HAPS vs. SPY

Last updated Jun 4, 2026

HAPS (Harbor Human Capital Factor US Small Cap ETF) and SPY (State Street SPDR S&P 500 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 SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, HAPS returned 11.58%/yr vs 22.35%/yr for SPY. A 0.74 correlation means they provide meaningful diversification when combined. HAPS charges 0.60%/yr vs 0.09%/yr for SPY.

Performance

HAPS vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAPS achieves a 10.18% return, which is significantly lower than SPY's 10.91% return.

HAPS

• 1D: -1.19%
• 1M: 0.51%
• YTD: 10.18%
• 6M: 10.07%
• 1Y: 26.09%
• 3Y*: 11.58%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

HAPS vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HAPS Harbor Human Capital Factor US Small Cap ETF	10.18%	8.35%	4.08%	12.44%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	16.26%

Correlation

The correlation between HAPS and SPY is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Apr 14, 2023	0.74

The correlation between HAPS and SPY has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.

HAPS vs. SPY - Sectors Allocation Comparison

Sectors	HAPS	SPY
Financial Services	17.7%	11.8%
Healthcare	17.7%	8.4%
Technology	14.0%	35.9%
Industrials	13.5%	7.8%
Consumer Cyclical	8.3%	10.3%
Energy	7.2%	3.6%
Real Estate	6.7%	1.9%
Basic Materials	6.6%	1.8%
Communication Services	3.0%	11.3%
Consumer Defensive	2.9%	4.8%
Utilities	2.4%	2.4%

Return for Risk

HAPS vs. SPY — Risk / Return Rank

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

HAPS

HAPS Risk / Return Rank: 48
HAPS Sharpe Ratio Rank: 45
HAPS Sortino Ratio Rank: 47
HAPS Omega Ratio Rank: 42
HAPS Calmar Ratio Rank: 54
HAPS Martin Ratio Rank: 53

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY 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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.38	-0.83
Sortino ratio: Return per unit of downside risk	2.31	3.24	-0.93
Omega ratio: Gain probability vs. loss probability	1.26	1.43	-0.17
Calmar ratio: Return relative to maximum drawdown	2.62	3.16	-0.54
Martin ratio: Return relative to average drawdown	8.81	14.72	-5.91
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. SPY - Sharpe Ratio Comparison

The current HAPS Sharpe Ratio is 1.54, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of HAPS and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.38	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.59	-0.04

Drawdowns

HAPS vs. SPY - Drawdown Comparison

The maximum HAPS drawdown since its inception was -27.44%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HAPS and SPY.

Drawdown Indicators

	HAPS	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-27.44%	-55.19%	+27.75%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-8.88%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-27.44%	-18.76%	-8.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.44%	-0.70%	-0.74%
Average Drawdown Average peak-to-trough decline	-6.14%	-9.05%	+2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	1.91%	+1.06%

Volatility

HAPS vs. SPY - Volatility Comparison

Harbor Human Capital Factor US Small Cap ETF (HAPS) has a higher volatility of 4.32% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that HAPS's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAPS	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	2.84%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	11.76%	8.90%	+2.86%
Volatility (1Y) Calculated over the trailing 1-year period	17.03%	11.83%	+5.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.83%	17.05%	+3.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	17.94%	+2.89%

HAPS vs. SPY - Expense Ratio Comparison

HAPS has a 0.60% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

HAPS vs. SPY - Dividend Comparison

HAPS's dividend yield for the trailing twelve months is around 0.51%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAPS Harbor Human Capital Factor US Small Cap ETF	0.51%	0.57%	0.72%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both HAPS and SPY in my portfolio?

HAPS and SPY have a correlation of 0.73, 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 SPY?

HAPS has higher volatility (4.32%) compared to SPY (2.84%). In terms of maximum drawdown, HAPS dropped -27.44% vs SPY's -55.19%.

Which ETF is better, HAPS or SPY?

On 3-year performance, SPY leads with 22.35% vs 11.58% for HAPS. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAPS or SPY?

Over the 3-year period, SPY has performed better with a 22.35% return vs 11.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAPS or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.60% for HAPS.

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

SPY has the higher dividend yield at 0.98%, compared with 0.51% for HAPS.

What is the main difference between HAPS and SPY?

HAPS is categorized as Small Cap Blend Equities, while SPY is S&P 500. HAPS tracks Human Capital Factor Small Cap Index - Benchmark TR Gross, while SPY tracks S&P 500 Index. They also come from different issuers: Harbor and State Street. Their fees differ too: 0.60% for HAPS and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.54), 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.