If you win the clash, the spell moves from the stack to your hand as part of its resolution. It never hits the graveyard. If you don't win the clash, the spell is put into the graveyard from the stack as normal.

If the spell is countered or doesn't resolve for any reason (for example, if all its targets become illegal), none of its effects happen. There is no clash, and the spell card won't be returned to your hand.