NBCM vs. HGER

Last updated Apr 1, 2026

Compare and contrast key facts about Neuberger Berman Commodity Strategy ETF (NBCM) and Harbor Commodity All-Weather Strategy ETF (HGER).

NBCM and HGER are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NBCM is an actively managed fund by Neuberger Berman. It was launched on Aug 27, 2012. HGER is a passively managed fund by Harbor that tracks the performance of the Quantix Commodity Index - Benchmark TR Net. It was launched on Feb 9, 2022.

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.

NBCM vs. HGER - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NBCM Neuberger Berman Commodity Strategy ETF	23.89%	17.45%	6.55%	-6.41%	5.23%
HGER Harbor Commodity All-Weather Strategy ETF	24.94%	20.08%	9.25%	1.93%	5.80%

Returns By Period

The year-to-date returns for both investments are quite close, with NBCM having a 23.89% return and HGER slightly higher at 24.94%.

NBCM

• 1D: -0.29%
• 1M: 11.18%
• YTD: 23.89%
• 6M: 29.39%
• 1Y: 34.41%
• 3Y*: 14.43%
• 5Y*: —
• 10Y*: —

HGER

• 1D: 0.16%
• 1M: 9.58%
• YTD: 24.94%
• 6M: 28.72%
• 1Y: 38.09%
• 3Y*: 18.44%
• 5Y*: —
• 10Y*: —

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

NBCM vs. HGER - Expense Ratio Comparison

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

HGER

Harbor Commodity All-Weather Strategy ETF

NBCM

Neuberger Berman Commodity Strategy ETF

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: 88
NBCM Sharpe Ratio Rank: 88
NBCM Sortino Ratio Rank: 87
NBCM Omega Ratio Rank: 86
NBCM Calmar Ratio Rank: 92
NBCM Martin Ratio Rank: 87

HGER

HGER Risk / Return Rank: 94
HGER Sharpe Ratio Rank: 93
HGER Sortino Ratio Rank: 93
HGER Omega Ratio Rank: 92
HGER Calmar Ratio Rank: 96
HGER Martin Ratio Rank: 96

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	1.86	2.12	-0.26
Sortino ratio Return per unit of downside risk	2.38	2.79	-0.41
Omega ratio Gain probability vs. loss probability	1.34	1.39	-0.05
Calmar ratio Return relative to maximum drawdown	3.30	4.51	-1.21
Martin ratio Return relative to average drawdown	10.71	15.96	-5.24
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 1.86, which is comparable to the HGER Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of NBCM and HGER, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NBCM	HGER	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.12	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.89	-0.01

Correlation

The correlation between NBCM and HGER is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

NBCM vs. HGER - Dividend Comparison

NBCM's dividend yield for the trailing twelve months is around 6.83%, more than HGER's 5.67% yield.

	TTM	2025	2024	2023	2022
NBCM Neuberger Berman Commodity Strategy ETF	6.83%	8.46%	5.22%	4.37%	0.80%
HGER Harbor Commodity All-Weather Strategy ETF	5.67%	7.09%	3.28%	7.24%	0.64%

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	-10.76%	-8.84%	-1.92%
Current Drawdown Current decline from peak	-1.44%	-0.61%	-0.83%
Average Drawdown Average peak-to-trough decline	-4.30%	-7.91%	+3.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	2.50%	+0.81%

Volatility

NBCM vs. HGER - Volatility Comparison

Neuberger Berman Commodity Strategy ETF (NBCM) and Harbor Commodity All-Weather Strategy ETF (HGER) have volatilities of 7.35% and 7.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	7.35%	7.42%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	15.11%	14.60%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	18.57%	18.10%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.91%	17.79%	-2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.91%	17.79%	-2.88%