HGER vs. USOI

Last updated Jun 4, 2026

HGER (Harbor Commodity All-Weather Strategy ETF) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Commodities funds - HGER tracks the Quantix Commodity Index - Benchmark TR Net while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, HGER returned 41.90% vs 49.69% for USOI. A 0.65 correlation means they provide meaningful diversification when combined. HGER charges 0.68%/yr vs 0.85%/yr for USOI.

Performance

HGER vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Commodity All-Weather Strategy ETF (HGER) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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 lower than USOI's 50.53% return.

HGER

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

USOI

• 1D: 1.94%
• 1M: 2.54%
• YTD: 50.53%
• 6M: 48.65%
• 1Y: 49.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HGER vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HGER Harbor Commodity All-Weather Strategy ETF	28.12%	20.08%	2.03%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	50.53%	-8.78%	6.94%

Correlation

The correlation between HGER and USOI is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.65

The correlation between HGER and USOI has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.

Return for Risk

HGER vs. USOI — 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

USOI

USOI Risk / Return Rank: 64
USOI Sharpe Ratio Rank: 66
USOI Sortino Ratio Rank: 60
USOI Omega Ratio Rank: 60
USOI Calmar Ratio Rank: 80
USOI Martin Ratio Rank: 55

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. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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	USOI	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.23	+0.26
Sortino ratio: Return per unit of downside risk	3.23	2.86	+0.37
Omega ratio: Gain probability vs. loss probability	1.46	1.37	+0.09
Calmar ratio: Return relative to maximum drawdown	5.20	4.20	+1.01
Martin ratio: Return relative to average drawdown	17.52	9.74	+7.78
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. USOI - Sharpe Ratio Comparison

The current HGER Sharpe Ratio is 2.50, which is comparable to the USOI Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of HGER and USOI, 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	USOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.23	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.94	-0.04

Drawdowns

HGER vs. USOI - Drawdown Comparison

The maximum HGER drawdown since its inception was -23.31%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for HGER and USOI.

Drawdown Indicators

	HGER	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-23.31%	-19.49%	-3.82%
Max Drawdown (1Y) Largest decline over 1 year	-8.09%	-11.90%	+3.81%
Max Drawdown (3Y) Largest decline over 3 years	-8.84%	—	—
Current Drawdown Current decline from peak	-4.99%	-3.08%	-1.91%
Average Drawdown Average peak-to-trough decline	-7.66%	-7.21%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	5.12%	-2.72%

Volatility

HGER vs. USOI - Volatility Comparison

The current volatility for Harbor Commodity All-Weather Strategy ETF (HGER) is 4.02%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 10.14%. This indicates that HGER experiences smaller price fluctuations and is considered to be less risky than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGER	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	10.14%	-6.12%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	18.25%	-3.71%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	22.35%	-5.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.62%	22.59%	-4.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	22.59%	-4.97%

HGER vs. USOI - Expense Ratio Comparison

HGER has a 0.68% expense ratio, which is lower than USOI's 0.85% expense ratio.

Dividends

HGER vs. USOI - Dividend Comparison

HGER's dividend yield for the trailing twelve months is around 5.53%, less than USOI's 36.88% yield.

Position	TTM	2025	2024	2023	2022
HGER Harbor Commodity All-Weather Strategy ETF	5.53%	7.09%	3.28%	7.24%	0.64%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	36.88%	27.21%	12.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HGER and USOI in my portfolio?

HGER and USOI have a correlation of 0.60, 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 USOI?

USOI has higher volatility (10.14%) compared to HGER (4.02%). In terms of maximum drawdown, HGER dropped -23.31% vs USOI's -19.49%.

Which ETF is better, HGER or USOI?

On 1-year performance, USOI leads with 49.69% vs 41.90% for HGER. On fees, HGER is cheaper at 0.68% per year. On volatility, HGER has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HGER or USOI?

Over the 1-year period, USOI has performed better with a 49.69% return vs 41.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HGER or USOI?

HGER is cheaper with a 0.68% expense ratio, compared with 0.85% for USOI.

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

USOI has the higher dividend yield at 36.88%, compared with 5.53% for HGER.

What is the main difference between HGER and USOI?

HGER tracks Quantix Commodity Index - Benchmark TR Net, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: Harbor and Credit Suisse. Their fees differ too: 0.68% for HGER and 0.85% for USOI.

Which has better risk-adjusted returns?

HGER currently has the higher Sharpe Ratio (2.50 vs 2.23), 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.