HAPS vs. EPIN

Last updated Jun 24, 2026

HAPS (Harbor Human Capital Factor US Small Cap ETF) and EPIN (Harbor International Equity ETF) are both exchange-traded funds - HAPS is a Small Cap Blend Equities fund tracking the Human Capital Factor Small Cap Index - Benchmark TR Gross, while EPIN is a Foreign Large Cap Equities fund actively managed by Harbor. HAPS is passively managed, while EPIN is actively managed. Over the past year, HAPS returned 30.70% vs 39.81% for EPIN. A 0.68 correlation means they provide meaningful diversification when combined. HAPS charges 0.60%/yr vs 0.80%/yr for EPIN.

Performance

HAPS vs. EPIN - 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 Harbor International Equity ETF (EPIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAPS achieves a 14.76% return, which is significantly lower than EPIN's 22.02% return.

HAPS

• 1D: 0.13%
• 1M: 4.37%
• YTD: 14.76%
• 6M: 12.78%
• 1Y: 30.70%
• 3Y*: 13.58%
• 5Y*: —
• 10Y*: —

EPIN

• 1D: -2.50%
• 1M: 3.40%
• YTD: 22.02%
• 6M: 22.38%
• 1Y: 39.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HAPS vs. EPIN - Yearly Performance Comparison

	2026 (YTD)	2025
HAPS Harbor Human Capital Factor US Small Cap ETF	14.76%	14.87%
EPIN Harbor International Equity ETF	22.02%	14.36%

Correlation

The correlation between HAPS and EPIN is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.68

The correlation between HAPS and EPIN has been stable across timeframes, ranging from 0.68 to 0.68 - a consistent structural relationship.

HAPS vs. EPIN - Sectors Allocation Comparison

Sectors	HAPS	EPIN
Financial Services	17.3%	17.7%
Technology	16.8%	34.1%
Healthcare	16.1%	6.6%
Industrials	14.7%	20.4%
Consumer Cyclical	8.4%	6.1%
Energy	7.2%	4.2%
Real Estate	5.9%	-
Basic Materials	5.7%	7.3%
Consumer Defensive	2.7%	2.5%
Communication Services	2.7%	1.2%
Utilities	2.5%	-

Return for Risk

HAPS vs. EPIN — Risk / Return Rank

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

HAPS

HAPS Risk / Return Rank: 61
HAPS Sharpe Ratio Rank: 59
HAPS Sortino Ratio Rank: 63
HAPS Omega Ratio Rank: 53
HAPS Calmar Ratio Rank: 67
HAPS Martin Ratio Rank: 63

EPIN

EPIN Risk / Return Rank: 74
EPIN Sharpe Ratio Rank: 74
EPIN Sortino Ratio Rank: 71
EPIN Omega Ratio Rank: 73
EPIN Calmar Ratio Rank: 74
EPIN 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.

HAPS vs. EPIN - 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 Harbor International Equity ETF (EPIN). 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	EPIN	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.14	-0.34
Sortino ratio: Return per unit of downside risk	2.66	2.90	-0.24
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	3.08	3.44	-0.36
Martin ratio: Return relative to average drawdown	10.43	12.90	-2.48

HAPS vs. EPIN - Sharpe Ratio Comparison

The current HAPS Sharpe Ratio is 1.81, which is comparable to the EPIN Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of HAPS and EPIN, 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. EPIN - Drawdown Comparison

The maximum HAPS drawdown since its inception was -27.44%, which is greater than EPIN's maximum drawdown of -11.64%. Use the drawdown chart below to compare losses from any high point for HAPS and EPIN.

Drawdown Indicators

	HAPS	EPIN	Difference
Max Drawdown Largest peak-to-trough decline	-27.44%	-11.64%	-15.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-11.64%	+1.63%
Max Drawdown (3Y) Largest decline over 3 years	-27.44%	—	—
Current Drawdown Current decline from peak	0.00%	-2.97%	+2.97%
Average Drawdown Average peak-to-trough decline	-6.04%	-1.81%	-4.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	3.09%	-0.14%

Volatility

HAPS vs. EPIN - Volatility Comparison

The current volatility for Harbor Human Capital Factor US Small Cap ETF (HAPS) is 4.01%, while Harbor International Equity ETF (EPIN) has a volatility of 8.47%. This indicates that HAPS experiences smaller price fluctuations and is considered to be less risky than EPIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAPS	EPIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	8.47%	-4.46%
Volatility (6M) Calculated over the trailing 6-month period	11.92%	16.59%	-4.67%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	18.66%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.75%	18.45%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	18.45%	+2.30%

HAPS vs. EPIN - Expense Ratio Comparison

HAPS has a 0.60% expense ratio, which is lower than EPIN's 0.80% expense ratio.

Dividends

HAPS vs. EPIN - Dividend Comparison

HAPS's dividend yield for the trailing twelve months is around 0.49%, less than EPIN's 0.65% yield.

Position	TTM	2025	2024	2023
EPIN Harbor International Equity ETF	0.65%	0.79%	0.00%	0.00%
HAPS Harbor Human Capital Factor US Small Cap ETF	0.49%	0.57%	0.72%	0.42%

Frequently Asked Questions

Can I hold both HAPS and EPIN in my portfolio?

HAPS and EPIN have a correlation of 0.68, 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 EPIN?

EPIN has higher volatility (8.47%) compared to HAPS (4.01%). In terms of maximum drawdown, HAPS dropped -27.44% vs EPIN's -11.64%.

Which ETF is better, HAPS or EPIN?

On 1-year performance, EPIN leads with 39.81% vs 30.70% for HAPS. On fees, HAPS is cheaper at 0.60% per year. On volatility, HAPS has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAPS or EPIN?

Over the 1-year period, EPIN has performed better with a 39.81% return vs 30.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAPS or EPIN?

HAPS is cheaper with a 0.60% expense ratio, compared with 0.80% for EPIN.

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

EPIN has the higher dividend yield at 0.65%, compared with 0.49% for HAPS.

What is the main difference between HAPS and EPIN?

HAPS is categorized as Small Cap Blend Equities, while EPIN is Foreign Large Cap Equities. Their fees differ too: 0.60% for HAPS and 0.80% for EPIN.

Which has better risk-adjusted returns?

EPIN currently has the higher Sharpe Ratio (2.14 vs 1.81), 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.