HGER vs. CMDY

Last updated Jun 4, 2026

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 21.26%/yr vs 15.48%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Commodity All-Weather Strategy ETF (HGER) and iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HGER achieves a 28.12% return, which is significantly higher than CMDY's 25.44% return.

HGER

• 1D: -0.28%
• 1M: -2.72%
• YTD: 28.12%
• 6M: 27.93%
• 1Y: 41.90%
• 3Y*: 21.26%
• 5Y*: —
• 10Y*: —

CMDY

• 1D: 0.02%
• 1M: -2.52%
• YTD: 25.44%
• 6M: 24.53%
• 1Y: 37.10%
• 3Y*: 15.48%
• 5Y*: 10.71%
• 10Y*: —

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

HGER vs. CMDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HGER Harbor Commodity All-Weather Strategy ETF	28.12%	20.08%	9.25%	1.93%	9.77%
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	25.44%	15.81%	5.43%	-9.33%	4.68%

Correlation

The correlation between HGER and CMDY is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 11, 2022	0.84

The correlation between HGER and CMDY has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

HGER vs. CMDY - Sectors Allocation Comparison

Sectors	HGER	CMDY
Basic Materials	102.4%	-
Communication Services	-	100.0%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

HGER vs. CMDY — Risk / Return Rank

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

HGER

HGER Risk / Return Rank: 78
HGER Sharpe Ratio Rank: 75
HGER Sortino Ratio Rank: 69
HGER Omega Ratio Rank: 76
HGER Calmar Ratio Rank: 88
HGER Martin Ratio Rank: 84

CMDY

CMDY Risk / Return Rank: 72
CMDY Sharpe Ratio Rank: 69
CMDY Sortino Ratio Rank: 61
CMDY Omega Ratio Rank: 69
CMDY Calmar Ratio Rank: 86
CMDY Martin Ratio Rank: 75

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. 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.

	HGER	CMDY	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.32	+0.17
Sortino ratio: Return per unit of downside risk	3.23	2.93	+0.30
Omega ratio: Gain probability vs. loss probability	1.46	1.42	+0.04
Calmar ratio: Return relative to maximum drawdown	5.20	4.82	+0.38
Martin ratio: Return relative to average drawdown	17.52	14.50	+3.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HGER vs. CMDY - Sharpe Ratio Comparison

The current HGER Sharpe Ratio is 2.50, which is comparable to the CMDY Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of HGER and CMDY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HGER	CMDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.32	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.56	+0.34

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.

Drawdown Indicators

	HGER	CMDY	Difference
Max Drawdown Largest peak-to-trough decline	-23.31%	-31.19%	+7.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.09%	-7.73%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-8.84%	-10.08%	+1.24%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.56%	—
Current Drawdown Current decline from peak	-4.99%	-3.97%	-1.02%
Average Drawdown Average peak-to-trough decline	-7.66%	-13.14%	+5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	2.57%	-0.17%

Volatility

HGER vs. CMDY - Volatility Comparison

The current volatility for Harbor Commodity All-Weather Strategy ETF (HGER) is 4.02%, while iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) has a volatility of 5.04%. This indicates that HGER experiences smaller price fluctuations and is considered to be less risky than CMDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGER	CMDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	5.04%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	14.20%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	16.06%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.62%	15.80%	+1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	14.63%	+2.99%

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 5.53%, less than CMDY's 10.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	10.28%	12.89%	4.23%	5.10%	3.98%	16.09%	0.15%	2.21%	1.73%
HGER Harbor Commodity All-Weather Strategy ETF	5.53%	7.09%	3.28%	7.24%	0.64%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HGER and CMDY in my portfolio?

HGER and CMDY have a correlation of 0.81, 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 CMDY?

CMDY has higher volatility (5.04%) compared to HGER (4.02%). In terms of maximum drawdown, HGER dropped -23.31% vs CMDY's -31.19%.

Which ETF is better, HGER or CMDY?

On 3-year performance, HGER leads with 21.26% vs 15.48% for CMDY. On fees, CMDY is cheaper at 0.28% per year. On volatility, HGER has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HGER or CMDY?

Over the 3-year period, HGER has performed better with a 21.26% return vs 15.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HGER or CMDY?

CMDY is cheaper with a 0.28% expense ratio, compared with 0.68% for HGER.

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

CMDY has the higher dividend yield at 10.28%, compared with 5.53% for HGER.

What is the main difference between HGER and CMDY?

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.

Which has better risk-adjusted returns?

HGER currently has the higher Sharpe Ratio (2.50 vs 2.32), 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.