LSEQ vs. HGER

Last updated Jul 15, 2026

LSEQ (Harbor Long-Short Equity ETF) and HGER (Harbor Commodity All-Weather Strategy ETF) are both exchange-traded funds - LSEQ is a Long-Short fund actively managed by Harbor, while HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net. LSEQ is actively managed, while HGER is passively managed. Over the past year, LSEQ returned 27.62% vs 37.54% for HGER. At a 0.13 correlation, their price movements are largely independent. LSEQ charges 1.70%/yr vs 0.68%/yr for HGER.

Performance

LSEQ vs. HGER - Performance Comparison

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

Returns By Period

In the year-to-date period, LSEQ achieves a 25.28% return, which is significantly lower than HGER's 27.24% return.

LSEQ

• 1D: 1.39%
• 1M: -3.44%
• 6M: 17.63%
• YTD: 25.28%
• 1Y: 27.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HGER

• 1D: 1.45%
• 1M: 4.67%
• 6M: 22.40%
• YTD: 27.24%
• 1Y: 37.54%
• 3Y*: 19.31%
• 5Y*: —
• 10Y*: —

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

LSEQ vs. HGER - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LSEQ Harbor Long-Short Equity ETF	25.28%	4.13%	12.80%	-1.20%
HGER Harbor Commodity All-Weather Strategy ETF	27.24%	20.08%	9.25%	-1.08%

Correlation

The correlation between LSEQ and HGER is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Dec 4, 2023	0.13

Return for Risk

LSEQ vs. HGER — Risk / Return Rank

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

LSEQ

LSEQ Risk / Return Rank: 71
LSEQ Sharpe Ratio Rank: 67
LSEQ Sortino Ratio Rank: 65
LSEQ Omega Ratio Rank: 65
LSEQ Calmar Ratio Rank: 85
LSEQ Martin Ratio Rank: 75

HGER

HGER Risk / Return Rank: 77
HGER Sharpe Ratio Rank: 85
HGER Sortino Ratio Rank: 81
HGER Omega Ratio Rank: 83
HGER Calmar Ratio Rank: 67
HGER Martin Ratio Rank: 68

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.

LSEQ vs. HGER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Long-Short Equity ETF (LSEQ) and Harbor Commodity All-Weather Strategy ETF (HGER). 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.

	LSEQ	HGER	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.16	-0.42
Sortino ratio: Return per unit of downside risk	2.41	2.89	-0.48
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	3.75	2.69	+1.06
Martin ratio: Return relative to average drawdown	11.11	9.72	+1.39

LSEQ vs. HGER - Sharpe Ratio Comparison

The current LSEQ Sharpe Ratio is 1.74, which is comparable to the HGER Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of LSEQ and HGER, 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

LSEQ vs. HGER - Drawdown Comparison

The maximum LSEQ drawdown since its inception was -8.35%, smaller than the maximum HGER drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for LSEQ and HGER.

Drawdown Indicators

	LSEQ	HGER	Difference
Max Drawdown Largest peak-to-trough decline	-8.35%	-23.31%	+14.96%
Max Drawdown (1Y) Largest decline over 1 year	-7.40%	-14.04%	+6.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.04%	—
Current Drawdown Current decline from peak	-4.06%	-5.65%	+1.59%
Average Drawdown Average peak-to-trough decline	-3.20%	-7.70%	+4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	3.87%	-1.38%

Volatility

LSEQ vs. HGER - Volatility Comparison

The current volatility for Harbor Long-Short Equity ETF (LSEQ) is 5.38%, while Harbor Commodity All-Weather Strategy ETF (HGER) has a volatility of 6.04%. This indicates that LSEQ experiences smaller price fluctuations and is considered to be less risky than HGER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSEQ	HGER	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	6.04%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	13.67%	15.46%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	15.97%	17.48%	-1.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.57%	17.69%	-3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.57%	17.69%	-3.12%

LSEQ vs. HGER - Expense Ratio Comparison

LSEQ has a 1.70% expense ratio, which is higher than HGER's 0.68% expense ratio.

Dividends

LSEQ vs. HGER - Dividend Comparison

LSEQ's dividend yield for the trailing twelve months is around 1.76%, less than HGER's 5.57% yield.

Position	TTM	2025	2024	2023	2022
HGER Harbor Commodity All-Weather Strategy ETF	5.57%	7.09%	3.28%	7.24%	0.64%
LSEQ Harbor Long-Short Equity ETF	1.76%	2.20%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LSEQ and HGER in my portfolio?

LSEQ and HGER have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSEQ or HGER?

HGER has higher volatility (6.04%) compared to LSEQ (5.38%). In terms of maximum drawdown, LSEQ dropped -8.35% vs HGER's -23.31%.

Which ETF is better, LSEQ or HGER?

On 1-year performance, HGER leads with 37.54% vs 27.62% for LSEQ. On fees, HGER is cheaper at 0.68% per year. On volatility, LSEQ has been the lower-risk option at 5.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LSEQ or HGER?

Over the 1-year period, HGER has performed better with a 37.54% return vs 27.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LSEQ or HGER?

HGER is cheaper with a 0.68% expense ratio, compared with 1.70% for LSEQ.

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

HGER has the higher dividend yield at 5.57%, compared with 1.76% for LSEQ.

What is the main difference between LSEQ and HGER?

LSEQ is categorized as Long-Short, while HGER is Commodities. Their fees differ too: 1.70% for LSEQ and 0.68% for HGER.

Which has better risk-adjusted returns?

HGER currently has the higher Sharpe Ratio (2.16 vs 1.74), 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.