HAPI vs. ITOT

Last updated Jun 4, 2026

HAPI (Harbor Corporate Culture ETF) and ITOT (iShares Core S&P Total U.S. Stock Market ETF) are both Large Cap Blend Equities funds - HAPI tracks the CIBC Human Capital Index while ITOT tracks the S&P Total Market Index. Both are passively managed. Over the past 3 years, HAPI returned 22.05%/yr vs 22.09%/yr for ITOT. With a 0.96 correlation, they move nearly in lockstep. HAPI charges 0.35%/yr vs 0.03%/yr for ITOT.

Performance

HAPI vs. ITOT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Corporate Culture ETF (HAPI) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAPI achieves a 8.77% return, which is significantly lower than ITOT's 11.25% return.

HAPI

• 1D: -0.70%
• 1M: 3.58%
• YTD: 8.77%
• 6M: 9.40%
• 1Y: 22.73%
• 3Y*: 22.05%
• 5Y*: —
• 10Y*: —

ITOT

• 1D: -0.73%
• 1M: 5.01%
• YTD: 11.25%
• 6M: 11.12%
• 1Y: 28.12%
• 3Y*: 22.09%
• 5Y*: 12.69%
• 10Y*: 15.01%

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

HAPI vs. ITOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HAPI Harbor Corporate Culture ETF	8.77%	16.26%	27.62%	30.29%	6.17%
ITOT iShares Core S&P Total U.S. Stock Market ETF	11.25%	17.00%	23.80%	26.12%	4.66%

Correlation

The correlation between HAPI and ITOT is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 14, 2022	0.96

The correlation between HAPI and ITOT has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

HAPI vs. ITOT - Sectors Allocation Comparison

Sectors	HAPI	ITOT
Technology	31.8%	33.8%
Communication Services	16.0%	10.3%
Financial Services	11.6%	12.1%
Consumer Cyclical	9.7%	10.1%
Industrials	8.5%	9.5%
Healthcare	7.9%	9.0%
Consumer Defensive	5.8%	4.7%
Energy	3.1%	3.7%
Utilities	2.6%	2.3%
Real Estate	1.5%	2.4%
Basic Materials	1.4%	2.1%

Return for Risk

HAPI vs. ITOT — Risk / Return Rank

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

HAPI

HAPI Risk / Return Rank: 60
HAPI Sharpe Ratio Rank: 59
HAPI Sortino Ratio Rank: 60
HAPI Omega Ratio Rank: 57
HAPI Calmar Ratio Rank: 57
HAPI Martin Ratio Rank: 67

ITOT

ITOT Risk / Return Rank: 68
ITOT Sharpe Ratio Rank: 69
ITOT Sortino Ratio Rank: 68
ITOT Omega Ratio Rank: 67
ITOT Calmar Ratio Rank: 63
ITOT Martin Ratio Rank: 75

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.

HAPI vs. ITOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Corporate Culture ETF (HAPI) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). 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.

	HAPI	ITOT	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.32	-0.33
Sortino ratio: Return per unit of downside risk	2.85	3.17	-0.32
Omega ratio: Gain probability vs. loss probability	1.35	1.42	-0.06
Calmar ratio: Return relative to maximum drawdown	2.81	3.17	-0.36
Martin ratio: Return relative to average drawdown	12.30	14.57	-2.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HAPI vs. ITOT - Sharpe Ratio Comparison

The current HAPI Sharpe Ratio is 1.99, which is comparable to the ITOT Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of HAPI and ITOT, 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

	HAPI	ITOT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	2.32	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	0.57	+1.02

Drawdowns

HAPI vs. ITOT - Drawdown Comparison

The maximum HAPI drawdown since its inception was -19.46%, smaller than the maximum ITOT drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for HAPI and ITOT.

Drawdown Indicators

	HAPI	ITOT	Difference
Max Drawdown Largest peak-to-trough decline	-19.46%	-55.20%	+35.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.12%	-8.90%	+0.78%
Max Drawdown (3Y) Largest decline over 3 years	-19.46%	-19.44%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	-0.70%	-0.73%	+0.03%
Average Drawdown Average peak-to-trough decline	-2.02%	-6.97%	+4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.94%	-0.09%

Volatility

HAPI vs. ITOT - Volatility Comparison

The current volatility for Harbor Corporate Culture ETF (HAPI) is 2.45%, while iShares Core S&P Total U.S. Stock Market ETF (ITOT) has a volatility of 2.99%. This indicates that HAPI experiences smaller price fluctuations and is considered to be less risky than ITOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAPI	ITOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	2.99%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	8.71%	9.13%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	11.48%	12.20%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	17.36%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.60%	18.26%	-2.66%

HAPI vs. ITOT - Expense Ratio Comparison

HAPI has a 0.35% expense ratio, which is higher than ITOT's 0.03% expense ratio.

Dividends

HAPI vs. ITOT - Dividend Comparison

HAPI's dividend yield for the trailing twelve months is around 0.80%, less than ITOT's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAPI Harbor Corporate Culture ETF	0.80%	0.87%	0.21%	1.21%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ITOT iShares Core S&P Total U.S. Stock Market ETF	0.98%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%

Frequently Asked Questions

Can I hold both HAPI and ITOT in my portfolio?

With a correlation of 0.93, HAPI and ITOT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HAPI or ITOT?

ITOT has higher volatility (2.99%) compared to HAPI (2.45%). In terms of maximum drawdown, HAPI dropped -19.46% vs ITOT's -55.20%.

Which ETF is better, HAPI or ITOT?

On 3-year performance, ITOT leads with 22.09% vs 22.05% for HAPI. On fees, ITOT is cheaper at 0.03% per year. On volatility, HAPI has been the lower-risk option at 2.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAPI or ITOT?

Over the 3-year period, ITOT has performed better with a 22.09% return vs 22.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAPI or ITOT?

ITOT is cheaper with a 0.03% expense ratio, compared with 0.35% for HAPI.

Which ETF pays a higher dividend yield, HAPI or ITOT?

ITOT has the higher dividend yield at 0.98%, compared with 0.80% for HAPI.

What is the main difference between HAPI and ITOT?

HAPI tracks CIBC Human Capital Index, while ITOT tracks S&P Total Market Index. They also come from different issuers: Harbor and iShares. Their fees differ too: 0.35% for HAPI and 0.03% for ITOT.

Which has better risk-adjusted returns?

ITOT currently has the higher Sharpe Ratio (2.32 vs 1.99), 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.