HAPS vs. ASCE

Last updated Jun 4, 2026

HAPS (Harbor Human Capital Factor US Small Cap ETF) and ASCE (Allspring SMID Core ETF) are both Small Cap Blend Equities funds. HAPS is passively managed, while ASCE is actively managed. Their correlation of 0.85 suggests significant overlap in exposure. HAPS charges 0.60%/yr vs 0.38%/yr for ASCE.

Performance

HAPS vs. ASCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Human Capital Factor US Small Cap ETF (HAPS) and Allspring SMID Core ETF (ASCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAPS achieves a 10.18% return, which is significantly lower than ASCE's 22.25% return.

HAPS

• 1D: -1.19%
• 1M: 0.51%
• YTD: 10.18%
• 6M: 10.07%
• 1Y: 26.09%
• 3Y*: 11.58%
• 5Y*: —
• 10Y*: —

ASCE

• 1D: -0.38%
• 1M: 5.38%
• YTD: 22.25%
• 6M: 21.06%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HAPS vs. ASCE - Yearly Performance Comparison

	2026 (YTD)	2025
HAPS Harbor Human Capital Factor US Small Cap ETF	10.18%	9.61%
ASCE Allspring SMID Core ETF	22.25%	8.61%

Correlation

The correlation between HAPS and ASCE is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.85

Return for Risk

HAPS vs. ASCE — Risk / Return Rank

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

HAPS

HAPS Risk / Return Rank: 48
HAPS Sharpe Ratio Rank: 45
HAPS Sortino Ratio Rank: 47
HAPS Omega Ratio Rank: 42
HAPS Calmar Ratio Rank: 54
HAPS Martin Ratio Rank: 53

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.

HAPS vs. ASCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Human Capital Factor US Small Cap ETF (HAPS) and Allspring SMID Core ETF (ASCE). 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.

	HAPS	ASCE	Difference
Sharpe ratio Return per unit of total volatility	1.54	—	—
Sortino ratio Return per unit of downside risk	2.31	—	—
Omega ratio Gain probability vs. loss probability	1.26	—	—
Calmar ratio Return relative to maximum drawdown	2.62	—	—
Martin ratio Return relative to average drawdown	8.81	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HAPS	ASCE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	1.92	-1.37

Drawdowns

HAPS vs. ASCE - Drawdown Comparison

The maximum HAPS drawdown since its inception was -27.44%, which is greater than ASCE's maximum drawdown of -9.22%. Use the drawdown chart below to compare losses from any high point for HAPS and ASCE.

Drawdown Indicators

	HAPS	ASCE	Difference
Max Drawdown Largest peak-to-trough decline	-27.44%	-9.22%	-18.22%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-27.44%	—	—
Current Drawdown Current decline from peak	-1.44%	-0.38%	-1.06%
Average Drawdown Average peak-to-trough decline	-6.14%	-2.10%	-4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	—	—

Volatility

Volatility by Period

	HAPS	ASCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.76%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.03%	19.25%	-2.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.83%	19.25%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	19.25%	+1.58%

HAPS vs. ASCE - Expense Ratio Comparison

HAPS has a 0.60% expense ratio, which is higher than ASCE's 0.38% expense ratio.

Dividends

HAPS vs. ASCE - Dividend Comparison

HAPS's dividend yield for the trailing twelve months is around 0.51%, more than ASCE's 0.18% yield.

Position	TTM	2025	2024	2023
ASCE Allspring SMID Core ETF	0.18%	0.22%	0.00%	0.00%
HAPS Harbor Human Capital Factor US Small Cap ETF	0.51%	0.57%	0.72%	0.42%

Frequently Asked Questions

Can I hold both HAPS and ASCE in my portfolio?

HAPS and ASCE have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HAPS or ASCE?

On fees, ASCE is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HAPS or ASCE?

ASCE is cheaper with a 0.38% expense ratio, compared with 0.60% for HAPS.

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

HAPS has the higher dividend yield at 0.51%, compared with 0.18% for ASCE.

What is the main difference between HAPS and ASCE?

They also come from different issuers: Harbor and Allspring. Their fees differ too: 0.60% for HAPS and 0.38% for ASCE.