HGER vs. CMDT

Last updated Jun 25, 2026

HGER (Harbor Commodity All-Weather Strategy ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both Commodities funds - HGER tracks the Quantix Commodity Index - Benchmark TR Net while CMDT tracks the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, HGER returned 17.05%/yr vs 11.87%/yr for CMDT. Their correlation of 0.86 suggests significant overlap in exposure. HGER charges 0.68%/yr vs 0.65%/yr for CMDT.

Performance

HGER vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Commodity All-Weather Strategy ETF (HGER) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HGER achieves a 15.91% return, which is significantly higher than CMDT's 10.73% return.

HGER

• 1D: -2.21%
• 1M: -10.49%
• YTD: 15.91%
• 6M: 13.76%
• 1Y: 26.85%
• 3Y*: 17.05%
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -2.38%
• 1M: -11.03%
• YTD: 10.73%
• 6M: 10.29%
• 1Y: 20.39%
• 3Y*: 11.87%
• 5Y*: —
• 10Y*: —

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

HGER vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HGER Harbor Commodity All-Weather Strategy ETF	15.91%	20.08%	9.25%	2.89%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	10.73%	12.78%	6.93%	5.37%

Correlation

The correlation between HGER and CMDT is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 10, 2023	0.86

The correlation between HGER and CMDT has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

Return for Risk

HGER vs. CMDT — Risk / Return Rank

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

HGER

HGER Risk / Return Rank: 50
HGER Sharpe Ratio Rank: 52
HGER Sortino Ratio Rank: 49
HGER Omega Ratio Rank: 52
HGER Calmar Ratio Rank: 42
HGER Martin Ratio Rank: 55

CMDT

CMDT Risk / Return Rank: 48
CMDT Sharpe Ratio Rank: 53
CMDT Sortino Ratio Rank: 52
CMDT Omega Ratio Rank: 48
CMDT Calmar Ratio Rank: 34
CMDT Martin Ratio Rank: 55

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.

HGER vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.62	-0.02
Sortino ratio: Return per unit of downside risk	2.18	2.25	-0.07
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	1.92	1.55	+0.37
Martin ratio: Return relative to average drawdown	8.68	8.61	+0.07

HGER vs. CMDT - Sharpe Ratio Comparison

The current HGER Sharpe Ratio is 1.60, which is comparable to the CMDT Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of HGER and CMDT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HGER vs. CMDT - Drawdown Comparison

The maximum HGER drawdown since its inception was -23.31%, which is greater than CMDT's maximum drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for HGER and CMDT.

Drawdown Indicators

	HGER	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-23.31%	-13.23%	-10.08%
Max Drawdown (1Y) Largest decline over 1 year	-14.04%	-13.23%	-0.81%
Max Drawdown (3Y) Largest decline over 3 years	-14.04%	-13.23%	-0.81%
Current Drawdown Current decline from peak	-14.04%	-13.23%	-0.81%
Average Drawdown Average peak-to-trough decline	-7.68%	-2.78%	-4.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.37%	+0.73%

Volatility

HGER vs. CMDT - Volatility Comparison

Harbor Commodity All-Weather Strategy ETF (HGER) has a higher volatility of 4.01% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.79%. This indicates that HGER's price experiences larger fluctuations and is considered to be riskier than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGER	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	3.79%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	15.08%	10.89%	+4.19%
Volatility (1Y) Calculated over the trailing 1-year period	16.99%	12.78%	+4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	12.31%	+5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.61%	12.31%	+5.30%

HGER vs. CMDT - Expense Ratio Comparison

HGER has a 0.68% expense ratio, which is higher than CMDT's 0.65% expense ratio.

Dividends

HGER vs. CMDT - Dividend Comparison

HGER's dividend yield for the trailing twelve months is around 6.11%, more than CMDT's 2.73% yield.

Position	TTM	2025	2024	2023	2022
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.73%	3.04%	8.80%	2.71%	0.00%
HGER Harbor Commodity All-Weather Strategy ETF	6.11%	7.09%	3.28%	7.24%	0.64%

Frequently Asked Questions

Can I hold both HGER and CMDT in my portfolio?

HGER and CMDT have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HGER or CMDT?

HGER has higher volatility (4.01%) compared to CMDT (3.79%). In terms of maximum drawdown, HGER dropped -23.31% vs CMDT's -13.23%.

Which ETF is better, HGER or CMDT?

On 3-year performance, HGER leads with 17.05% vs 11.87% for CMDT. On fees, CMDT is cheaper at 0.65% per year. On volatility, CMDT has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HGER or CMDT?

Over the 3-year period, HGER has performed better with a 17.05% return vs 11.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HGER or CMDT?

CMDT is cheaper with a 0.65% expense ratio, compared with 0.68% for HGER.

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

HGER has the higher dividend yield at 6.11%, compared with 2.73% for CMDT.

What is the main difference between HGER and CMDT?

HGER tracks Quantix Commodity Index - Benchmark TR Net, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Harbor and PIMCO. Their fees differ too: 0.68% for HGER and 0.65% for CMDT.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (1.62 vs 1.60), 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.