HARD vs. VOO

Last updated Jun 4, 2026

HARD (Simplify Commodities Strategy No K-1 ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - HARD is a Commodities fund actively managed by Simplify, while VOO is a S&P 500 fund tracking the S&P 500 Index. HARD is actively managed, while VOO is passively managed. Over the past 3 years, HARD returned 13.00%/yr vs 22.44%/yr for VOO. At a 0.04 correlation, their price movements are largely independent. HARD charges 0.75%/yr vs 0.03%/yr for VOO.

Performance

HARD vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Commodities Strategy No K-1 ETF (HARD) and Vanguard S&P 500 ETF (VOO). 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 VOO's 10.91% return.

HARD

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

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

HARD vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HARD Simplify Commodities Strategy No K-1 ETF	14.81%	12.19%	20.48%	-5.04%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	21.59%

Correlation

The correlation between HARD and VOO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	0.04

The correlation between HARD and VOO shifts across timeframes, from -0.08 (1 year) to 0.05 (3 years), reflecting how their relationship changes across market environments.

HARD vs. VOO - Sectors Allocation Comparison

Sectors	HARD	VOO
Financial Services	26.7%	11.6%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.2%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.7%
Utilities	-	2.4%

Return for Risk

HARD vs. VOO — 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

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Commodities Strategy No K-1 ETF (HARD) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	0.92	2.39	-1.47
Sortino ratio: Return per unit of downside risk	1.29	3.25	-1.97
Omega ratio: Gain probability vs. loss probability	1.17	1.43	-0.26
Calmar ratio: Return relative to maximum drawdown	1.97	3.16	-1.20
Martin ratio: Return relative to average drawdown	4.51	14.73	-10.21
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. VOO - Sharpe Ratio Comparison

The current HARD Sharpe Ratio is 0.92, which is lower than the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of HARD and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	2.39	-1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.89	-0.20

Drawdowns

HARD vs. VOO - Drawdown Comparison

The maximum HARD drawdown since its inception was -13.51%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for HARD and VOO.

Drawdown Indicators

	HARD	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-13.51%	-33.99%	+20.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-8.90%	-3.48%
Max Drawdown (3Y) Largest decline over 3 years	-13.51%	-18.69%	+5.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-10.38%	-0.70%	-9.68%
Average Drawdown Average peak-to-trough decline	-5.47%	-3.69%	-1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	1.91%	+3.48%

Volatility

HARD vs. VOO - Volatility Comparison

Simplify Commodities Strategy No K-1 ETF (HARD) has a higher volatility of 8.11% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that HARD's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HARD	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.11%	2.84%	+5.27%
Volatility (6M) Calculated over the trailing 6-month period	21.64%	8.90%	+12.74%
Volatility (1Y) Calculated over the trailing 1-year period	26.47%	11.80%	+14.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.09%	16.81%	+2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.09%	18.01%	+1.08%

HARD vs. VOO - Expense Ratio Comparison

HARD has a 0.75% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

HARD vs. VOO - Dividend Comparison

HARD's dividend yield for the trailing twelve months is around 2.61%, more than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both HARD and VOO in my portfolio?

HARD and VOO have a correlation of -0.08, 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 VOO?

HARD has higher volatility (8.11%) compared to VOO (2.84%). In terms of maximum drawdown, HARD dropped -13.51% vs VOO's -33.99%.

Which ETF is better, HARD or VOO?

On 3-year performance, VOO leads with 22.44% vs 13.00% for HARD. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HARD or VOO?

Over the 3-year period, VOO has performed better with a 22.44% 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 VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.75% for HARD.

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

HARD has the higher dividend yield at 2.61%, compared with 1.03% for VOO.

What is the main difference between HARD and VOO?

HARD is categorized as Commodities, while VOO is S&P 500. They also come from different issuers: Simplify and Vanguard. Their fees differ too: 0.75% for HARD and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 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.