LSEQ vs. SPY

Last updated Jun 25, 2026

LSEQ (Harbor Long-Short Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - LSEQ is a Long-Short fund actively managed by Harbor, while SPY is a S&P 500 fund tracking the S&P 500 Index. LSEQ is actively managed, while SPY is passively managed. Over the past year, LSEQ returned 28.44% vs 22.18% for SPY. At a 0.36 correlation, their price movements are largely independent. LSEQ charges 1.70%/yr vs 0.09%/yr for SPY.

Performance

LSEQ vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, LSEQ achieves a 27.48% return, which is significantly higher than SPY's 8.10% return.

LSEQ

• 1D: -0.96%
• 1M: 3.89%
• YTD: 27.48%
• 6M: 25.69%
• 1Y: 28.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.05%
• 1M: -1.41%
• YTD: 8.10%
• 6M: 6.77%
• 1Y: 22.18%
• 3Y*: 20.66%
• 5Y*: 12.96%
• 10Y*: 15.53%

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

LSEQ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LSEQ Harbor Long-Short Equity ETF	27.48%	4.13%	12.80%	-1.20%
SPY State Street SPDR S&P 500 ETF	8.10%	17.72%	24.89%	3.95%

Correlation

The correlation between LSEQ and SPY 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

LSEQ vs. SPY - Sectors Allocation Comparison

Sectors	LSEQ	SPY
Technology	21.1%	39.0%
Basic Materials	17.5%	1.7%
Healthcare	15.9%	8.3%
Consumer Cyclical	12.5%	9.9%
Communication Services	9.3%	10.6%
Industrials	9.2%	7.8%
Energy	7.0%	3.1%
Utilities	4.1%	2.1%
Consumer Defensive	2.7%	4.5%
Financial Services	0.6%	11.1%
Real Estate	-	1.8%

Return for Risk

LSEQ vs. SPY — 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

SPY

SPY Risk / Return Rank: 60
SPY Sharpe Ratio Rank: 59
SPY Sortino Ratio Rank: 57
SPY Omega Ratio Rank: 59
SPY Calmar Ratio Rank: 57
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Long-Short Equity ETF (LSEQ) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.79	+0.05
Sortino ratio: Return per unit of downside risk	2.56	2.45	+0.11
Omega ratio: Gain probability vs. loss probability	1.33	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	3.86	2.51	+1.35
Martin ratio: Return relative to average drawdown	12.10	11.15	+0.95

LSEQ vs. SPY - Sharpe Ratio Comparison

The current LSEQ Sharpe Ratio is 1.84, which is comparable to the SPY Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of LSEQ and SPY, 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. SPY - Drawdown Comparison

The maximum LSEQ drawdown since its inception was -8.35%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for LSEQ and SPY.

Drawdown Indicators

	LSEQ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-8.35%	-55.19%	+46.84%
Max Drawdown (1Y) Largest decline over 1 year	-7.40%	-8.88%	+1.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-2.38%	-3.22%	+0.84%
Average Drawdown Average peak-to-trough decline	-3.19%	-9.03%	+5.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	1.99%	+0.37%

Volatility

LSEQ vs. SPY - Volatility Comparison

Harbor Long-Short Equity ETF (LSEQ) has a higher volatility of 5.56% compared to State Street SPDR S&P 500 ETF (SPY) at 4.85%. This indicates that LSEQ's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSEQ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	4.85%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	13.38%	9.81%	+3.57%
Volatility (1Y) Calculated over the trailing 1-year period	15.50%	12.47%	+3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	17.15%	-2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.46%	17.95%	-3.49%

LSEQ vs. SPY - Expense Ratio Comparison

LSEQ has a 1.70% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

LSEQ vs. SPY - Dividend Comparison

LSEQ's dividend yield for the trailing twelve months is around 1.73%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LSEQ Harbor Long-Short Equity ETF	1.73%	2.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both LSEQ and SPY in my portfolio?

LSEQ and SPY 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 SPY?

LSEQ has higher volatility (5.56%) compared to SPY (4.85%). In terms of maximum drawdown, LSEQ dropped -8.35% vs SPY's -55.19%.

Which ETF is better, LSEQ or SPY?

On 1-year performance, LSEQ leads with 28.44% vs 22.18% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LSEQ or SPY?

Over the 1-year period, LSEQ has performed better with a 28.44% return vs 22.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LSEQ or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.70% for LSEQ.

Which ETF pays a higher dividend yield, LSEQ or SPY?

LSEQ has the higher dividend yield at 1.73%, compared with 1.03% for SPY.

What is the main difference between LSEQ and SPY?

LSEQ is categorized as Long-Short, while SPY is S&P 500. They also come from different issuers: Harbor and State Street. Their fees differ too: 1.70% for LSEQ and 0.09% for SPY.

Which has better risk-adjusted returns?

LSEQ currently has the higher Sharpe Ratio (1.84 vs 1.79), 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.