MAPP vs. ELM

Last updated Jun 4, 2026

MAPP (Harbor Multi-Asset Explorer ETF) and ELM (Elm Market Navigator ETF) are both exchange-traded funds - MAPP is a Global Allocation fund actively managed by Harbor, while ELM is a Tactical Allocation fund actively managed by Elm. Both are actively managed. Over the past year, MAPP returned 21.23% vs 19.85% for ELM. Their correlation of 0.91 suggests significant overlap in exposure. MAPP charges 0.92%/yr vs 0.24%/yr for ELM.

Performance

MAPP vs. ELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Multi-Asset Explorer ETF (MAPP) and Elm Market Navigator ETF (ELM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MAPP having a 7.25% return and ELM slightly higher at 7.56%.

MAPP

• 1D: -0.65%
• 1M: 2.82%
• YTD: 7.25%
• 6M: 8.20%
• 1Y: 21.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ELM

• 1D: -0.58%
• 1M: 2.88%
• YTD: 7.56%
• 6M: 8.51%
• 1Y: 19.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAPP vs. ELM - Yearly Performance Comparison

	2026 (YTD)	2025
MAPP Harbor Multi-Asset Explorer ETF	7.25%	13.61%
ELM Elm Market Navigator ETF	7.56%	11.89%

Correlation

The correlation between MAPP and ELM is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.91

The correlation between MAPP and ELM has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

MAPP vs. ELM - Sectors Allocation Comparison

Sectors	MAPP	ELM
Technology	36.9%	22.0%
Financial Services	15.0%	18.3%
Communication Services	12.2%	6.6%
Consumer Cyclical	8.3%	9.1%
Industrials	8.2%	12.6%
Consumer Defensive	5.4%	5.2%
Healthcare	5.4%	8.3%
Basic Materials	2.9%	5.4%
Energy	2.3%	4.8%
Utilities	1.8%	3.0%
Real Estate	1.6%	4.7%

Return for Risk

MAPP vs. ELM — Risk / Return Rank

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

MAPP

MAPP Risk / Return Rank: 73
MAPP Sharpe Ratio Rank: 74
MAPP Sortino Ratio Rank: 75
MAPP Omega Ratio Rank: 73
MAPP Calmar Ratio Rank: 70
MAPP Martin Ratio Rank: 73

ELM

ELM Risk / Return Rank: 63
ELM Sharpe Ratio Rank: 64
ELM Sortino Ratio Rank: 66
ELM Omega Ratio Rank: 67
ELM Calmar Ratio Rank: 54
ELM Martin Ratio Rank: 62

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.

MAPP vs. ELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Multi-Asset Explorer ETF (MAPP) and Elm Market Navigator ETF (ELM). 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.

	MAPP	ELM	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.13	+0.26
Sortino ratio: Return per unit of downside risk	3.37	3.00	+0.37
Omega ratio: Gain probability vs. loss probability	1.43	1.40	+0.03
Calmar ratio: Return relative to maximum drawdown	3.45	2.65	+0.80
Martin ratio: Return relative to average drawdown	13.70	11.00	+2.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAPP vs. ELM - Sharpe Ratio Comparison

The current MAPP Sharpe Ratio is 2.39, which is comparable to the ELM Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of MAPP and ELM, 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

	MAPP	ELM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.13	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	1.49	+0.04

Drawdowns

MAPP vs. ELM - Drawdown Comparison

The maximum MAPP drawdown since its inception was -12.92%, which is greater than ELM's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for MAPP and ELM.

Drawdown Indicators

	MAPP	ELM	Difference
Max Drawdown Largest peak-to-trough decline	-12.92%	-9.02%	-3.90%
Max Drawdown (1Y) Largest decline over 1 year	-6.17%	-7.52%	+1.35%
Current Drawdown Current decline from peak	-0.65%	-0.58%	-0.07%
Average Drawdown Average peak-to-trough decline	-1.38%	-1.32%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	1.81%	-0.26%

Volatility

MAPP vs. ELM - Volatility Comparison

Harbor Multi-Asset Explorer ETF (MAPP) has a higher volatility of 2.98% compared to Elm Market Navigator ETF (ELM) at 2.59%. This indicates that MAPP's price experiences larger fluctuations and is considered to be riskier than ELM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAPP	ELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	2.59%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	7.07%	7.52%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	8.94%	9.38%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.75%	10.27%	+0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.75%	10.27%	+0.48%

MAPP vs. ELM - Expense Ratio Comparison

MAPP has a 0.92% expense ratio, which is higher than ELM's 0.24% expense ratio.

Dividends

MAPP vs. ELM - Dividend Comparison

MAPP's dividend yield for the trailing twelve months is around 2.76%, more than ELM's 2.52% yield.

Position	TTM	2025	2024	2023
ELM Elm Market Navigator ETF	2.52%	2.71%	0.00%	0.00%
MAPP Harbor Multi-Asset Explorer ETF	2.76%	2.96%	2.41%	2.78%

Frequently Asked Questions

Can I hold both MAPP and ELM in my portfolio?

With a correlation of 0.91, MAPP and ELM 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, MAPP or ELM?

MAPP has higher volatility (2.98%) compared to ELM (2.59%). In terms of maximum drawdown, MAPP dropped -12.92% vs ELM's -9.02%.

Which ETF is better, MAPP or ELM?

On 1-year performance, MAPP leads with 21.23% vs 19.85% for ELM. On fees, ELM is cheaper at 0.24% per year. On volatility, ELM has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAPP or ELM?

Over the 1-year period, MAPP has performed better with a 21.23% return vs 19.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAPP or ELM?

ELM is cheaper with a 0.24% expense ratio, compared with 0.92% for MAPP.

Which ETF pays a higher dividend yield, MAPP or ELM?

MAPP has the higher dividend yield at 2.76%, compared with 2.52% for ELM.

What is the main difference between MAPP and ELM?

MAPP is categorized as Global Allocation, while ELM is Tactical Allocation. They also come from different issuers: Harbor and Elm. Their fees differ too: 0.92% for MAPP and 0.24% for ELM.

Which has better risk-adjusted returns?

MAPP currently has the higher Sharpe Ratio (2.39 vs 2.13), 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.