HARD vs. DBA

Last updated Jun 4, 2026

HARD (Simplify Commodities Strategy No K-1 ETF) and DBA (Invesco DB Agriculture Fund) are both exchange-traded funds - HARD is a Commodities fund actively managed by Simplify, while DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index TR. HARD is actively managed, while DBA is passively managed. Over the past 3 years, HARD returned 13.00%/yr vs 13.20%/yr for DBA. At a 0.35 correlation, their price movements are largely independent. HARD charges 0.75%/yr vs 0.94%/yr for DBA.

Performance

HARD vs. DBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Commodities Strategy No K-1 ETF (HARD) and Invesco DB Agriculture Fund (DBA). 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 DBA's 5.25% return.

HARD

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

DBA

• 1D: -0.96%
• 1M: -5.05%
• YTD: 5.25%
• 6M: 5.49%
• 1Y: 4.23%
• 3Y*: 13.20%
• 5Y*: 9.87%
• 10Y*: 3.54%

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

HARD vs. DBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HARD Simplify Commodities Strategy No K-1 ETF	14.81%	12.19%	20.48%	-5.04%
DBA Invesco DB Agriculture Fund	5.25%	-0.56%	33.45%	7.16%

Correlation

The correlation between HARD and DBA is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	0.35

Over the past year, HARD and DBA have become more correlated (0.56) than their long-term average of 0.35, meaning their price movements have been converging.

HARD vs. DBA - Sectors Allocation Comparison

Sectors	HARD	DBA
Financial Services	26.7%	13.7%
Basic Materials	-	10.7%
Communication Services	-	7.4%
Consumer Cyclical	-	11.8%
Consumer Defensive	-	8.8%
Energy	-	5.3%
Healthcare	-	16.8%
Industrials	-	15.2%
Real Estate	-	1.1%
Technology	-	6.3%
Utilities	-	2.9%

Return for Risk

HARD vs. DBA — 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

DBA

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

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. DBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Commodities Strategy No K-1 ETF (HARD) and Invesco DB Agriculture Fund (DBA). 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	DBA	Difference
Sharpe ratio: Return per unit of total volatility	0.92	0.39	+0.53
Sortino ratio: Return per unit of downside risk	1.29	0.63	+0.66
Omega ratio: Gain probability vs. loss probability	1.17	1.07	+0.10
Calmar ratio: Return relative to maximum drawdown	1.97	0.53	+1.44
Martin ratio: Return relative to average drawdown	4.51	1.04	+3.47
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. DBA - Sharpe Ratio Comparison

The current HARD Sharpe Ratio is 0.92, which is higher than the DBA Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of HARD and DBA, 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	DBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.39	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.08	+0.60

Drawdowns

HARD vs. DBA - Drawdown Comparison

The maximum HARD drawdown since its inception was -13.51%, smaller than the maximum DBA drawdown of -67.97%. Use the drawdown chart below to compare losses from any high point for HARD and DBA.

Drawdown Indicators

	HARD	DBA	Difference
Max Drawdown Largest peak-to-trough decline	-13.51%	-67.97%	+54.46%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-7.99%	-4.39%
Max Drawdown (3Y) Largest decline over 3 years	-13.51%	-12.36%	-1.15%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.16%	—
Current Drawdown Current decline from peak	-10.38%	-25.90%	+15.52%
Average Drawdown Average peak-to-trough decline	-5.47%	-41.11%	+35.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	4.07%	+1.32%

Volatility

HARD vs. DBA - Volatility Comparison

Simplify Commodities Strategy No K-1 ETF (HARD) has a higher volatility of 8.11% compared to Invesco DB Agriculture Fund (DBA) at 4.17%. This indicates that HARD's price experiences larger fluctuations and is considered to be riskier than DBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HARD	DBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.11%	4.17%	+3.94%
Volatility (6M) Calculated over the trailing 6-month period	21.64%	6.46%	+15.18%
Volatility (1Y) Calculated over the trailing 1-year period	26.47%	10.77%	+15.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.09%	14.10%	+4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.09%	13.09%	+6.00%

HARD vs. DBA - Expense Ratio Comparison

HARD has a 0.75% expense ratio, which is lower than DBA's 0.94% expense ratio.

Dividends

HARD vs. DBA - Dividend Comparison

HARD's dividend yield for the trailing twelve months is around 2.61%, less than DBA's 3.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBA Invesco DB Agriculture Fund	3.40%	3.58%	4.08%	4.63%	0.48%	0.00%	0.00%	1.55%	1.06%
HARD Simplify Commodities Strategy No K-1 ETF	2.61%	2.36%	3.51%	1.95%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HARD and DBA in my portfolio?

HARD and DBA have a correlation of 0.56, 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 DBA?

HARD has higher volatility (8.11%) compared to DBA (4.17%). In terms of maximum drawdown, HARD dropped -13.51% vs DBA's -67.97%.

Which ETF is better, HARD or DBA?

On 3-year performance, DBA leads with 13.20% vs 13.00% for HARD. On fees, HARD is cheaper at 0.75% per year. On volatility, DBA has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HARD or DBA?

Over the 3-year period, DBA has performed better with a 13.20% return vs 13.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HARD or DBA?

HARD is cheaper with a 0.75% expense ratio, compared with 0.94% for DBA.

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

DBA has the higher dividend yield at 3.40%, compared with 2.61% for HARD.

What is the main difference between HARD and DBA?

HARD is categorized as Commodities, while DBA is Agricultural Commodities. They also come from different issuers: Simplify and Invesco. Their fees differ too: 0.75% for HARD and 0.94% for DBA.

Which has better risk-adjusted returns?

HARD currently has the higher Sharpe Ratio (0.92 vs 0.39), 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.