HGER vs. USCI

Last updated Jul 12, 2026

HGER (Harbor Commodity All-Weather Strategy ETF) and USCI (United States Commodity Index Fund) are both Commodities funds - HGER tracks the Quantix Commodity Index - Benchmark TR Net while USCI tracks the SummerHaven Dynamic Commodity Index Total Return. Both are passively managed. Over the past 3 years, HGER returned 18.60%/yr vs 20.39%/yr for USCI. Their correlation of 0.83 suggests significant overlap in exposure. HGER charges 0.68%/yr vs 1.03%/yr for USCI.

Performance

HGER vs. USCI - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with HGER having a 23.17% return and USCI slightly higher at 23.68%.

HGER

• 1D: -0.84%
• 1M: 0.86%
• 6M: 20.50%
• YTD: 23.17%
• 1Y: 31.96%
• 3Y*: 18.60%
• 5Y*: —
• 10Y*: —

USCI

• 1D: -0.50%
• 1M: -0.05%
• 6M: 22.70%
• YTD: 23.68%
• 1Y: 28.10%
• 3Y*: 20.39%
• 5Y*: 19.25%
• 10Y*: 8.41%

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

HGER vs. USCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HGER Harbor Commodity All-Weather Strategy ETF	23.17%	20.08%	9.25%	1.93%	9.66%
USCI United States Commodity Index Fund	23.68%	17.63%	17.24%	-0.00%	16.81%

Correlation

The correlation between HGER and USCI is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022	0.83

The correlation between HGER and USCI has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

HGER vs. USCI — Risk / Return Rank

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

HGER

HGER Risk / Return Rank: 69
HGER Sharpe Ratio Rank: 76
HGER Sortino Ratio Rank: 72
HGER Omega Ratio Rank: 75
HGER Calmar Ratio Rank: 60
HGER Martin Ratio Rank: 62

USCI

USCI Risk / Return Rank: 65
USCI Sharpe Ratio Rank: 68
USCI Sortino Ratio Rank: 65
USCI Omega Ratio Rank: 62
USCI Calmar Ratio Rank: 67
USCI Martin Ratio Rank: 61

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. USCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and United States Commodity Index Fund (USCI). 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	USCI	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.77	+0.16
Sortino ratio: Return per unit of downside risk	2.61	2.40	+0.22
Omega ratio: Gain probability vs. loss probability	1.35	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	2.39	2.67	-0.28
Martin ratio: Return relative to average drawdown	8.73	8.50	+0.23

HGER vs. USCI - Sharpe Ratio Comparison

The current HGER Sharpe Ratio is 1.93, which is comparable to the USCI Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of HGER and USCI, 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. USCI - Drawdown Comparison

The maximum HGER drawdown since its inception was -23.31%, smaller than the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for HGER and USCI.

Drawdown Indicators

	HGER	USCI	Difference
Max Drawdown Largest peak-to-trough decline	-23.31%	-66.41%	+43.10%
Max Drawdown (1Y) Largest decline over 1 year	-14.04%	-11.19%	-2.85%
Max Drawdown (3Y) Largest decline over 3 years	-14.04%	-12.01%	-2.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.84%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.82%	—
Current Drawdown Current decline from peak	-8.66%	-6.52%	-2.14%
Average Drawdown Average peak-to-trough decline	-7.71%	-29.37%	+21.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	3.51%	+0.32%

Volatility

HGER vs. USCI - Volatility Comparison

Harbor Commodity All-Weather Strategy ETF (HGER) has a higher volatility of 5.75% compared to United States Commodity Index Fund (USCI) at 4.94%. This indicates that HGER's price experiences larger fluctuations and is considered to be riskier than USCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGER	USCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	4.94%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	15.35%	14.42%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	16.91%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.67%	18.40%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	15.88%	+1.79%

HGER vs. USCI - Expense Ratio Comparison

HGER has a 0.68% expense ratio, which is lower than USCI's 1.03% expense ratio.

Dividends

HGER vs. USCI - Dividend Comparison

HGER's dividend yield for the trailing twelve months is around 5.75%, while USCI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
HGER Harbor Commodity All-Weather Strategy ETF	5.75%	7.09%	3.28%	7.24%	0.64%
USCI United States Commodity Index Fund	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HGER and USCI in my portfolio?

HGER and USCI have a correlation of 0.79, 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 USCI?

HGER has higher volatility (5.75%) compared to USCI (4.94%). In terms of maximum drawdown, HGER dropped -23.31% vs USCI's -66.41%.

Which ETF is better, HGER or USCI?

On 3-year performance, USCI leads with 20.39% vs 18.60% for HGER. On fees, HGER is cheaper at 0.68% per year. On volatility, USCI has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HGER or USCI?

Over the 3-year period, USCI has performed better with a 20.39% return vs 18.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HGER or USCI?

HGER is cheaper with a 0.68% expense ratio, compared with 1.03% for USCI.

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

HGER has the higher dividend yield at 5.75%, compared with 0.00% for USCI.

What is the main difference between HGER and USCI?

HGER tracks Quantix Commodity Index - Benchmark TR Net, while USCI tracks SummerHaven Dynamic Commodity Index Total Return. They also come from different issuers: Harbor and United States Commodity Funds. Their fees differ too: 0.68% for HGER and 1.03% for USCI.

Which has better risk-adjusted returns?

HGER currently has the higher Sharpe Ratio (1.93 vs 1.77), 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.