HNACX vs. VRGWX

Last updated Jul 18, 2026

HNACX (Harbor Capital Appreciation Fund Retirement Class) and VRGWX (Vanguard Russell 1000 Growth Index Fund Institutional Shares) are both Large Cap Growth Equities funds. Over the past 5 years, HNACX returned 12.31%/yr vs 13.62%/yr for VRGWX. With a 0.96 correlation, they move nearly in lockstep. HNACX charges 0.57%/yr vs 0.05%/yr for VRGWX.

Performance

HNACX vs. VRGWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Capital Appreciation Fund Retirement Class (HNACX) and Vanguard Russell 1000 Growth Index Fund Institutional Shares (VRGWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HNACX achieves a 6.04% return, which is significantly higher than VRGWX's 2.71% return.

HNACX

• 1D: -1.36%
• 1M: 1.74%
• 6M: 6.66%
• YTD: 6.04%
• 1Y: 11.36%
• 3Y*: 24.38%
• 5Y*: 12.31%
• 10Y*: —

VRGWX

• 1D: -1.94%
• 1M: -0.34%
• 6M: 3.30%
• YTD: 2.71%
• 1Y: 12.22%
• 3Y*: 20.32%
• 5Y*: 13.62%
• 10Y*: 18.22%

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

HNACX vs. VRGWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HNACX Harbor Capital Appreciation Fund Retirement Class	6.04%	14.04%	46.43%	53.86%	-37.67%	15.43%	54.82%	33.53%	-1.24%	35.33%
VRGWX Vanguard Russell 1000 Growth Index Fund Institutional Shares	2.71%	18.32%	33.25%	42.65%	-29.18%	32.42%	38.38%	36.30%	-1.59%	30.11%

Correlation

The correlation between HNACX and VRGWX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.96

The correlation between HNACX and VRGWX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

HNACX vs. VRGWX — Risk / Return Rank

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

HNACX

HNACX Risk / Return Rank: 10
HNACX Sharpe Ratio Rank: 11
HNACX Sortino Ratio Rank: 11
HNACX Omega Ratio Rank: 10
HNACX Calmar Ratio Rank: 9
HNACX Martin Ratio Rank: 9

VRGWX

VRGWX Risk / Return Rank: 12
VRGWX Sharpe Ratio Rank: 12
VRGWX Sortino Ratio Rank: 12
VRGWX Omega Ratio Rank: 12
VRGWX Calmar Ratio Rank: 11
VRGWX Martin Ratio Rank: 12

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. VRGWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Capital Appreciation Fund Retirement Class (HNACX) and Vanguard Russell 1000 Growth Index Fund Institutional Shares (VRGWX). 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	VRGWX	Difference
Sharpe ratio: Return per unit of total volatility	0.68	0.77	-0.09
Sortino ratio: Return per unit of downside risk	1.03	1.14	-0.11
Omega ratio: Gain probability vs. loss probability	1.13	1.14	-0.01
Calmar ratio: Return relative to maximum drawdown	0.66	0.80	-0.14
Martin ratio: Return relative to average drawdown	1.99	2.53	-0.53

HNACX vs. VRGWX - Sharpe Ratio Comparison

The current HNACX Sharpe Ratio is 0.68, which is comparable to the VRGWX Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of HNACX and VRGWX, 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. VRGWX - Drawdown Comparison

The maximum HNACX drawdown since its inception was -43.46%, which is greater than VRGWX's maximum drawdown of -32.70%. Use the drawdown chart below to compare losses from any high point for HNACX and VRGWX.

Drawdown Indicators

	HNACX	VRGWX	Difference
Max Drawdown Largest peak-to-trough decline	-43.46%	-32.70%	-10.76%
Max Drawdown (1Y) Largest decline over 1 year	-17.94%	-16.19%	-1.75%
Max Drawdown (3Y) Largest decline over 3 years	-27.32%	-23.44%	-3.88%
Max Drawdown (5Y) Largest decline over 5 years	-43.46%	-32.70%	-10.76%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.70%	—
Current Drawdown Current decline from peak	-3.93%	-5.76%	+1.83%
Average Drawdown Average peak-to-trough decline	-9.50%	-4.88%	-4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.95%	5.13%	+0.82%

Volatility

HNACX vs. VRGWX - Volatility Comparison

The current volatility for Harbor Capital Appreciation Fund Retirement Class (HNACX) is 5.14%, while Vanguard Russell 1000 Growth Index Fund Institutional Shares (VRGWX) has a volatility of 6.33%. This indicates that HNACX experiences smaller price fluctuations and is considered to be less risky than VRGWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HNACX	VRGWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	6.33%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	13.84%	13.62%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	17.45%	16.90%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.93%	21.87%	+4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.84%	21.24%	+3.60%

HNACX vs. VRGWX - Expense Ratio Comparison

HNACX has a 0.57% expense ratio, which is higher than VRGWX's 0.05% expense ratio.

Dividends

HNACX vs. VRGWX - Dividend Comparison

HNACX's dividend yield for the trailing twelve months is around 10.56%, more than VRGWX's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HNACX Harbor Capital Appreciation Fund Retirement Class	10.56%	11.19%	21.66%	0.00%	0.00%	18.62%	12.25%	8.97%	11.07%	11.64%	0.00%	0.00%
VRGWX Vanguard Russell 1000 Growth Index Fund Institutional Shares	0.47%	0.35%	0.56%	0.71%	0.99%	4.18%	0.77%	1.03%	1.22%	1.22%	1.52%	1.51%

Frequently Asked Questions

Can I hold both HNACX and VRGWX in my portfolio?

With a correlation of 0.97, HNACX and VRGWX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HNACX or VRGWX?

VRGWX has higher volatility (6.33%) compared to HNACX (5.14%). In terms of maximum drawdown, HNACX dropped -43.46% vs VRGWX's -32.70%.

Which has better risk-adjusted returns?

VRGWX currently has the higher Sharpe Ratio (0.77 vs 0.68), 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.