LSEQ vs. ^GSPC

Last updated Jun 24, 2026

LSEQ (Harbor Long-Short Equity ETF) is Long-Short fund actively managed by Harbor, while ^GSPC (S&P 500 Index) is an index. Over the past year, LSEQ returned 29.70% vs 22.24% for ^GSPC. At a 0.36 correlation, their price movements are largely independent.

Performance

LSEQ vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Long-Short Equity ETF (LSEQ) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LSEQ achieves a 28.71% return, which is significantly higher than ^GSPC's 7.60% return.

LSEQ

• 1D: -1.44%
• 1M: 4.89%
• YTD: 28.71%
• 6M: 26.95%
• 1Y: 29.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: -1.44%
• 1M: -1.45%
• YTD: 7.60%
• 6M: 6.59%
• 1Y: 22.24%
• 3Y*: 19.20%
• 5Y*: 11.54%
• 10Y*: 13.71%

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

LSEQ vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LSEQ Harbor Long-Short Equity ETF	28.71%	4.13%	12.80%	-1.20%
^GSPC S&P 500 Index	7.60%	16.39%	23.31%	3.81%

Correlation

The correlation between LSEQ and ^GSPC is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Dec 4, 2023	0.36

Return for Risk

LSEQ vs. ^GSPC — Risk / Return Rank

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

LSEQ

LSEQ Risk / Return Rank: 69
LSEQ Sharpe Ratio Rank: 63
LSEQ Sortino Ratio Rank: 62
LSEQ Omega Ratio Rank: 63
LSEQ Calmar Ratio Rank: 82
LSEQ Martin Ratio Rank: 73

^GSPC

^GSPC Risk / Return Rank: 61
^GSPC Sharpe Ratio Rank: 58
^GSPC Sortino Ratio Rank: 57
^GSPC Omega Ratio Rank: 62
^GSPC Calmar Ratio Rank: 57
^GSPC Martin Ratio Rank: 72

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.

LSEQ vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Long-Short Equity ETF (LSEQ) 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.

	LSEQ	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.78	+0.15
Sortino ratio: Return per unit of downside risk	2.66	2.44	+0.23
Omega ratio: Gain probability vs. loss probability	1.35	1.32	+0.03
Calmar ratio: Return relative to maximum drawdown	4.03	2.46	+1.58
Martin ratio: Return relative to average drawdown	12.66	10.92	+1.74

LSEQ vs. ^GSPC - Sharpe Ratio Comparison

The current LSEQ Sharpe Ratio is 1.93, which is comparable to the ^GSPC Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of LSEQ 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

LSEQ vs. ^GSPC - Drawdown Comparison

The maximum LSEQ drawdown since its inception was -8.35%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for LSEQ and ^GSPC.

Drawdown Indicators

	LSEQ	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-8.35%	-56.78%	+48.43%
Max Drawdown (1Y) Largest decline over 1 year	-7.40%	-9.10%	+1.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.90%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.43%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-1.44%	-3.21%	+1.77%
Average Drawdown Average peak-to-trough decline	-3.19%	-10.71%	+7.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	2.04%	+0.31%

Volatility

LSEQ vs. ^GSPC - Volatility Comparison

Harbor Long-Short Equity ETF (LSEQ) has a higher volatility of 5.46% compared to S&P 500 Index (^GSPC) at 4.89%. This indicates that LSEQ'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

	LSEQ	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	4.89%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	13.34%	9.93%	+3.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.50%	12.57%	+2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	17.00%	-2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.46%	18.08%	-3.62%

Frequently Asked Questions

Can I hold both LSEQ and ^GSPC in my portfolio?

LSEQ and ^GSPC have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSEQ or ^GSPC?

LSEQ has higher volatility (5.46%) compared to ^GSPC (4.89%). In terms of maximum drawdown, LSEQ dropped -8.35% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

LSEQ currently has the higher Sharpe Ratio (1.93 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.