Simplify Commodities Strategy No K-1 ETF (HARD) Performance
HARD total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +25.9% since Dec 31, 2025
- 1 year
- +22.5% total return
- 3 years
- +18.3% a year
- Since first price
- +14.7% a year since 2023
HARD trailing returns vs SPY, QQQ, AGG
| Period | HARD total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +4.7% | +3.8% | −1.0% | −5.0% | +0.9% |
| 3 months | +10.3% | +9.3% | +3.2% | +1.9% | −0.4% |
| 6 months | +8.2% | +6.2% | +7.8% | +8.4% | −1.5% |
| YTD | +25.9% | +22.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +22.5% | +18.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +65.6%+18.3%/yr | +48.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionMar 28, 2023 | +63.1%+14.7%/yr | +45.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: HARD vs SPY
From Mar 28, 2023: HARD grew to $16,305, SPY to $20,064.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HARD returns by calendar year
2 of 2 full years positive. Best 2024 (+20.5%), worst 2025 (+13.2%). 2026 is year to date.
HARD annual returns table
| Year | HARD | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +25.9% | −21.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +13.2% | −13.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +20.5% | −10.6% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
HARD largest drawdowns
Now 1.7% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Apr 30, 2026 | −21.0% | Aug 4, 2026 | not yet | 3 months | 6 months so far |
| Apr 2, 2025 | −13.5% | Apr 8, 2025 | Oct 8, 2025 | 6 days | 6 months |
| Aug 9, 2023 | −11.8% | Mar 5, 2024 | May 17, 2024 | 7 months | 9 months |
| Apr 6, 2026 | −11.5% | Apr 17, 2026 | Apr 29, 2026 | 11 days | 23 days |
| May 20, 2024 | −10.6% | Jul 25, 2024 | Nov 25, 2024 | 2 months | 6 months |
| Oct 16, 2025 | −10.6% | Nov 24, 2025 | Jan 28, 2026 | 39 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
HARD risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +13.8% | +12.7% |
| Volatility (annualized) | 17.5% | 16.4% |
| Sharpe ratio | 0.58 | 0.54 |
| Sortino ratio | 0.85 | 0.79 |
| Best month | +8.9% | +8.9% |
| Worst month | −12.4% | −12.4% |
| Best 12 months | +39.5% | +39.5% |
| Worst 12 months | +2.5% | −5.5% |
| Positive months | 64% | 62% |
| Beta vs S&P 500 | -0.12 | — |
| Correlation with S&P 500 | -0.09 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
HARD rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 32 | −5.5% | +16.9% | +39.5% | 84% |
| 3-year (a year) | 8 | +10.0% | +13.5% | +18.8% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
HARD performance overview
Simplify Commodities Strategy No K-1 ETF (HARD) returned +22.5% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +14.7% a year, turning $10,000 into about $16,305. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −21.0%, from Apr 30, 2026 to Aug 4, 2026; the fund has not yet regained that high. Volatility has been 16.4% a year.
Related: HARD chart, HARD dividends. See the HARD overview for the latest quote and fund facts.
HARD performance FAQ
What is the HARD return over the past year?
HARD returned +22.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 18.0%.
How much would $10,000 invested in HARD be worth?
$10,000 invested in HARD at its first recorded close on March 28, 2023 would be worth about $16,305 on October 23, 2026 with distributions reinvested.
What was the worst year for HARD?
The worst calendar year was 2025, with a total return of +13.2%. The best was 2024 at +20.5%.
What is the biggest drawdown of HARD?
The largest peak-to-trough decline was −21.0% between April 30, 2026 and August 4, 2026. It has not yet recovered to that high; it is 1.7% below its peak.
How volatile is HARD?
Over the past 3 years HARD had an annualized volatility of 17.5% and a Sharpe ratio of 0.58 (excess return over 1–3 month T-bills per unit of risk).