EPSV vs. HAPS

Last updated Jun 24, 2026

EPSV (Harbor SMID Cap Value ETF) and HAPS (Harbor Human Capital Factor US Small Cap ETF) are both exchange-traded funds - EPSV is a Small Cap Value Equities 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. EPSV is actively managed, while HAPS is passively managed. Over the past year, EPSV returned 45.03% vs 30.70% for HAPS. Their correlation of 0.85 suggests significant overlap in exposure. EPSV charges 0.88%/yr vs 0.60%/yr for HAPS.

Performance

EPSV vs. HAPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor SMID Cap Value ETF (EPSV) 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, EPSV achieves a 27.95% return, which is significantly higher than HAPS's 14.76% return.

EPSV

• 1D: -0.87%
• 1M: 4.61%
• YTD: 27.95%
• 6M: 25.89%
• 1Y: 45.03%
• 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)

EPSV vs. HAPS - Yearly Performance Comparison

	2026 (YTD)	2025
EPSV Harbor SMID Cap Value ETF	27.95%	22.17%
HAPS Harbor Human Capital Factor US Small Cap ETF	14.76%	20.72%

Correlation

The correlation between EPSV and HAPS is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.85

The correlation between EPSV and HAPS has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

EPSV vs. HAPS - Sectors Allocation Comparison

Sectors	EPSV	HAPS
Industrials	23.2%	14.7%
Financial Services	17.9%	17.3%
Technology	16.1%	16.8%
Real Estate	8.3%	5.9%
Consumer Cyclical	8.3%	8.4%
Basic Materials	5.2%	5.7%
Energy	4.6%	7.2%
Consumer Defensive	3.7%	2.7%
Healthcare	2.4%	16.1%
Utilities	1.5%	2.5%
Communication Services	-	2.7%

Return for Risk

EPSV vs. HAPS — Risk / Return Rank

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

EPSV

EPSV Risk / Return Rank: 86
EPSV Sharpe Ratio Rank: 86
EPSV Sortino Ratio Rank: 87
EPSV Omega Ratio Rank: 80
EPSV Calmar Ratio Rank: 90
EPSV Martin Ratio Rank: 88

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.

EPSV vs. HAPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor SMID Cap Value ETF (EPSV) 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.

	EPSV	HAPS	Difference
Sharpe ratio: Return per unit of total volatility	2.50	1.81	+0.70
Sortino ratio: Return per unit of downside risk	3.51	2.66	+0.85
Omega ratio: Gain probability vs. loss probability	1.43	1.30	+0.13
Calmar ratio: Return relative to maximum drawdown	5.06	3.08	+1.98
Martin ratio: Return relative to average drawdown	17.56	10.43	+7.13

EPSV vs. HAPS - Sharpe Ratio Comparison

The current EPSV Sharpe Ratio is 2.50, which is higher than the HAPS Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of EPSV 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

EPSV vs. HAPS - Drawdown Comparison

The maximum EPSV drawdown since its inception was -8.93%, smaller than the maximum HAPS drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for EPSV and HAPS.

Drawdown Indicators

	EPSV	HAPS	Difference
Max Drawdown Largest peak-to-trough decline	-8.93%	-27.44%	+18.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-10.01%	+1.08%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.44%	—
Current Drawdown Current decline from peak	-0.87%	0.00%	-0.87%
Average Drawdown Average peak-to-trough decline	-1.63%	-6.04%	+4.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.95%	-0.38%

Volatility

EPSV vs. HAPS - Volatility Comparison

Harbor SMID Cap Value ETF (EPSV) has a higher volatility of 5.60% compared to Harbor Human Capital Factor US Small Cap ETF (HAPS) at 4.01%. This indicates that EPSV'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

	EPSV	HAPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	4.01%	+1.59%
Volatility (6M) Calculated over the trailing 6-month period	13.18%	11.92%	+1.26%
Volatility (1Y) Calculated over the trailing 1-year period	18.09%	17.10%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.24%	20.75%	-2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.24%	20.75%	-2.51%

EPSV vs. HAPS - Expense Ratio Comparison

EPSV has a 0.88% expense ratio, which is higher than HAPS's 0.60% expense ratio.

Dividends

EPSV vs. HAPS - Dividend Comparison

EPSV's dividend yield for the trailing twelve months is around 2.25%, more than HAPS's 0.49% yield.

Position	TTM	2025	2024	2023
EPSV Harbor SMID Cap Value ETF	2.25%	2.88%	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 EPSV and HAPS in my portfolio?

EPSV and HAPS have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPSV or HAPS?

EPSV has higher volatility (5.60%) compared to HAPS (4.01%). In terms of maximum drawdown, EPSV dropped -8.93% vs HAPS's -27.44%.

Which ETF is better, EPSV or HAPS?

On 1-year performance, EPSV leads with 45.03% vs 30.70% for HAPS. 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, EPSV or HAPS?

Over the 1-year period, EPSV has performed better with a 45.03% return vs 30.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPSV or HAPS?

HAPS is cheaper with a 0.60% expense ratio, compared with 0.88% for EPSV.

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

EPSV has the higher dividend yield at 2.25%, compared with 0.49% for HAPS.

What is the main difference between EPSV and HAPS?

EPSV is categorized as Small Cap Value Equities, while HAPS is Small Cap Blend Equities. Their fees differ too: 0.88% for EPSV and 0.60% for HAPS.

Which has better risk-adjusted returns?

EPSV currently has the higher Sharpe Ratio (2.50 vs 1.81), 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.