AMUN vs. HGER

Last updated Jul 17, 2026

AMUN (abrdn Ultra Short Municipal Income Active ETF) and HGER (Harbor Commodity All-Weather Strategy ETF) are both exchange-traded funds - AMUN is a Municipal Bonds fund actively managed by abrdn, while HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net. AMUN is actively managed, while HGER is passively managed. At a correlation of -0.12, they often move in opposite directions. AMUN charges 0.25%/yr vs 0.68%/yr for HGER.

Performance

AMUN vs. HGER - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Ultra Short Municipal Income Active ETF (AMUN) and Harbor Commodity All-Weather Strategy ETF (HGER). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMUN achieves a 1.40% return, which is significantly lower than HGER's 26.63% return.

AMUN

• 1D: 0.08%
• 1M: 0.21%
• 6M: 1.25%
• YTD: 1.40%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HGER

• 1D: -1.04%
• 1M: 4.45%
• 6M: 22.27%
• YTD: 26.63%
• 1Y: 36.77%
• 3Y*: 19.44%
• 5Y*: —
• 10Y*: —

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

AMUN vs. HGER - Yearly Performance Comparison

	2026 (YTD)	2025
AMUN abrdn Ultra Short Municipal Income Active ETF	1.40%	0.14%
HGER Harbor Commodity All-Weather Strategy ETF	26.63%	1.14%

Correlation

The correlation between AMUN and HGER is -0.12, 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 (All Time) Calculated using the full available price history since Oct 20, 2025	-0.12

Return for Risk

AMUN vs. HGER — Risk / Return Rank

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

AMUN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

HGER

HGER Risk / Return Rank: 75
HGER Sharpe Ratio Rank: 83
HGER Sortino Ratio Rank: 79
HGER Omega Ratio Rank: 81
HGER Calmar Ratio Rank: 66
HGER Martin Ratio Rank: 66

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.

AMUN vs. HGER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Ultra Short Municipal Income Active ETF (AMUN) and Harbor Commodity All-Weather Strategy ETF (HGER). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AMUN	HGER	Difference
Sharpe ratio: Return per unit of total volatility	—	2.11	—
Sortino ratio: Return per unit of downside risk	—	2.83	—
Omega ratio: Gain probability vs. loss probability	—	1.38	—
Calmar ratio: Return relative to maximum drawdown	—	2.63	—
Martin ratio: Return relative to average drawdown	—	9.44	—

Drawdowns

AMUN vs. HGER - Drawdown Comparison

The maximum AMUN drawdown since its inception was -0.61%, smaller than the maximum HGER drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for AMUN and HGER.

Drawdown Indicators

	AMUN	HGER	Difference
Max Drawdown Largest peak-to-trough decline	-0.61%	-23.31%	+22.70%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.04%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.04%	—
Current Drawdown Current decline from peak	-0.02%	-6.10%	+6.08%
Average Drawdown Average peak-to-trough decline	-0.08%	-7.70%	+7.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.90%	—

Volatility

Volatility by Period

	AMUN	HGER	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.95%	17.49%	-16.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.95%	17.68%	-16.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.95%	17.68%	-16.73%

AMUN vs. HGER - Expense Ratio Comparison

AMUN has a 0.25% expense ratio, which is lower than HGER's 0.68% expense ratio.

Dividends

AMUN vs. HGER - Dividend Comparison

AMUN's dividend yield for the trailing twelve months is around 2.13%, less than HGER's 5.60% yield.

Position	TTM	2025	2024	2023	2022
AMUN abrdn Ultra Short Municipal Income Active ETF	2.13%	0.66%	0.00%	0.00%	0.00%
HGER Harbor Commodity All-Weather Strategy ETF	5.60%	7.09%	3.28%	7.24%	0.64%

Frequently Asked Questions

Can I hold both AMUN and HGER in my portfolio?

AMUN and HGER have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AMUN or HGER?

On fees, AMUN is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AMUN or HGER?

AMUN is cheaper with a 0.25% expense ratio, compared with 0.68% for HGER.

Which ETF pays a higher dividend yield, AMUN or HGER?

HGER has the higher dividend yield at 5.60%, compared with 2.13% for AMUN.

What is the main difference between AMUN and HGER?

AMUN is categorized as Municipal Bonds, while HGER is Commodities. They also come from different issuers: abrdn and Harbor. Their fees differ too: 0.25% for AMUN and 0.68% for HGER.