HAPS vs. IJR

Last updated Jun 24, 2026

HAPS (Harbor Human Capital Factor US Small Cap ETF) and IJR (iShares Core S&P Small-Cap ETF) are both Small Cap Blend Equities funds - HAPS tracks the Human Capital Factor Small Cap Index - Benchmark TR Gross while IJR tracks the S&P SmallCap 600 Index. Both are passively managed. Over the past 3 years, HAPS returned 13.58%/yr vs 16.15%/yr for IJR. With a 0.95 correlation, they move nearly in lockstep. HAPS charges 0.60%/yr vs 0.06%/yr for IJR.

Performance

HAPS vs. IJR - 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 iShares Core S&P Small-Cap ETF (IJR). 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 IJR's 19.34% return.

HAPS

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

IJR

• 1D: -0.34%
• 1M: 4.22%
• YTD: 19.34%
• 6M: 16.86%
• 1Y: 34.47%
• 3Y*: 16.15%
• 5Y*: 6.29%
• 10Y*: 11.30%

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

HAPS vs. IJR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HAPS Harbor Human Capital Factor US Small Cap ETF	14.76%	8.35%	4.08%	13.63%
IJR iShares Core S&P Small-Cap ETF	19.34%	5.89%	8.63%	14.93%

Correlation

The correlation between HAPS and IJR is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Apr 13, 2023	0.95

The correlation between HAPS and IJR has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

HAPS vs. IJR - Sectors Allocation Comparison

Sectors	HAPS	IJR
Financial Services	17.3%	16.0%
Technology	16.8%	15.9%
Healthcare	16.1%	11.0%
Industrials	14.7%	16.0%
Consumer Cyclical	8.4%	12.5%
Energy	7.2%	6.8%
Real Estate	5.9%	7.5%
Basic Materials	5.7%	4.7%
Consumer Defensive	2.7%	3.2%
Communication Services	2.7%	3.2%
Utilities	2.5%	1.9%

Return for Risk

HAPS vs. IJR — 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

IJR

IJR Risk / Return Rank: 67
IJR Sharpe Ratio Rank: 61
IJR Sortino Ratio Rank: 63
IJR Omega Ratio Rank: 56
IJR Calmar Ratio Rank: 79
IJR Martin Ratio Rank: 74

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. IJR - 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 iShares Core S&P Small-Cap ETF (IJR). 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	IJR	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.96	-0.15
Sortino ratio: Return per unit of downside risk	2.66	2.84	-0.18
Omega ratio: Gain probability vs. loss probability	1.30	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	3.08	3.99	-0.91
Martin ratio: Return relative to average drawdown	10.43	13.39	-2.96

HAPS vs. IJR - Sharpe Ratio Comparison

The current HAPS Sharpe Ratio is 1.81, which is comparable to the IJR Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of HAPS and IJR, 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. IJR - Drawdown Comparison

The maximum HAPS drawdown since its inception was -27.44%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for HAPS and IJR.

Drawdown Indicators

	HAPS	IJR	Difference
Max Drawdown Largest peak-to-trough decline	-27.44%	-58.15%	+30.71%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-8.68%	-1.33%
Max Drawdown (3Y) Largest decline over 3 years	-27.44%	-28.02%	+0.58%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.36%	—
Current Drawdown Current decline from peak	0.00%	-0.43%	+0.43%
Average Drawdown Average peak-to-trough decline	-6.04%	-9.26%	+3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	2.58%	+0.37%

Volatility

HAPS vs. IJR - Volatility Comparison

The current volatility for Harbor Human Capital Factor US Small Cap ETF (HAPS) is 4.01%, while iShares Core S&P Small-Cap ETF (IJR) has a volatility of 4.96%. This indicates that HAPS experiences smaller price fluctuations and is considered to be less risky than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAPS	IJR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	4.96%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	11.92%	12.06%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	17.73%	-0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.75%	21.40%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	22.90%	-2.15%

HAPS vs. IJR - Expense Ratio Comparison

HAPS has a 0.60% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

HAPS vs. IJR - Dividend Comparison

HAPS's dividend yield for the trailing twelve months is around 0.49%, less than IJR's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAPS Harbor Human Capital Factor US Small Cap ETF	0.49%	0.57%	0.72%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IJR iShares Core S&P Small-Cap ETF	1.15%	1.44%	2.05%	1.31%	1.41%	1.53%	1.11%	1.44%	1.58%	1.20%	1.22%	1.48%

Frequently Asked Questions

Can I hold both HAPS and IJR in my portfolio?

With a correlation of 0.94, HAPS and IJR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HAPS or IJR?

IJR has higher volatility (4.96%) compared to HAPS (4.01%). In terms of maximum drawdown, HAPS dropped -27.44% vs IJR's -58.15%.

Which ETF is better, HAPS or IJR?

On 3-year performance, IJR leads with 16.15% vs 13.58% for HAPS. On fees, IJR is cheaper at 0.06% 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 IJR?

Over the 3-year period, IJR has performed better with a 16.15% return vs 13.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAPS or IJR?

IJR is cheaper with a 0.06% expense ratio, compared with 0.60% for HAPS.

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

IJR has the higher dividend yield at 1.15%, compared with 0.49% for HAPS.

What is the main difference between HAPS and IJR?

HAPS tracks Human Capital Factor Small Cap Index - Benchmark TR Gross, while IJR tracks S&P SmallCap 600 Index. They also come from different issuers: Harbor and iShares. Their fees differ too: 0.60% for HAPS and 0.06% for IJR.

Which has better risk-adjusted returns?

IJR currently has the higher Sharpe Ratio (1.96 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.