HARD vs. CDX

Last updated Aug 4, 2026

HARD (Simplify Commodities Strategy No K-1 ETF) and CDX (Simplify High Yield ETF) are both exchange-traded funds - HARD is a Commodities fund actively managed by Simplify, while CDX is a High Yield Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, HARD returned 9.16%/yr vs 6.99%/yr for CDX. Their -0.06 correlation means they have often moved in opposite directions in the past. HARD charges 0.78%/yr vs 0.25%/yr for CDX.

Performance

HARD vs. CDX - Performance Comparison

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

Returns By Period

In the year-to-date period, HARD achieves a 4.28% return, which is significantly higher than CDX's -3.19% return.

HARD

• 1D: -4.26%
• 1M: 2.80%
• 6M: 1.53%
• YTD: 4.28%
• 1Y: 11.67%
• 3Y*: 9.16%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.09%

CDX

• 1D: -0.20%
• 1M: -0.77%
• 6M: -3.15%
• YTD: -3.19%
• 1Y: -3.46%
• 3Y*: 6.99%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.80%

*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)
CDX Simplify High Yield ETF	$2.40M	$2.26M	$3.02M
HARD Simplify Commodities Strategy No K-1 ETF	$901.32K	$957.54K	$1.56M

HARD vs. CDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HARD Simplify Commodities Strategy No K-1 ETF	4.28%	12.19%	20.48%	-5.04%
CDX Simplify High Yield ETF	-3.19%	9.51%	7.71%	11.08%

Correlation

The correlation between HARD and CDX is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.16
Correlation (3Y) Balances recent behavior with more history.	-0.07
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	-0.06

Return for Risk

HARD vs. CDX — Risk / Return Rank

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

HARD

HARD Risk / Return Rank: 21
HARD Sharpe Ratio Rank: 21
HARD Sortino Ratio Rank: 21
HARD Omega Ratio Rank: 21
HARD Calmar Ratio Rank: 21
HARD Martin Ratio Rank: 21

CDX

CDX Risk / Return Rank: 4
CDX Sharpe Ratio Rank: 4
CDX Sortino Ratio Rank: 4
CDX Omega Ratio Rank: 4
CDX Calmar Ratio Rank: 4
CDX Martin Ratio Rank: 0

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.

HARD vs. CDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Commodities Strategy No K-1 ETF (HARD) and Simplify High Yield ETF (CDX). 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	CDX	Difference
Sharpe ratio: Return per unit of total volatility	0.43	-0.58	+1.02
Sortino ratio: Return per unit of downside risk	0.73	-0.80	+1.52
Omega ratio: Gain probability vs. loss probability	1.09	0.91	+0.18
Calmar ratio: Return relative to maximum drawdown	0.56	-0.65	+1.21
Martin ratio: Return relative to average drawdown	1.37	-1.53	+2.90

HARD vs. CDX - Sharpe Ratio Comparison

The current HARD Sharpe Ratio is 0.43, which is higher than the CDX Sharpe Ratio of -0.58. The chart below compares the historical Sharpe Ratios of HARD and CDX, 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. CDX - Drawdown Comparison

The maximum HARD drawdown since its inception was -20.81%, which is greater than CDX's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for HARD and CDX.

Drawdown Indicators

	HARD	CDX	Difference
Max Drawdown Largest peak-to-trough decline	-20.81%	-13.24%	-7.57%
Max Drawdown (1Y) Largest decline over 1 year	-20.81%	-5.37%	-15.44%
Max Drawdown (3Y) Largest decline over 3 years	-20.81%	-8.97%	-11.84%
Current Drawdown Current decline from peak	-18.60%	-8.12%	-10.48%
Average Drawdown Average peak-to-trough decline	-6.01%	-4.44%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.51%	2.26%	+6.25%

Volatility

HARD vs. CDX - Volatility Comparison

Simplify Commodities Strategy No K-1 ETF (HARD) has a higher volatility of 9.62% compared to Simplify High Yield ETF (CDX) at 2.02%. This indicates that HARD's price experiences larger fluctuations and is considered to be riskier than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HARD	CDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.62%	2.02%	+7.60%
Volatility (6M) Calculated over the trailing 6-month period	22.56%	5.14%	+17.42%
Volatility (1Y) Calculated over the trailing 1-year period	27.06%	5.98%	+21.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.45%	10.96%	+8.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.45%	10.96%	+8.49%

HARD vs. CDX - Expense Ratio Comparison

HARD has a 0.78% expense ratio, which is higher than CDX's 0.25% expense ratio.

Dividends

HARD vs. CDX - Dividend Comparison

HARD's dividend yield for the trailing twelve months is around 3.07%, less than CDX's 8.35% yield.

Position	TTM	2025	2024	2023	2022
CDX Simplify High Yield ETF	8.35%	7.18%	12.60%	5.26%	7.51%
HARD Simplify Commodities Strategy No K-1 ETF	3.07%	2.36%	3.51%	1.95%	0.00%

Frequently Asked Questions

Can I hold both HARD and CDX in my portfolio?

HARD and CDX have a correlation of -0.16, 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 CDX?

HARD has higher volatility (9.62%) compared to CDX (2.02%). In terms of maximum drawdown, HARD dropped -20.81% vs CDX's -13.24%.

Which ETF is better, HARD or CDX?

On 3-year performance, HARD leads with 9.16% vs 6.99% for CDX. On fees, CDX is cheaper at 0.25% per year. On volatility, CDX has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HARD or CDX?

Over the 3-year period, HARD has performed better with a 9.16% return vs 6.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HARD or CDX?

CDX is cheaper with a 0.25% expense ratio, compared with 0.78% for HARD.

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

CDX has the higher dividend yield at 8.35%, compared with 3.07% for HARD.

What is the main difference between HARD and CDX?

HARD is categorized as Commodities, while CDX is High Yield Bonds. Their fees differ too: 0.78% for HARD and 0.25% for CDX.

Which has better risk-adjusted returns?

HARD currently has the higher Sharpe Ratio (0.43 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.