XOP vs. HGER
XOP (SPDR S&P Oil & Gas Exploration & Production ETF) and HGER (Harbor Commodity All-Weather Strategy ETF) are both exchange-traded funds - XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry, while HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, XOP returned 8.56%/yr vs 18.60%/yr for HGER. A 0.54 correlation means they provide meaningful diversification when combined. XOP charges 0.35%/yr vs 0.68%/yr for HGER.
Performance
XOP vs. HGER - Performance Comparison
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Returns By Period
In the year-to-date period, XOP achieves a 26.71% return, which is significantly higher than HGER's 23.17% return.
XOP
- 1D
- -0.56%
- 1M
- -2.49%
- 6M
- 25.57%
- YTD
- 26.71%
- 1Y
- 21.93%
- 3Y*
- 8.56%
- 5Y*
- 13.75%
- 10Y*
- 2.97%
HGER
- 1D
- -0.84%
- 1M
- 0.86%
- 6M
- 20.50%
- YTD
- 23.17%
- 1Y
- 31.96%
- 3Y*
- 18.60%
- 5Y*
- —
- 10Y*
- —
XOP vs. HGER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 26.71% | -2.15% | -1.00% | 3.56% | 26.75% |
HGER Harbor Commodity All-Weather Strategy ETF | 23.17% | 20.08% | 9.25% | 1.93% | 9.66% |
Correlation
The correlation between XOP and HGER is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022 | 0.54 |
The correlation between XOP and HGER has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.
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Return for Risk
XOP vs. HGER — Risk / Return Rank
XOP
HGER
XOP vs. HGER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) 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.
| XOP | HGER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.35 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 2.39 | -1.16 |
| Martin ratioReturn relative to average drawdown | 3.01 | 8.73 | -5.72 |
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Drawdowns
XOP vs. HGER - Drawdown Comparison
The maximum XOP drawdown since its inception was -90.27%, which is greater than HGER's maximum drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for XOP and HGER.
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Drawdown Indicators
| XOP | HGER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.27% | -23.31% | -66.96% |
Max Drawdown (1Y)Largest decline over 1 year | -18.50% | -14.04% | -4.46% |
Max Drawdown (3Y)Largest decline over 3 years | -34.98% | -14.04% | -20.94% |
Max Drawdown (5Y)Largest decline over 5 years | -34.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -82.61% | — | — |
Current DrawdownCurrent decline from peak | -40.77% | -8.66% | -32.11% |
Average DrawdownAverage peak-to-trough decline | -42.57% | -7.71% | -34.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.54% | 3.83% | +3.71% |
Volatility
XOP vs. HGER - Volatility Comparison
SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a higher volatility of 7.88% compared to Harbor Commodity All-Weather Strategy ETF (HGER) at 5.75%. This indicates that XOP'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
| XOP | HGER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.88% | 5.75% | +2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 22.07% | 15.35% | +6.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.03% | 17.37% | +10.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.73% | 17.67% | +16.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.17% | 17.67% | +22.50% |
XOP vs. HGER - Expense Ratio Comparison
XOP has a 0.35% expense ratio, which is lower than HGER's 0.68% expense ratio.
Dividends
XOP vs. HGER - Dividend Comparison
XOP's dividend yield for the trailing twelve months is around 2.05%, 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% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 2.05% | 2.62% | 2.45% | 2.63% | 2.47% | 1.61% | 2.34% | 1.47% | 0.99% | 0.76% | 0.76% | 2.21% |
Frequently Asked Questions
XOP and HGER have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XOP has higher volatility (7.88%) compared to HGER (5.75%). In terms of maximum drawdown, XOP dropped -90.27% vs HGER's -23.31%.
On 3-year performance, HGER leads with 18.60% vs 8.56% for XOP. On fees, XOP 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 8.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XOP 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 2.05% for XOP.
XOP is categorized as Energy Equities, while HGER is Commodities. XOP tracks S&P Oil & Gas Exploration & Production Select Industry, 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 XOP and 0.68% for HGER.
HGER currently has the higher Sharpe Ratio (1.93 vs 0.81), 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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