HGER vs. JAAA

Last updated Jun 13, 2026

HGER (Harbor Commodity All-Weather Strategy ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net, while JAAA is a CLO fund actively managed by Janus Henderson. HGER is passively managed, while JAAA is actively managed. Over the past 3 years, HGER returned 19.07%/yr vs 6.67%/yr for JAAA. At a 0.07 correlation, their price movements are largely independent. HGER charges 0.68%/yr vs 0.20%/yr for JAAA.

Performance

HGER vs. JAAA - Performance Comparison

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

Returns By Period

In the year-to-date period, HGER achieves a 21.56% return, which is significantly higher than JAAA's 1.99% return.

HGER

• 1D: -0.46%
• 1M: -9.24%
• YTD: 21.56%
• 6M: 21.36%
• 1Y: 31.96%
• 3Y*: 19.07%
• 5Y*: —
• 10Y*: —

JAAA

• 1D: 0.02%
• 1M: 0.33%
• YTD: 1.99%
• 6M: 2.49%
• 1Y: 4.99%
• 3Y*: 6.67%
• 5Y*: 4.76%
• 10Y*: —

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

HGER vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HGER Harbor Commodity All-Weather Strategy ETF	21.56%	20.08%	9.25%	1.93%	9.66%
JAAA Janus Henderson AAA CLO ETF	1.99%	5.16%	7.43%	8.59%	0.22%

Correlation

The correlation between HGER and JAAA is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022	0.07

Return for Risk

HGER vs. JAAA — Risk / Return Rank

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

HGER

HGER Risk / Return Rank: 68
HGER Sharpe Ratio Rank: 66
HGER Sortino Ratio Rank: 62
HGER Omega Ratio Rank: 67
HGER Calmar Ratio Rank: 73
HGER Martin Ratio Rank: 71

JAAA

JAAA Risk / Return Rank: 98
JAAA Sharpe Ratio Rank: 99
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA Martin Ratio Rank: 98

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. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and Janus Henderson AAA CLO ETF (JAAA). 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	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.88	6.03	-4.15
Sortino ratio: Return per unit of downside risk	2.51	10.06	-7.56
Omega ratio: Gain probability vs. loss probability	1.35	2.72	-1.38
Calmar ratio: Return relative to maximum drawdown	3.26	12.91	-9.66
Martin ratio: Return relative to average drawdown	11.51	69.57	-58.07

HGER vs. JAAA - Sharpe Ratio Comparison

The current HGER Sharpe Ratio is 1.88, which is lower than the JAAA Sharpe Ratio of 6.03. The chart below compares the historical Sharpe Ratios of HGER and JAAA, 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. JAAA - Drawdown Comparison

The maximum HGER drawdown since its inception was -23.31%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for HGER and JAAA.

Drawdown Indicators

	HGER	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-23.31%	-2.64%	-20.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.86%	-0.39%	-9.47%
Max Drawdown (3Y) Largest decline over 3 years	-9.86%	-1.46%	-8.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	-9.86%	0.00%	-9.86%
Average Drawdown Average peak-to-trough decline	-7.65%	-0.25%	-7.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	0.07%	+2.71%

Volatility

HGER vs. JAAA - Volatility Comparison

Harbor Commodity All-Weather Strategy ETF (HGER) has a higher volatility of 3.70% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that HGER's price experiences larger fluctuations and is considered to be riskier than JAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGER	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	0.12%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	14.85%	0.63%	+14.22%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	0.83%	+16.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.62%	1.67%	+15.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	1.64%	+15.98%

HGER vs. JAAA - Expense Ratio Comparison

HGER has a 0.68% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

HGER vs. JAAA - Dividend Comparison

HGER's dividend yield for the trailing twelve months is around 5.83%, more than JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HGER Harbor Commodity All-Weather Strategy ETF	5.83%	7.09%	3.28%	7.24%	0.64%	0.00%	0.00%
JAAA Janus Henderson AAA CLO ETF	4.99%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%

Frequently Asked Questions

Can I hold both HGER and JAAA in my portfolio?

HGER and JAAA have a correlation of -0.03, 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 JAAA?

HGER has higher volatility (3.70%) compared to JAAA (0.12%). In terms of maximum drawdown, HGER dropped -23.31% vs JAAA's -2.64%.

Which ETF is better, HGER or JAAA?

On 3-year performance, HGER leads with 19.07% vs 6.67% for JAAA. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HGER or JAAA?

Over the 3-year period, HGER has performed better with a 19.07% return vs 6.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HGER or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.68% for HGER.

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

HGER has the higher dividend yield at 5.83%, compared with 4.99% for JAAA.

What is the main difference between HGER and JAAA?

HGER is categorized as Commodities, while JAAA is CLO. They also come from different issuers: Harbor and Janus Henderson. Their fees differ too: 0.68% for HGER and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.03 vs 1.88), 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.