HBIX.NEO vs. ^GSPC

Last updated Jun 26, 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 -47.73% vs 25.24% for ^GSPC. At a 0.43 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 -34.85% return, which is significantly lower than ^GSPC's 11.72% return.

HBIX.NEO

• 1D: -1.27%
• 1M: -23.76%
• YTD: -34.85%
• 6M: -34.38%
• 1Y: -47.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 0.17%
• 1M: 0.91%
• YTD: 11.72%
• 6M: 10.40%
• 1Y: 25.24%
• 3Y*: 22.49%
• 5Y*: 14.70%
• 10Y*: 14.93%

*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	-34.85%	-9.56%
^GSPC S&P 500 Index	11.72%	19.06%

Correlation

The correlation between HBIX.NEO and ^GSPC is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 5, 2025	0.43

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: 2
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: 70
^GSPC Sharpe Ratio Rank: 68
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 71
^GSPC Calmar Ratio Rank: 62
^GSPC Martin Ratio Rank: 78

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.

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.

	HBIX.NEO	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	1.97	-2.89
Sortino ratio: Return per unit of downside risk	-1.32	2.73	-4.06
Omega ratio: Gain probability vs. loss probability	0.85	1.35	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.84	2.76	-3.60
Martin ratio: Return relative to average drawdown	-1.39	10.25	-11.64

HBIX.NEO vs. ^GSPC - Sharpe Ratio Comparison

The current HBIX.NEO Sharpe Ratio is -0.92, which is lower than the ^GSPC Sharpe Ratio of 1.97. 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.

Drawdowns

HBIX.NEO vs. ^GSPC - Drawdown Comparison

The maximum HBIX.NEO drawdown since its inception was -57.09%, which is greater than ^GSPC's maximum drawdown of -48.87%. 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	-57.09%	-48.87%	-8.22%
Max Drawdown (1Y) Largest decline over 1 year	-57.09%	-9.17%	-47.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.59%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.97%	—
Current Drawdown Current decline from peak	-56.86%	-1.12%	-55.74%
Average Drawdown Average peak-to-trough decline	-25.66%	-9.65%	-16.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.42%	2.47%	+31.95%

Volatility

HBIX.NEO vs. ^GSPC - Volatility Comparison

Harvest Bitcoin Enhanced Income ETF (HBIX.NEO) has a higher volatility of 15.33% compared to S&P 500 Index (^GSPC) at 5.13%. 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	15.33%	5.13%	+10.20%
Volatility (6M) Calculated over the trailing 6-month period	41.43%	10.30%	+31.13%
Volatility (1Y) Calculated over the trailing 1-year period	52.45%	12.87%	+39.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.98%	17.97%	+33.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.98%	19.15%	+31.83%

Frequently Asked Questions

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

HBIX.NEO and ^GSPC have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.