HGER vs. GSG
HGER (Harbor Commodity All-Weather Strategy ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both Commodities funds - HGER tracks the Quantix Commodity Index - Benchmark TR Net while GSG tracks the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, HGER returned 18.12%/yr vs 14.41%/yr for GSG. Their correlation of 0.86 suggests significant overlap in exposure. HGER charges 0.68%/yr vs 0.75%/yr for GSG.
Performance
HGER vs. GSG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HGER achieves a 19.14% return, which is significantly lower than GSG's 26.84% return.
HGER
- 1D
- -1.14%
- 1M
- -8.00%
- YTD
- 19.14%
- 6M
- 17.67%
- 1Y
- 24.73%
- 3Y*
- 18.12%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- -0.95%
- 1M
- -12.03%
- YTD
- 26.84%
- 6M
- 26.40%
- 1Y
- 23.99%
- 3Y*
- 14.41%
- 5Y*
- 13.07%
- 10Y*
- 6.69%
HGER vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HGER Harbor Commodity All-Weather Strategy ETF | 19.14% | 20.08% | 9.25% | 1.93% | 9.66% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 26.84% | 5.93% | 8.52% | -5.51% | 8.15% |
Correlation
The correlation between HGER and GSG is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022 | 0.86 |
The correlation between HGER and GSG has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HGER vs. GSG — Risk / Return Rank
HGER
GSG
HGER vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.20 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 1.52 | +0.61 |
| Martin ratioReturn relative to average drawdown | 8.55 | 6.22 | +2.33 |
Loading charts...
Drawdowns
HGER vs. GSG - Drawdown Comparison
The maximum HGER drawdown since its inception was -23.31%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for HGER and GSG.
Loading charts...
Drawdown Indicators
| HGER | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.31% | -89.62% | +66.31% |
Max Drawdown (1Y)Largest decline over 1 year | -11.65% | -15.88% | +4.23% |
Max Drawdown (3Y)Largest decline over 3 years | -11.65% | -15.88% | +4.23% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -11.65% | -61.70% | +50.05% |
Average DrawdownAverage peak-to-trough decline | -7.67% | -63.69% | +56.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.16% | 4.46% | -1.30% |
Volatility
HGER vs. GSG - Volatility Comparison
The current volatility for Harbor Commodity All-Weather Strategy ETF (HGER) is 3.61%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 5.46%. This indicates that HGER experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HGER | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.61% | 5.46% | -1.85% |
Volatility (6M)Calculated over the trailing 6-month period | 14.89% | 20.81% | -5.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.02% | 23.19% | -6.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.59% | 22.66% | -5.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.59% | 22.03% | -4.44% |
HGER vs. GSG - Expense Ratio Comparison
HGER has a 0.68% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
HGER vs. GSG - Dividend Comparison
HGER's dividend yield for the trailing twelve months is around 5.95%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HGER Harbor Commodity All-Weather Strategy ETF | 5.95% | 7.09% | 3.28% | 7.24% | 0.64% |
Frequently Asked Questions
HGER and GSG have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (5.46%) compared to HGER (3.61%). In terms of maximum drawdown, HGER dropped -23.31% vs GSG's -89.62%.
On 3-year performance, HGER leads with 18.12% vs 14.41% for GSG. On fees, HGER is cheaper at 0.68% per year. On volatility, HGER has been the lower-risk option at 3.61%. 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 18.12% return vs 14.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HGER is cheaper with a 0.68% expense ratio, compared with 0.75% for GSG.
HGER has the higher dividend yield at 5.95%, compared with 0.00% for GSG.
HGER tracks Quantix Commodity Index - Benchmark TR Net, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Harbor and iShares. Their fees differ too: 0.68% for HGER and 0.75% for GSG.
HGER currently has the higher Sharpe Ratio (1.46 vs 1.04), 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.
Find the right allocation for HGER and GSG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer