HARD vs SPY
Simplify Commodities Strategy No K-1 ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | HARD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.78% | 0.09% | |
| AUM | $82M | $789.1B | |
| Dividend Yield | 3.15% | 1.01% | |
| Holdings | 96 | 505 | |
| YTD Return | +7.97% | +13.75% | |
| 1Y Return | +14.05% | +22.91% | |
| 3Y Return (annualized) | +9.88% | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 16.5% | 15.3% | |
| Max Drawdown | -21.0% | -56.5% | |
| Fund Family | Simplify Exchange Traded Funds | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Mar 27, 2023 | Jan 22, 1993 |
HARD vs SPY Performance
Simplify Commodities Strategy No K-1 ETF (HARD) is a ETF from Simplify Exchange Traded Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HARD returned +14.05% while SPY returned +22.91%. Year to date, HARD is up 7.97% versus a gain of 13.75% for SPY.
Over three years, HARD compounded at +9.88% per year against +21.67% for SPY. Across the full 3-year window we track, HARD has the edge at +10.26% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HARD has been the more volatile fund, with annualized monthly volatility of 16.5% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -21.0% for HARD and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.09. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
HARD charges 0.78% per year while SPY charges 0.09%. On a $10,000 position that is $78 vs $9 annually, a gap of $69 per year that compounds over a long holding period. On income, HARD currently yields 3.15% against 1.01% for SPY.
Holdings Overlap
HARD and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, HARD or SPY?
HARD has an expense ratio of 0.78% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $69 per year of difference.
Which performed better, HARD or SPY?
Over the past year HARD returned +14.05% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), HARD annualized +10.26% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, HARD or SPY?
HARD has been the more volatile fund at 16.5% annualized versus 15.3% for SPY. Worst drawdown: HARD -21.0% vs SPY -56.5%.
Should I hold both HARD and SPY?
HARD and SPY have a monthly-return correlation of -0.09, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HARD and SPY?
HARD and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, HARD or SPY?
HARD yields 3.15% while SPY yields 1.01%, so HARD currently pays the higher dividend yield.
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