HGER vs. CMDY
HGER (Harbor Commodity All-Weather Strategy ETF) and CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) are both Commodities funds - HGER tracks the Quantix Commodity Index - Benchmark TR Net while CMDY tracks the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, HGER returned 17.92%/yr vs 11.39%/yr for CMDY. Their correlation of 0.84 suggests significant overlap in exposure. HGER charges 0.68%/yr vs 0.28%/yr for CMDY.
Performance
HGER vs. CMDY - Performance Comparison
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Returns By Period
In the year-to-date period, HGER achieves a 18.53% return, which is significantly higher than CMDY's 14.22% return.
HGER
- 1D
- -0.51%
- 1M
- -8.46%
- YTD
- 18.53%
- 6M
- 16.24%
- 1Y
- 26.94%
- 3Y*
- 17.92%
- 5Y*
- —
- 10Y*
- —
CMDY
- 1D
- -1.43%
- 1M
- -9.33%
- YTD
- 14.22%
- 6M
- 12.70%
- 1Y
- 21.95%
- 3Y*
- 11.39%
- 5Y*
- 9.18%
- 10Y*
- —
HGER vs. CMDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HGER Harbor Commodity All-Weather Strategy ETF | 18.53% | 20.08% | 9.25% | 1.93% | 9.66% |
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 14.22% | 15.81% | 5.43% | -9.33% | 4.65% |
Correlation
The correlation between HGER and CMDY 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 Feb 10, 2022 | 0.84 |
The correlation between HGER and CMDY has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.
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Return for Risk
HGER vs. CMDY — Risk / Return Rank
HGER
CMDY
HGER vs. CMDY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY). 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 | CMDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.25 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 1.75 | +0.48 |
| Martin ratioReturn relative to average drawdown | 9.09 | 7.16 | +1.92 |
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Drawdowns
HGER vs. CMDY - Drawdown Comparison
The maximum HGER drawdown since its inception was -23.31%, smaller than the maximum CMDY drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for HGER and CMDY.
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Drawdown Indicators
| HGER | CMDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.31% | -31.19% | +7.88% |
Max Drawdown (1Y)Largest decline over 1 year | -12.10% | -12.56% | +0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -12.10% | -12.56% | +0.46% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.56% | — |
Current DrawdownCurrent decline from peak | -12.10% | -12.56% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -7.67% | -13.11% | +5.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 3.09% | -0.09% |
Volatility
HGER vs. CMDY - Volatility Comparison
Harbor Commodity All-Weather Strategy ETF (HGER) and iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) have volatilities of 3.60% and 3.63%, 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
| HGER | CMDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.60% | 3.63% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 14.89% | 14.45% | +0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.00% | 16.35% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.59% | 15.77% | +1.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.59% | 14.63% | +2.96% |
HGER vs. CMDY - Expense Ratio Comparison
HGER has a 0.68% expense ratio, which is higher than CMDY's 0.28% expense ratio.
Dividends
HGER vs. CMDY - Dividend Comparison
HGER's dividend yield for the trailing twelve months is around 5.98%, less than CMDY's 11.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 11.29% | 12.89% | 4.23% | 5.10% | 3.98% | 16.09% | 0.15% | 2.21% | 1.73% |
HGER Harbor Commodity All-Weather Strategy ETF | 5.98% | 7.09% | 3.28% | 7.24% | 0.64% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HGER and CMDY 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.
CMDY has higher volatility (3.63%) compared to HGER (3.60%). In terms of maximum drawdown, HGER dropped -23.31% vs CMDY's -31.19%.
On 3-year performance, HGER leads with 17.92% vs 11.39% for CMDY. On fees, CMDY is cheaper at 0.28% 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 17.92% return vs 11.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDY is cheaper with a 0.28% expense ratio, compared with 0.68% for HGER.
CMDY has the higher dividend yield at 11.29%, compared with 5.98% for HGER.
HGER tracks Quantix Commodity Index - Benchmark TR Net, while CMDY tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Harbor and iShares. Their fees differ too: 0.68% for HGER and 0.28% for CMDY.
HGER currently has the higher Sharpe Ratio (1.61 vs 1.36), 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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