HAPS vs. CSB

Last updated Jul 14, 2026

HAPS (Harbor Human Capital Factor US Small Cap ETF) and CSB (VictoryShares US Small Cap High Dividend Volatility Wtd ETF) are both Small Cap Blend Equities funds - HAPS tracks the Human Capital Factor Small Cap Index - Benchmark TR Gross while CSB tracks the Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted Index. Both are passively managed. Over the past 3 years, HAPS returned 12.51%/yr vs 12.03%/yr for CSB. Their correlation of 0.86 suggests significant overlap in exposure. HAPS charges 0.60%/yr vs 0.35%/yr for CSB.

Performance

HAPS vs. CSB - 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 VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAPS achieves a 19.15% return, which is significantly higher than CSB's 14.32% return.

HAPS

• 1D: -0.05%
• 1M: 4.20%
• 6M: 13.80%
• YTD: 19.15%
• 1Y: 29.43%
• 3Y*: 12.51%
• 5Y*: —
• 10Y*: —

CSB

• 1D: 0.23%
• 1M: 1.96%
• 6M: 11.31%
• YTD: 14.32%
• 1Y: 18.57%
• 3Y*: 12.03%
• 5Y*: 6.01%
• 10Y*: 9.86%

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

HAPS vs. CSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HAPS Harbor Human Capital Factor US Small Cap ETF	19.15%	8.35%	4.08%	13.63%
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	14.32%	2.26%	9.64%	11.22%

Correlation

The correlation between HAPS and CSB is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 13, 2023	0.86

The correlation between HAPS and CSB has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

HAPS vs. CSB - Sectors Allocation Comparison

Sectors	HAPS	CSB
Financial Services	17.3%	26.9%
Technology	16.8%	1.3%
Healthcare	16.1%	0.4%
Industrials	14.7%	8.5%
Consumer Cyclical	8.4%	19.5%
Energy	7.2%	10.6%
Real Estate	5.9%	-
Basic Materials	5.7%	3.6%
Consumer Defensive	2.7%	4.0%
Communication Services	2.7%	4.0%
Utilities	2.5%	21.7%

Return for Risk

HAPS vs. CSB — Risk / Return Rank

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

HAPS

HAPS Risk / Return Rank: 69
HAPS Sharpe Ratio Rank: 68
HAPS Sortino Ratio Rank: 72
HAPS Omega Ratio Rank: 63
HAPS Calmar Ratio Rank: 73
HAPS Martin Ratio Rank: 70

CSB

CSB Risk / Return Rank: 53
CSB Sharpe Ratio Rank: 48
CSB Sortino Ratio Rank: 51
CSB Omega Ratio Rank: 46
CSB Calmar Ratio Rank: 65
CSB Martin Ratio Rank: 55

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. CSB - 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 VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB). 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.

	HAPS	CSB	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.32	+0.43
Sortino ratio: Return per unit of downside risk	2.60	2.00	+0.60
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.06
Calmar ratio: Return relative to maximum drawdown	2.95	2.60	+0.36
Martin ratio: Return relative to average drawdown	10.02	7.53	+2.50

HAPS vs. CSB - Sharpe Ratio Comparison

The current HAPS Sharpe Ratio is 1.75, which is higher than the CSB Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of HAPS and CSB, 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

HAPS vs. CSB - Drawdown Comparison

The maximum HAPS drawdown since its inception was -27.44%, smaller than the maximum CSB drawdown of -42.07%. Use the drawdown chart below to compare losses from any high point for HAPS and CSB.

Drawdown Indicators

	HAPS	CSB	Difference
Max Drawdown Largest peak-to-trough decline	-27.44%	-42.07%	+14.63%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-7.18%	-2.83%
Max Drawdown (3Y) Largest decline over 3 years	-27.44%	-21.82%	-5.62%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.07%	—
Current Drawdown Current decline from peak	-0.83%	0.00%	-0.83%
Average Drawdown Average peak-to-trough decline	-5.94%	-7.08%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	2.47%	+0.47%

Volatility

HAPS vs. CSB - Volatility Comparison

Harbor Human Capital Factor US Small Cap ETF (HAPS) and VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) have volatilities of 3.85% and 3.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAPS	CSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	3.74%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	11.93%	9.14%	+2.79%
Volatility (1Y) Calculated over the trailing 1-year period	16.93%	14.11%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.65%	18.63%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.65%	21.29%	-0.64%

HAPS vs. CSB - Expense Ratio Comparison

HAPS has a 0.60% expense ratio, which is higher than CSB's 0.35% expense ratio.

Dividends

HAPS vs. CSB - Dividend Comparison

HAPS's dividend yield for the trailing twelve months is around 0.48%, less than CSB's 3.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	3.15%	3.54%	3.12%	3.45%	3.60%	3.11%	3.70%	3.19%	3.45%	3.19%	2.85%	1.57%
HAPS Harbor Human Capital Factor US Small Cap ETF	0.48%	0.57%	0.72%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HAPS and CSB in my portfolio?

HAPS and CSB have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HAPS or CSB?

HAPS has higher volatility (3.85%) compared to CSB (3.74%). In terms of maximum drawdown, HAPS dropped -27.44% vs CSB's -42.07%.

Which ETF is better, HAPS or CSB?

On 3-year performance, HAPS leads with 12.51% vs 12.03% for CSB. On fees, CSB is cheaper at 0.35% per year. On volatility, CSB has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAPS or CSB?

Over the 3-year period, HAPS has performed better with a 12.51% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAPS or CSB?

CSB is cheaper with a 0.35% expense ratio, compared with 0.60% for HAPS.

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

CSB has the higher dividend yield at 3.15%, compared with 0.48% for HAPS.

What is the main difference between HAPS and CSB?

HAPS tracks Human Capital Factor Small Cap Index - Benchmark TR Gross, while CSB tracks Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted Index. They also come from different issuers: Harbor and Crestview. Their fees differ too: 0.60% for HAPS and 0.35% for CSB.

Which has better risk-adjusted returns?

HAPS currently has the higher Sharpe Ratio (1.75 vs 1.32), 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.