HAP vs. MOAT

Last updated Jun 3, 2026

HAP (VanEck Natural Resources ETF) and MOAT (VanEck Vectors Morningstar Wide Moat ETF) are both exchange-traded funds - HAP is a Energy Equities fund tracking the MarketVector Global Natural Resources Index, while MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index. Both are passively managed. Over the past 10 years, HAP returned 12.03%/yr vs 13.53%/yr for MOAT. A 0.68 correlation means they provide meaningful diversification when combined. HAP charges 0.42%/yr vs 0.48%/yr for MOAT.

Performance

HAP vs. MOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Natural Resources ETF (HAP) and VanEck Vectors Morningstar Wide Moat ETF (MOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAP achieves a 21.93% return, which is significantly higher than MOAT's 0.44% return. Over the past 10 years, HAP has underperformed MOAT with an annualized return of 12.03%, while MOAT has yielded a comparatively higher 13.53% annualized return.

HAP

• 1D: 1.68%
• 1M: 0.53%
• YTD: 21.93%
• 6M: 25.47%
• 1Y: 47.26%
• 3Y*: 19.08%
• 5Y*: 11.72%
• 10Y*: 12.03%

MOAT

• 1D: -0.75%
• 1M: 3.92%
• YTD: 0.44%
• 6M: 1.97%
• 1Y: 17.72%
• 3Y*: 11.86%
• 5Y*: 8.51%
• 10Y*: 13.53%

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

HAP vs. MOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HAP VanEck Natural Resources ETF	21.93%	34.91%	-4.08%	2.46%	7.84%	25.04%	6.30%	18.60%	-10.68%	17.12%
MOAT VanEck Vectors Morningstar Wide Moat ETF	0.44%	13.20%	10.73%	31.89%	-13.66%	24.12%	14.84%	34.79%	-1.28%	23.18%

Correlation

The correlation between HAP and MOAT is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012	0.68

Over the past year, the correlation between HAP and MOAT has dropped to 0.38 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

HAP vs. MOAT - Sectors Allocation Comparison

Sectors	HAP	MOAT
Basic Materials	36.7%	-
Energy	32.3%	-
Industrials	10.2%	13.5%
Utilities	9.8%	-
Consumer Defensive	6.5%	17.5%
Healthcare	2.8%	16.0%
Technology	0.9%	32.8%
Real Estate	0.4%	0.8%
Consumer Cyclical	0.2%	10.3%
Communication Services	-	2.4%
Financial Services	-	6.7%

Return for Risk

HAP vs. MOAT — Risk / Return Rank

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

HAP

HAP Risk / Return Rank: 90
HAP Sharpe Ratio Rank: 91
HAP Sortino Ratio Rank: 88
HAP Omega Ratio Rank: 89
HAP Calmar Ratio Rank: 91
HAP Martin Ratio Rank: 93

MOAT

MOAT Risk / Return Rank: 33
MOAT Sharpe Ratio Rank: 36
MOAT Sortino Ratio Rank: 36
MOAT Omega Ratio Rank: 33
MOAT Calmar Ratio Rank: 29
MOAT Martin Ratio Rank: 30

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.

HAP vs. MOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Natural Resources ETF (HAP) and VanEck Vectors Morningstar Wide Moat ETF (MOAT). 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.

	HAP	MOAT	Difference
Sharpe ratio Return per unit of total volatility	3.19	1.29	+1.90
Sortino ratio Return per unit of downside risk	4.06	1.92	+2.13
Omega ratio Gain probability vs. loss probability	1.57	1.22	+0.35
Calmar ratio Return relative to maximum drawdown	5.94	1.42	+4.52
Martin ratio Return relative to average drawdown	24.35	4.45	+19.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HAP vs. MOAT - Sharpe Ratio Comparison

The current HAP Sharpe Ratio is 3.19, which is higher than the MOAT Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of HAP and MOAT, 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

	HAP	MOAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	1.29	+1.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.47	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.73	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.78	-0.52

Drawdowns

HAP vs. MOAT - Drawdown Comparison

The maximum HAP drawdown since its inception was -50.73%, which is greater than MOAT's maximum drawdown of -33.31%. Use the drawdown chart below to compare losses from any high point for HAP and MOAT.

Drawdown Indicators

	HAP	MOAT	Difference
Max Drawdown Largest peak-to-trough decline	-50.73%	-33.31%	-17.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-12.43%	+4.12%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	-21.44%	+4.52%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-23.96%	-1.70%
Max Drawdown (10Y) Largest decline over 10 years	-44.07%	-33.31%	-10.76%
Current Drawdown Current decline from peak	-1.60%	-3.39%	+1.79%
Average Drawdown Average peak-to-trough decline	-12.03%	-3.83%	-8.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	3.97%	-1.94%

Volatility

HAP vs. MOAT - Volatility Comparison

VanEck Natural Resources ETF (HAP) has a higher volatility of 4.38% compared to VanEck Vectors Morningstar Wide Moat ETF (MOAT) at 3.61%. This indicates that HAP's price experiences larger fluctuations and is considered to be riskier than MOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAP	MOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	3.61%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	9.79%	+2.44%
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	13.78%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.24%	18.17%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.74%	18.68%	+1.06%

HAP vs. MOAT - Expense Ratio Comparison

HAP has a 0.42% expense ratio, which is lower than MOAT's 0.48% expense ratio.

Dividends

HAP vs. MOAT - Dividend Comparison

HAP's dividend yield for the trailing twelve months is around 1.86%, more than MOAT's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAP VanEck Natural Resources ETF	1.86%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%
MOAT VanEck Vectors Morningstar Wide Moat ETF	1.35%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%

Frequently Asked Questions

Can I hold both HAP and MOAT in my portfolio?

HAP and MOAT have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HAP or MOAT?

HAP has higher volatility (4.38%) compared to MOAT (3.61%). In terms of maximum drawdown, HAP dropped -50.73% vs MOAT's -33.31%.

Which ETF is better, HAP or MOAT?

On 10-year performance, MOAT leads with 13.53% vs 12.03% for HAP. On fees, HAP is cheaper at 0.42% per year. On volatility, MOAT has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAP or MOAT?

Over the 10-year period, MOAT has performed better with a 13.53% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAP or MOAT?

HAP is cheaper with a 0.42% expense ratio, compared with 0.48% for MOAT.

Which ETF pays a higher dividend yield, HAP or MOAT?

HAP has the higher dividend yield at 1.86%, compared with 1.35% for MOAT.

What is the main difference between HAP and MOAT?

HAP is categorized as Energy Equities, while MOAT is Large Cap Blend Equities. HAP tracks MarketVector Global Natural Resources Index, while MOAT tracks Morningstar Wide Moat Focus Index. Their fees differ too: 0.42% for HAP and 0.48% for MOAT.

Which has better risk-adjusted returns?

HAP currently has the higher Sharpe Ratio (3.19 vs 1.29), 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.