HGER vs. EWZ
HGER (Harbor Commodity All-Weather Strategy ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 3 years, HGER returned 18.61%/yr vs 9.53%/yr for EWZ. Their 0.26 correlation means their historical movements had little consistent relationship. HGER charges 0.68%/yr vs 0.59%/yr for EWZ.
Performance
HGER vs. EWZ - 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 EWZ's 16.46% 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%
EWZ
- 1D
- 0.33%
- 1M
- 7.23%
- 6M
- -0.11%
- YTD
- 16.46%
- 1Y
- 44.24%
- 3Y*
- 9.53%
- 5Y*
- 7.67%
- 10Y*
- 6.64%
- ALL TIME*
- 6.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $598.51M | $637.15M | $833.60M | |
| $46.51M | $66.72M | $45.77M |
HGER vs. EWZ - 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% |
EWZ iShares MSCI Brazil ETF | 16.46% | 48.81% | -30.41% | 32.62% | -2.35% |
Correlation
The correlation between HGER and EWZ is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022 | 0.26 |
The correlation between HGER and EWZ shifts across timeframes, from 0.11 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HGER vs. EWZ — Risk / Return Rank
HGER
EWZ
HGER vs. EWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and iShares MSCI Brazil ETF (EWZ). 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 | EWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.30 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 2.31 | +0.57 |
| Martin ratioReturn relative to average drawdown | 10.23 | 5.64 | +4.59 |
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Drawdowns
HGER vs. EWZ - Drawdown Comparison
The maximum HGER drawdown since its inception was -23.31%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for HGER and EWZ.
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Drawdown Indicators
| HGER | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.31% | -77.25% | +53.94% |
Max Drawdown (1Y)Largest decline over 1 year | -14.04% | -19.27% | +5.23% |
Max Drawdown (3Y)Largest decline over 3 years | -14.04% | -31.36% | +17.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -56.99% | — |
Current DrawdownCurrent decline from peak | -3.94% | -18.89% | +14.95% |
Average DrawdownAverage peak-to-trough decline | -7.66% | -35.86% | +28.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.94% | 7.86% | -3.92% |
Volatility
HGER vs. EWZ - Volatility Comparison
The current volatility for Harbor Commodity All-Weather Strategy ETF (HGER) is 5.64%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 6.69%. This indicates that HGER experiences smaller price fluctuations and is considered to be less risky than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HGER | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 6.69% | -1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 15.43% | 19.32% | -3.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.71% | 25.12% | -7.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.67% | 27.46% | -9.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.67% | 33.90% | -16.23% |
HGER vs. EWZ - Expense Ratio Comparison
HGER has a 0.68% expense ratio, which is higher than EWZ's 0.59% expense ratio.
Dividends
HGER vs. EWZ - Dividend Comparison
HGER's dividend yield for the trailing twelve months is around 5.47%, more than EWZ's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 3.99% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
HGER Harbor Commodity All-Weather Strategy ETF | 5.47% | 7.09% | 3.28% | 7.24% | 0.64% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HGER and EWZ have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWZ has higher volatility (6.69%) compared to HGER (5.64%). In terms of maximum drawdown, HGER dropped -23.31% vs EWZ's -77.25%.
On 3-year performance, HGER leads with 18.61% vs 9.53% for EWZ. On fees, EWZ is cheaper at 0.59% per year. On volatility, HGER has been the lower-risk option at 5.64%. 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 9.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWZ is cheaper with a 0.59% expense ratio, compared with 0.68% for HGER.
HGER has the higher dividend yield at 5.47%, compared with 3.99% for EWZ.
HGER is categorized as Commodities, while EWZ is Latin America Equities. HGER tracks Quantix Commodity Index - Benchmark TR Net, while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: Harbor and iShares. Their fees differ too: 0.68% for HGER and 0.59% for EWZ.
HGER currently has the higher Sharpe Ratio (2.28 vs 1.77), 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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