EPEM vs. CLIP

Last updated Jun 5, 2026

EPEM (Harbor Emerging Markets Equity ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both exchange-traded funds - EPEM is a Emerging Markets Diversified fund actively managed by Harbor, while CLIP is a Ultrashort Bond fund tracking the Solactive 1-3 month US T-Bill Index - USD. EPEM is actively managed, while CLIP is passively managed. At a correlation of -0.10, they often move in opposite directions. EPEM charges 0.84%/yr vs 0.07%/yr for CLIP.

Performance

EPEM vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Emerging Markets Equity ETF (EPEM) and Global X 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPEM achieves a 28.50% return, which is significantly higher than CLIP's 1.52% return.

EPEM

• 1D: -0.80%
• 1M: 4.68%
• YTD: 28.50%
• 6M: 31.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLIP

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.52%
• 6M: 1.80%
• 1Y: 3.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EPEM vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025
EPEM Harbor Emerging Markets Equity ETF	28.50%	20.76%
CLIP Global X 1-3 Month T-Bill ETF	1.52%	2.40%

Correlation

The correlation between EPEM and CLIP is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 6, 2025	-0.10

Return for Risk

EPEM vs. CLIP — Risk / Return Rank

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

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

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. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Emerging Markets Equity ETF (EPEM) and Global X 1-3 Month T-Bill ETF (CLIP). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	EPEM	CLIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	17.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.88	10.71	-7.82

Drawdowns

EPEM vs. CLIP - Drawdown Comparison

The maximum EPEM drawdown since its inception was -13.27%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for EPEM and CLIP.

Drawdown Indicators

	EPEM	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-13.27%	-0.08%	-13.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.03%	—
Current Drawdown Current decline from peak	-2.48%	0.00%	-2.48%
Average Drawdown Average peak-to-trough decline	-1.96%	-0.00%	-1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	EPEM	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.36%	0.23%	+19.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.36%	0.44%	+18.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.36%	0.44%	+18.92%

EPEM vs. CLIP - Expense Ratio Comparison

EPEM has a 0.84% expense ratio, which is higher than CLIP's 0.07% expense ratio.

Dividends

EPEM vs. CLIP - Dividend Comparison

EPEM's dividend yield for the trailing twelve months is around 2.85%, less than CLIP's 3.91% yield.

Position	TTM	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	3.91%	4.14%	5.11%	2.75%
EPEM Harbor Emerging Markets Equity ETF	2.85%	3.66%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPEM and CLIP in my portfolio?

EPEM and CLIP have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EPEM or CLIP?

On fees, CLIP is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EPEM or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.84% for EPEM.

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

CLIP has the higher dividend yield at 3.91%, compared with 2.85% for EPEM.

What is the main difference between EPEM and CLIP?

EPEM is categorized as Emerging Markets Diversified, while CLIP is Ultrashort Bond. They also come from different issuers: Harbor and Global X. Their fees differ too: 0.84% for EPEM and 0.07% for CLIP.