Commodity sectors exhibit heterogeneous characteristics owing to their limited supply and demand. To analyze these sector heterogeneities, we construct commodity factor portfolios without using a single sector and investigate whether commodity sectors play an important role in determining the risk premiums of commodity futures. We construct an equally weighted portfolio that includes momentum, basis, basis momentum, value, and hedging pressure while excluding the precious metal sector. We find that this portfolio generates a Sharpe ratio of 1.67. This finding indicates that the special status of precious metals employed as hedging tools for other assets distorts the performance of commodity factors.