EFFE vs. HAPS

Last updated Jun 24, 2026

EFFE (Harbor Osmosis Emerging Markets Resource Efficient ETF) and HAPS (Harbor Human Capital Factor US Small Cap ETF) are both exchange-traded funds - EFFE is a Emerging Markets Diversified fund actively managed by Harbor, while HAPS is a Small Cap Blend Equities fund tracking the Human Capital Factor Small Cap Index - Benchmark TR Gross. EFFE is actively managed, while HAPS is passively managed. Over the past year, EFFE returned 30.19% vs 30.70% for HAPS. A 0.54 correlation means they provide meaningful diversification when combined. EFFE charges 0.69%/yr vs 0.60%/yr for HAPS.

Performance

EFFE vs. HAPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Osmosis Emerging Markets Resource Efficient ETF (EFFE) and Harbor Human Capital Factor US Small Cap ETF (HAPS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFFE achieves a 17.73% return, which is significantly higher than HAPS's 14.76% return.

EFFE

• 1D: -5.58%
• 1M: 0.23%
• YTD: 17.73%
• 6M: 18.02%
• 1Y: 30.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HAPS

• 1D: 0.13%
• 1M: 4.37%
• YTD: 14.76%
• 6M: 12.78%
• 1Y: 30.70%
• 3Y*: 13.58%
• 5Y*: —
• 10Y*: —

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

EFFE vs. HAPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EFFE Harbor Osmosis Emerging Markets Resource Efficient ETF	17.73%	22.42%	-0.84%
HAPS Harbor Human Capital Factor US Small Cap ETF	14.76%	8.35%	-0.16%

Correlation

The correlation between EFFE and HAPS is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.54

The correlation between EFFE and HAPS has been stable across timeframes, ranging from 0.51 to 0.54 - a consistent structural relationship.

Return for Risk

EFFE vs. HAPS — Risk / Return Rank

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

EFFE

EFFE Risk / Return Rank: 45
EFFE Sharpe Ratio Rank: 42
EFFE Sortino Ratio Rank: 38
EFFE Omega Ratio Rank: 44
EFFE Calmar Ratio Rank: 49
EFFE Martin Ratio Rank: 51

HAPS

HAPS Risk / Return Rank: 61
HAPS Sharpe Ratio Rank: 59
HAPS Sortino Ratio Rank: 63
HAPS Omega Ratio Rank: 53
HAPS Calmar Ratio Rank: 67
HAPS Martin Ratio Rank: 63

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.

EFFE vs. HAPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Osmosis Emerging Markets Resource Efficient ETF (EFFE) and Harbor Human Capital Factor US Small Cap ETF (HAPS). 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.

	EFFE	HAPS	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.81	-0.47
Sortino ratio: Return per unit of downside risk	1.83	2.66	-0.83
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	2.21	3.08	-0.88
Martin ratio: Return relative to average drawdown	7.90	10.43	-2.52

EFFE vs. HAPS - Sharpe Ratio Comparison

The current EFFE Sharpe Ratio is 1.34, which is comparable to the HAPS Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of EFFE and HAPS, 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

EFFE vs. HAPS - Drawdown Comparison

The maximum EFFE drawdown since its inception was -13.75%, smaller than the maximum HAPS drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for EFFE and HAPS.

Drawdown Indicators

	EFFE	HAPS	Difference
Max Drawdown Largest peak-to-trough decline	-13.75%	-27.44%	+13.69%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-10.01%	-3.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.44%	—
Current Drawdown Current decline from peak	-9.05%	0.00%	-9.05%
Average Drawdown Average peak-to-trough decline	-2.12%	-6.04%	+3.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	2.95%	+0.88%

Volatility

EFFE vs. HAPS - Volatility Comparison

Harbor Osmosis Emerging Markets Resource Efficient ETF (EFFE) has a higher volatility of 12.74% compared to Harbor Human Capital Factor US Small Cap ETF (HAPS) at 4.01%. This indicates that EFFE's price experiences larger fluctuations and is considered to be riskier than HAPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFFE	HAPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.74%	4.01%	+8.73%
Volatility (6M) Calculated over the trailing 6-month period	20.67%	11.92%	+8.75%
Volatility (1Y) Calculated over the trailing 1-year period	22.67%	17.10%	+5.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	20.75%	+0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	20.75%	+0.71%

EFFE vs. HAPS - Expense Ratio Comparison

EFFE has a 0.69% expense ratio, which is higher than HAPS's 0.60% expense ratio.

Dividends

EFFE vs. HAPS - Dividend Comparison

EFFE's dividend yield for the trailing twelve months is around 3.99%, more than HAPS's 0.49% yield.

Position	TTM	2025	2024	2023
EFFE Harbor Osmosis Emerging Markets Resource Efficient ETF	3.99%	4.69%	0.00%	0.00%
HAPS Harbor Human Capital Factor US Small Cap ETF	0.49%	0.57%	0.72%	0.42%

Frequently Asked Questions

Can I hold both EFFE and HAPS in my portfolio?

EFFE and HAPS have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFFE or HAPS?

EFFE has higher volatility (12.74%) compared to HAPS (4.01%). In terms of maximum drawdown, EFFE dropped -13.75% vs HAPS's -27.44%.

Which ETF is better, EFFE or HAPS?

On 1-year performance, HAPS leads with 30.70% vs 30.19% for EFFE. On fees, HAPS is cheaper at 0.60% per year. On volatility, HAPS has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFFE or HAPS?

Over the 1-year period, HAPS has performed better with a 30.70% return vs 30.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFFE or HAPS?

HAPS is cheaper with a 0.60% expense ratio, compared with 0.69% for EFFE.

Which ETF pays a higher dividend yield, EFFE or HAPS?

EFFE has the higher dividend yield at 3.99%, compared with 0.49% for HAPS.

What is the main difference between EFFE and HAPS?

EFFE is categorized as Emerging Markets Diversified, while HAPS is Small Cap Blend Equities. Their fees differ too: 0.69% for EFFE and 0.60% for HAPS.

Which has better risk-adjusted returns?

HAPS currently has the higher Sharpe Ratio (1.81 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.