HACAX vs. HICSX

Last updated Jul 14, 2026

HACAX (Harbor Capital Appreciation Fund Class I) and HICSX (Harbor Convertible Securities Fund) are both mutual funds - HACAX is a Large Cap Growth Equities fund managed by Harbor, while HICSX is a Convertible Bonds fund managed by Harbor. Over the past 10 years, HACAX returned 18.81%/yr vs 9.85%/yr for HICSX. Their correlation of 0.81 suggests significant overlap in exposure. HACAX charges 0.71%/yr vs 1.12%/yr for HICSX.

Performance

HACAX vs. HICSX - Performance Comparison

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

Returns By Period

In the year-to-date period, HACAX achieves a 6.81% return, which is significantly lower than HICSX's 18.04% return. Over the past 10 years, HACAX has outperformed HICSX with an annualized return of 18.81%, while HICSX has yielded a comparatively lower 9.85% annualized return.

HACAX

• 1D: 0.06%
• 1M: 2.95%
• 6M: 5.49%
• YTD: 6.81%
• 1Y: 13.18%
• 3Y*: 26.34%
• 5Y*: 11.94%
• 10Y*: 18.81%

HICSX

• 1D: -0.70%
• 1M: -1.40%
• 6M: 13.04%
• YTD: 18.04%
• 1Y: 30.88%
• 3Y*: 18.34%
• 5Y*: 7.86%
• 10Y*: 9.85%

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

HACAX vs. HICSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HACAX Harbor Capital Appreciation Fund Class I	6.81%	13.95%	46.37%	53.74%	-37.72%	15.32%	54.69%	33.42%	-1.30%	36.68%
HICSX Harbor Convertible Securities Fund	18.04%	19.99%	12.36%	10.37%	-15.55%	2.07%	31.41%	17.89%	-0.65%	7.93%

Correlation

The correlation between HACAX and HICSX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since May 3, 2011	0.81

The correlation between HACAX and HICSX shifts across timeframes, from 0.68 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HACAX vs. HICSX — Risk / Return Rank

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

HACAX

HACAX Risk / Return Rank: 13
HACAX Sharpe Ratio Rank: 14
HACAX Sortino Ratio Rank: 13
HACAX Omega Ratio Rank: 14
HACAX Calmar Ratio Rank: 11
HACAX Martin Ratio Rank: 11

HICSX

HICSX Risk / Return Rank: 80
HICSX Sharpe Ratio Rank: 76
HICSX Sortino Ratio Rank: 68
HICSX Omega Ratio Rank: 68
HICSX Calmar Ratio Rank: 94
HICSX Martin Ratio Rank: 93

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. HICSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Capital Appreciation Fund Class I (HACAX) and Harbor Convertible Securities Fund (HICSX). 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	HICSX	Difference
Sharpe ratio: Return per unit of total volatility	0.74	1.97	-1.23
Sortino ratio: Return per unit of downside risk	1.11	2.60	-1.50
Omega ratio: Gain probability vs. loss probability	1.14	1.34	-0.20
Calmar ratio: Return relative to maximum drawdown	0.71	4.42	-3.71
Martin ratio: Return relative to average drawdown	2.15	14.85	-12.70

HACAX vs. HICSX - Sharpe Ratio Comparison

The current HACAX Sharpe Ratio is 0.74, which is lower than the HICSX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of HACAX and HICSX, 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. HICSX - Drawdown Comparison

The maximum HACAX drawdown since its inception was -63.05%, which is greater than HICSX's maximum drawdown of -23.68%. Use the drawdown chart below to compare losses from any high point for HACAX and HICSX.

Drawdown Indicators

	HACAX	HICSX	Difference
Max Drawdown Largest peak-to-trough decline	-63.05%	-23.68%	-39.37%
Max Drawdown (1Y) Largest decline over 1 year	-17.96%	-6.92%	-11.04%
Max Drawdown (3Y) Largest decline over 3 years	-27.37%	-11.24%	-16.13%
Max Drawdown (5Y) Largest decline over 5 years	-43.52%	-22.03%	-21.49%
Max Drawdown (10Y) Largest decline over 10 years	-43.52%	-23.68%	-19.84%
Current Drawdown Current decline from peak	-3.20%	-4.75%	+1.55%
Average Drawdown Average peak-to-trough decline	-16.19%	-4.76%	-11.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.94%	2.06%	+3.88%

Volatility

HACAX vs. HICSX - Volatility Comparison

Harbor Capital Appreciation Fund Class I (HACAX) has a higher volatility of 5.96% compared to Harbor Convertible Securities Fund (HICSX) at 5.21%. This indicates that HACAX's price experiences larger fluctuations and is considered to be riskier than HICSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HACAX	HICSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	5.21%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	12.64%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	15.57%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.93%	11.69%	+14.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.38%	10.99%	+13.39%

HACAX vs. HICSX - Expense Ratio Comparison

HACAX has a 0.71% expense ratio, which is lower than HICSX's 1.12% expense ratio.

Dividends

HACAX vs. HICSX - Dividend Comparison

HACAX's dividend yield for the trailing twelve months is around 10.53%, more than HICSX's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HACAX Harbor Capital Appreciation Fund Class I	10.53%	11.25%	21.75%	0.00%	0.00%	18.64%	12.25%	8.88%	10.97%	11.56%	6.26%	6.83%
HICSX Harbor Convertible Securities Fund	1.46%	1.95%	3.22%	2.91%	0.44%	14.09%	9.57%	3.61%	6.45%	10.65%	0.98%	3.95%

Frequently Asked Questions

Can I hold both HACAX and HICSX in my portfolio?

HACAX and HICSX have a correlation of 0.68, 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 HICSX?

HACAX has higher volatility (5.96%) compared to HICSX (5.21%). In terms of maximum drawdown, HACAX dropped -63.05% vs HICSX's -23.68%.

Which has better risk-adjusted returns?

HICSX currently has the higher Sharpe Ratio (1.97 vs 0.74), 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.