HNACX vs. BLUEX

Last updated Jun 25, 2026

HNACX (Harbor Capital Appreciation Fund Retirement Class) and BLUEX (AMG Veritas Global Real Return Fund) are both Large Cap Growth Equities funds. Over the past 5 years, HNACX returned 11.62%/yr vs -0.16%/yr for BLUEX. A 0.73 correlation means they provide meaningful diversification when combined. HNACX charges 0.57%/yr vs 1.15%/yr for BLUEX.

Performance

HNACX vs. BLUEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Capital Appreciation Fund Retirement Class (HNACX) and AMG Veritas Global Real Return Fund (BLUEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HNACX achieves a 2.31% return, which is significantly higher than BLUEX's -7.33% return.

HNACX

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

BLUEX

• 1D: 0.76%
• 1M: -0.61%
• YTD: -7.33%
• 6M: -7.40%
• 1Y: -7.16%
• 3Y*: 2.92%
• 5Y*: -0.16%
• 10Y*: 9.68%

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

HNACX vs. BLUEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
BLUEX AMG Veritas Global Real Return Fund	-7.33%	4.45%	7.24%	14.35%	-14.30%	3.22%	34.74%	35.34%	-4.91%	27.86%

Correlation

The correlation between HNACX and BLUEX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.73

Over the past year, the correlation between HNACX and BLUEX has dropped to 0.36 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

HNACX vs. BLUEX — Risk / Return Rank

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

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

BLUEX

BLUEX Risk / Return Rank: 1
BLUEX Sharpe Ratio Rank: 1
BLUEX Sortino Ratio Rank: 1
BLUEX Omega Ratio Rank: 1
BLUEX Calmar Ratio Rank: 1
BLUEX Martin Ratio Rank: 1

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.

HNACX vs. BLUEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Capital Appreciation Fund Retirement Class (HNACX) and AMG Veritas Global Real Return Fund (BLUEX). 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.

	HNACX	BLUEX	Difference
Sharpe ratio: Return per unit of total volatility	0.77	-0.61	+1.38
Sortino ratio: Return per unit of downside risk	1.14	-0.80	+1.95
Omega ratio: Gain probability vs. loss probability	1.14	0.91	+0.23
Calmar ratio: Return relative to maximum drawdown	0.74	-0.53	+1.27
Martin ratio: Return relative to average drawdown	2.28	-1.22	+3.50

HNACX vs. BLUEX - Sharpe Ratio Comparison

The current HNACX Sharpe Ratio is 0.77, which is higher than the BLUEX Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of HNACX and BLUEX, 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

HNACX vs. BLUEX - Drawdown Comparison

The maximum HNACX drawdown since its inception was -43.46%, smaller than the maximum BLUEX drawdown of -54.27%. Use the drawdown chart below to compare losses from any high point for HNACX and BLUEX.

Drawdown Indicators

	HNACX	BLUEX	Difference
Max Drawdown Largest peak-to-trough decline	-43.46%	-54.27%	+10.81%
Max Drawdown (1Y) Largest decline over 1 year	-17.94%	-12.19%	-5.75%
Max Drawdown (3Y) Largest decline over 3 years	-27.32%	-12.19%	-15.13%
Max Drawdown (5Y) Largest decline over 5 years	-43.46%	-21.87%	-21.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.06%	—
Current Drawdown Current decline from peak	-7.31%	-9.26%	+1.95%
Average Drawdown Average peak-to-trough decline	-9.53%	-13.36%	+3.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.80%	5.23%	+0.57%

Volatility

HNACX vs. BLUEX - Volatility Comparison

Harbor Capital Appreciation Fund Retirement Class (HNACX) has a higher volatility of 6.71% compared to AMG Veritas Global Real Return Fund (BLUEX) at 3.97%. This indicates that HNACX's price experiences larger fluctuations and is considered to be riskier than BLUEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HNACX	BLUEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	3.97%	+2.74%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	8.31%	+5.14%
Volatility (1Y) Calculated over the trailing 1-year period	17.33%	10.47%	+6.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.91%	10.72%	+15.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.89%	16.57%	+8.32%

HNACX vs. BLUEX - Expense Ratio Comparison

HNACX has a 0.57% expense ratio, which is lower than BLUEX's 1.15% expense ratio.

Dividends

HNACX vs. BLUEX - Dividend Comparison

HNACX's dividend yield for the trailing twelve months is around 10.94%, more than BLUEX's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BLUEX AMG Veritas Global Real Return Fund	0.34%	0.31%	0.29%	0.03%	11.84%	27.20%	25.43%	13.71%	13.40%	0.00%	0.00%	0.24%
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 HNACX and BLUEX in my portfolio?

HNACX and BLUEX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HNACX or BLUEX?

HNACX has higher volatility (6.71%) compared to BLUEX (3.97%). In terms of maximum drawdown, HNACX dropped -43.46% vs BLUEX's -54.27%.

Which has better risk-adjusted returns?

HNACX currently has the higher Sharpe Ratio (0.77 vs -0.61), 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.