HARD vs. GSG
HARD (Simplify Commodities Strategy No K-1 ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both Commodities funds. HARD is actively managed, while GSG is passively managed. Over the past 3 years, HARD returned 13.00%/yr vs 19.31%/yr for GSG. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
HARD vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, HARD achieves a 14.81% return, which is significantly lower than GSG's 42.58% return.
HARD
- 1D
- -0.24%
- 1M
- -9.01%
- YTD
- 14.81%
- 6M
- 14.73%
- 1Y
- 24.26%
- 3Y*
- 13.00%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
HARD vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HARD Simplify Commodities Strategy No K-1 ETF | 14.81% | 12.19% | 20.48% | -5.04% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | 1.16% |
Correlation
The correlation between HARD and GSG is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023 | 0.45 |
Over the past year, HARD and GSG have become more correlated (0.69) than their long-term average of 0.45, meaning their price movements have been converging.
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Return for Risk
HARD vs. GSG — Risk / Return Rank
HARD
GSG
HARD vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Commodities Strategy No K-1 ETF (HARD) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.40 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | 5.47 | -3.51 |
| Martin ratioReturn relative to average drawdown | 4.51 | 14.39 | -9.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HARD | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.92 | 2.26 | -1.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.70 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | -0.09 | +0.77 |
Drawdowns
HARD vs. GSG - Drawdown Comparison
The maximum HARD drawdown since its inception was -13.51%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for HARD and GSG.
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Drawdown Indicators
| HARD | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.51% | -89.62% | +76.11% |
Max Drawdown (1Y)Largest decline over 1 year | -12.38% | -9.46% | -2.92% |
Max Drawdown (3Y)Largest decline over 3 years | -13.51% | -14.94% | +1.43% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -10.38% | -56.95% | +46.57% |
Average DrawdownAverage peak-to-trough decline | -5.47% | -63.71% | +58.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.39% | 3.59% | +1.80% |
Volatility
HARD vs. GSG - Volatility Comparison
Simplify Commodities Strategy No K-1 ETF (HARD) has a higher volatility of 8.11% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.65%. This indicates that HARD's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HARD | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.11% | 7.65% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 21.64% | 20.42% | +1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.47% | 22.95% | +3.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.09% | 22.61% | -3.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.09% | 22.03% | -2.94% |
HARD vs. GSG - Expense Ratio Comparison
Both HARD and GSG have an expense ratio of 0.75%.
Dividends
HARD vs. GSG - Dividend Comparison
HARD's dividend yield for the trailing twelve months is around 2.61%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
HARD Simplify Commodities Strategy No K-1 ETF | 2.61% | 2.36% | 3.51% | 1.95% |
Frequently Asked Questions
HARD and GSG have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HARD has higher volatility (8.11%) compared to GSG (7.65%). In terms of maximum drawdown, HARD dropped -13.51% vs GSG's -89.62%.
On 3-year performance, GSG leads with 19.31% vs 13.00% for HARD. Both ETFs have the same 0.75% expense ratio. On volatility, GSG has been the lower-risk option at 7.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 19.31% return vs 13.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HARD and GSG have the same expense ratio: 0.75% per year.
HARD has the higher dividend yield at 2.61%, compared with 0.00% for GSG.
They also come from different issuers: Simplify and iShares.
GSG currently has the higher Sharpe Ratio (2.26 vs 0.92), 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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