HAPI vs. MTUM

Last updated Jun 24, 2026

HAPI (Harbor Corporate Culture ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - HAPI is a Large Cap Blend Equities fund tracking the CIBC Human Capital Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 3 years, HAPI returned 20.53%/yr vs 33.87%/yr for MTUM. Their correlation of 0.81 suggests significant overlap in exposure. HAPI charges 0.35%/yr vs 0.15%/yr for MTUM.

Performance

HAPI vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Corporate Culture ETF (HAPI) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAPI achieves a 6.59% return, which is significantly lower than MTUM's 32.00% return.

HAPI

• 1D: -0.74%
• 1M: -1.48%
• YTD: 6.59%
• 6M: 6.06%
• 1Y: 19.78%
• 3Y*: 20.53%
• 5Y*: —
• 10Y*: —

MTUM

• 1D: -4.48%
• 1M: 8.74%
• YTD: 32.00%
• 6M: 29.92%
• 1Y: 41.78%
• 3Y*: 33.87%
• 5Y*: 15.18%
• 10Y*: 17.49%

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

HAPI vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HAPI Harbor Corporate Culture ETF	6.59%	16.26%	27.62%	30.29%	10.38%
MTUM iShares MSCI USA Momentum Factor ETF	32.00%	22.15%	32.89%	9.15%	9.35%

Correlation

The correlation between HAPI and MTUM is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 13, 2022	0.81

The correlation between HAPI and MTUM shifts across timeframes, from 0.72 (1 year) to 0.83 (3 years), reflecting how their relationship changes across market environments.

HAPI vs. MTUM - Sectors Allocation Comparison

Sectors	HAPI	MTUM
Technology	32.0%	50.2%
Communication Services	14.9%	5.1%
Financial Services	12.5%	5.0%
Industrials	9.1%	15.0%
Consumer Cyclical	9.0%	2.9%
Healthcare	7.9%	3.5%
Consumer Defensive	5.9%	3.7%
Energy	3.0%	10.5%
Utilities	2.7%	0.6%
Real Estate	1.5%	1.3%
Basic Materials	1.5%	2.3%

Return for Risk

HAPI vs. MTUM — Risk / Return Rank

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

HAPI

HAPI Risk / Return Rank: 54
HAPI Sharpe Ratio Rank: 53
HAPI Sortino Ratio Rank: 53
HAPI Omega Ratio Rank: 50
HAPI Calmar Ratio Rank: 53
HAPI Martin Ratio Rank: 62

MTUM

MTUM Risk / Return Rank: 64
MTUM Sharpe Ratio Rank: 59
MTUM Sortino Ratio Rank: 54
MTUM Omega Ratio Rank: 59
MTUM Calmar Ratio Rank: 74
MTUM Martin Ratio Rank: 76

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. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Corporate Culture ETF (HAPI) and iShares MSCI USA Momentum Factor ETF (MTUM). 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.

	HAPI	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.92	-0.24
Sortino ratio: Return per unit of downside risk	2.39	2.53	-0.14
Omega ratio: Gain probability vs. loss probability	1.30	1.35	-0.05
Calmar ratio: Return relative to maximum drawdown	2.45	3.64	-1.19
Martin ratio: Return relative to average drawdown	10.39	13.91	-3.53

HAPI vs. MTUM - Sharpe Ratio Comparison

The current HAPI Sharpe Ratio is 1.68, which is comparable to the MTUM Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of HAPI and MTUM, 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

HAPI vs. MTUM - Drawdown Comparison

The maximum HAPI drawdown since its inception was -19.46%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for HAPI and MTUM.

Drawdown Indicators

	HAPI	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-19.46%	-34.08%	+14.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.12%	-11.54%	+3.42%
Max Drawdown (3Y) Largest decline over 3 years	-19.46%	-20.99%	+1.53%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-2.93%	-4.48%	+1.55%
Average Drawdown Average peak-to-trough decline	-2.02%	-6.19%	+4.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	3.01%	-1.10%

Volatility

HAPI vs. MTUM - Volatility Comparison

The current volatility for Harbor Corporate Culture ETF (HAPI) is 4.10%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.20%. This indicates that HAPI experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAPI	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	12.20%	-8.10%
Volatility (6M) Calculated over the trailing 6-month period	9.38%	19.44%	-10.06%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	21.93%	-10.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.75%	21.15%	-5.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	21.31%	-5.56%

HAPI vs. MTUM - Expense Ratio Comparison

HAPI has a 0.35% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

HAPI vs. MTUM - Dividend Comparison

HAPI's dividend yield for the trailing twelve months is around 0.81%, more than MTUM's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAPI Harbor Corporate Culture ETF	0.81%	0.87%	0.21%	1.21%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MTUM iShares MSCI USA Momentum Factor ETF	0.56%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both HAPI and MTUM in my portfolio?

HAPI and MTUM have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HAPI or MTUM?

MTUM has higher volatility (12.20%) compared to HAPI (4.10%). In terms of maximum drawdown, HAPI dropped -19.46% vs MTUM's -34.08%.

Which ETF is better, HAPI or MTUM?

On 3-year performance, MTUM leads with 33.87% vs 20.53% for HAPI. On fees, MTUM is cheaper at 0.15% per year. On volatility, HAPI has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAPI or MTUM?

Over the 3-year period, MTUM has performed better with a 33.87% return vs 20.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAPI or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.35% for HAPI.

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

HAPI has the higher dividend yield at 0.81%, compared with 0.56% for MTUM.

What is the main difference between HAPI and MTUM?

HAPI is categorized as Large Cap Blend Equities, while MTUM is Momentum. HAPI tracks CIBC Human Capital Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Harbor and iShares. Their fees differ too: 0.35% for HAPI and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.92 vs 1.68), 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.