HGER vs. PDBC

Last updated Apr 1, 2026

Compare and contrast key facts about Harbor Commodity All-Weather Strategy ETF (HGER) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC).

HGER and PDBC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HGER is a passively managed fund by Harbor that tracks the performance of the Quantix Commodity Index - Benchmark TR Net. It was launched on Feb 9, 2022. PDBC is an actively managed fund by Invesco. It was launched on Nov 7, 2014.

Performance

HGER vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Commodity All-Weather Strategy ETF (HGER) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

HGER vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HGER Harbor Commodity All-Weather Strategy ETF	24.94%	20.08%	9.25%	1.93%	9.77%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	30.72%	5.96%	2.09%	-6.25%	8.51%

Returns By Period

In the year-to-date period, HGER achieves a 24.94% return, which is significantly lower than PDBC's 30.72% return.

HGER

• 1D: 0.16%
• 1M: 9.58%
• YTD: 24.94%
• 6M: 28.72%
• 1Y: 38.09%
• 3Y*: 18.44%
• 5Y*: —
• 10Y*: —

PDBC

• 1D: -1.03%
• 1M: 16.09%
• YTD: 30.72%
• 6M: 33.97%
• 1Y: 32.00%
• 3Y*: 11.28%
• 5Y*: 14.29%
• 10Y*: 9.86%

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

HGER vs. PDBC - Expense Ratio Comparison

HGER has a 0.68% expense ratio, which is higher than PDBC's 0.58% expense ratio.

HGER

Harbor Commodity All-Weather Strategy ETF

PDBC

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

Return for Risk

HGER vs. PDBC — Risk / Return Rank

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

HGER

HGER Risk / Return Rank: 94
HGER Sharpe Ratio Rank: 93
HGER Sortino Ratio Rank: 93
HGER Omega Ratio Rank: 92
HGER Calmar Ratio Rank: 96
HGER Martin Ratio Rank: 96

PDBC

PDBC Risk / Return Rank: 85
PDBC Sharpe Ratio Rank: 87
PDBC Sortino Ratio Rank: 87
PDBC Omega Ratio Rank: 83
PDBC Calmar Ratio Rank: 91
PDBC Martin Ratio Rank: 76

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. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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	PDBC	Difference
Sharpe ratio Return per unit of total volatility	2.12	1.72	+0.40
Sortino ratio Return per unit of downside risk	2.79	2.31	+0.48
Omega ratio Gain probability vs. loss probability	1.39	1.31	+0.08
Calmar ratio Return relative to maximum drawdown	4.51	3.04	+1.47
Martin ratio Return relative to average drawdown	15.96	7.48	+8.48
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. PDBC - Sharpe Ratio Comparison

The current HGER Sharpe Ratio is 2.12, which is comparable to the PDBC Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of HGER and PDBC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HGER	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	1.72	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.76	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.22	+0.68

Correlation

The correlation between HGER and PDBC is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HGER vs. PDBC - Dividend Comparison

HGER's dividend yield for the trailing twelve months is around 5.67%, more than PDBC's 2.94% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HGER Harbor Commodity All-Weather Strategy ETF	5.67%	7.09%	3.28%	7.24%	0.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	2.94%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%

Drawdowns

HGER vs. PDBC - Drawdown Comparison

The maximum HGER drawdown since its inception was -23.31%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for HGER and PDBC.

Drawdown Indicators

	HGER	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-23.31%	-49.52%	+26.21%
Max Drawdown (1Y) Largest decline over 1 year	-8.84%	-11.07%	+2.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.63%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.73%	—
Current Drawdown Current decline from peak	-0.61%	-1.03%	+0.42%
Average Drawdown Average peak-to-trough decline	-7.91%	-23.53%	+15.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	4.50%	-2.00%

Volatility

HGER vs. PDBC - Volatility Comparison

The current volatility for Harbor Commodity All-Weather Strategy ETF (HGER) is 7.42%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 8.15%. This indicates that HGER experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGER	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.42%	8.15%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	14.60%	13.88%	+0.72%
Volatility (1Y) Calculated over the trailing 1-year period	18.10%	18.72%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.79%	18.92%	-1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.79%	17.69%	+0.10%