MAPP vs. PPI

Last updated Jun 23, 2026

MAPP (Harbor Multi-Asset Explorer ETF) and PPI (Astoria Real Assets ETF) are both Global Allocation funds. Both are actively managed. Over the past year, MAPP returned 20.98% vs 37.68% for PPI. A 0.76 correlation means they provide meaningful diversification when combined. MAPP charges 0.92%/yr vs 0.58%/yr for PPI.

Performance

MAPP vs. PPI - Performance Comparison

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

Returns By Period

In the year-to-date period, MAPP achieves a 7.14% return, which is significantly lower than PPI's 16.99% return.

MAPP

• 1D: -0.02%
• 1M: 0.91%
• YTD: 7.14%
• 6M: 6.86%
• 1Y: 20.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PPI

• 1D: 1.31%
• 1M: -0.27%
• YTD: 16.99%
• 6M: 15.75%
• 1Y: 37.68%
• 3Y*: 21.99%
• 5Y*: —
• 10Y*: —

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

MAPP vs. PPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MAPP Harbor Multi-Asset Explorer ETF	7.14%	18.67%	14.25%	4.01%
PPI Astoria Real Assets ETF	16.99%	30.05%	6.43%	6.36%

Correlation

The correlation between MAPP and PPI is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.76

The correlation between MAPP and PPI has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.

Return for Risk

MAPP vs. PPI — Risk / Return Rank

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

MAPP

MAPP Risk / Return Rank: 70
MAPP Sharpe Ratio Rank: 69
MAPP Sortino Ratio Rank: 69
MAPP Omega Ratio Rank: 70
MAPP Calmar Ratio Rank: 70
MAPP Martin Ratio Rank: 72

PPI

PPI Risk / Return Rank: 76
PPI Sharpe Ratio Rank: 76
PPI Sortino Ratio Rank: 70
PPI Omega Ratio Rank: 72
PPI Calmar Ratio Rank: 87
PPI Martin Ratio Rank: 77

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. PPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Multi-Asset Explorer ETF (MAPP) and Astoria Real Assets ETF (PPI). 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.

	MAPP	PPI	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.34	-0.18
Sortino ratio: Return per unit of downside risk	3.01	3.05	-0.04
Omega ratio: Gain probability vs. loss probability	1.40	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	3.41	4.75	-1.33
Martin ratio: Return relative to average drawdown	12.97	14.35	-1.38

MAPP vs. PPI - Sharpe Ratio Comparison

The current MAPP Sharpe Ratio is 2.17, which is comparable to the PPI Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of MAPP and PPI, 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

MAPP vs. PPI - Drawdown Comparison

The maximum MAPP drawdown since its inception was -12.92%, smaller than the maximum PPI drawdown of -24.54%. Use the drawdown chart below to compare losses from any high point for MAPP and PPI.

Drawdown Indicators

	MAPP	PPI	Difference
Max Drawdown Largest peak-to-trough decline	-12.92%	-24.54%	+11.62%
Max Drawdown (1Y) Largest decline over 1 year	-6.17%	-7.98%	+1.81%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.70%	—
Current Drawdown Current decline from peak	-0.76%	-2.88%	+2.12%
Average Drawdown Average peak-to-trough decline	-1.39%	-6.47%	+5.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	2.63%	-1.01%

Volatility

MAPP vs. PPI - Volatility Comparison

The current volatility for Harbor Multi-Asset Explorer ETF (MAPP) is 4.29%, while Astoria Real Assets ETF (PPI) has a volatility of 4.74%. This indicates that MAPP experiences smaller price fluctuations and is considered to be less risky than PPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAPP	PPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	4.74%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	12.91%	-4.86%
Volatility (1Y) Calculated over the trailing 1-year period	9.74%	16.18%	-6.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.92%	19.03%	-8.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.92%	19.03%	-8.11%

MAPP vs. PPI - Expense Ratio Comparison

MAPP has a 0.92% expense ratio, which is higher than PPI's 0.58% expense ratio.

Dividends

MAPP vs. PPI - Dividend Comparison

MAPP's dividend yield for the trailing twelve months is around 2.76%, more than PPI's 1.01% yield.

Position	TTM	2025	2024	2023	2022
MAPP Harbor Multi-Asset Explorer ETF	2.76%	2.96%	2.41%	2.78%	0.00%
PPI Astoria Real Assets ETF	1.01%	1.06%	0.60%	2.87%	2.40%

Frequently Asked Questions

Can I hold both MAPP and PPI in my portfolio?

MAPP and PPI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAPP or PPI?

PPI has higher volatility (4.74%) compared to MAPP (4.29%). In terms of maximum drawdown, MAPP dropped -12.92% vs PPI's -24.54%.

Which ETF is better, MAPP or PPI?

On 1-year performance, PPI leads with 37.68% vs 20.98% for MAPP. On fees, PPI is cheaper at 0.58% per year. On volatility, MAPP has been the lower-risk option at 4.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAPP or PPI?

Over the 1-year period, PPI has performed better with a 37.68% return vs 20.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAPP or PPI?

PPI is cheaper with a 0.58% expense ratio, compared with 0.92% for MAPP.

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

MAPP has the higher dividend yield at 2.76%, compared with 1.01% for PPI.

What is the main difference between MAPP and PPI?

They also come from different issuers: Harbor and AXS. Their fees differ too: 0.92% for MAPP and 0.58% for PPI.

Which has better risk-adjusted returns?

PPI currently has the higher Sharpe Ratio (2.34 vs 2.17), 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.