HAPS vs. HOLD

Last updated Jun 24, 2026

HAPS (Harbor Human Capital Factor US Small Cap ETF) and HOLD (Harbor Alpha Layering 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 HOLD is a Multistrategy fund actively managed by Harbor. HAPS is passively managed, while HOLD is actively managed. At a 0.39 correlation, their price movements are largely independent. HAPS charges 0.60%/yr vs 0.70%/yr for HOLD.

Performance

HAPS vs. HOLD - 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 Alpha Layering ETF (HOLD). 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 higher than HOLD's 6.36% return.

HAPS

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

HOLD

• 1D: -2.13%
• 1M: -5.65%
• YTD: 6.36%
• 6M: 4.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HAPS vs. HOLD - Yearly Performance Comparison

	2026 (YTD)	2025
HAPS Harbor Human Capital Factor US Small Cap ETF	14.76%	4.46%
HOLD Harbor Alpha Layering ETF	6.36%	8.77%

Correlation

The correlation between HAPS and HOLD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 14, 2025	0.39

Return for Risk

HAPS vs. HOLD — 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

HOLD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. HOLD - 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 Alpha Layering ETF (HOLD). 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	HOLD	Difference
Sharpe ratio: Return per unit of total volatility	1.81	—	—
Sortino ratio: Return per unit of downside risk	2.66	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	3.08	—	—
Martin ratio: Return relative to average drawdown	10.43	—	—

Drawdowns

HAPS vs. HOLD - Drawdown Comparison

The maximum HAPS drawdown since its inception was -27.44%, which is greater than HOLD's maximum drawdown of -9.47%. Use the drawdown chart below to compare losses from any high point for HAPS and HOLD.

Drawdown Indicators

	HAPS	HOLD	Difference
Max Drawdown Largest peak-to-trough decline	-27.44%	-9.47%	-17.97%
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	0.00%	-6.74%	+6.74%
Average Drawdown Average peak-to-trough decline	-6.04%	-2.07%	-3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	—	—

Volatility

Volatility by Period

	HAPS	HOLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	15.54%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.75%	15.54%	+5.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	15.54%	+5.21%

HAPS vs. HOLD - Expense Ratio Comparison

HAPS has a 0.60% expense ratio, which is lower than HOLD's 0.70% expense ratio.

Dividends

HAPS vs. HOLD - Dividend Comparison

HAPS's dividend yield for the trailing twelve months is around 0.49%, less than HOLD's 6.88% yield.

Position	TTM	2025	2024	2023
HAPS Harbor Human Capital Factor US Small Cap ETF	0.49%	0.57%	0.72%	0.42%
HOLD Harbor Alpha Layering ETF	6.88%	7.32%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HAPS and HOLD in my portfolio?

HAPS and HOLD have a correlation of 0.39, 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 HOLD?

On fees, HAPS is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HAPS or HOLD?

HAPS is cheaper with a 0.60% expense ratio, compared with 0.70% for HOLD.

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

HOLD has the higher dividend yield at 6.88%, compared with 0.49% for HAPS.

What is the main difference between HAPS and HOLD?

HAPS is categorized as Small Cap Blend Equities, while HOLD is Multistrategy. Their fees differ too: 0.60% for HAPS and 0.70% for HOLD.