SPGP vs. HACAX

Last updated Jun 4, 2026

SPGP (Invesco S&P 500 GARP ETF) and HACAX (Harbor Capital Appreciation Fund Class I) are both funds - SPGP is a S&P 500 fund tracking the S&P 500 GARP Index, while HACAX is a Large Cap Growth Equities fund managed by Harbor. Over the past 10 years, SPGP returned 14.80%/yr vs 19.17%/yr for HACAX. A 0.74 correlation means they provide meaningful diversification when combined. SPGP charges 0.36%/yr vs 0.71%/yr for HACAX.

Performance

SPGP vs. HACAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 GARP ETF (SPGP) and Harbor Capital Appreciation Fund Class I (HACAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPGP achieves a 6.12% return, which is significantly lower than HACAX's 9.59% return. Over the past 10 years, SPGP has underperformed HACAX with an annualized return of 14.80%, while HACAX has yielded a comparatively higher 19.17% annualized return.

SPGP

• 1D: -0.56%
• 1M: 3.93%
• YTD: 6.12%
• 6M: 6.65%
• 1Y: 17.19%
• 3Y*: 12.90%
• 5Y*: 7.90%
• 10Y*: 14.80%

HACAX

• 1D: -0.68%
• 1M: 7.50%
• YTD: 9.59%
• 6M: 8.21%
• 1Y: 21.34%
• 3Y*: 28.91%
• 5Y*: 15.15%
• 10Y*: 19.17%

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

SPGP vs. HACAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPGP Invesco S&P 500 GARP ETF	6.12%	9.80%	8.48%	20.29%	-13.83%	35.72%	15.92%	39.16%	1.68%	36.24%
HACAX Harbor Capital Appreciation Fund Class I	9.59%	13.95%	46.37%	53.74%	-37.72%	15.32%	54.69%	33.42%	-1.30%	36.68%

Correlation

The correlation between SPGP and HACAX is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 17, 2011	0.74

The correlation between SPGP and HACAX shifts across timeframes, from 0.60 (3 years) to 0.75 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

SPGP vs. HACAX — Risk / Return Rank

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

SPGP

SPGP Risk / Return Rank: 32
SPGP Sharpe Ratio Rank: 31
SPGP Sortino Ratio Rank: 32
SPGP Omega Ratio Rank: 30
SPGP Calmar Ratio Rank: 31
SPGP Martin Ratio Rank: 37

HACAX

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

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.

SPGP vs. HACAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 GARP ETF (SPGP) and Harbor Capital Appreciation Fund Class I (HACAX). 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.

	SPGP	HACAX	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.34	-0.20
Sortino ratio: Return per unit of downside risk	1.73	1.89	-0.15
Omega ratio: Gain probability vs. loss probability	1.20	1.24	-0.04
Calmar ratio: Return relative to maximum drawdown	1.55	1.22	+0.32
Martin ratio: Return relative to average drawdown	5.94	3.86	+2.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPGP vs. HACAX - Sharpe Ratio Comparison

The current SPGP Sharpe Ratio is 1.14, which is comparable to the HACAX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of SPGP and HACAX, 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

	SPGP	HACAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.34	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.59	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.79	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.62	+0.12

Drawdowns

SPGP vs. HACAX - Drawdown Comparison

The maximum SPGP drawdown since its inception was -42.08%, smaller than the maximum HACAX drawdown of -63.05%. Use the drawdown chart below to compare losses from any high point for SPGP and HACAX.

Drawdown Indicators

	SPGP	HACAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.08%	-63.05%	+20.97%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-17.96%	+6.81%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	-27.37%	+4.50%
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	-43.52%	+20.65%
Max Drawdown (10Y) Largest decline over 10 years	-42.08%	-43.52%	+1.44%
Current Drawdown Current decline from peak	-0.56%	-0.68%	+0.12%
Average Drawdown Average peak-to-trough decline	-4.36%	-16.22%	+11.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	5.68%	-2.78%

Volatility

SPGP vs. HACAX - Volatility Comparison

Invesco S&P 500 GARP ETF (SPGP) and Harbor Capital Appreciation Fund Class I (HACAX) have volatilities of 3.74% and 3.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGP	HACAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	3.84%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.57%	12.38%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	15.13%	16.37%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.51%	25.82%	-7.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	24.37%	-3.17%

SPGP vs. HACAX - Expense Ratio Comparison

SPGP has a 0.36% expense ratio, which is lower than HACAX's 0.71% expense ratio.

Dividends

SPGP vs. HACAX - Dividend Comparison

SPGP's dividend yield for the trailing twelve months is around 0.88%, less than HACAX's 10.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HACAX Harbor Capital Appreciation Fund Class I	10.27%	11.25%	21.75%	0.00%	0.00%	18.64%	12.25%	8.88%	10.97%	11.56%	6.26%	6.83%
SPGP Invesco S&P 500 GARP ETF	0.88%	1.04%	1.38%	1.24%	1.22%	0.69%	1.10%	0.86%	0.95%	0.68%	0.89%	1.12%

Frequently Asked Questions

Can I hold both SPGP and HACAX in my portfolio?

SPGP and HACAX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPGP or HACAX?

HACAX has higher volatility (3.84%) compared to SPGP (3.74%). In terms of maximum drawdown, SPGP dropped -42.08% vs HACAX's -63.05%.

Which has better risk-adjusted returns?

HACAX currently has the higher Sharpe Ratio (1.34 vs 1.14), 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.