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HARD vs PDBC

Simplify Commodities Strategy No K-1 ETF

HARDCNYSE Arca

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

PDBCANasdaq

Overlap

0.0%by weight

Expense ratio

PDBC −0.26pt a year

HARD0.85%PDBC0.59%

Avg volume · 30D

PDBC 201.4×the volume

HARD31.3KPDBC6.31M

3Y return · a year

HARD +2.7pt

HARD+18.2%PDBC+15.5%

HARD vs PDBC Performance

Oct 31, 2025 – Oct 30, 2026

+25.0%HARD+53.1%PDBC

Oct 31, 2025 to Oct 30, 2026. HARD +25.0%. PDBC +53.1%. Use the arrow keys to read each point.0%10%40%Oct 2025Apr 2026Oct 2026
Expense ratio
HARD 0.85%
PDBC 0.59%, better
Fund size
HARD $59M
PDBC $8.06B
1Y total return
HARD +25.0%
PDBC +53.1%, better
Yield (12M)
HARD 3.36%, better
PDBC 2.54%
Holdings
HARD 20
PDBC 3
Avg volume (30D)
HARD 31.3K sh
PDBC 6.31M sh, better
NAV per share
HARD $35.92
PDBC $20.12
52W range

ETF.net Grade

HARD: Cost 38, Risk 49, Mission not scored, Tradability 39, Holdings not scored, Durability 54. PDBC: Cost 87, Risk 69, Mission not scored, Tradability 90, Holdings not scored, Durability 94.
Pillar letters and Scores for HARD, PDBC, with each pillar’s weight
PillarHARDPDBC
Cost30% weightD38A87Higher
Mission25% weightNot scoredNot scored
Risk15% weightC49B69Higher
Tradability15% weightD39A90Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC54A94Higher

Rank among Commodity Futures funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. HARD and PDBC are both graded against the same 13 Commodity Futures funds, so their Grades compare head to head.

Commodity Futures⁠

Category · 13 funds
See all 13 ›

PDBC ranks 1st and HARD 7th of 13 funds in the Commodity Futures Category.

  1. Rank 1APDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETFScore 84
  2. Rank 2BSOYBTeucrium Soybean FundScore 65
  3. Rank 7CACOMHarbor Active Commodity ETFScore 42
  4. Rank 7CHARDSimplify Commodities Strategy No K-1 ETFScore 42
  5. Rank 9CEVMTInvesco Electric Vehicle Metals Commodity Strategy No K-1 ETFScore 40

Our read on each fund

ETF.net Research

HARDCSimplify Commodities Strategy No K-1 ETF

PDBCAInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

In short

HARD Most broad commodity funds buy the basket and hold on. HARD runs a systematic long/short model built by Altis Partners across the futures complex, and mails a 1099 instead of a K-1.

PDBC Broad commodity exposure without the K-1 paperwork. Trading since 2014, PDBC packages a diversified futures basket inside an ordinary fund wrapper and aims to beat its commodity benchmark rather than simply mirror it.

Stated mandate

HARD HARD seeks long-term capital appreciation through systematic investment in commodity futures. Its strategy uses systematic long/short models designed by Altis Partners to pursue commodity exposure across inflationary and typical market environments.

PDBC The fund seeks to outperform the excess-return version of its benchmark through a diversified commodity strategy.

Why people hold it

  • HARD Long/short by design: the models can take short positions as well as long ones across commodities, not just ride a long-only basket.
  • Built as a 1940 Act fund, so holders get standard 1099 paperwork rather than the partnership K-1 some commodity futures funds send.
  • A 0.78% expense ratio sits under the median fee in its commodity futures cohort, which is rare for an actively managed futures strategy.
  • Lands in the upper half of its commodity futures peer group, in company with broad names like PDBC and DBB.
  • PDBC The K-1 dodge is right there in the name. It is built as a 1940 Act fund, not a commodity partnership.invesco.com
  • 0.74% a year, below the typical fee among commodity futures funds.
  • A multi-billion-dollar fund and one of the busiest tickers in the commodity aisle, which tends to show up as tight spreads for buyers and sellers.
  • Live since 2014 and one of the strongest implementations in its commodity futures peer group.

Worth knowing

  • HARD Model-driven and launched in 2023: no index to check it against, and a short live record so far.
  • Commodity futures move in big steps, and a long/short book can end up offside on either side of a trade.
  • Moderately traded and smaller than the category's giants, so spreads can run wider than the largest commodity ETFs.
  • PDBC Commodities swing. Energy, metals and crops can move hard in both directions, and this basket rides every one of those moves.
  • The mandate is to beat the benchmark, not hug it, so results can diverge from the index it measures itself against.invesco.com
  • Payouts are lumpy by design: distributions land annually or semiannually, not on a monthly drip.

Full HARD profile⁠

Full PDBC profile⁠

HARD vs PDBC Holdings

How HARD and PDBC differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of HARD and 0.0% of PDBC.

Level by level

  • Holdings0 in both0.0%
  • Asset classAlternatives100%

Sector

No Sector split for HARD and PDBC.

Country, concentration and asset class

Country by domicile

No country split for PDBC.

Concentration

Weight in the 10 largest Holdings

  • HARD82.9%
  • PDBC100.0%

Securities held

  • HARD15
  • PDBC2

Asset class

HARD
Alternatives
PDBC
Alternatives

Holdings

  • Only in HARD15
  • In both0
  • Only in PDBC2

Only in HARD

15 securities, 80.5% of HARD by weight

  • Simplify E Govt Money Mkt Etf26.73%
  • Brent Crude Futr JAN2717.35%
  • Brent Crude Futr FEB276.54%

Only in PDBC

2 securities, 99.8% of PDBC by weight

  • Invesco Premier US Government Money Portfolio80.36%
  • Powershares Cayman Fund19.40%

Weight gaps

HARD and PDBC share no securities.

All 75 HARD holdings⁠All 2 PDBC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HARD vs PDBC Cost

Overpaying HARD vs PDBC

$4,564

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HARD 0.85%

    $16,199

  • PDBC 0.59%

    $11,635

$10,000
30 years

Cost over time

  • HARD 0.85%
  • PDBC 0.59%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HARD $16,199PDBC $11,635

Year by year

YearHARDPDBCOverpaying
10$1,508$1,058$450
20$5,706$4,051$1,655
30$16,199$11,635$4,564

Expense ratio

  • 0.85%HARD
  • 0.59%PDBC, cheaper
  • Middle half of Commodity Futures funds
  • Median 0.79%

PDBC 2nd cheapest of 13 funds

HARD 9th cheapest of 13 funds

HARD vs PDBC Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
HARD 3.36%, better
PDBC 2.54%
Payout (12M)
HARD $1.20
PDBC $0.51
Last payment
HARD $0.30
PDBC $0.51
Ex-dividend
HARD Sep 25, 2026
PDBC Dec 22, 2025
Paid on
HARD Sep 30, 2026
PDBC Dec 26, 2025
Frequency
HARD Quarterly
PDBC Annual

Distribution history

Per share, 2017 to 2026, same scale for both

HARDQuarterly · 14 paymentsAll HARD payments⁠
One bar per payment. 14 payments from 2017 to 2026 YTD. Jun 27, 2023 $0.10; Sep 27, 2023 $0.10; Dec 26, 2023 $0.26; Mar 25, 2024 $0.15; Jun 25, 2024 $0.15; Sep 25, 2024 $0.30; Dec 23, 2024 $0.35; Mar 26, 2025 $0.12; Jun 25, 2025 $0.25; Sep 25, 2025 $0.30; Dec 23, 2025 $0.30; Mar 26, 2026 $0.30; Jun 25, 2026 $0.30; Sep 25, 2026 $0.30. Use the arrow keys to read each point.$0$52017202020232026YTD
PDBCAnnual · 10 paymentsAll PDBC payments⁠
One bar per payment. 10 payments from 2017 to 2026 YTD. Dec 18, 2017 $0.67; Dec 24, 2018 $0.15; Dec 23, 2019 $0.23; Dec 21, 2020 $0.001; Dec 3, 2021 $5.39; Dec 20, 2021 $1.76; Dec 19, 2022 $1.93; Dec 18, 2023 $0.56; Dec 23, 2024 $0.57; Dec 22, 2025 $0.51. Use the arrow keys to read each point.$0$52017202020232026YTD

HARD vs PDBC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
HARD 17.2%PDBC 16.8%, better
Return per unit of riskSharpe ratio, 3 years
HARD 0.80, betterPDBC 0.67
Worst fallMax drawdown, 5 years
HARD −21.0%since Mar 2023PDBC −27.6%
Market sensitivityBeta, 5 years
HARD 0.82PDBC 1.06

HARD and PDBC in the news

All news⁠

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