HASCX vs. HNACX

Last updated Jun 25, 2026

HASCX (Harbor Small Cap Value Fund) and HNACX (Harbor Capital Appreciation Fund Retirement Class) are both mutual funds - HASCX is a Small Cap Blend Equities fund managed by Harbor, while HNACX is a Large Cap Growth Equities fund managed by Harbor. Over the past 5 years, HASCX returned 9.79%/yr vs 11.62%/yr for HNACX. A 0.62 correlation means they provide meaningful diversification when combined. HASCX charges 0.87%/yr vs 0.57%/yr for HNACX.

Performance

HASCX vs. HNACX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Small Cap Value Fund (HASCX) and Harbor Capital Appreciation Fund Retirement Class (HNACX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HASCX achieves a 31.02% return, which is significantly higher than HNACX's 2.31% return.

HASCX

• 1D: -1.79%
• 1M: 5.92%
• YTD: 31.02%
• 6M: 28.05%
• 1Y: 44.14%
• 3Y*: 18.81%
• 5Y*: 9.79%
• 10Y*: 12.29%

HNACX

• 1D: -1.42%
• 1M: -3.60%
• YTD: 2.31%
• 6M: 0.89%
• 1Y: 11.48%
• 3Y*: 25.06%
• 5Y*: 11.62%
• 10Y*: —

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

HASCX vs. HNACX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HASCX Harbor Small Cap Value Fund	31.02%	3.78%	10.93%	15.18%	-9.59%	14.55%	13.15%	28.97%	-16.16%	21.63%
HNACX Harbor Capital Appreciation Fund Retirement Class	2.31%	14.04%	46.43%	53.86%	-37.67%	15.43%	54.82%	33.53%	-1.24%	35.33%

Correlation

The correlation between HASCX and HNACX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.62

The correlation between HASCX and HNACX shifts across timeframes, from 0.47 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HASCX vs. HNACX — Risk / Return Rank

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

HASCX

HASCX Risk / Return Rank: 79
HASCX Sharpe Ratio Rank: 77
HASCX Sortino Ratio Rank: 75
HASCX Omega Ratio Rank: 63
HASCX Calmar Ratio Rank: 92
HASCX Martin Ratio Rank: 89

HNACX

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

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.

HASCX vs. HNACX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Small Cap Value Fund (HASCX) and Harbor Capital Appreciation Fund Retirement Class (HNACX). 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.

	HASCX	HNACX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	0.77	+1.56
Sortino ratio: Return per unit of downside risk	3.27	1.14	+2.12
Omega ratio: Gain probability vs. loss probability	1.39	1.14	+0.25
Calmar ratio: Return relative to maximum drawdown	4.66	0.74	+3.92
Martin ratio: Return relative to average drawdown	16.05	2.28	+13.77

HASCX vs. HNACX - Sharpe Ratio Comparison

The current HASCX Sharpe Ratio is 2.32, which is higher than the HNACX Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of HASCX and HNACX, 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

HASCX vs. HNACX - Drawdown Comparison

The maximum HASCX drawdown since its inception was -58.90%, which is greater than HNACX's maximum drawdown of -43.46%. Use the drawdown chart below to compare losses from any high point for HASCX and HNACX.

Drawdown Indicators

	HASCX	HNACX	Difference
Max Drawdown Largest peak-to-trough decline	-58.90%	-43.46%	-15.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-17.94%	+8.05%
Max Drawdown (3Y) Largest decline over 3 years	-28.34%	-27.32%	-1.02%
Max Drawdown (5Y) Largest decline over 5 years	-28.34%	-43.46%	+15.12%
Max Drawdown (10Y) Largest decline over 10 years	-42.15%	—	—
Current Drawdown Current decline from peak	-1.79%	-7.31%	+5.52%
Average Drawdown Average peak-to-trough decline	-8.12%	-9.53%	+1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	5.80%	-2.93%

Volatility

HASCX vs. HNACX - Volatility Comparison

Harbor Small Cap Value Fund (HASCX) and Harbor Capital Appreciation Fund Retirement Class (HNACX) have volatilities of 6.71% and 6.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HASCX	HNACX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	6.71%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	15.05%	13.45%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	19.87%	17.33%	+2.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.83%	25.91%	-5.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.92%	24.89%	-1.97%

HASCX vs. HNACX - Expense Ratio Comparison

HASCX has a 0.87% expense ratio, which is higher than HNACX's 0.57% expense ratio.

Dividends

HASCX vs. HNACX - Dividend Comparison

HASCX's dividend yield for the trailing twelve months is around 2.60%, less than HNACX's 10.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HASCX Harbor Small Cap Value Fund	2.60%	3.41%	0.62%	6.99%	7.25%	5.64%	0.43%	1.41%	11.18%	1.98%	0.36%	3.98%
HNACX Harbor Capital Appreciation Fund Retirement Class	10.94%	11.19%	21.66%	0.00%	0.00%	18.62%	12.25%	8.97%	11.07%	11.64%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HASCX and HNACX in my portfolio?

HASCX and HNACX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HASCX or HNACX?

HNACX has higher volatility (6.71%) compared to HASCX (6.71%). In terms of maximum drawdown, HASCX dropped -58.90% vs HNACX's -43.46%.

Which has better risk-adjusted returns?

HASCX currently has the higher Sharpe Ratio (2.32 vs 0.77), 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.