HGER vs. GSIB

Last updated Aug 1, 2026

HGER (Harbor Commodity All-Weather Strategy ETF) and GSIB (Themes Global Systemically Important Banks ETF) are both exchange-traded funds - HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net, while GSIB is a Financials Equities fund actively managed by Themes. HGER is passively managed, while GSIB is actively managed. Over the past year, HGER returned 40.17% vs 46.76% for GSIB. Their 0.06 correlation means their historical movements had little consistent relationship. HGER charges 0.68%/yr vs 0.35%/yr for GSIB.

Performance

HGER vs. GSIB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Commodity All-Weather Strategy ETF (HGER) and Themes Global Systemically Important Banks ETF (GSIB). 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 GSIB's 22.66% 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%

GSIB

• 1D: -0.11%
• 1M: 7.17%
• 6M: 18.14%
• YTD: 22.66%
• 1Y: 46.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 45.58%

*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)
GSIB Themes Global Systemically Important Banks ETF	$2.37M	$1.31M	$753.15K
HGER Harbor Commodity All-Weather Strategy ETF	$46.51M	$66.72M	$45.77M

HGER vs. GSIB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HGER Harbor Commodity All-Weather Strategy ETF	29.53%	20.08%	9.25%	0.43%
GSIB Themes Global Systemically Important Banks ETF	22.66%	61.67%	32.86%	1.75%

Correlation

The correlation between HGER and GSIB is -0.05, 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.	-0.05
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.06

The correlation between HGER and GSIB shifts across timeframes, from -0.05 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HGER vs. GSIB — 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

GSIB

GSIB Risk / Return Rank: 90
GSIB Sharpe Ratio Rank: 94
GSIB Sortino Ratio Rank: 93
GSIB Omega Ratio Rank: 91
GSIB Calmar Ratio Rank: 87
GSIB Martin Ratio Rank: 85

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. GSIB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and Themes Global Systemically Important Banks ETF (GSIB). 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	GSIB	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.63	-0.35
Sortino ratio: Return per unit of downside risk	3.02	3.65	-0.63
Omega ratio: Gain probability vs. loss probability	1.41	1.43	-0.02
Calmar ratio: Return relative to maximum drawdown	2.87	3.38	-0.51
Martin ratio: Return relative to average drawdown	10.23	11.87	-1.64

HGER vs. GSIB - Sharpe Ratio Comparison

The current HGER Sharpe Ratio is 2.28, which is comparable to the GSIB Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of HGER and GSIB, 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. GSIB - Drawdown Comparison

The maximum HGER drawdown since its inception was -23.31%, which is greater than GSIB's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for HGER and GSIB.

Drawdown Indicators

	HGER	GSIB	Difference
Max Drawdown Largest peak-to-trough decline	-23.31%	-17.71%	-5.60%
Max Drawdown (1Y) Largest decline over 1 year	-14.04%	-13.90%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-14.04%	—	—
Current Drawdown Current decline from peak	-3.94%	-0.11%	-3.83%
Average Drawdown Average peak-to-trough decline	-7.66%	-1.99%	-5.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	3.95%	-0.01%

Volatility

HGER vs. GSIB - Volatility Comparison

Harbor Commodity All-Weather Strategy ETF (HGER) and Themes Global Systemically Important Banks ETF (GSIB) have volatilities of 5.64% and 5.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGER	GSIB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	5.74%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	15.43%	14.93%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	17.71%	17.90%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.67%	18.46%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	18.46%	-0.79%

HGER vs. GSIB - Expense Ratio Comparison

HGER has a 0.68% expense ratio, which is higher than GSIB's 0.35% expense ratio.

Dividends

HGER vs. GSIB - Dividend Comparison

HGER's dividend yield for the trailing twelve months is around 5.47%, more than GSIB's 1.55% yield.

Position	TTM	2025	2024	2023	2022
GSIB Themes Global Systemically Important Banks ETF	1.55%	1.91%	1.67%	0.00%	0.00%
HGER Harbor Commodity All-Weather Strategy ETF	5.47%	7.09%	3.28%	7.24%	0.64%

Frequently Asked Questions

Can I hold both HGER and GSIB in my portfolio?

HGER and GSIB have a correlation of -0.05, 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 GSIB?

GSIB has higher volatility (5.74%) compared to HGER (5.64%). In terms of maximum drawdown, HGER dropped -23.31% vs GSIB's -17.71%.

Which ETF is better, HGER or GSIB?

On 1-year performance, GSIB leads with 46.76% vs 40.17% for HGER. On fees, GSIB is cheaper at 0.35% 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.

Which ETF has performed better, HGER or GSIB?

Over the 1-year period, GSIB has performed better with a 46.76% return vs 40.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HGER or GSIB?

GSIB is cheaper with a 0.35% expense ratio, compared with 0.68% for HGER.

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

HGER has the higher dividend yield at 5.47%, compared with 1.55% for GSIB.

What is the main difference between HGER and GSIB?

HGER is categorized as Commodities, while GSIB is Financials Equities. They also come from different issuers: Harbor and Themes. Their fees differ too: 0.68% for HGER and 0.35% for GSIB.

Which has better risk-adjusted returns?

GSIB currently has the higher Sharpe Ratio (2.63 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.