TYA vs. HARD

Last updated Jun 4, 2026

TYA (Simplify Intermediate Term Treasury Futures Strategy ETF) and HARD (Simplify Commodities Strategy No K-1 ETF) are both exchange-traded funds - TYA is a Government Bonds fund actively managed by Simplify, while HARD is a Commodities fund actively managed by Simplify. Both are actively managed. Over the past 3 years, TYA returned -2.45%/yr vs 13.00%/yr for HARD. At a correlation of -0.07, they often move in opposite directions. TYA charges 0.15%/yr vs 0.75%/yr for HARD.

Performance

TYA vs. HARD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) and Simplify Commodities Strategy No K-1 ETF (HARD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TYA achieves a -5.08% return, which is significantly lower than HARD's 14.81% return.

TYA

• 1D: -0.63%
• 1M: -0.93%
• YTD: -5.08%
• 6M: -6.88%
• 1Y: 2.03%
• 3Y*: -2.45%
• 5Y*: —
• 10Y*: —

HARD

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

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

TYA vs. HARD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TYA Simplify Intermediate Term Treasury Futures Strategy ETF	-5.08%	14.38%	-9.63%	-8.95%
HARD Simplify Commodities Strategy No K-1 ETF	14.81%	12.19%	20.48%	-5.04%

Correlation

The correlation between TYA and HARD is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	-0.07

The correlation between TYA and HARD shifts across timeframes, from -0.22 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

TYA vs. HARD - Sectors Allocation Comparison

Sectors	TYA	HARD
Financial Services	24.7%	26.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TYA vs. HARD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TYA

TYA Risk / Return Rank: 10
TYA Sharpe Ratio Rank: 11
TYA Sortino Ratio Rank: 10
TYA Omega Ratio Rank: 10
TYA Calmar Ratio Rank: 10
TYA Martin Ratio Rank: 11

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

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.

TYA vs. HARD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) and Simplify Commodities Strategy No K-1 ETF (HARD). 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.

	TYA	HARD	Difference
Sharpe ratio: Return per unit of total volatility	0.16	0.92	-0.76
Sortino ratio: Return per unit of downside risk	0.32	1.29	-0.97
Omega ratio: Gain probability vs. loss probability	1.04	1.17	-0.13
Calmar ratio: Return relative to maximum drawdown	0.17	1.97	-1.80
Martin ratio: Return relative to average drawdown	0.49	4.51	-4.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TYA vs. HARD - Sharpe Ratio Comparison

The current TYA Sharpe Ratio is 0.16, which is lower than the HARD Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of TYA and HARD, 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

	TYA	HARD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	0.92	-0.76
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	0.68	-1.20

Drawdowns

TYA vs. HARD - Drawdown Comparison

The maximum TYA drawdown since its inception was -51.15%, which is greater than HARD's maximum drawdown of -13.51%. Use the drawdown chart below to compare losses from any high point for TYA and HARD.

Drawdown Indicators

	TYA	HARD	Difference
Max Drawdown Largest peak-to-trough decline	-51.15%	-13.51%	-37.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.80%	-12.38%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-22.51%	-13.51%	-9.00%
Current Drawdown Current decline from peak	-41.49%	-10.38%	-31.11%
Average Drawdown Average peak-to-trough decline	-35.85%	-5.47%	-30.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	5.39%	-1.22%

Volatility

TYA vs. HARD - Volatility Comparison

The current volatility for Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) is 4.11%, while Simplify Commodities Strategy No K-1 ETF (HARD) has a volatility of 8.11%. This indicates that TYA experiences smaller price fluctuations and is considered to be less risky than HARD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TYA	HARD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	8.11%	-4.00%
Volatility (6M) Calculated over the trailing 6-month period	8.81%	21.64%	-12.83%
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	26.47%	-13.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	19.09%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.57%	19.09%	+1.48%

TYA vs. HARD - Expense Ratio Comparison

TYA has a 0.15% expense ratio, which is lower than HARD's 0.75% expense ratio.

Dividends

TYA vs. HARD - Dividend Comparison

TYA's dividend yield for the trailing twelve months is around 3.87%, more than HARD's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021
HARD Simplify Commodities Strategy No K-1 ETF	2.61%	2.36%	3.51%	1.95%	0.00%	0.00%
TYA Simplify Intermediate Term Treasury Futures Strategy ETF	3.87%	3.85%	4.84%	4.28%	2.23%	0.11%

Frequently Asked Questions

Can I hold both TYA and HARD in my portfolio?

TYA and HARD have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TYA or HARD?

HARD has higher volatility (8.11%) compared to TYA (4.11%). In terms of maximum drawdown, TYA dropped -51.15% vs HARD's -13.51%.

Which ETF is better, TYA or HARD?

On 3-year performance, HARD leads with 13.00% vs -2.45% for TYA. On fees, TYA is cheaper at 0.15% per year. On volatility, TYA has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TYA or HARD?

Over the 3-year period, HARD has performed better with a 13.00% return vs -2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TYA or HARD?

TYA is cheaper with a 0.15% expense ratio, compared with 0.75% for HARD.

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

TYA has the higher dividend yield at 3.87%, compared with 2.61% for HARD.

What is the main difference between TYA and HARD?

TYA is categorized as Government Bonds, while HARD is Commodities. Their fees differ too: 0.15% for TYA and 0.75% for HARD.

Which has better risk-adjusted returns?

HARD currently has the higher Sharpe Ratio (0.92 vs 0.16), 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.