IVOG vs. HASGX

Last updated Jun 4, 2026

IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) and HASGX (Harbor Small Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, IVOG returned 11.61%/yr vs 12.94%/yr for HASGX. Their correlation of 0.91 suggests significant overlap in exposure. IVOG charges 0.15%/yr vs 0.87%/yr for HASGX.

Performance

IVOG vs. HASGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) and Harbor Small Cap Growth Fund (HASGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVOG achieves a 19.25% return, which is significantly higher than HASGX's 18.25% return. Over the past 10 years, IVOG has underperformed HASGX with an annualized return of 11.61%, while HASGX has yielded a comparatively higher 12.94% annualized return.

IVOG

• 1D: 0.27%
• 1M: 5.95%
• YTD: 19.25%
• 6M: 19.31%
• 1Y: 30.31%
• 3Y*: 18.06%
• 5Y*: 8.64%
• 10Y*: 11.61%

HASGX

• 1D: 0.89%
• 1M: 3.06%
• YTD: 18.25%
• 6M: 17.11%
• 1Y: 34.77%
• 3Y*: 16.47%
• 5Y*: 7.02%
• 10Y*: 12.94%

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

IVOG vs. HASGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOG Vanguard S&P Mid-Cap 400 Growth ETF	19.25%	7.34%	15.62%	17.36%	-19.08%	18.85%	22.60%	26.13%	-10.58%	19.90%
HASGX Harbor Small Cap Growth Fund	18.25%	11.44%	9.34%	22.20%	-25.60%	9.40%	38.54%	42.39%	-11.37%	24.71%

Correlation

The correlation between IVOG and HASGX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.91

The correlation between IVOG and HASGX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

IVOG vs. HASGX — Risk / Return Rank

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

IVOG

IVOG Risk / Return Rank: 56
IVOG Sharpe Ratio Rank: 51
IVOG Sortino Ratio Rank: 52
IVOG Omega Ratio Rank: 49
IVOG Calmar Ratio Rank: 63
IVOG Martin Ratio Rank: 66

HASGX

HASGX Risk / Return Rank: 45
HASGX Sharpe Ratio Rank: 40
HASGX Sortino Ratio Rank: 38
HASGX Omega Ratio Rank: 35
HASGX Calmar Ratio Rank: 56
HASGX Martin Ratio Rank: 58

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.

IVOG vs. HASGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) and Harbor Small Cap Growth Fund (HASGX). 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.

	IVOG	HASGX	Difference
Sharpe ratio Return per unit of total volatility	1.78	1.84	-0.06
Sortino ratio Return per unit of downside risk	2.56	2.56	0.00
Omega ratio Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio Return relative to maximum drawdown	3.14	2.86	+0.28
Martin ratio Return relative to average drawdown	12.34	11.58	+0.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOG vs. HASGX - Sharpe Ratio Comparison

The current IVOG Sharpe Ratio is 1.78, which is comparable to the HASGX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of IVOG and HASGX, 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

	IVOG	HASGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	1.84	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.30	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.56	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.42	+0.22

Drawdowns

IVOG vs. HASGX - Drawdown Comparison

The maximum IVOG drawdown since its inception was -39.32%, smaller than the maximum HASGX drawdown of -54.33%. Use the drawdown chart below to compare losses from any high point for IVOG and HASGX.

Drawdown Indicators

	IVOG	HASGX	Difference
Max Drawdown Largest peak-to-trough decline	-39.32%	-54.33%	+15.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.69%	-12.93%	+3.24%
Max Drawdown (3Y) Largest decline over 3 years	-25.61%	-28.49%	+2.88%
Max Drawdown (5Y) Largest decline over 5 years	-29.31%	-34.17%	+4.86%
Max Drawdown (10Y) Largest decline over 10 years	-39.32%	-38.53%	-0.79%
Current Drawdown Current decline from peak	0.00%	-0.60%	+0.60%
Average Drawdown Average peak-to-trough decline	-5.88%	-10.17%	+4.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	3.19%	-0.73%

Volatility

IVOG vs. HASGX - Volatility Comparison

The current volatility for Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) is 5.18%, while Harbor Small Cap Growth Fund (HASGX) has a volatility of 6.19%. This indicates that IVOG experiences smaller price fluctuations and is considered to be less risky than HASGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOG	HASGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	6.19%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	15.85%	-2.66%
Volatility (1Y) Calculated over the trailing 1-year period	17.14%	20.13%	-2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.61%	23.32%	-2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.59%	23.16%	-2.57%

IVOG vs. HASGX - Expense Ratio Comparison

IVOG has a 0.15% expense ratio, which is lower than HASGX's 0.87% expense ratio.

Dividends

IVOG vs. HASGX - Dividend Comparison

IVOG's dividend yield for the trailing twelve months is around 0.54%, less than HASGX's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HASGX Harbor Small Cap Growth Fund	0.95%	1.13%	3.53%	0.03%	4.80%	27.66%	7.21%	3.44%	27.29%	10.10%	0.47%	13.13%
IVOG Vanguard S&P Mid-Cap 400 Growth ETF	0.54%	0.64%	0.79%	1.15%	1.05%	0.47%	0.74%	1.17%	1.01%	0.93%	1.11%	1.04%

Frequently Asked Questions

Can I hold both IVOG and HASGX in my portfolio?

IVOG and HASGX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVOG or HASGX?

HASGX has higher volatility (6.19%) compared to IVOG (5.18%). In terms of maximum drawdown, IVOG dropped -39.32% vs HASGX's -54.33%.

Which has better risk-adjusted returns?

HASGX currently has the higher Sharpe Ratio (1.84 vs 1.78), 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.