USE vs. HGER

Last updated Jun 26, 2026

USE (USCF Energy Commodity Strategy Absolute Return Fund) and HGER (Harbor Commodity All-Weather Strategy ETF) are both Commodities funds. USE is actively managed, while HGER is passively managed. Over the past 3 years, USE returned 10.27%/yr vs 17.82%/yr for HGER. A 0.61 correlation means they provide meaningful diversification when combined. USE charges 0.79%/yr vs 0.68%/yr for HGER.

Performance

USE vs. HGER - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Energy Commodity Strategy Absolute Return Fund (USE) and Harbor Commodity All-Weather Strategy ETF (HGER). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with USE having a 17.68% return and HGER slightly higher at 18.37%.

USE

• 1D: 2.72%
• 1M: -17.66%
• YTD: 17.68%
• 6M: 17.10%
• 1Y: 3.42%
• 3Y*: 10.27%
• 5Y*: —
• 10Y*: —

HGER

• 1D: 2.12%
• 1M: -7.78%
• YTD: 18.37%
• 6M: 16.17%
• 1Y: 29.91%
• 3Y*: 17.82%
• 5Y*: —
• 10Y*: —

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

USE vs. HGER - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USE USCF Energy Commodity Strategy Absolute Return Fund	17.68%	-14.97%	22.58%	9.68%
HGER Harbor Commodity All-Weather Strategy ETF	18.37%	20.08%	9.25%	5.66%

Correlation

The correlation between USE and HGER is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.61

The correlation between USE and HGER has been stable across timeframes, ranging from 0.51 to 0.61 - a consistent structural relationship.

Return for Risk

USE vs. HGER — Risk / Return Rank

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

USE

USE Risk / Return Rank: 10
USE Sharpe Ratio Rank: 10
USE Sortino Ratio Rank: 11
USE Omega Ratio Rank: 10
USE Calmar Ratio Rank: 10
USE Martin Ratio Rank: 10

HGER

HGER Risk / Return Rank: 58
HGER Sharpe Ratio Rank: 62
HGER Sortino Ratio Rank: 58
HGER Omega Ratio Rank: 62
HGER Calmar Ratio Rank: 49
HGER Martin Ratio Rank: 61

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.

USE vs. HGER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Energy Commodity Strategy Absolute Return Fund (USE) 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.

	USE	HGER	Difference
Sharpe ratio: Return per unit of total volatility	0.11	1.77	-1.66
Sortino ratio: Return per unit of downside risk	0.38	2.39	-2.01
Omega ratio: Gain probability vs. loss probability	1.04	1.33	-0.28
Calmar ratio: Return relative to maximum drawdown	0.13	2.14	-2.01
Martin ratio: Return relative to average drawdown	0.24	9.38	-9.14

USE vs. HGER - Sharpe Ratio Comparison

The current USE Sharpe Ratio is 0.11, which is lower than the HGER Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of USE 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

USE vs. HGER - Drawdown Comparison

The maximum USE drawdown since its inception was -26.38%, which is greater than HGER's maximum drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for USE and HGER.

Drawdown Indicators

	USE	HGER	Difference
Max Drawdown Largest peak-to-trough decline	-26.38%	-23.31%	-3.07%
Max Drawdown (1Y) Largest decline over 1 year	-26.38%	-14.04%	-12.34%
Max Drawdown (3Y) Largest decline over 3 years	-26.38%	-14.04%	-12.34%
Current Drawdown Current decline from peak	-24.37%	-12.22%	-12.15%
Average Drawdown Average peak-to-trough decline	-8.12%	-7.68%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.98%	3.20%	+10.78%

Volatility

USE vs. HGER - Volatility Comparison

USCF Energy Commodity Strategy Absolute Return Fund (USE) has a higher volatility of 10.99% compared to Harbor Commodity All-Weather Strategy ETF (HGER) at 4.77%. This indicates that USE'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

	USE	HGER	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.99%	4.77%	+6.22%
Volatility (6M) Calculated over the trailing 6-month period	27.86%	15.08%	+12.78%
Volatility (1Y) Calculated over the trailing 1-year period	31.31%	16.96%	+14.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.42%	17.63%	+9.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.42%	17.63%	+9.79%

USE vs. HGER - Expense Ratio Comparison

USE has a 0.79% expense ratio, which is higher than HGER's 0.68% expense ratio.

Dividends

USE vs. HGER - Dividend Comparison

USE's dividend yield for the trailing twelve months is around 2.60%, less than HGER's 5.99% yield.

Position	TTM	2025	2024	2023	2022
HGER Harbor Commodity All-Weather Strategy ETF	5.99%	7.09%	3.28%	7.24%	0.64%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.60%	3.06%	38.65%	4.83%	0.00%

Frequently Asked Questions

Can I hold both USE and HGER in my portfolio?

USE and HGER have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USE or HGER?

USE has higher volatility (10.99%) compared to HGER (4.77%). In terms of maximum drawdown, USE dropped -26.38% vs HGER's -23.31%.

Which ETF is better, USE or HGER?

On 3-year performance, HGER leads with 17.82% vs 10.27% for USE. On fees, HGER is cheaper at 0.68% per year. On volatility, HGER has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USE or HGER?

Over the 3-year period, HGER has performed better with a 17.82% return vs 10.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USE or HGER?

HGER is cheaper with a 0.68% expense ratio, compared with 0.79% for USE.

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

HGER has the higher dividend yield at 5.99%, compared with 2.60% for USE.

What is the main difference between USE and HGER?

They also come from different issuers: USCF and Harbor. Their fees differ too: 0.79% for USE and 0.68% for HGER.

Which has better risk-adjusted returns?

HGER currently has the higher Sharpe Ratio (1.77 vs 0.11), 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.