HAPS vs. FGSM

Last updated Jun 3, 2026

HAPS (Harbor Human Capital Factor US Small Cap ETF) and FGSM (Frontier Asset Global Small Cap 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 FGSM is a Global Equities fund actively managed by Frontier. HAPS is passively managed, while FGSM is actively managed. Over the past year, HAPS returned 29.51% vs 34.02% for FGSM. Their correlation of 0.90 suggests significant overlap in exposure. HAPS charges 0.60%/yr vs 0.90%/yr for FGSM.

Performance

HAPS vs. FGSM - 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 Frontier Asset Global Small Cap Equity ETF (FGSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAPS achieves a 11.51% return, which is significantly lower than FGSM's 14.80% return.

HAPS

• 1D: -0.10%
• 1M: 1.27%
• YTD: 11.51%
• 6M: 13.23%
• 1Y: 29.51%
• 3Y*: 12.03%
• 5Y*: —
• 10Y*: —

FGSM

• 1D: 0.59%
• 1M: 2.70%
• YTD: 14.80%
• 6M: 16.77%
• 1Y: 34.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HAPS vs. FGSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HAPS Harbor Human Capital Factor US Small Cap ETF	11.51%	8.35%	-0.69%
FGSM Frontier Asset Global Small Cap Equity ETF	14.80%	21.33%	0.24%

Correlation

The correlation between HAPS and FGSM is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Dec 23, 2024	0.90

The correlation between HAPS and FGSM has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

HAPS vs. FGSM — Risk / Return Rank

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

HAPS

HAPS Risk / Return Rank: 53
HAPS Sharpe Ratio Rank: 50
HAPS Sortino Ratio Rank: 53
HAPS Omega Ratio Rank: 47
HAPS Calmar Ratio Rank: 59
HAPS Martin Ratio Rank: 56

FGSM

FGSM Risk / Return Rank: 69
FGSM Sharpe Ratio Rank: 68
FGSM Sortino Ratio Rank: 70
FGSM Omega Ratio Rank: 66
FGSM Calmar Ratio Rank: 69
FGSM Martin Ratio Rank: 72

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. FGSM - 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 Frontier Asset Global Small Cap Equity ETF (FGSM). 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	FGSM	Difference
Sharpe ratio Return per unit of total volatility	1.75	2.31	-0.57
Sortino ratio Return per unit of downside risk	2.57	3.26	-0.69
Omega ratio Gain probability vs. loss probability	1.30	1.41	-0.11
Calmar ratio Return relative to maximum drawdown	2.97	3.50	-0.54
Martin ratio Return relative to average drawdown	10.00	13.64	-3.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HAPS vs. FGSM - Sharpe Ratio Comparison

The current HAPS Sharpe Ratio is 1.75, which is comparable to the FGSM Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of HAPS and FGSM, 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

	HAPS	FGSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.31	-0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	1.48	-0.91

Drawdowns

HAPS vs. FGSM - Drawdown Comparison

The maximum HAPS drawdown since its inception was -27.44%, which is greater than FGSM's maximum drawdown of -17.72%. Use the drawdown chart below to compare losses from any high point for HAPS and FGSM.

Drawdown Indicators

	HAPS	FGSM	Difference
Max Drawdown Largest peak-to-trough decline	-27.44%	-17.72%	-9.72%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-9.84%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-27.44%	—	—
Current Drawdown Current decline from peak	-0.26%	-0.10%	-0.16%
Average Drawdown Average peak-to-trough decline	-6.14%	-2.22%	-3.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.53%	+0.44%

Volatility

HAPS vs. FGSM - Volatility Comparison

The current volatility for Harbor Human Capital Factor US Small Cap ETF (HAPS) is 4.16%, while Frontier Asset Global Small Cap Equity ETF (FGSM) has a volatility of 4.46%. This indicates that HAPS experiences smaller price fluctuations and is considered to be less risky than FGSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAPS	FGSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	4.46%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	11.71%	11.01%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	16.98%	14.78%	+2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.83%	17.82%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	17.82%	+3.01%

HAPS vs. FGSM - Expense Ratio Comparison

HAPS has a 0.60% expense ratio, which is lower than FGSM's 0.90% expense ratio.

Dividends

HAPS vs. FGSM - Dividend Comparison

HAPS's dividend yield for the trailing twelve months is around 0.51%, less than FGSM's 1.35% yield.

Position	TTM	2025	2024	2023
FGSM Frontier Asset Global Small Cap Equity ETF	1.35%	1.56%	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 FGSM in my portfolio?

HAPS and FGSM have a correlation of 0.89, 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 FGSM?

FGSM has higher volatility (4.46%) compared to HAPS (4.16%). In terms of maximum drawdown, HAPS dropped -27.44% vs FGSM's -17.72%.

Which ETF is better, HAPS or FGSM?

On 1-year performance, FGSM leads with 34.02% vs 29.51% for HAPS. On fees, HAPS is cheaper at 0.60% per year. On volatility, HAPS has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAPS or FGSM?

Over the 1-year period, FGSM has performed better with a 34.02% return vs 29.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAPS or FGSM?

HAPS is cheaper with a 0.60% expense ratio, compared with 0.90% for FGSM.

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

FGSM has the higher dividend yield at 1.35%, compared with 0.51% for HAPS.

What is the main difference between HAPS and FGSM?

HAPS is categorized as Small Cap Blend Equities, while FGSM is Global Equities. They also come from different issuers: Harbor and Frontier. Their fees differ too: 0.60% for HAPS and 0.90% for FGSM.

Which has better risk-adjusted returns?

FGSM currently has the higher Sharpe Ratio (2.31 vs 1.75), 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.