs. BTCI - Dividend Comparison

HARD's dividend yield for the trailing twelve months is around 2.61%, less than BTCI's 43.16% yield.

Position	TTM	2025	2024	2023
BTCI NEOS Bitcoin High Income ETF	43.16%	36.46%	6.76%	0.00%
HARD Simplify Commodities Strategy No K-1 ETF	2.61%	2.36%	3.51%	1.95%

Frequently Asked Questions

Can I hold both HARD and BTCI in my portfolio?

HARD and BTCI have a correlation of 0.07, 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 BTCI?

BTCI has higher volatility (8.35%) compared to HARD (8.11%). In terms of maximum drawdown, HARD dropped -13.51% vs BTCI's -44.98%.

Which ETF is better, HARD or BTCI?

On 1-year performance, HARD leads with 24.26% vs -33.43% for BTCI. On fees, HARD is cheaper at 0.75% per year. On volatility, HARD has been the lower-risk option at 8.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HARD or BTCI?

Over the 1-year period, HARD has performed better with a 24.26% return vs -33.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HARD or BTCI?

HARD is cheaper with a 0.75% expense ratio, compared with 0.99% for BTCI.

Which ETF pays a higher dividend yield, HARD or BTCI?

BTCI has the higher dividend yield at 43.16%, compared with 2.61% for HARD.

What is the main difference between HARD and BTCI?

HARD is categorized as Commodities, while BTCI is Cryptocurrency. They also come from different issuers: Simplify and Neos. Their fees differ too: 0.75% for HARD and 0.99% for BTCI.

Which has better risk-adjusted returns?

HARD currently has the higher Sharpe Ratio (0.92 vs -0.86), 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.