HARD vs. CPER
HARD (Simplify Commodities Strategy No K-1 ETF) and CPER (United States Copper Index Fund) are both exchange-traded funds - HARD is a Commodities fund actively managed by Simplify, while CPER is a Copper fund tracking the SummerHaven Copper Index Total Return. HARD is actively managed, while CPER is passively managed. Over the past 3 years, HARD returned 9.16%/yr vs 18.39%/yr for CPER. Their 0.25 correlation means their historical movements had little consistent relationship. HARD charges 0.78%/yr vs 1.06%/yr for CPER.
Performance
HARD vs. CPER - Performance Comparison
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Returns By Period
In the year-to-date period, HARD achieves a 4.28% return, which is significantly lower than CPER's 13.39% 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%
CPER
- 1D
- 0.20%
- 1M
- 6.30%
- 6M
- 10.48%
- YTD
- 13.39%
- 1Y
- 43.78%
- 3Y*
- 18.39%
- 5Y*
- 8.40%
- 10Y*
- 10.80%
- ALL TIME*
- 3.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $17.79M | $15.35M | $24.62M | |
| $901.32K | $957.54K | $1.56M |
HARD vs. CPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HARD Simplify Commodities Strategy No K-1 ETF | 4.28% | 12.19% | 20.48% | -5.04% |
CPER United States Copper Index Fund | 13.39% | 38.95% | 4.23% | -3.36% |
Correlation
The correlation between HARD and CPER is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.25 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | 0.25 |
The correlation between HARD and CPER shifts across timeframes, from 0.11 (1 year) to 0.25 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HARD vs. CPER — Risk / Return Rank
HARD
CPER
HARD vs. CPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Commodities Strategy No K-1 ETF (HARD) and United States Copper Index Fund (CPER). 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 | CPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.28 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 2.68 | -2.11 |
| Martin ratioReturn relative to average drawdown | 1.37 | 8.34 | -6.96 |
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Drawdowns
HARD vs. CPER - Drawdown Comparison
The maximum HARD drawdown since its inception was -20.81%, smaller than the maximum CPER drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for HARD and CPER.
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Drawdown Indicators
| HARD | CPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.81% | -54.04% | +33.23% |
Max Drawdown (1Y)Largest decline over 1 year | -20.81% | -16.43% | -4.38% |
Max Drawdown (3Y)Largest decline over 3 years | -20.81% | -24.77% | +3.96% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.42% | — |
Current DrawdownCurrent decline from peak | -18.60% | -2.36% | -16.24% |
Average DrawdownAverage peak-to-trough decline | -6.01% | -25.18% | +19.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.51% | 5.27% | +3.24% |
Volatility
HARD vs. CPER - Volatility Comparison
Simplify Commodities Strategy No K-1 ETF (HARD) has a higher volatility of 9.62% compared to United States Copper Index Fund (CPER) at 6.29%. This indicates that HARD's price experiences larger fluctuations and is considered to be riskier than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HARD | CPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.62% | 6.29% | +3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 22.56% | 20.70% | +1.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.06% | 28.05% | -0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.45% | 27.08% | -7.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.45% | 24.12% | -4.67% |
HARD vs. CPER - Expense Ratio Comparison
HARD has a 0.78% expense ratio, which is lower than CPER's 1.06% expense ratio.
Dividends
HARD vs. CPER - Dividend Comparison
HARD's dividend yield for the trailing twelve months is around 3.07%, while CPER has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CPER United States Copper Index Fund | 0.00% | 0.00% | 0.00% | 0.00% |
HARD Simplify Commodities Strategy No K-1 ETF | 3.07% | 2.36% | 3.51% | 1.95% |
Frequently Asked Questions
HARD and CPER have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HARD has higher volatility (9.62%) compared to CPER (6.29%). In terms of maximum drawdown, HARD dropped -20.81% vs CPER's -54.04%.
On 3-year performance, CPER leads with 18.39% vs 9.16% for HARD. On fees, HARD is cheaper at 0.78% per year. On volatility, CPER has been the lower-risk option at 6.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CPER has performed better with a 18.39% return vs 9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HARD is cheaper with a 0.78% expense ratio, compared with 1.06% for CPER.
HARD has the higher dividend yield at 3.07%, compared with 0.00% for CPER.
HARD is categorized as Commodities, while CPER is Copper. They also come from different issuers: Simplify and USCF. Their fees differ too: 0.78% for HARD and 1.06% for CPER.
CPER currently has the higher Sharpe Ratio (1.57 vs 0.43), 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.
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