HAPS vs. LSEQ

Last updated Apr 2, 2026

Compare and contrast key facts about Harbor Human Capital Factor US Small Cap ETF (HAPS) and Harbor Long-Short Equity ETF (LSEQ).

HAPS and LSEQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HAPS is a passively managed fund by Harbor that tracks the performance of the Human Capital Factor Small Cap Index - Benchmark TR Gross. It was launched on Apr 12, 2023. LSEQ is an actively managed fund by Harbor. It was launched on Dec 4, 2023.

Performance

HAPS vs. LSEQ - 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 Long-Short Equity ETF (LSEQ). The values are adjusted to include any dividend payments, if applicable.

HAPS vs. LSEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HAPS Harbor Human Capital Factor US Small Cap ETF	-0.10%	8.35%	4.08%	7.61%
LSEQ Harbor Long-Short Equity ETF	22.47%	4.13%	12.80%	-1.20%

Returns By Period

In the year-to-date period, HAPS achieves a -0.10% return, which is significantly lower than LSEQ's 22.47% return.

HAPS

• 1D: 0.73%
• 1M: -3.97%
• YTD: -0.10%
• 6M: 0.67%
• 1Y: 18.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LSEQ

• 1D: 1.60%
• 1M: -0.74%
• YTD: 22.47%
• 6M: 23.09%
• 1Y: 19.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HAPS vs. LSEQ - Expense Ratio Comparison

HAPS has a 0.60% expense ratio, which is lower than LSEQ's 1.70% expense ratio.

LSEQ

Harbor Long-Short Equity ETF

HAPS

Harbor Human Capital Factor US Small Cap ETF

Return for Risk

HAPS vs. LSEQ — Risk / Return Rank

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

HAPS

HAPS Risk / Return Rank: 43
HAPS Sharpe Ratio Rank: 41
HAPS Sortino Ratio Rank: 45
HAPS Omega Ratio Rank: 40
HAPS Calmar Ratio Rank: 43
HAPS Martin Ratio Rank: 46

LSEQ

LSEQ Risk / Return Rank: 65
LSEQ Sharpe Ratio Rank: 67
LSEQ Sortino Ratio Rank: 69
LSEQ Omega Ratio Rank: 61
LSEQ Calmar Ratio Rank: 83
LSEQ Martin Ratio Rank: 46

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. LSEQ - 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 Long-Short Equity ETF (LSEQ). 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	LSEQ	Difference
Sharpe ratio Return per unit of total volatility	0.83	1.24	-0.42
Sortino ratio Return per unit of downside risk	1.32	1.83	-0.51
Omega ratio Gain probability vs. loss probability	1.17	1.24	-0.06
Calmar ratio Return relative to maximum drawdown	1.29	2.65	-1.36
Martin ratio Return relative to average drawdown	4.92	4.80	+0.12
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. LSEQ - Sharpe Ratio Comparison

The current HAPS Sharpe Ratio is 0.83, which is lower than the LSEQ Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of HAPS and LSEQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HAPS	LSEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	1.24	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	1.15	-0.76

Correlation

The correlation between HAPS and LSEQ is 0.19, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

HAPS vs. LSEQ - Dividend Comparison

HAPS's dividend yield for the trailing twelve months is around 0.57%, less than LSEQ's 1.80% yield.

	TTM	2025	2024	2023
HAPS Harbor Human Capital Factor US Small Cap ETF	0.57%	0.57%	0.72%	0.42%
LSEQ Harbor Long-Short Equity ETF	1.80%	2.20%	0.00%	0.00%

Drawdowns

HAPS vs. LSEQ - Drawdown Comparison

The maximum HAPS drawdown since its inception was -27.44%, which is greater than LSEQ's maximum drawdown of -8.35%. Use the drawdown chart below to compare losses from any high point for HAPS and LSEQ.

Drawdown Indicators

	HAPS	LSEQ	Difference
Max Drawdown Largest peak-to-trough decline	-27.44%	-8.35%	-19.09%
Max Drawdown (1Y) Largest decline over 1 year	-14.25%	-7.40%	-6.85%
Current Drawdown Current decline from peak	-6.21%	-1.04%	-5.17%
Average Drawdown Average peak-to-trough decline	-6.40%	-3.33%	-3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	4.08%	-0.35%

Volatility

HAPS vs. LSEQ - Volatility Comparison

Harbor Human Capital Factor US Small Cap ETF (HAPS) has a higher volatility of 6.28% compared to Harbor Long-Short Equity ETF (LSEQ) at 5.49%. This indicates that HAPS's price experiences larger fluctuations and is considered to be riskier than LSEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAPS	LSEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	5.49%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	12.66%	12.55%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	22.32%	15.93%	+6.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.13%	14.25%	+6.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.13%	14.25%	+6.88%