HACAX vs. CHWY

Last updated Jun 25, 2026

HACAX (Harbor Capital Appreciation Fund Class I) is Large Cap Growth Equities fund managed by Harbor, while CHWY (Chewy, Inc.) is a stock. Over the past 5 years, HACAX returned 11.54%/yr vs -25.05%/yr for CHWY. At a 0.44 correlation, their price movements are largely independent.

Performance

HACAX vs. CHWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Capital Appreciation Fund Class I (HACAX) and Chewy, Inc. (CHWY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HACAX achieves a 2.26% return, which is significantly higher than CHWY's -42.48% return.

HACAX

• 1D: -1.43%
• 1M: -3.61%
• YTD: 2.26%
• 6M: 0.85%
• 1Y: 11.38%
• 3Y*: 24.98%
• 5Y*: 11.54%
• 10Y*: 19.02%

CHWY

• 1D: 6.50%
• 1M: -8.30%
• YTD: -42.48%
• 6M: -40.50%
• 1Y: -56.19%
• 3Y*: -21.47%
• 5Y*: -25.05%
• 10Y*: —

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

HACAX vs. CHWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HACAX Harbor Capital Appreciation Fund Class I	2.26%	13.95%	46.37%	53.74%	-37.72%	15.32%	54.69%	13.39%
CHWY Chewy, Inc.	-42.48%	-1.31%	41.73%	-36.27%	-37.12%	-34.40%	209.97%	-19.44%

Correlation

The correlation between HACAX and CHWY is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019	0.44

Over the past year, the correlation between HACAX and CHWY has dropped to 0.20 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

Return for Risk

HACAX vs. CHWY — Risk / Return Rank

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

HACAX

HACAX Risk / Return Rank: 9
HACAX Sharpe Ratio Rank: 10
HACAX Sortino Ratio Rank: 10
HACAX Omega Ratio Rank: 10
HACAX Calmar Ratio Rank: 8
HACAX Martin Ratio Rank: 9

CHWY

CHWY Risk / Return Rank: 3
CHWY Sharpe Ratio Rank: 2
CHWY Sortino Ratio Rank: 3
CHWY Omega Ratio Rank: 4
CHWY Calmar Ratio Rank: 5
CHWY Martin Ratio Rank: 2

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.

HACAX vs. CHWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Capital Appreciation Fund Class I (HACAX) and Chewy, Inc. (CHWY). 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.

	HACAX	CHWY	Difference
Sharpe ratio: Return per unit of total volatility	0.76	-1.21	+1.98
Sortino ratio: Return per unit of downside risk	1.13	-2.04	+3.18
Omega ratio: Gain probability vs. loss probability	1.14	0.77	+0.38
Calmar ratio: Return relative to maximum drawdown	0.73	-0.94	+1.68
Martin ratio: Return relative to average drawdown	2.26	-1.78	+4.05

HACAX vs. CHWY - Sharpe Ratio Comparison

The current HACAX Sharpe Ratio is 0.76, which is higher than the CHWY Sharpe Ratio of -1.21. The chart below compares the historical Sharpe Ratios of HACAX and CHWY, 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

HACAX vs. CHWY - Drawdown Comparison

The maximum HACAX drawdown since its inception was -63.05%, smaller than the maximum CHWY drawdown of -87.37%. Use the drawdown chart below to compare losses from any high point for HACAX and CHWY.

Drawdown Indicators

	HACAX	CHWY	Difference
Max Drawdown Largest peak-to-trough decline	-63.05%	-87.37%	+24.32%
Max Drawdown (1Y) Largest decline over 1 year	-17.96%	-59.68%	+41.72%
Max Drawdown (3Y) Largest decline over 3 years	-27.37%	-63.68%	+36.31%
Max Drawdown (5Y) Largest decline over 5 years	-43.52%	-84.34%	+40.82%
Max Drawdown (10Y) Largest decline over 10 years	-43.52%	—	—
Current Drawdown Current decline from peak	-7.32%	-83.98%	+76.66%
Average Drawdown Average peak-to-trough decline	-16.20%	-54.30%	+38.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.82%	31.51%	-25.69%

Volatility

HACAX vs. CHWY - Volatility Comparison

The current volatility for Harbor Capital Appreciation Fund Class I (HACAX) is 6.71%, while Chewy, Inc. (CHWY) has a volatility of 15.13%. This indicates that HACAX experiences smaller price fluctuations and is considered to be less risky than CHWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HACAX	CHWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	15.13%	-8.42%
Volatility (6M) Calculated over the trailing 6-month period	13.46%	35.63%	-22.17%
Volatility (1Y) Calculated over the trailing 1-year period	17.33%	46.39%	-29.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.93%	60.71%	-34.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.40%	61.16%	-36.76%

Dividends

HACAX vs. CHWY - Dividend Comparison

HACAX's dividend yield for the trailing twelve months is around 11.00%, while CHWY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHWY Chewy, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HACAX Harbor Capital Appreciation Fund Class I	11.00%	11.25%	21.75%	0.00%	0.00%	18.64%	12.25%	8.88%	10.97%	11.56%	6.26%	6.83%

Frequently Asked Questions

Can I hold both HACAX and CHWY in my portfolio?

HACAX and CHWY have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HACAX or CHWY?

CHWY has higher volatility (15.13%) compared to HACAX (6.71%). In terms of maximum drawdown, HACAX dropped -63.05% vs CHWY's -87.37%.

Which has better risk-adjusted returns?

HACAX currently has the higher Sharpe Ratio (0.76 vs -1.21), 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.