GSG vs. HGER
GSG (iShares S&P GSCI Commodity-Indexed Trust) and HGER (Harbor Commodity All-Weather Strategy ETF) are both Commodities funds - GSG tracks the S&P GSCI Total Return Index while HGER tracks the Quantix Commodity Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, GSG returned 14.41%/yr vs 18.12%/yr for HGER. Their correlation of 0.86 suggests significant overlap in exposure. GSG charges 0.75%/yr vs 0.68%/yr for HGER.
Performance
GSG vs. HGER - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 26.84% return, which is significantly higher than HGER's 19.14% return.
GSG
- 1D
- -0.95%
- 1M
- -12.03%
- YTD
- 26.84%
- 6M
- 26.40%
- 1Y
- 23.99%
- 3Y*
- 14.41%
- 5Y*
- 13.07%
- 10Y*
- 6.69%
HGER
- 1D
- -1.14%
- 1M
- -8.00%
- YTD
- 19.14%
- 6M
- 17.67%
- 1Y
- 24.73%
- 3Y*
- 18.12%
- 5Y*
- —
- 10Y*
- —
GSG vs. HGER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 26.84% | 5.93% | 8.52% | -5.51% | 8.15% |
HGER Harbor Commodity All-Weather Strategy ETF | 19.14% | 20.08% | 9.25% | 1.93% | 9.66% |
Correlation
The correlation between GSG and HGER is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022 | 0.86 |
The correlation between GSG and HGER has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.
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Return for Risk
GSG vs. HGER — Risk / Return Rank
GSG
HGER
GSG vs. HGER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) 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.
| GSG | HGER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.27 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 2.13 | -0.61 |
| Martin ratioReturn relative to average drawdown | 6.22 | 8.55 | -2.33 |
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Drawdowns
GSG vs. HGER - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than HGER's maximum drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for GSG and HGER.
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Drawdown Indicators
| GSG | HGER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -23.31% | -66.31% |
Max Drawdown (1Y)Largest decline over 1 year | -15.88% | -11.65% | -4.23% |
Max Drawdown (3Y)Largest decline over 3 years | -15.88% | -11.65% | -4.23% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | — | — |
Current DrawdownCurrent decline from peak | -61.70% | -11.65% | -50.05% |
Average DrawdownAverage peak-to-trough decline | -63.69% | -7.67% | -56.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.46% | 3.16% | +1.30% |
Volatility
GSG vs. HGER - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 5.46% compared to Harbor Commodity All-Weather Strategy ETF (HGER) at 3.61%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than HGER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | HGER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 3.61% | +1.85% |
Volatility (6M)Calculated over the trailing 6-month period | 20.81% | 14.89% | +5.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.19% | 17.02% | +6.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.66% | 17.59% | +5.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.03% | 17.59% | +4.44% |
GSG vs. HGER - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than HGER's 0.68% expense ratio.
Dividends
GSG vs. HGER - Dividend Comparison
GSG has not paid dividends to shareholders, while HGER's dividend yield for the trailing twelve months is around 5.95%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HGER Harbor Commodity All-Weather Strategy ETF | 5.95% | 7.09% | 3.28% | 7.24% | 0.64% |
Frequently Asked Questions
GSG and HGER have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (5.46%) compared to HGER (3.61%). In terms of maximum drawdown, GSG dropped -89.62% vs HGER's -23.31%.
On 3-year performance, HGER leads with 18.12% vs 14.41% for GSG. On fees, HGER is cheaper at 0.68% per year. On volatility, HGER has been the lower-risk option at 3.61%. 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 18.12% return vs 14.41%. 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 0.75% for GSG.
HGER has the higher dividend yield at 5.95%, compared with 0.00% for GSG.
GSG tracks S&P GSCI Total Return Index, while HGER tracks Quantix Commodity Index - Benchmark TR Net. They also come from different issuers: iShares and Harbor. Their fees differ too: 0.75% for GSG and 0.68% for HGER.
HGER currently has the higher Sharpe Ratio (1.46 vs 1.04), 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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