HGER vs. HAPI

Last updated Jun 4, 2026

HGER (Harbor Commodity All-Weather Strategy ETF) and HAPI (Harbor Corporate Culture ETF) are both exchange-traded funds - HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net, while HAPI is a Large Cap Blend Equities fund tracking the CIBC Human Capital Index. Both are passively managed. Over the past 3 years, HGER returned 21.26%/yr vs 22.05%/yr for HAPI. At a 0.12 correlation, their price movements are largely independent. HGER charges 0.68%/yr vs 0.35%/yr for HAPI.

Performance

HGER vs. HAPI - Performance Comparison

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

Returns By Period

In the year-to-date period, HGER achieves a 28.12% return, which is significantly higher than HAPI's 8.77% return.

HGER

• 1D: -0.28%
• 1M: -2.72%
• YTD: 28.12%
• 6M: 27.93%
• 1Y: 41.90%
• 3Y*: 21.26%
• 5Y*: —
• 10Y*: —

HAPI

• 1D: -0.70%
• 1M: 3.58%
• YTD: 8.77%
• 6M: 9.40%
• 1Y: 22.73%
• 3Y*: 22.05%
• 5Y*: —
• 10Y*: —

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

HGER vs. HAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HGER Harbor Commodity All-Weather Strategy ETF	28.12%	20.08%	9.25%	1.93%	4.01%
HAPI Harbor Corporate Culture ETF	8.77%	16.26%	27.62%	30.29%	6.17%

Correlation

The correlation between HGER and HAPI is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Oct 14, 2022	0.12

The correlation between HGER and HAPI shifts across timeframes, from -0.09 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

HGER vs. HAPI - Sectors Allocation Comparison

Sectors	HGER	HAPI
Basic Materials	102.4%	1.4%
Communication Services	-	16.0%
Consumer Cyclical	-	9.7%
Consumer Defensive	-	5.8%
Energy	-	3.1%
Financial Services	-	11.6%
Healthcare	-	7.9%
Industrials	-	8.5%
Real Estate	-	1.5%
Technology	-	31.8%
Utilities	-	2.6%

Return for Risk

HGER vs. HAPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HGER

HGER Risk / Return Rank: 78
HGER Sharpe Ratio Rank: 75
HGER Sortino Ratio Rank: 69
HGER Omega Ratio Rank: 76
HGER Calmar Ratio Rank: 88
HGER Martin Ratio Rank: 84

HAPI

HAPI Risk / Return Rank: 60
HAPI Sharpe Ratio Rank: 59
HAPI Sortino Ratio Rank: 60
HAPI Omega Ratio Rank: 57
HAPI Calmar Ratio Rank: 57
HAPI Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HGER vs. HAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and Harbor Corporate Culture ETF (HAPI). 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.

	HGER	HAPI	Difference
Sharpe ratio: Return per unit of total volatility	2.50	1.99	+0.50
Sortino ratio: Return per unit of downside risk	3.23	2.85	+0.38
Omega ratio: Gain probability vs. loss probability	1.46	1.35	+0.11
Calmar ratio: Return relative to maximum drawdown	5.20	2.81	+2.39
Martin ratio: Return relative to average drawdown	17.52	12.30	+5.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HGER vs. HAPI - Sharpe Ratio Comparison

The current HGER Sharpe Ratio is 2.50, which is comparable to the HAPI Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of HGER and HAPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HGER	HAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	1.99	+0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	1.60	-0.69

Drawdowns

HGER vs. HAPI - Drawdown Comparison

The maximum HGER drawdown since its inception was -23.31%, which is greater than HAPI's maximum drawdown of -19.46%. Use the drawdown chart below to compare losses from any high point for HGER and HAPI.

Drawdown Indicators

	HGER	HAPI	Difference
Max Drawdown Largest peak-to-trough decline	-23.31%	-19.46%	-3.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.09%	-8.12%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-8.84%	-19.46%	+10.62%
Current Drawdown Current decline from peak	-4.99%	-0.70%	-4.29%
Average Drawdown Average peak-to-trough decline	-7.66%	-2.02%	-5.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	1.85%	+0.55%

Volatility

HGER vs. HAPI - Volatility Comparison

Harbor Commodity All-Weather Strategy ETF (HGER) has a higher volatility of 4.02% compared to Harbor Corporate Culture ETF (HAPI) at 2.45%. This indicates that HGER's price experiences larger fluctuations and is considered to be riskier than HAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGER	HAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	2.45%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	8.71%	+5.83%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	11.48%	+5.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.62%	15.60%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	15.60%	+2.02%

HGER vs. HAPI - Expense Ratio Comparison

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

Dividends

HGER vs. HAPI - Dividend Comparison

HGER's dividend yield for the trailing twelve months is around 5.53%, more than HAPI's 0.80% yield.

Position	TTM	2025	2024	2023	2022
HAPI Harbor Corporate Culture ETF	0.80%	0.87%	0.21%	1.21%	0.29%
HGER Harbor Commodity All-Weather Strategy ETF	5.53%	7.09%	3.28%	7.24%	0.64%

Frequently Asked Questions

Can I hold both HGER and HAPI in my portfolio?

HGER and HAPI have a correlation of -0.09, 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 HAPI?

HGER has higher volatility (4.02%) compared to HAPI (2.45%). In terms of maximum drawdown, HGER dropped -23.31% vs HAPI's -19.46%.

Which ETF is better, HGER or HAPI?

On 3-year performance, HAPI leads with 22.05% vs 21.26% for HGER. On fees, HAPI is cheaper at 0.35% per year. On volatility, HAPI has been the lower-risk option at 2.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HGER or HAPI?

Over the 3-year period, HAPI has performed better with a 22.05% return vs 21.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HGER or HAPI?

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

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

HGER has the higher dividend yield at 5.53%, compared with 0.80% for HAPI.

What is the main difference between HGER and HAPI?

HGER is categorized as Commodities, while HAPI is Large Cap Blend Equities. HGER tracks Quantix Commodity Index - Benchmark TR Net, while HAPI tracks CIBC Human Capital Index. Their fees differ too: 0.68% for HGER and 0.35% for HAPI.

Which has better risk-adjusted returns?

HGER currently has the higher Sharpe Ratio (2.50 vs 1.99), 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.