HARD vs. PCY
HARD (Simplify Commodities Strategy No K-1 ETF) and PCY (Invesco Emerging Markets Sovereign Debt ETF) are both exchange-traded funds - HARD is a Commodities fund actively managed by Simplify, while PCY is a Emerging Markets Bonds fund tracking the DB Emerging Market USD Liquid Balanced Index. HARD is actively managed, while PCY is passively managed. Over the past 3 years, HARD returned 9.88%/yr vs 10.76%/yr for PCY. At a correlation of -0.02, they often move in opposite directions. HARD charges 0.75%/yr vs 0.50%/yr for PCY.
Performance
HARD vs. PCY - Performance Comparison
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Returns By Period
In the year-to-date period, HARD achieves a 3.42% return, which is significantly higher than PCY's 2.69% return.
HARD
- 1D
- -1.40%
- 1M
- -12.47%
- YTD
- 3.42%
- 6M
- 1.80%
- 1Y
- 8.63%
- 3Y*
- 9.88%
- 5Y*
- —
- 10Y*
- —
PCY
- 1D
- -0.18%
- 1M
- 2.37%
- YTD
- 2.69%
- 6M
- 2.60%
- 1Y
- 14.05%
- 3Y*
- 10.76%
- 5Y*
- 1.42%
- 10Y*
- 2.74%
HARD vs. PCY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HARD Simplify Commodities Strategy No K-1 ETF | 3.42% | 12.19% | 20.48% | -5.04% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 2.69% | 16.31% | 2.55% | 15.55% |
Correlation
The correlation between HARD and PCY is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | -0.02 |
Over the past year, the inverse relationship between HARD and PCY has strengthened: their correlation has moved from -0.02 to -0.25, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
HARD vs. PCY — Risk / Return Rank
HARD
PCY
HARD vs. PCY - 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 Emerging Markets Sovereign Debt ETF (PCY). 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 | PCY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.34 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 2.39 | -1.94 |
| Martin ratioReturn relative to average drawdown | 1.37 | 9.67 | -8.30 |
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Drawdowns
HARD vs. PCY - Drawdown Comparison
The maximum HARD drawdown since its inception was -19.27%, smaller than the maximum PCY drawdown of -49.13%. Use the drawdown chart below to compare losses from any high point for HARD and PCY.
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Drawdown Indicators
| HARD | PCY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.27% | -49.13% | +29.86% |
Max Drawdown (1Y)Largest decline over 1 year | -19.27% | -5.91% | -13.36% |
Max Drawdown (3Y)Largest decline over 3 years | -19.27% | -11.52% | -7.75% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.17% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.78% | — |
Current DrawdownCurrent decline from peak | -19.27% | -0.67% | -18.60% |
Average DrawdownAverage peak-to-trough decline | -5.62% | -6.95% | +1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 1.46% | +4.85% |
Volatility
HARD vs. PCY - Volatility Comparison
Simplify Commodities Strategy No K-1 ETF (HARD) has a higher volatility of 5.05% compared to Invesco Emerging Markets Sovereign Debt ETF (PCY) at 2.20%. This indicates that HARD's price experiences larger fluctuations and is considered to be riskier than PCY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HARD | PCY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 2.20% | +2.85% |
Volatility (6M)Calculated over the trailing 6-month period | 21.92% | 5.98% | +15.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.36% | 7.52% | +18.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.06% | 13.18% | +5.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.06% | 12.95% | +6.11% |
HARD vs. PCY - Expense Ratio Comparison
HARD has a 0.75% expense ratio, which is higher than PCY's 0.50% expense ratio.
Dividends
HARD vs. PCY - Dividend Comparison
HARD's dividend yield for the trailing twelve months is around 2.90%, less than PCY's 5.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HARD Simplify Commodities Strategy No K-1 ETF | 2.90% | 2.36% | 3.51% | 1.95% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 5.84% | 5.93% | 6.65% | 6.48% | 6.81% | 4.80% | 4.45% | 4.78% | 4.93% | 4.80% | 5.19% | 5.46% |
Frequently Asked Questions
HARD and PCY have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HARD has higher volatility (5.05%) compared to PCY (2.20%). In terms of maximum drawdown, HARD dropped -19.27% vs PCY's -49.13%.
On 3-year performance, PCY leads with 10.76% vs 9.88% for HARD. On fees, PCY is cheaper at 0.50% per year. On volatility, PCY has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PCY has performed better with a 10.76% return vs 9.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PCY is cheaper with a 0.50% expense ratio, compared with 0.75% for HARD.
PCY has the higher dividend yield at 5.84%, compared with 2.90% for HARD.
HARD is categorized as Commodities, while PCY is Emerging Markets Bonds. They also come from different issuers: Simplify and Invesco. Their fees differ too: 0.75% for HARD and 0.50% for PCY.
PCY currently has the higher Sharpe Ratio (1.88 vs 0.33), 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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