HGER vs. FRO
HGER (Harbor Commodity All-Weather Strategy ETF) is Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net, while FRO (Frontline Ltd.) is a stock. Over the past 3 years, HGER returned 18.61%/yr vs 45.97%/yr for FRO. Their 0.27 correlation means their historical movements had little consistent relationship.
Performance
HGER vs. FRO - Performance Comparison
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Returns By Period
In the year-to-date period, HGER achieves a 29.53% return, which is significantly lower than FRO's 94.26% 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%
FRO
- 1D
- 0.69%
- 1M
- 13.46%
- 6M
- 48.31%
- YTD
- 94.26%
- 1Y
- 135.73%
- 3Y*
- 45.97%
- 5Y*
- 49.01%
- 10Y*
- 26.54%
- ALL TIME*
- 7.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $66.00M | $77.57M | $107.06M | |
| $46.51M | $66.72M | $45.77M |
HGER vs. FRO - 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% |
FRO Frontline Ltd. | 94.26% | 61.17% | -22.48% | 96.23% | 70.30% |
Correlation
The correlation between HGER and FRO is 0.06, 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. | 0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022 | 0.27 |
Over the past year, the correlation between HGER and FRO has dropped to 0.06 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.
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Return for Risk
HGER vs. FRO — Risk / Return Rank
HGER
FRO
HGER vs. FRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and Frontline Ltd. (FRO). 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 | FRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.43 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 6.38 | -3.50 |
| Martin ratioReturn relative to average drawdown | 10.23 | 16.21 | -5.97 |
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Drawdowns
HGER vs. FRO - Drawdown Comparison
The maximum HGER drawdown since its inception was -23.31%, smaller than the maximum FRO drawdown of -98.36%. Use the drawdown chart below to compare losses from any high point for HGER and FRO.
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Drawdown Indicators
| HGER | FRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.31% | -98.36% | +75.05% |
Max Drawdown (1Y)Largest decline over 1 year | -14.04% | -21.41% | +7.37% |
Max Drawdown (3Y)Largest decline over 3 years | -14.04% | -52.04% | +38.00% |
Max Drawdown (5Y)Largest decline over 5 years | — | -52.04% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.04% | — |
Current DrawdownCurrent decline from peak | -3.94% | -69.74% | +65.80% |
Average DrawdownAverage peak-to-trough decline | -7.66% | -67.85% | +60.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.94% | 8.41% | -4.47% |
Volatility
HGER vs. FRO - Volatility Comparison
The current volatility for Harbor Commodity All-Weather Strategy ETF (HGER) is 5.64%, while Frontline Ltd. (FRO) has a volatility of 12.24%. This indicates that HGER experiences smaller price fluctuations and is considered to be less risky than FRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HGER | FRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 12.24% | -6.60% |
Volatility (6M)Calculated over the trailing 6-month period | 15.43% | 33.26% | -17.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.71% | 43.30% | -25.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.67% | 49.77% | -32.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.67% | 51.17% | -33.50% |
Dividends
HGER vs. FRO - Dividend Comparison
HGER's dividend yield for the trailing twelve months is around 5.47%, less than FRO's 7.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRO Frontline Ltd. | 7.95% | 4.26% | 13.74% | 14.31% | 1.24% | 0.00% | 25.72% | 0.78% | 0.00% | 6.54% | 19.83% | 1.67% |
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 FRO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRO has higher volatility (12.24%) compared to HGER (5.64%). In terms of maximum drawdown, HGER dropped -23.31% vs FRO's -98.36%.
FRO currently has the higher Sharpe Ratio (3.16 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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