HGER vs. GDMA

Last updated Aug 1, 2026

HGER (Harbor Commodity All-Weather Strategy ETF) and GDMA (Gadsden Dynamic Multi-Asset ETF) are both exchange-traded funds - HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net, while GDMA is a Global Allocation fund actively managed by Gadsden. HGER is passively managed, while GDMA is actively managed. Over the past 3 years, HGER returned 18.61%/yr vs 16.04%/yr for GDMA. Their 0.22 correlation means their historical movements had little consistent relationship. HGER charges 0.68%/yr vs 0.77%/yr for GDMA.

Performance

HGER vs. GDMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Commodity All-Weather Strategy ETF (HGER) and Gadsden Dynamic Multi-Asset ETF (GDMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HGER achieves a 29.53% return, which is significantly higher than GDMA's 10.56% 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%

GDMA

• 1D: 0.67%
• 1M: 0.43%
• 6M: 1.94%
• YTD: 10.56%
• 1Y: 23.37%
• 3Y*: 16.04%
• 5Y*: 8.45%
• 10Y*: —
• ALL TIME*: 9.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GDMA Gadsden Dynamic Multi-Asset ETF	$1.65M	$1.00M	$708.66K
HGER Harbor Commodity All-Weather Strategy ETF	$46.51M	$66.72M	$45.77M

HGER vs. GDMA - 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%
GDMA Gadsden Dynamic Multi-Asset ETF	10.56%	25.29%	7.44%	1.72%	-2.82%

Correlation

The correlation between HGER and GDMA is 0.24, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.24
Correlation (3Y) Balances recent behavior with more history.	0.24
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022	0.22

Return for Risk

HGER vs. GDMA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HGER

HGER Risk / Return Rank: 86
HGER Sharpe Ratio Rank: 91
HGER Sortino Ratio Rank: 89
HGER Omega Ratio Rank: 89
HGER Calmar Ratio Rank: 80
HGER Martin Ratio Rank: 80

GDMA

GDMA Risk / Return Rank: 67
GDMA Sharpe Ratio Rank: 64
GDMA Sortino Ratio Rank: 58
GDMA Omega Ratio Rank: 68
GDMA Calmar Ratio Rank: 84
GDMA Martin Ratio Rank: 61

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HGER vs. GDMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and Gadsden Dynamic Multi-Asset ETF (GDMA). 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	GDMA	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.49	+0.79
Sortino ratio: Return per unit of downside risk	3.02	1.97	+1.06
Omega ratio: Gain probability vs. loss probability	1.41	1.28	+0.12
Calmar ratio: Return relative to maximum drawdown	2.87	3.12	-0.24
Martin ratio: Return relative to average drawdown	10.23	7.24	+2.99

HGER vs. GDMA - Sharpe Ratio Comparison

The current HGER Sharpe Ratio is 2.28, which is higher than the GDMA Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of HGER and GDMA, 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. GDMA - Drawdown Comparison

The maximum HGER drawdown since its inception was -23.31%, which is greater than GDMA's maximum drawdown of -16.66%. Use the drawdown chart below to compare losses from any high point for HGER and GDMA.

Drawdown Indicators

	HGER	GDMA	Difference
Max Drawdown Largest peak-to-trough decline	-23.31%	-16.66%	-6.65%
Max Drawdown (1Y) Largest decline over 1 year	-14.04%	-7.53%	-6.51%
Max Drawdown (3Y) Largest decline over 3 years	-14.04%	-7.53%	-6.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-12.74%	—
Current Drawdown Current decline from peak	-3.94%	-3.21%	-0.73%
Average Drawdown Average peak-to-trough decline	-7.66%	-3.79%	-3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	3.24%	+0.70%

Volatility

HGER vs. GDMA - Volatility Comparison

Harbor Commodity All-Weather Strategy ETF (HGER) has a higher volatility of 5.64% compared to Gadsden Dynamic Multi-Asset ETF (GDMA) at 3.27%. This indicates that HGER's price experiences larger fluctuations and is considered to be riskier than GDMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGER	GDMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	3.27%	+2.37%
Volatility (6M) Calculated over the trailing 6-month period	15.43%	13.20%	+2.23%
Volatility (1Y) Calculated over the trailing 1-year period	17.71%	15.80%	+1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.67%	10.24%	+7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	11.39%	+6.28%

HGER vs. GDMA - Expense Ratio Comparison

HGER has a 0.68% expense ratio, which is lower than GDMA's 0.77% expense ratio.

Dividends

HGER vs. GDMA - Dividend Comparison

HGER's dividend yield for the trailing twelve months is around 5.47%, more than GDMA's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GDMA Gadsden Dynamic Multi-Asset ETF	2.53%	2.79%	2.32%	4.14%	1.18%	2.10%	0.62%	3.17%
HGER Harbor Commodity All-Weather Strategy ETF	5.47%	7.09%	3.28%	7.24%	0.64%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HGER and GDMA in my portfolio?

HGER and GDMA have a correlation of 0.24, 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 GDMA?

HGER has higher volatility (5.64%) compared to GDMA (3.27%). In terms of maximum drawdown, HGER dropped -23.31% vs GDMA's -16.66%.

Which ETF is better, HGER or GDMA?

On 3-year performance, HGER leads with 18.61% vs 16.04% for GDMA. On fees, HGER is cheaper at 0.68% per year. On volatility, GDMA has been the lower-risk option at 3.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HGER or GDMA?

Over the 3-year period, HGER has performed better with a 18.61% return vs 16.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HGER or GDMA?

HGER is cheaper with a 0.68% expense ratio, compared with 0.77% for GDMA.

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

HGER has the higher dividend yield at 5.47%, compared with 2.53% for GDMA.

What is the main difference between HGER and GDMA?

HGER is categorized as Commodities, while GDMA is Global Allocation. They also come from different issuers: Harbor and Gadsden. Their fees differ too: 0.68% for HGER and 0.77% for GDMA.

Which has better risk-adjusted returns?

HGER currently has the higher Sharpe Ratio (2.28 vs 1.49), 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.