XES vs. HGER
XES (SPDR S&P Oil & Gas Equipment & Services ETF) and HGER (Harbor Commodity All-Weather Strategy ETF) are both exchange-traded funds - XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index, while HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, XES returned 10.31%/yr vs 18.60%/yr for HGER. A 0.50 correlation means they provide meaningful diversification when combined. XES charges 0.35%/yr vs 0.68%/yr for HGER.
Performance
XES vs. HGER - Performance Comparison
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Returns By Period
In the year-to-date period, XES achieves a 37.45% return, which is significantly higher than HGER's 23.17% return.
XES
- 1D
- 1.64%
- 1M
- -8.57%
- 6M
- 26.49%
- YTD
- 37.45%
- 1Y
- 65.04%
- 3Y*
- 10.31%
- 5Y*
- 14.19%
- 10Y*
- -4.13%
HGER
- 1D
- -0.84%
- 1M
- 0.86%
- 6M
- 20.50%
- YTD
- 23.17%
- 1Y
- 31.96%
- 3Y*
- 18.60%
- 5Y*
- —
- 10Y*
- —
XES vs. HGER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XES SPDR S&P Oil & Gas Equipment & Services ETF | 37.45% | 5.89% | -5.44% | 6.68% | 33.46% |
HGER Harbor Commodity All-Weather Strategy ETF | 23.17% | 20.08% | 9.25% | 1.93% | 9.66% |
Correlation
The correlation between XES and HGER is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022 | 0.50 |
The correlation between XES and HGER shifts across timeframes, from 0.34 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XES vs. HGER — Risk / Return Rank
XES
HGER
XES vs. HGER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Equipment & Services ETF (XES) 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.
| XES | HGER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.35 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.18 | 2.39 | +0.79 |
| Martin ratioReturn relative to average drawdown | 11.53 | 8.73 | +2.80 |
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Drawdowns
XES vs. HGER - Drawdown Comparison
The maximum XES drawdown since its inception was -95.65%, which is greater than HGER's maximum drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for XES and HGER.
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Drawdown Indicators
| XES | HGER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.65% | -23.31% | -72.34% |
Max Drawdown (1Y)Largest decline over 1 year | -20.69% | -14.04% | -6.65% |
Max Drawdown (3Y)Largest decline over 3 years | -45.95% | -14.04% | -31.91% |
Max Drawdown (5Y)Largest decline over 5 years | -45.95% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -91.23% | — | — |
Current DrawdownCurrent decline from peak | -73.46% | -8.66% | -64.80% |
Average DrawdownAverage peak-to-trough decline | -54.44% | -7.71% | -46.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.70% | 3.83% | +1.87% |
Volatility
XES vs. HGER - Volatility Comparison
SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 9.22% compared to Harbor Commodity All-Weather Strategy ETF (HGER) at 5.75%. This indicates that XES'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.
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Volatility by Period
| XES | HGER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.22% | 5.75% | +3.47% |
Volatility (6M)Calculated over the trailing 6-month period | 21.50% | 15.35% | +6.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.96% | 17.37% | +13.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.85% | 17.67% | +21.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.88% | 17.67% | +27.21% |
XES vs. HGER - Expense Ratio Comparison
XES has a 0.35% expense ratio, which is lower than HGER's 0.68% expense ratio.
Dividends
XES vs. HGER - Dividend Comparison
XES's dividend yield for the trailing twelve months is around 1.16%, less than HGER's 5.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HGER Harbor Commodity All-Weather Strategy ETF | 5.75% | 7.09% | 3.28% | 7.24% | 0.64% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 1.16% | 1.69% | 1.31% | 0.66% | 0.36% | 1.81% | 1.33% | 1.43% | 1.14% | 1.68% | 0.64% | 2.47% |
Frequently Asked Questions
XES and HGER have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XES has higher volatility (9.22%) compared to HGER (5.75%). In terms of maximum drawdown, XES dropped -95.65% vs HGER's -23.31%.
On 3-year performance, HGER leads with 18.60% vs 10.31% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, HGER has been the lower-risk option at 5.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HGER has performed better with a 18.60% return vs 10.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XES is cheaper with a 0.35% expense ratio, compared with 0.68% for HGER.
HGER has the higher dividend yield at 5.75%, compared with 1.16% for XES.
XES is categorized as Energy Equities, while HGER is Commodities. XES tracks S&P Oil & Gas Equipment & Services Select Industry Index, while HGER tracks Quantix Commodity Index - Benchmark TR Net. They also come from different issuers: State Street and Harbor. Their fees differ too: 0.35% for XES and 0.68% for HGER.
XES currently has the higher Sharpe Ratio (2.13 vs 1.93), 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.
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