EPEM vs. APMU

Last updated Jun 25, 2026

EPEM (Harbor Emerging Markets Equity ETF) and APMU (ActivePassive Intermediate Municipal Bond ETF) are both exchange-traded funds - EPEM is a Emerging Markets Diversified fund actively managed by Harbor, while APMU is a Municipal Bonds fund actively managed by ActivePassive. Both are actively managed. Over the past year, EPEM returned 44.02% vs 3.91% for APMU. At a 0.25 correlation, their price movements are largely independent. EPEM charges 0.84%/yr vs 0.36%/yr for APMU.

Performance

EPEM vs. APMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Emerging Markets Equity ETF (EPEM) and ActivePassive Intermediate Municipal Bond ETF (APMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPEM achieves a 23.73% return, which is significantly higher than APMU's 0.74% return.

EPEM

• 1D: -0.40%
• 1M: 0.78%
• YTD: 23.73%
• 6M: 25.59%
• 1Y: 44.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

APMU

• 1D: 0.15%
• 1M: 1.01%
• YTD: 0.74%
• 6M: 0.84%
• 1Y: 3.91%
• 3Y*: 2.95%
• 5Y*: —
• 10Y*: —

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

EPEM vs. APMU - Yearly Performance Comparison

	2026 (YTD)	2025
EPEM Harbor Emerging Markets Equity ETF	23.73%	20.73%
APMU ActivePassive Intermediate Municipal Bond ETF	0.74%	3.72%

Correlation

The correlation between EPEM and APMU is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.25

Return for Risk

EPEM vs. APMU — Risk / Return Rank

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

EPEM

EPEM Risk / Return Rank: 74
EPEM Sharpe Ratio Rank: 76
EPEM Sortino Ratio Rank: 67
EPEM Omega Ratio Rank: 76
EPEM Calmar Ratio Rank: 75
EPEM Martin Ratio Rank: 74

APMU

APMU Risk / Return Rank: 48
APMU Sharpe Ratio Rank: 54
APMU Sortino Ratio Rank: 55
APMU Omega Ratio Rank: 61
APMU Calmar Ratio Rank: 36
APMU Martin Ratio Rank: 35

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.

EPEM vs. APMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Emerging Markets Equity ETF (EPEM) and ActivePassive Intermediate Municipal Bond ETF (APMU). 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.

	EPEM	APMU	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.60	+0.49
Sortino ratio: Return per unit of downside risk	2.67	2.33	+0.34
Omega ratio: Gain probability vs. loss probability	1.39	1.33	+0.07
Calmar ratio: Return relative to maximum drawdown	3.33	1.64	+1.70
Martin ratio: Return relative to average drawdown	11.97	4.63	+7.34

EPEM vs. APMU - Sharpe Ratio Comparison

The current EPEM Sharpe Ratio is 2.10, which is higher than the APMU Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of EPEM and APMU, 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

EPEM vs. APMU - Drawdown Comparison

The maximum EPEM drawdown since its inception was -13.27%, which is greater than APMU's maximum drawdown of -4.39%. Use the drawdown chart below to compare losses from any high point for EPEM and APMU.

Drawdown Indicators

	EPEM	APMU	Difference
Max Drawdown Largest peak-to-trough decline	-13.27%	-4.39%	-8.88%
Max Drawdown (1Y) Largest decline over 1 year	-13.27%	-2.40%	-10.87%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.41%	—
Current Drawdown Current decline from peak	-6.10%	-0.88%	-5.22%
Average Drawdown Average peak-to-trough decline	-2.09%	-0.93%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	0.85%	+2.84%

Volatility

EPEM vs. APMU - Volatility Comparison

Harbor Emerging Markets Equity ETF (EPEM) has a higher volatility of 10.68% compared to ActivePassive Intermediate Municipal Bond ETF (APMU) at 0.79%. This indicates that EPEM's price experiences larger fluctuations and is considered to be riskier than APMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPEM	APMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	0.79%	+9.89%
Volatility (6M) Calculated over the trailing 6-month period	18.89%	1.78%	+17.11%
Volatility (1Y) Calculated over the trailing 1-year period	21.19%	2.45%	+18.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.88%	2.81%	+18.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.88%	2.81%	+18.07%

EPEM vs. APMU - Expense Ratio Comparison

EPEM has a 0.84% expense ratio, which is higher than APMU's 0.36% expense ratio.

Dividends

EPEM vs. APMU - Dividend Comparison

EPEM's dividend yield for the trailing twelve months is around 2.96%, more than APMU's 2.66% yield.

Position	TTM	2025	2024	2023
APMU ActivePassive Intermediate Municipal Bond ETF	2.66%	2.63%	2.42%	1.31%
EPEM Harbor Emerging Markets Equity ETF	2.96%	3.66%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPEM and APMU in my portfolio?

EPEM and APMU have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPEM or APMU?

EPEM has higher volatility (10.68%) compared to APMU (0.79%). In terms of maximum drawdown, EPEM dropped -13.27% vs APMU's -4.39%.

Which ETF is better, EPEM or APMU?

On 1-year performance, EPEM leads with 44.02% vs 3.91% for APMU. On fees, APMU is cheaper at 0.36% per year. On volatility, APMU has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPEM or APMU?

Over the 1-year period, EPEM has performed better with a 44.02% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPEM or APMU?

APMU is cheaper with a 0.36% expense ratio, compared with 0.84% for EPEM.

Which ETF pays a higher dividend yield, EPEM or APMU?

EPEM has the higher dividend yield at 2.96%, compared with 2.66% for APMU.

What is the main difference between EPEM and APMU?

EPEM is categorized as Emerging Markets Diversified, while APMU is Municipal Bonds. They also come from different issuers: Harbor and ActivePassive. Their fees differ too: 0.84% for EPEM and 0.36% for APMU.

Which has better risk-adjusted returns?

EPEM currently has the higher Sharpe Ratio (2.10 vs 1.60), 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.