HACAX vs. NFE

Last updated Aug 1, 2026

HACAX (Harbor Capital Appreciation Fund Class I) is Large Cap Growth Equities fund managed by Harbor, while NFE (New Fortress Energy Inc.) is a stock. Over the past 5 years, HACAX returned 11.03%/yr vs -58.60%/yr for NFE. Their 0.29 correlation means their historical movements had little consistent relationship.

Performance

HACAX vs. NFE - Performance Comparison

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

Returns By Period

In the year-to-date period, HACAX achieves a 3.21% return, which is significantly higher than NFE's -71.71% return.

HACAX

• 1D: 2.21%
• 1M: -1.62%
• 6M: 5.49%
• YTD: 3.21%
• 1Y: 9.37%
• 3Y*: 23.28%
• 5Y*: 11.03%
• 10Y*: 18.05%
• ALL TIME*: 12.84%

NFE

• 1D: -2.63%
• 1M: -10.39%
• 6M: -75.75%
• YTD: -71.71%
• 1Y: -88.56%
• 3Y*: -77.39%
• 5Y*: -58.60%
• 10Y*: —
• ALL TIME*: -37.90%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HACAX Harbor Capital Appreciation Fund Class I	$0.00	$0.00	$0.00
NFE New Fortress Energy Inc.	$714.28K	$790.75K	$2.39M

HACAX vs. NFE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HACAX Harbor Capital Appreciation Fund Class I	3.21%	13.95%	46.37%	53.74%	-37.72%	15.32%	54.69%	22.57%
NFE New Fortress Energy Inc.	-71.71%	-92.46%	-59.24%	-1.71%	77.41%	-54.42%	243.98%	18.26%

Correlation

The correlation between HACAX and NFE is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.08
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (5Y) Shows whether the relationship held over a longer period.	0.28
Correlation (All Time) Calculated using the full available price history since Jan 31, 2019	0.29

Over the past year, the correlation between HACAX and NFE has dropped to 0.08 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.

Return for Risk

HACAX vs. NFE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HACAX

HACAX Risk / Return Rank: 11
HACAX Sharpe Ratio Rank: 11
HACAX Sortino Ratio Rank: 11
HACAX Omega Ratio Rank: 11
HACAX Calmar Ratio Rank: 10
HACAX Martin Ratio Rank: 10

NFE

NFE Risk / Return Rank: 7
NFE Sharpe Ratio Rank: 12
NFE Sortino Ratio Rank: 6
NFE Omega Ratio Rank: 7
NFE Calmar Ratio Rank: 3
NFE Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HACAX vs. NFE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Capital Appreciation Fund Class I (HACAX) and New Fortress Energy Inc. (NFE). 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	NFE	Difference
Sharpe ratio: Return per unit of total volatility	0.39	-0.73	+1.12
Sortino ratio: Return per unit of downside risk	0.65	-1.61	+2.27
Omega ratio: Gain probability vs. loss probability	1.08	0.81	+0.27
Calmar ratio: Return relative to maximum drawdown	0.39	-0.98	+1.37
Martin ratio: Return relative to average drawdown	1.14	-1.34	+2.48

HACAX vs. NFE - Sharpe Ratio Comparison

The current HACAX Sharpe Ratio is 0.39, which is higher than the NFE Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of HACAX and NFE, 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. NFE - Drawdown Comparison

The maximum HACAX drawdown since its inception was -63.05%, smaller than the maximum NFE drawdown of -99.41%. Use the drawdown chart below to compare losses from any high point for HACAX and NFE.

Drawdown Indicators

	HACAX	NFE	Difference
Max Drawdown Largest peak-to-trough decline	-63.05%	-99.41%	+36.36%
Max Drawdown (1Y) Largest decline over 1 year	-17.96%	-90.14%	+72.18%
Max Drawdown (3Y) Largest decline over 3 years	-27.37%	-99.17%	+71.80%
Max Drawdown (5Y) Largest decline over 5 years	-43.52%	-99.41%	+55.89%
Max Drawdown (10Y) Largest decline over 10 years	-43.52%	—	—
Current Drawdown Current decline from peak	-6.47%	-99.41%	+92.94%
Average Drawdown Average peak-to-trough decline	-16.17%	-47.12%	+30.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.10%	65.80%	-59.70%

Volatility

HACAX vs. NFE - Volatility Comparison

The current volatility for Harbor Capital Appreciation Fund Class I (HACAX) is 4.92%, while New Fortress Energy Inc. (NFE) has a volatility of 24.33%. This indicates that HACAX experiences smaller price fluctuations and is considered to be less risky than NFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HACAX	NFE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	24.33%	-19.41%
Volatility (6M) Calculated over the trailing 6-month period	13.98%	63.97%	-49.99%
Volatility (1Y) Calculated over the trailing 1-year period	17.82%	121.41%	-103.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.97%	90.56%	-64.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.42%	83.70%	-59.28%

Dividends

HACAX vs. NFE - Dividend Comparison

HACAX's dividend yield for the trailing twelve months is around 10.90%, while NFE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HACAX Harbor Capital Appreciation Fund Class I	10.90%	11.25%	21.75%	0.00%	0.00%	18.64%	12.25%	8.88%	10.97%	11.56%	6.26%	6.83%
NFE New Fortress Energy Inc.	0.00%	0.00%	1.98%	10.46%	0.94%	1.66%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HACAX and NFE in my portfolio?

HACAX and NFE have a correlation of 0.08, 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 NFE?

NFE has higher volatility (24.33%) compared to HACAX (4.92%). In terms of maximum drawdown, HACAX dropped -63.05% vs NFE's -99.41%.

Which has better risk-adjusted returns?

HACAX currently has the higher Sharpe Ratio (0.39 vs -0.73), 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.