MSSS vs. HGER

Last updated Jun 24, 2026

MSSS (Monarch Select Subsector ETF) and HGER (Harbor Commodity All-Weather Strategy ETF) are both exchange-traded funds - MSSS is a Mid Cap Blend Equities fund tracking the Monarch Select Subsector Index, while HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net. Both are passively managed. Over the past year, MSSS returned 21.62% vs 26.94% for HGER. At a correlation of -0.02, they often move in opposite directions. MSSS charges 1.43%/yr vs 0.68%/yr for HGER.

Performance

MSSS vs. HGER - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monarch Select Subsector ETF (MSSS) 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, MSSS achieves a 15.14% return, which is significantly lower than HGER's 18.53% return.

MSSS

• 1D: 0.39%
• 1M: 1.96%
• YTD: 15.14%
• 6M: 14.61%
• 1Y: 21.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HGER

• 1D: -0.51%
• 1M: -8.46%
• YTD: 18.53%
• 6M: 16.24%
• 1Y: 26.94%
• 3Y*: 17.92%
• 5Y*: —
• 10Y*: —

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

MSSS vs. HGER - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSSS Monarch Select Subsector ETF	15.14%	10.31%	9.26%
HGER Harbor Commodity All-Weather Strategy ETF	18.53%	20.08%	7.10%

Correlation

The correlation between MSSS and HGER is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	-0.02

Return for Risk

MSSS vs. HGER — Risk / Return Rank

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

MSSS

MSSS Risk / Return Rank: 51
MSSS Sharpe Ratio Rank: 52
MSSS Sortino Ratio Rank: 56
MSSS Omega Ratio Rank: 48
MSSS Calmar Ratio Rank: 47
MSSS Martin Ratio Rank: 53

HGER

HGER Risk / Return Rank: 49
HGER Sharpe Ratio Rank: 48
HGER Sortino Ratio Rank: 46
HGER Omega Ratio Rank: 49
HGER Calmar Ratio Rank: 47
HGER Martin Ratio Rank: 54

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.

MSSS vs. HGER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch Select Subsector ETF (MSSS) 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.

	MSSS	HGER	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.61	+0.03
Sortino ratio: Return per unit of downside risk	2.43	2.19	+0.24
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	2.13	2.24	-0.10
Martin ratio: Return relative to average drawdown	8.38	9.09	-0.70

MSSS vs. HGER - Sharpe Ratio Comparison

The current MSSS Sharpe Ratio is 1.64, which is comparable to the HGER Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of MSSS 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

MSSS vs. HGER - Drawdown Comparison

The maximum MSSS drawdown since its inception was -19.14%, smaller than the maximum HGER drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for MSSS and HGER.

Drawdown Indicators

	MSSS	HGER	Difference
Max Drawdown Largest peak-to-trough decline	-19.14%	-23.31%	+4.17%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-12.10%	+1.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.10%	—
Current Drawdown Current decline from peak	-0.45%	-12.10%	+11.65%
Average Drawdown Average peak-to-trough decline	-3.02%	-7.67%	+4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	3.00%	-0.41%

Volatility

MSSS vs. HGER - Volatility Comparison

Monarch Select Subsector ETF (MSSS) has a higher volatility of 3.79% compared to Harbor Commodity All-Weather Strategy ETF (HGER) at 3.60%. This indicates that MSSS's price experiences larger fluctuations and is considered to be riskier than HGER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSSS	HGER	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	3.60%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	14.89%	-4.81%
Volatility (1Y) Calculated over the trailing 1-year period	13.26%	17.00%	-3.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	17.59%	-1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.00%	17.59%	-1.59%

MSSS vs. HGER - Expense Ratio Comparison

MSSS has a 1.43% expense ratio, which is higher than HGER's 0.68% expense ratio.

Dividends

MSSS vs. HGER - Dividend Comparison

MSSS's dividend yield for the trailing twelve months is around 0.33%, less than HGER's 5.98% yield.

Position	TTM	2025	2024	2023	2022
HGER Harbor Commodity All-Weather Strategy ETF	5.98%	7.09%	3.28%	7.24%	0.64%
MSSS Monarch Select Subsector ETF	0.33%	0.21%	0.42%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSSS and HGER in my portfolio?

MSSS and HGER have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSSS or HGER?

MSSS has higher volatility (3.79%) compared to HGER (3.60%). In terms of maximum drawdown, MSSS dropped -19.14% vs HGER's -23.31%.

Which ETF is better, MSSS or HGER?

On 1-year performance, HGER leads with 26.94% vs 21.62% for MSSS. On fees, HGER is cheaper at 0.68% per year. On volatility, HGER has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSSS or HGER?

Over the 1-year period, HGER has performed better with a 26.94% return vs 21.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSSS or HGER?

HGER is cheaper with a 0.68% expense ratio, compared with 1.43% for MSSS.

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

HGER has the higher dividend yield at 5.98%, compared with 0.33% for MSSS.

What is the main difference between MSSS and HGER?

MSSS is categorized as Mid Cap Blend Equities, while HGER is Commodities. MSSS tracks Monarch Select Subsector Index, while HGER tracks Quantix Commodity Index - Benchmark TR Net. They also come from different issuers: Monarch and Harbor. Their fees differ too: 1.43% for MSSS and 0.68% for HGER.

Which has better risk-adjusted returns?

MSSS currently has the higher Sharpe Ratio (1.64 vs 1.61), 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.