HGER vs. HAPS
HGER (Harbor Commodity All-Weather Strategy ETF) and HAPS (Harbor Human Capital Factor US Small Cap ETF) are both exchange-traded funds - HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net, while HAPS is a Small Cap Blend Equities fund tracking the Human Capital Factor Small Cap Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, HGER returned 17.05%/yr vs 13.97%/yr for HAPS. At a 0.07 correlation, their price movements are largely independent. HGER charges 0.68%/yr vs 0.60%/yr for HAPS.
Performance
HGER vs. HAPS - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with HGER having a 15.91% return and HAPS slightly higher at 15.94%.
HGER
- 1D
- -2.21%
- 1M
- -10.49%
- YTD
- 15.91%
- 6M
- 13.76%
- 1Y
- 26.85%
- 3Y*
- 17.05%
- 5Y*
- —
- 10Y*
- —
HAPS
- 1D
- 1.03%
- 1M
- 5.44%
- YTD
- 15.94%
- 6M
- 13.47%
- 1Y
- 30.58%
- 3Y*
- 13.97%
- 5Y*
- —
- 10Y*
- —
HGER vs. HAPS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HGER Harbor Commodity All-Weather Strategy ETF | 15.91% | 20.08% | 9.25% | -1.38% |
HAPS Harbor Human Capital Factor US Small Cap ETF | 15.94% | 8.35% | 4.08% | 13.63% |
Correlation
The correlation between HGER and HAPS is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 13, 2023 | 0.07 |
The correlation between HGER and HAPS shifts across timeframes, from -0.11 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HGER vs. HAPS — Risk / Return Rank
HGER
HAPS
HGER vs. HAPS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and Harbor Human Capital Factor US Small Cap ETF (HAPS). 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 | HAPS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.30 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 3.07 | -1.15 |
| Martin ratioReturn relative to average drawdown | 8.68 | 10.39 | -1.71 |
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Drawdowns
HGER vs. HAPS - Drawdown Comparison
The maximum HGER drawdown since its inception was -23.31%, smaller than the maximum HAPS drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for HGER and HAPS.
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Drawdown Indicators
| HGER | HAPS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.31% | -27.44% | +4.13% |
Max Drawdown (1Y)Largest decline over 1 year | -14.04% | -10.01% | -4.03% |
Max Drawdown (3Y)Largest decline over 3 years | -14.04% | -27.44% | +13.40% |
Current DrawdownCurrent decline from peak | -14.04% | 0.00% | -14.04% |
Average DrawdownAverage peak-to-trough decline | -7.68% | -6.03% | -1.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 2.95% | +0.15% |
Volatility
HGER vs. HAPS - Volatility Comparison
Harbor Commodity All-Weather Strategy ETF (HGER) and Harbor Human Capital Factor US Small Cap ETF (HAPS) have volatilities of 4.01% and 4.05%, 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.
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Volatility by Period
| HGER | HAPS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.01% | 4.05% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 15.08% | 11.96% | +3.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.99% | 17.10% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.61% | 20.74% | -3.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.61% | 20.74% | -3.13% |
HGER vs. HAPS - Expense Ratio Comparison
HGER has a 0.68% expense ratio, which is higher than HAPS's 0.60% expense ratio.
Dividends
HGER vs. HAPS - Dividend Comparison
HGER's dividend yield for the trailing twelve months is around 6.11%, more than HAPS's 0.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HAPS Harbor Human Capital Factor US Small Cap ETF | 0.49% | 0.57% | 0.72% | 0.42% | 0.00% |
HGER Harbor Commodity All-Weather Strategy ETF | 6.11% | 7.09% | 3.28% | 7.24% | 0.64% |
Frequently Asked Questions
HGER and HAPS have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HAPS has higher volatility (4.05%) compared to HGER (4.01%). In terms of maximum drawdown, HGER dropped -23.31% vs HAPS's -27.44%.
On 3-year performance, HGER leads with 17.05% vs 13.97% for HAPS. On fees, HAPS is cheaper at 0.60% per year. Their volatility is very similar. 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 17.05% return vs 13.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HAPS is cheaper with a 0.60% expense ratio, compared with 0.68% for HGER.
HGER has the higher dividend yield at 6.11%, compared with 0.49% for HAPS.
HGER is categorized as Commodities, while HAPS is Small Cap Blend Equities. HGER tracks Quantix Commodity Index - Benchmark TR Net, while HAPS tracks Human Capital Factor Small Cap Index - Benchmark TR Gross. Their fees differ too: 0.68% for HGER and 0.60% for HAPS.
HAPS currently has the higher Sharpe Ratio (1.80 vs 1.60), 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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