VOOG vs. HACAX

Last updated Jun 4, 2026

VOOG (Vanguard S&P 500 Growth ETF) and HACAX (Harbor Capital Appreciation Fund Class I) are both funds - VOOG is a S&P 500 fund tracking the S&P 500 Growth Index, while HACAX is a Large Cap Growth Equities fund managed by Harbor. Over the past 10 years, VOOG returned 18.15%/yr vs 19.17%/yr for HACAX. Their correlation of 0.93 suggests significant overlap in exposure. VOOG charges 0.07%/yr vs 0.71%/yr for HACAX.

Performance

VOOG vs. HACAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Growth ETF (VOOG) 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, VOOG achieves a 13.78% return, which is significantly higher than HACAX's 9.59% return. Over the past 10 years, VOOG has underperformed HACAX with an annualized return of 18.15%, while HACAX has yielded a comparatively higher 19.17% annualized return.

VOOG

• 1D: -0.93%
• 1M: 7.44%
• YTD: 13.78%
• 6M: 13.58%
• 1Y: 34.04%
• 3Y*: 28.13%
• 5Y*: 16.03%
• 10Y*: 18.15%

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)

VOOG vs. HACAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOOG Vanguard S&P 500 Growth ETF	13.78%	22.11%	35.89%	29.96%	-29.48%	31.95%	33.35%	30.93%	-0.21%	27.19%
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 VOOG and HACAX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.93

The correlation between VOOG and HACAX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

VOOG vs. HACAX — Risk / Return Rank

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

VOOG

VOOG Risk / Return Rank: 58
VOOG Sharpe Ratio Rank: 63
VOOG Sortino Ratio Rank: 61
VOOG Omega Ratio Rank: 59
VOOG Calmar Ratio Rank: 50
VOOG Martin Ratio Rank: 58

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.

VOOG vs. HACAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Growth ETF (VOOG) 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.

	VOOG	HACAX	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.34	+0.81
Sortino ratio: Return per unit of downside risk	2.91	1.89	+1.03
Omega ratio: Gain probability vs. loss probability	1.37	1.24	+0.13
Calmar ratio: Return relative to maximum drawdown	2.49	1.22	+1.27
Martin ratio: Return relative to average drawdown	10.32	3.86	+6.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOOG vs. HACAX - Sharpe Ratio Comparison

The current VOOG Sharpe Ratio is 2.16, which is higher than the HACAX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of VOOG 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

	VOOG	HACAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	1.34	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.59	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.79	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.62	+0.29

Drawdowns

VOOG vs. HACAX - Drawdown Comparison

The maximum VOOG drawdown since its inception was -32.73%, smaller than the maximum HACAX drawdown of -63.05%. Use the drawdown chart below to compare losses from any high point for VOOG and HACAX.

Drawdown Indicators

	VOOG	HACAX	Difference
Max Drawdown Largest peak-to-trough decline	-32.73%	-63.05%	+30.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-17.96%	+4.25%
Max Drawdown (3Y) Largest decline over 3 years	-22.18%	-27.37%	+5.19%
Max Drawdown (5Y) Largest decline over 5 years	-32.73%	-43.52%	+10.79%
Max Drawdown (10Y) Largest decline over 10 years	-32.73%	-43.52%	+10.79%
Current Drawdown Current decline from peak	-1.08%	-0.68%	-0.40%
Average Drawdown Average peak-to-trough decline	-4.97%	-16.22%	+11.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	5.68%	-2.37%

Volatility

VOOG vs. HACAX - Volatility Comparison

Vanguard S&P 500 Growth ETF (VOOG) has a higher volatility of 4.32% compared to Harbor Capital Appreciation Fund Class I (HACAX) at 3.84%. This indicates that VOOG's price experiences larger fluctuations and is considered to be riskier than HACAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOOG	HACAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	3.84%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	12.41%	12.38%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	15.85%	16.37%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.19%	25.82%	-4.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	24.37%	-3.64%

VOOG vs. HACAX - Expense Ratio Comparison

VOOG has a 0.07% expense ratio, which is lower than HACAX's 0.71% expense ratio.

Dividends

VOOG vs. HACAX - Dividend Comparison

VOOG's dividend yield for the trailing twelve months is around 0.44%, 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%
VOOG Vanguard S&P 500 Growth ETF	0.44%	0.49%	0.49%	1.12%	0.93%	0.53%	0.88%	1.26%	1.34%	1.32%	1.47%	1.56%

Frequently Asked Questions

Can I hold both VOOG and HACAX in my portfolio?

With a correlation of 0.96, VOOG and HACAX 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, VOOG or HACAX?

VOOG has higher volatility (4.32%) compared to HACAX (3.84%). In terms of maximum drawdown, VOOG dropped -32.73% vs HACAX's -63.05%.

Which has better risk-adjusted returns?

VOOG currently has the higher Sharpe Ratio (2.16 vs 1.34), 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.