DBC vs. HGER
DBC (Invesco DB Commodity Index Tracking Fund) and HGER (Harbor Commodity All-Weather Strategy ETF) are both Commodities funds - DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return while HGER tracks the Quantix Commodity Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, DBC returned 11.43%/yr vs 19.31%/yr for HGER. Their correlation of 0.88 suggests significant overlap in exposure. DBC charges 0.85%/yr vs 0.68%/yr for HGER.
Performance
DBC vs. HGER - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with DBC having a 28.04% return and HGER slightly lower at 27.24%.
DBC
- 1D
- 1.06%
- 1M
- 0.28%
- 6M
- 22.51%
- YTD
- 28.04%
- 1Y
- 32.59%
- 3Y*
- 11.43%
- 5Y*
- 11.58%
- 10Y*
- 8.53%
HGER
- 1D
- 1.45%
- 1M
- 4.67%
- 6M
- 22.40%
- YTD
- 27.24%
- 1Y
- 37.54%
- 3Y*
- 19.31%
- 5Y*
- —
- 10Y*
- —
DBC vs. HGER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 28.04% | 8.10% | 2.18% | -6.19% | 8.24% |
HGER Harbor Commodity All-Weather Strategy ETF | 27.24% | 20.08% | 9.25% | 1.93% | 9.66% |
Correlation
The correlation between DBC and HGER is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022 | 0.88 |
The correlation between DBC and HGER has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.
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Return for Risk
DBC vs. HGER — Risk / Return Rank
DBC
HGER
DBC vs. HGER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) 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.
| DBC | HGER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.39 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.69 | -0.71 |
| Martin ratioReturn relative to average drawdown | 6.89 | 9.72 | -2.84 |
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Drawdowns
DBC vs. HGER - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than HGER's maximum drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for DBC and HGER.
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Drawdown Indicators
| DBC | HGER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -23.31% | -53.05% |
Max Drawdown (1Y)Largest decline over 1 year | -16.54% | -14.04% | -2.50% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -14.04% | -2.50% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | — | — |
Current DrawdownCurrent decline from peak | -25.93% | -5.65% | -20.28% |
Average DrawdownAverage peak-to-trough decline | -46.13% | -7.70% | -38.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.74% | 3.87% | +0.87% |
Volatility
DBC vs. HGER - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) and Harbor Commodity All-Weather Strategy ETF (HGER) have volatilities of 6.10% and 6.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | HGER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.10% | 6.04% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 16.70% | 15.46% | +1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.83% | 17.48% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.28% | 17.69% | +1.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.80% | 17.69% | +0.11% |
DBC vs. HGER - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than HGER's 0.68% expense ratio.
Dividends
DBC vs. HGER - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.60%, less than HGER's 5.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.60% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
HGER Harbor Commodity All-Weather Strategy ETF | 5.57% | 7.09% | 3.28% | 7.24% | 0.64% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBC and HGER have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (6.10%) compared to HGER (6.04%). In terms of maximum drawdown, DBC dropped -76.36% vs HGER's -23.31%.
On 3-year performance, HGER leads with 19.31% vs 11.43% for DBC. On fees, HGER is cheaper at 0.68% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HGER has performed better with a 19.31% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HGER is cheaper with a 0.68% expense ratio, compared with 0.85% for DBC.
HGER has the higher dividend yield at 5.57%, compared with 2.60% for DBC.
DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while HGER tracks Quantix Commodity Index - Benchmark TR Net. They also come from different issuers: Invesco and Harbor. Their fees differ too: 0.85% for DBC and 0.68% for HGER.
HGER currently has the higher Sharpe Ratio (2.16 vs 1.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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