HGER vs. BALT
HGER (Harbor Commodity All-Weather Strategy ETF) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net, while BALT is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 3 years, HGER returned 18.61%/yr vs 6.98%/yr for BALT. Their 0.09 correlation means their historical movements had little consistent relationship. HGER charges 0.68%/yr vs 0.69%/yr for BALT.
Performance
HGER vs. BALT - Performance Comparison
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Returns By Period
In the year-to-date period, HGER achieves a 29.53% return, which is significantly higher than BALT's 2.78% return.
HGER
- 1D
- 0.00%
- 1M
- 8.95%
- 6M
- 20.19%
- YTD
- 29.53%
- 1Y
- 40.17%
- 3Y*
- 18.61%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.44%
BALT
- 1D
- 0.17%
- 1M
- 0.48%
- 6M
- 2.21%
- YTD
- 2.78%
- 1Y
- 6.56%
- 3Y*
- 6.98%
- 5Y*
- 5.98%
- 10Y*
- —
- ALL TIME*
- 5.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.85M | $18.00M | $16.07M | |
| $46.51M | $66.72M | $45.77M |
HGER vs. BALT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HGER Harbor Commodity All-Weather Strategy ETF | 29.53% | 20.08% | 9.25% | 1.93% | 9.66% |
BALT Innovator Defined Wealth Shield ETF | 2.78% | 6.65% | 9.98% | 7.45% | 2.74% |
Correlation
The correlation between HGER and BALT is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022 | 0.09 |
The correlation between HGER and BALT shifts across timeframes, from -0.03 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HGER vs. BALT — Risk / Return Rank
HGER
BALT
HGER vs. BALT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and Innovator Defined Wealth Shield ETF (BALT). 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.
| HGER | BALT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.62 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 5.71 | -2.84 |
| Martin ratioReturn relative to average drawdown | 10.23 | 21.02 | -10.79 |
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Drawdowns
HGER vs. BALT - Drawdown Comparison
The maximum HGER drawdown since its inception was -23.31%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for HGER and BALT.
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Drawdown Indicators
| HGER | BALT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.31% | -4.89% | -18.42% |
Max Drawdown (1Y)Largest decline over 1 year | -14.04% | -1.15% | -12.89% |
Max Drawdown (3Y)Largest decline over 3 years | -14.04% | -4.89% | -9.15% |
Max Drawdown (5Y)Largest decline over 5 years | — | -4.89% | — |
Current DrawdownCurrent decline from peak | -3.94% | 0.00% | -3.94% |
Average DrawdownAverage peak-to-trough decline | -7.66% | -0.34% | -7.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.94% | 0.31% | +3.63% |
Volatility
HGER vs. BALT - Volatility Comparison
Harbor Commodity All-Weather Strategy ETF (HGER) has a higher volatility of 5.64% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.80%. This indicates that HGER's price experiences larger fluctuations and is considered to be riskier than BALT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HGER | BALT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 0.80% | +4.84% |
Volatility (6M)Calculated over the trailing 6-month period | 15.43% | 1.49% | +13.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.71% | 2.27% | +15.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.67% | 3.30% | +14.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.67% | 3.28% | +14.39% |
HGER vs. BALT - Expense Ratio Comparison
HGER has a 0.68% expense ratio, which is lower than BALT's 0.69% expense ratio.
Dividends
HGER vs. BALT - Dividend Comparison
HGER's dividend yield for the trailing twelve months is around 5.47%, while BALT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BALT Innovator Defined Wealth Shield ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HGER Harbor Commodity All-Weather Strategy ETF | 5.47% | 7.09% | 3.28% | 7.24% | 0.64% |
Frequently Asked Questions
HGER and BALT have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HGER has higher volatility (5.64%) compared to BALT (0.80%). In terms of maximum drawdown, HGER dropped -23.31% vs BALT's -4.89%.
On 3-year performance, HGER leads with 18.61% vs 6.98% for BALT. On fees, HGER is cheaper at 0.68% per year. On volatility, BALT has been the lower-risk option at 0.80%. 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 18.61% return vs 6.98%. 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 0.69% for BALT.
HGER has the higher dividend yield at 5.47%, compared with 0.00% for BALT.
HGER is categorized as Commodities, while BALT is Defined Outcome. HGER tracks Quantix Commodity Index - Benchmark TR Net, while BALT tracks S&P 500. They also come from different issuers: Harbor and Innovator. Their fees differ too: 0.68% for HGER and 0.69% for BALT.
BALT currently has the higher Sharpe Ratio (2.91 vs 2.28), 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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