HNACX vs. VFAIX

Last updated Jun 4, 2026

HNACX (Harbor Capital Appreciation Fund Retirement Class) and VFAIX (Vanguard Financials Index Fund Admiral Shares) are both mutual funds - HNACX is a Large Cap Growth Equities fund managed by Harbor, while VFAIX is a Financials Equities fund managed by BlackRock. Over the past 5 years, HNACX returned 15.23%/yr vs 8.33%/yr for VFAIX. A 0.51 correlation means they provide meaningful diversification when combined. HNACX charges 0.57%/yr vs 0.10%/yr for VFAIX.

Performance

HNACX vs. VFAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Capital Appreciation Fund Retirement Class (HNACX) and Vanguard Financials Index Fund Admiral Shares (VFAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HNACX achieves a 9.63% return, which is significantly higher than VFAIX's -5.08% return.

HNACX

• 1D: -0.68%
• 1M: 7.51%
• YTD: 9.63%
• 6M: 8.26%
• 1Y: 21.43%
• 3Y*: 28.99%
• 5Y*: 15.23%
• 10Y*: —

VFAIX

• 1D: 0.03%
• 1M: -0.39%
• YTD: -5.08%
• 6M: -2.61%
• 1Y: 3.83%
• 3Y*: 18.99%
• 5Y*: 8.33%
• 10Y*: 12.42%

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

HNACX vs. VFAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HNACX Harbor Capital Appreciation Fund Retirement Class	9.63%	14.04%	46.43%	53.86%	-37.67%	15.43%	54.82%	33.53%	-1.24%	35.33%
VFAIX Vanguard Financials Index Fund Admiral Shares	-5.08%	14.90%	30.46%	14.07%	-12.26%	36.27%	-2.15%	31.63%	-13.47%	18.97%

Correlation

The correlation between HNACX and VFAIX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.51

The correlation between HNACX and VFAIX shifts across timeframes, from 0.45 (1 year) to 0.56 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HNACX vs. VFAIX — Risk / Return Rank

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

HNACX

HNACX Risk / Return Rank: 18
HNACX Sharpe Ratio Rank: 22
HNACX Sortino Ratio Rank: 20
HNACX Omega Ratio Rank: 21
HNACX Calmar Ratio Rank: 13
HNACX Martin Ratio Rank: 13

VFAIX

VFAIX Risk / Return Rank: 4
VFAIX Sharpe Ratio Rank: 4
VFAIX Sortino Ratio Rank: 4
VFAIX Omega Ratio Rank: 4
VFAIX Calmar Ratio Rank: 4
VFAIX Martin Ratio Rank: 4

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. VFAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Capital Appreciation Fund Retirement Class (HNACX) and Vanguard Financials Index Fund Admiral Shares (VFAIX). 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.

	HNACX	VFAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	0.29	+1.06
Sortino ratio: Return per unit of downside risk	1.89	0.48	+1.41
Omega ratio: Gain probability vs. loss probability	1.24	1.06	+0.18
Calmar ratio: Return relative to maximum drawdown	1.23	0.29	+0.95
Martin ratio: Return relative to average drawdown	3.89	0.76	+3.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HNACX vs. VFAIX - Sharpe Ratio Comparison

The current HNACX Sharpe Ratio is 1.35, which is higher than the VFAIX Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of HNACX and VFAIX, 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

	HNACX	VFAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	0.29	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.43	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.23	+0.58

Drawdowns

HNACX vs. VFAIX - Drawdown Comparison

The maximum HNACX drawdown since its inception was -43.46%, smaller than the maximum VFAIX drawdown of -78.64%. Use the drawdown chart below to compare losses from any high point for HNACX and VFAIX.

Drawdown Indicators

	HNACX	VFAIX	Difference
Max Drawdown Largest peak-to-trough decline	-43.46%	-78.64%	+35.18%
Max Drawdown (1Y) Largest decline over 1 year	-17.94%	-14.72%	-3.22%
Max Drawdown (3Y) Largest decline over 3 years	-27.32%	-17.31%	-10.01%
Max Drawdown (5Y) Largest decline over 5 years	-43.46%	-25.71%	-17.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.37%	—
Current Drawdown Current decline from peak	-0.68%	-7.97%	+7.29%
Average Drawdown Average peak-to-trough decline	-9.56%	-18.61%	+9.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.67%	5.51%	+0.16%

Volatility

HNACX vs. VFAIX - Volatility Comparison

Harbor Capital Appreciation Fund Retirement Class (HNACX) has a higher volatility of 3.84% compared to Vanguard Financials Index Fund Admiral Shares (VFAIX) at 3.07%. This indicates that HNACX's price experiences larger fluctuations and is considered to be riskier than VFAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HNACX	VFAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	3.07%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	10.98%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	16.36%	14.68%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.80%	19.33%	+6.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.88%	22.60%	+2.28%

HNACX vs. VFAIX - Expense Ratio Comparison

HNACX has a 0.57% expense ratio, which is higher than VFAIX's 0.10% expense ratio.

Dividends

HNACX vs. VFAIX - Dividend Comparison

HNACX's dividend yield for the trailing twelve months is around 10.21%, more than VFAIX's 1.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HNACX Harbor Capital Appreciation Fund Retirement Class	10.21%	11.19%	21.66%	0.00%	0.00%	18.62%	12.25%	8.97%	11.07%	11.64%	0.00%	0.00%
VFAIX Vanguard Financials Index Fund Admiral Shares	1.54%	1.56%	1.75%	2.08%	2.31%	2.62%	2.21%	2.17%	2.30%	1.54%	1.64%	2.00%

Frequently Asked Questions

Can I hold both HNACX and VFAIX in my portfolio?

HNACX and VFAIX have a correlation of 0.45, 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 VFAIX?

HNACX has higher volatility (3.84%) compared to VFAIX (3.07%). In terms of maximum drawdown, HNACX dropped -43.46% vs VFAIX's -78.64%.

Which has better risk-adjusted returns?

HNACX currently has the higher Sharpe Ratio (1.35 vs 0.29), 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.