HARD vs. PDBC
HARD (Simplify Commodities Strategy No K-1 ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both Commodities funds. Both are actively managed. Over the past 3 years, HARD returned 13.00%/yr vs 14.42%/yr for PDBC. At a 0.46 correlation, their price movements are largely independent. HARD charges 0.75%/yr vs 0.58%/yr for PDBC.
Performance
HARD vs. PDBC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HARD achieves a 14.81% return, which is significantly lower than PDBC's 36.23% return.
HARD
- 1D
- -0.24%
- 1M
- -9.01%
- YTD
- 14.81%
- 6M
- 14.73%
- 1Y
- 24.26%
- 3Y*
- 13.00%
- 5Y*
- —
- 10Y*
- —
PDBC
- 1D
- 0.39%
- 1M
- -3.37%
- YTD
- 36.23%
- 6M
- 36.27%
- 1Y
- 45.46%
- 3Y*
- 14.42%
- 5Y*
- 12.39%
- 10Y*
- 8.79%
HARD vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HARD Simplify Commodities Strategy No K-1 ETF | 14.81% | 12.19% | 20.48% | -5.04% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 36.23% | 5.96% | 2.09% | -1.52% |
Correlation
The correlation between HARD and PDBC 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 | 0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023 | 0.46 |
Over the past year, HARD and PDBC have become more correlated (0.69) than their long-term average of 0.46, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HARD vs. PDBC — Risk / Return Rank
HARD
PDBC
HARD vs. PDBC - 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 Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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 | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -1.85 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.43 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | 6.35 | -4.38 |
| Martin ratioReturn relative to average drawdown | 4.51 | 13.39 | -8.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| HARD | PDBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.92 | 2.46 | -1.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.65 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.50 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 0.23 | +0.45 |
Drawdowns
HARD vs. PDBC - Drawdown Comparison
The maximum HARD drawdown since its inception was -13.51%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for HARD and PDBC.
Loading charts...
Drawdown Indicators
| HARD | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.51% | -49.52% | +36.01% |
Max Drawdown (1Y)Largest decline over 1 year | -12.38% | -7.19% | -5.19% |
Max Drawdown (3Y)Largest decline over 3 years | -13.51% | -13.95% | +0.44% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.63% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | -10.38% | -4.55% | -5.83% |
Average DrawdownAverage peak-to-trough decline | -5.47% | -23.21% | +17.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.39% | 3.41% | +1.98% |
Volatility
HARD vs. PDBC - Volatility Comparison
Simplify Commodities Strategy No K-1 ETF (HARD) has a higher volatility of 8.11% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 6.20%. This indicates that HARD's price experiences larger fluctuations and is considered to be riskier than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HARD | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.11% | 6.20% | +1.91% |
Volatility (6M)Calculated over the trailing 6-month period | 21.64% | 15.78% | +5.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.47% | 18.61% | +7.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.09% | 19.12% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.09% | 17.78% | +1.31% |
HARD vs. PDBC - Expense Ratio Comparison
HARD has a 0.75% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
HARD vs. PDBC - Dividend Comparison
HARD's dividend yield for the trailing twelve months is around 2.61%, less than PDBC's 2.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.82% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
HARD and PDBC 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 PDBC (6.20%). In terms of maximum drawdown, HARD dropped -13.51% vs PDBC's -49.52%.
On 3-year performance, PDBC leads with 14.42% vs 13.00% for HARD. On fees, PDBC is cheaper at 0.58% per year. On volatility, PDBC has been the lower-risk option at 6.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PDBC has performed better with a 14.42% return vs 13.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC is cheaper with a 0.58% expense ratio, compared with 0.75% for HARD.
PDBC has the higher dividend yield at 2.82%, compared with 2.61% for HARD.
They also come from different issuers: Simplify and Invesco. Their fees differ too: 0.75% for HARD and 0.58% for PDBC.
PDBC currently has the higher Sharpe Ratio (2.46 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.
Find the right allocation for HARD and PDBC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer