HBIX.NEO vs. ^GSPC

Last updated Jun 5, 2026

HBIX.NEO (Harvest Bitcoin Enhanced Income ETF) is Leveraged Cryptocurrency fund actively managed by Harvest, while ^GSPC (S&P 500 Index) is an index. Over the past year, HBIX.NEO returned -43.20% vs 29.18% for ^GSPC. At a 0.40 correlation, their price movements are largely independent.

Performance

HBIX.NEO vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Bitcoin Enhanced Income ETF (HBIX.NEO) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HBIX.NEO is traded in CAD, while ^GSPC is traded in USD. To make them comparable, the ^GSPC values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HBIX.NEO achieves a -31.13% return, which is significantly lower than ^GSPC's 12.32% return.

HBIX.NEO

• 1D: -3.20%
• 1M: -23.49%
• YTD: -31.13%
• 6M: -35.51%
• 1Y: -43.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 0.51%
• 1M: 6.71%
• YTD: 12.32%
• 6M: 10.23%
• 1Y: 29.18%
• 3Y*: 22.45%
• 5Y*: 15.62%
• 10Y*: 14.59%

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

HBIX.NEO vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025
HBIX.NEO Harvest Bitcoin Enhanced Income ETF	-31.13%	-6.82%
^GSPC S&P 500 Index	12.32%	22.24%

Correlation

The correlation between HBIX.NEO and ^GSPC is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since May 1, 2025	0.40

Return for Risk

HBIX.NEO vs. ^GSPC — Risk / Return Rank

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

HBIX.NEO

HBIX.NEO Risk / Return Rank: 2
HBIX.NEO Sharpe Ratio Rank: 3
HBIX.NEO Sortino Ratio Rank: 3
HBIX.NEO Omega Ratio Rank: 3
HBIX.NEO Calmar Ratio Rank: 2
HBIX.NEO Martin Ratio Rank: 2

^GSPC

^GSPC Risk / Return Rank: 80
^GSPC Sharpe Ratio Rank: 79
^GSPC Sortino Ratio Rank: 79
^GSPC Omega Ratio Rank: 79
^GSPC Calmar Ratio Rank: 76
^GSPC Martin Ratio Rank: 86

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.

HBIX.NEO vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Bitcoin Enhanced Income ETF (HBIX.NEO) and S&P 500 Index (^GSPC). 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.

	HBIX.NEO	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	2.51	-3.35
Sortino ratio: Return per unit of downside risk	-1.13	3.38	-4.51
Omega ratio: Gain probability vs. loss probability	0.87	1.48	-0.61
Calmar ratio: Return relative to maximum drawdown	-0.78	3.31	-4.09
Martin ratio: Return relative to average drawdown	-1.36	12.49	-13.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBIX.NEO vs. ^GSPC - Sharpe Ratio Comparison

The current HBIX.NEO Sharpe Ratio is -0.84, which is lower than the ^GSPC Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of HBIX.NEO and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HBIX.NEO	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	2.51	-3.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.66	0.99	-1.65

Drawdowns

HBIX.NEO vs. ^GSPC - Drawdown Comparison

The maximum HBIX.NEO drawdown since its inception was -55.90%, which is greater than ^GSPC's maximum drawdown of -27.59%. Use the drawdown chart below to compare losses from any high point for HBIX.NEO and ^GSPC.

Drawdown Indicators

	HBIX.NEO	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-55.90%	-27.59%	-28.31%
Max Drawdown (1Y) Largest decline over 1 year	-55.90%	-8.86%	-47.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.59%	—
Current Drawdown Current decline from peak	-54.39%	0.00%	-54.39%
Average Drawdown Average peak-to-trough decline	-23.86%	-3.51%	-20.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.75%	2.34%	+29.41%

Volatility

HBIX.NEO vs. ^GSPC - Volatility Comparison

Harvest Bitcoin Enhanced Income ETF (HBIX.NEO) has a higher volatility of 11.19% compared to S&P 500 Index (^GSPC) at 2.72%. This indicates that HBIX.NEO's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBIX.NEO	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.19%	2.72%	+8.47%
Volatility (6M) Calculated over the trailing 6-month period	40.86%	8.87%	+31.99%
Volatility (1Y) Calculated over the trailing 1-year period	51.68%	11.70%	+39.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.94%	14.99%	+35.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.94%	16.33%	+34.61%

Frequently Asked Questions

Can I hold both HBIX.NEO and ^GSPC in my portfolio?

HBIX.NEO and ^GSPC have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.