HGER vs. XES
HGER (Harbor Commodity All-Weather Strategy ETF) and XES (SPDR S&P Oil & Gas Equipment & Services ETF) are both exchange-traded funds - HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net, while XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index. Both are passively managed. Over the past 3 years, HGER returned 18.61%/yr vs 7.20%/yr for XES. Their 0.50 correlation means their historical movements had little consistent relationship. HGER charges 0.68%/yr vs 0.35%/yr for XES.
Performance
HGER vs. XES - Performance Comparison
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Returns By Period
In the year-to-date period, HGER achieves a 29.53% return, which is significantly lower than XES's 36.38% return.
HGER
- 1D
- 0.00%
- 1M
- 8.95%
- 6M
- 20.19%
- YTD
- 29.53%
- 1Y
- 40.17%
- 3Y*
- 18.61%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.44%
XES
- 1D
- 3.09%
- 1M
- 2.89%
- 6M
- 12.93%
- YTD
- 36.38%
- 1Y
- 68.96%
- 3Y*
- 7.20%
- 5Y*
- 17.17%
- 10Y*
- -2.88%
- ALL TIME*
- -3.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $46.51M | $66.72M | $45.77M | |
| $5.46M | $8.52M | $12.51M |
HGER vs. XES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HGER Harbor Commodity All-Weather Strategy ETF | 29.53% | 20.08% | 9.25% | 1.93% | 9.66% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 36.38% | 5.89% | -5.44% | 6.68% | 33.46% |
Correlation
The correlation between HGER and XES is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.43 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022 | 0.50 |
The correlation between HGER and XES shifts across timeframes, from 0.34 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HGER vs. XES — Risk / Return Rank
HGER
XES
HGER vs. XES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harbor Commodity All-Weather Strategy ETF (HGER) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). 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 | XES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.35 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 3.23 | -0.35 |
| Martin ratioReturn relative to average drawdown | 10.23 | 10.31 | -0.07 |
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Drawdowns
HGER vs. XES - Drawdown Comparison
The maximum HGER drawdown since its inception was -23.31%, smaller than the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for HGER and XES.
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Drawdown Indicators
| HGER | XES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.31% | -95.65% | +72.34% |
Max Drawdown (1Y)Largest decline over 1 year | -14.04% | -21.48% | +7.44% |
Max Drawdown (3Y)Largest decline over 3 years | -14.04% | -45.95% | +31.91% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.95% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -91.23% | — |
Current DrawdownCurrent decline from peak | -3.94% | -73.66% | +69.72% |
Average DrawdownAverage peak-to-trough decline | -7.66% | -54.50% | +46.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.94% | 6.73% | -2.79% |
Volatility
HGER vs. XES - Volatility Comparison
The current volatility for Harbor Commodity All-Weather Strategy ETF (HGER) is 5.64%, while SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a volatility of 9.34%. This indicates that HGER experiences smaller price fluctuations and is considered to be less risky than XES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HGER | XES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 9.34% | -3.70% |
Volatility (6M)Calculated over the trailing 6-month period | 15.43% | 21.60% | -6.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.71% | 30.74% | -13.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.67% | 38.63% | -20.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.67% | 44.85% | -27.18% |
HGER vs. XES - Expense Ratio Comparison
HGER has a 0.68% expense ratio, which is higher than XES's 0.35% expense ratio.
Dividends
HGER vs. XES - Dividend Comparison
HGER's dividend yield for the trailing twelve months is around 5.47%, more than XES's 1.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HGER Harbor Commodity All-Weather Strategy ETF | 5.47% | 7.09% | 3.28% | 7.24% | 0.64% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 1.17% | 1.69% | 1.31% | 0.66% | 0.36% | 1.81% | 1.33% | 1.43% | 1.14% | 1.68% | 0.64% | 2.47% |
Frequently Asked Questions
HGER and XES have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XES has higher volatility (9.34%) compared to HGER (5.64%). In terms of maximum drawdown, HGER dropped -23.31% vs XES's -95.65%.
On 3-year performance, HGER leads with 18.61% vs 7.20% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, HGER has been the lower-risk option at 5.64%. 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 18.61% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XES is cheaper with a 0.35% expense ratio, compared with 0.68% for HGER.
HGER has the higher dividend yield at 5.47%, compared with 1.17% for XES.
HGER is categorized as Commodities, while XES is Energy Equities. HGER tracks Quantix Commodity Index - Benchmark TR Net, while XES tracks S&P Oil & Gas Equipment & Services Select Industry Index. They also come from different issuers: Harbor and State Street. Their fees differ too: 0.68% for HGER and 0.35% for XES.
HGER currently has the higher Sharpe Ratio (2.28 vs 2.26), 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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