HACAX vs. SPGP

Last updated Jun 23, 2026

HACAX (Harbor Capital Appreciation Fund Class I) and SPGP (Invesco S&P 500 GARP ETF) are both funds - HACAX is a Large Cap Growth Equities fund managed by Harbor, while SPGP is a Multi-factor fund tracking the S&P 500 GARP Index. Over the past 10 years, HACAX returned 19.03%/yr vs 15.41%/yr for SPGP. A 0.74 correlation means they provide meaningful diversification when combined. HACAX charges 0.71%/yr vs 0.36%/yr for SPGP.

Performance

HACAX vs. SPGP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Capital Appreciation Fund Class I (HACAX) and Invesco S&P 500 GARP ETF (SPGP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HACAX having a 5.62% return and SPGP slightly higher at 5.80%. Over the past 10 years, HACAX has outperformed SPGP with an annualized return of 19.03%, while SPGP has yielded a comparatively lower 15.41% annualized return.

HACAX

• 1D: 1.37%
• 1M: -0.45%
• YTD: 5.62%
• 6M: 5.06%
• 1Y: 18.16%
• 3Y*: 25.85%
• 5Y*: 12.94%
• 10Y*: 19.03%

SPGP

• 1D: -0.27%
• 1M: 1.56%
• YTD: 5.80%
• 6M: 3.85%
• 1Y: 16.63%
• 3Y*: 12.56%
• 5Y*: 8.15%
• 10Y*: 15.41%

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

HACAX vs. SPGP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HACAX Harbor Capital Appreciation Fund Class I	5.62%	13.95%	46.37%	53.74%	-37.72%	15.32%	54.69%	33.42%	-1.30%	36.68%
SPGP Invesco S&P 500 GARP ETF	5.80%	9.80%	8.48%	20.29%	-13.83%	35.72%	15.92%	39.16%	1.68%	36.24%

Correlation

The correlation between HACAX and SPGP is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 16, 2011	0.74

The correlation between HACAX and SPGP shifts across timeframes, from 0.61 (3 years) to 0.75 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

HACAX vs. SPGP — 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: 15
HACAX Sortino Ratio Rank: 14
HACAX Omega Ratio Rank: 15
HACAX Calmar Ratio Rank: 11
HACAX Martin Ratio Rank: 11

SPGP

SPGP Risk / Return Rank: 31
SPGP Sharpe Ratio Rank: 30
SPGP Sortino Ratio Rank: 30
SPGP Omega Ratio Rank: 28
SPGP Calmar Ratio Rank: 31
SPGP Martin Ratio Rank: 38

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. SPGP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Capital Appreciation Fund Class I (HACAX) and Invesco S&P 500 GARP ETF (SPGP). 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	SPGP	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.06	-0.04
Sortino ratio: Return per unit of downside risk	1.46	1.59	-0.13
Omega ratio: Gain probability vs. loss probability	1.19	1.19	0.00
Calmar ratio: Return relative to maximum drawdown	0.97	1.50	-0.52
Martin ratio: Return relative to average drawdown	3.02	5.70	-2.68

HACAX vs. SPGP - Sharpe Ratio Comparison

The current HACAX Sharpe Ratio is 1.02, which is comparable to the SPGP Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of HACAX and SPGP, 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. SPGP - Drawdown Comparison

The maximum HACAX drawdown since its inception was -63.05%, which is greater than SPGP's maximum drawdown of -42.08%. Use the drawdown chart below to compare losses from any high point for HACAX and SPGP.

Drawdown Indicators

	HACAX	SPGP	Difference
Max Drawdown Largest peak-to-trough decline	-63.05%	-42.08%	-20.97%
Max Drawdown (1Y) Largest decline over 1 year	-17.96%	-11.15%	-6.81%
Max Drawdown (3Y) Largest decline over 3 years	-27.37%	-22.87%	-4.50%
Max Drawdown (5Y) Largest decline over 5 years	-43.52%	-22.87%	-20.65%
Max Drawdown (10Y) Largest decline over 10 years	-43.52%	-42.08%	-1.44%
Current Drawdown Current decline from peak	-4.28%	-1.30%	-2.98%
Average Drawdown Average peak-to-trough decline	-16.20%	-4.35%	-11.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.78%	2.92%	+2.86%

Volatility

HACAX vs. SPGP - Volatility Comparison

Harbor Capital Appreciation Fund Class I (HACAX) has a higher volatility of 6.52% compared to Invesco S&P 500 GARP ETF (SPGP) at 5.39%. This indicates that HACAX's price experiences larger fluctuations and is considered to be riskier than SPGP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HACAX	SPGP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	5.39%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	12.33%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	15.79%	+1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.90%	18.62%	+7.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.42%	21.25%	+3.17%

HACAX vs. SPGP - Expense Ratio Comparison

HACAX has a 0.71% expense ratio, which is higher than SPGP's 0.36% expense ratio.

Dividends

HACAX vs. SPGP - Dividend Comparison

HACAX's dividend yield for the trailing twelve months is around 10.65%, more than SPGP's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HACAX Harbor Capital Appreciation Fund Class I	10.65%	11.25%	21.75%	0.00%	0.00%	18.64%	12.25%	8.88%	10.97%	11.56%	6.26%	6.83%
SPGP Invesco S&P 500 GARP ETF	1.13%	1.04%	1.38%	1.24%	1.22%	0.69%	1.10%	0.86%	0.95%	0.68%	0.89%	1.12%

Frequently Asked Questions

Can I hold both HACAX and SPGP in my portfolio?

HACAX and SPGP have a correlation of 0.66, 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 SPGP?

HACAX has higher volatility (6.52%) compared to SPGP (5.39%). In terms of maximum drawdown, HACAX dropped -63.05% vs SPGP's -42.08%.

Which has better risk-adjusted returns?

SPGP currently has the higher Sharpe Ratio (1.06 vs 1.02), 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.