NBCM vs. HGER

Last updated Jun 5, 2026

NBCM (Neuberger Berman Commodity Strategy ETF) and HGER (Harbor Commodity All-Weather Strategy ETF) are both Commodities funds. NBCM is actively managed, while HGER is passively managed. Over the past 3 years, NBCM returned 18.06%/yr vs 20.87%/yr for HGER. Their correlation of 0.89 suggests significant overlap in exposure. NBCM charges 0.66%/yr vs 0.68%/yr for HGER.

Performance

NBCM vs. HGER - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Commodity Strategy ETF (NBCM) 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, NBCM achieves a 28.62% return, which is significantly higher than HGER's 27.03% return.

NBCM

• 1D: -0.95%
• 1M: -2.98%
• YTD: 28.62%
• 6M: 28.05%
• 1Y: 43.15%
• 3Y*: 18.06%
• 5Y*: —
• 10Y*: —

HGER

• 1D: -0.85%
• 1M: -3.84%
• YTD: 27.03%
• 6M: 26.30%
• 1Y: 39.42%
• 3Y*: 20.87%
• 5Y*: —
• 10Y*: —

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

NBCM vs. HGER - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NBCM Neuberger Berman Commodity Strategy ETF	28.62%	17.45%	6.55%	-6.41%	5.23%
HGER Harbor Commodity All-Weather Strategy ETF	27.03%	20.08%	9.25%	1.93%	5.80%

Correlation

The correlation between NBCM and HGER is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 25, 2022	0.89

The correlation between NBCM and HGER has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

NBCM vs. HGER — Risk / Return Rank

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

NBCM

NBCM Risk / Return Rank: 77
NBCM Sharpe Ratio Rank: 78
NBCM Sortino Ratio Rank: 68
NBCM Omega Ratio Rank: 76
NBCM Calmar Ratio Rank: 84
NBCM Martin Ratio Rank: 81

HGER

HGER Risk / Return Rank: 77
HGER Sharpe Ratio Rank: 73
HGER Sortino Ratio Rank: 68
HGER Omega Ratio Rank: 74
HGER Calmar Ratio Rank: 87
HGER Martin Ratio Rank: 82

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.

NBCM vs. HGER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Commodity Strategy ETF (NBCM) 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.

	NBCM	HGER	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.35	+0.14
Sortino ratio: Return per unit of downside risk	3.07	3.06	0.00
Omega ratio: Gain probability vs. loss probability	1.44	1.43	+0.01
Calmar ratio: Return relative to maximum drawdown	4.47	4.90	-0.43
Martin ratio: Return relative to average drawdown	15.96	16.29	-0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NBCM vs. HGER - Sharpe Ratio Comparison

The current NBCM Sharpe Ratio is 2.49, which is comparable to the HGER Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of NBCM 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.

Sharpe Ratios by Period

	NBCM	HGER	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.35	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.89	+0.03

Drawdowns

NBCM vs. HGER - Drawdown Comparison

The maximum NBCM drawdown since its inception was -12.84%, smaller than the maximum HGER drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for NBCM and HGER.

Drawdown Indicators

	NBCM	HGER	Difference
Max Drawdown Largest peak-to-trough decline	-12.84%	-23.31%	+10.47%
Max Drawdown (1Y) Largest decline over 1 year	-9.70%	-8.09%	-1.61%
Max Drawdown (3Y) Largest decline over 3 years	-11.47%	-8.84%	-2.63%
Current Drawdown Current decline from peak	-5.39%	-5.80%	+0.41%
Average Drawdown Average peak-to-trough decline	-4.18%	-7.65%	+3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.43%	+0.28%

Volatility

NBCM vs. HGER - Volatility Comparison

Neuberger Berman Commodity Strategy ETF (NBCM) has a higher volatility of 5.03% compared to Harbor Commodity All-Weather Strategy ETF (HGER) at 4.06%. This indicates that NBCM'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

	NBCM	HGER	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	4.06%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	15.49%	14.55%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	16.90%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	17.61%	-2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	17.61%	-2.67%

NBCM vs. HGER - Expense Ratio Comparison

NBCM has a 0.66% expense ratio, which is lower than HGER's 0.68% expense ratio.

Dividends

NBCM vs. HGER - Dividend Comparison

NBCM's dividend yield for the trailing twelve months is around 6.57%, more than HGER's 5.58% yield.

Position	TTM	2025	2024	2023	2022
HGER Harbor Commodity All-Weather Strategy ETF	5.58%	7.09%	3.28%	7.24%	0.64%
NBCM Neuberger Berman Commodity Strategy ETF	6.57%	8.46%	5.22%	4.37%	0.80%

Frequently Asked Questions

Can I hold both NBCM and HGER in my portfolio?

NBCM and HGER have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBCM or HGER?

NBCM has higher volatility (5.03%) compared to HGER (4.06%). In terms of maximum drawdown, NBCM dropped -12.84% vs HGER's -23.31%.

Which ETF is better, NBCM or HGER?

On 3-year performance, HGER leads with 20.87% vs 18.06% for NBCM. On fees, NBCM is cheaper at 0.66% per year. On volatility, HGER has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBCM or HGER?

Over the 3-year period, HGER has performed better with a 20.87% return vs 18.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBCM or HGER?

NBCM is cheaper with a 0.66% expense ratio, compared with 0.68% for HGER.

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

NBCM has the higher dividend yield at 6.57%, compared with 5.58% for HGER.

What is the main difference between NBCM and HGER?

They also come from different issuers: Neuberger Berman and Harbor. Their fees differ too: 0.66% for NBCM and 0.68% for HGER.

Which has better risk-adjusted returns?

NBCM currently has the higher Sharpe Ratio (2.49 vs 2.35), 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.