RWJ vs. HAPS

Last updated Jul 14, 2026

RWJ (Invesco S&P SmallCap 600 Revenue ETF) and HAPS (Harbor Human Capital Factor US Small Cap ETF) are both exchange-traded funds - RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index, while HAPS is a Small Cap Blend Equities fund tracking the Human Capital Factor Small Cap Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, RWJ returned 17.06%/yr vs 12.51%/yr for HAPS. Their correlation of 0.92 suggests significant overlap in exposure. RWJ charges 0.39%/yr vs 0.60%/yr for HAPS.

Performance

RWJ vs. HAPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600 Revenue ETF (RWJ) and Harbor Human Capital Factor US Small Cap ETF (HAPS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWJ achieves a 23.40% return, which is significantly higher than HAPS's 19.15% return.

RWJ

• 1D: 0.43%
• 1M: 1.95%
• 6M: 16.16%
• YTD: 23.40%
• 1Y: 33.35%
• 3Y*: 17.06%
• 5Y*: 10.57%
• 10Y*: 13.13%

HAPS

• 1D: -0.05%
• 1M: 4.20%
• 6M: 13.80%
• YTD: 19.15%
• 1Y: 29.43%
• 3Y*: 12.51%
• 5Y*: —
• 10Y*: —

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

RWJ vs. HAPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RWJ Invesco S&P SmallCap 600 Revenue ETF	23.40%	7.75%	11.81%	13.38%
HAPS Harbor Human Capital Factor US Small Cap ETF	19.15%	8.35%	4.08%	13.63%

Correlation

The correlation between RWJ and HAPS 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 (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 13, 2023	0.92

The correlation between RWJ and HAPS has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

RWJ vs. HAPS - Sectors Allocation Comparison

Sectors	RWJ	HAPS
Consumer Cyclical	23.9%	8.4%
Industrials	16.0%	14.7%
Technology	11.2%	16.8%
Healthcare	11.0%	16.1%
Financial Services	10.7%	17.3%
Energy	7.2%	7.2%
Consumer Defensive	6.8%	2.7%
Basic Materials	5.0%	5.7%
Real Estate	3.9%	5.9%
Communication Services	3.5%	2.7%
Utilities	0.8%	2.5%

Return for Risk

RWJ vs. HAPS — Risk / Return Rank

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

RWJ

RWJ Risk / Return Rank: 69
RWJ Sharpe Ratio Rank: 69
RWJ Sortino Ratio Rank: 72
RWJ Omega Ratio Rank: 65
RWJ Calmar Ratio Rank: 73
RWJ Martin Ratio Rank: 67

HAPS

HAPS Risk / Return Rank: 69
HAPS Sharpe Ratio Rank: 68
HAPS Sortino Ratio Rank: 72
HAPS Omega Ratio Rank: 63
HAPS Calmar Ratio Rank: 73
HAPS Martin Ratio Rank: 70

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.

RWJ vs. HAPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600 Revenue ETF (RWJ) and Harbor Human Capital Factor US Small Cap ETF (HAPS). 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.

	RWJ	HAPS	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.75	+0.01
Sortino ratio: Return per unit of downside risk	2.58	2.60	-0.02
Omega ratio: Gain probability vs. loss probability	1.31	1.30	+0.01
Calmar ratio: Return relative to maximum drawdown	2.96	2.95	+0.01
Martin ratio: Return relative to average drawdown	9.55	10.02	-0.48

RWJ vs. HAPS - Sharpe Ratio Comparison

The current RWJ Sharpe Ratio is 1.76, which is comparable to the HAPS Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of RWJ and HAPS, 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

RWJ vs. HAPS - Drawdown Comparison

The maximum RWJ drawdown since its inception was -55.97%, which is greater than HAPS's maximum drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for RWJ and HAPS.

Drawdown Indicators

	RWJ	HAPS	Difference
Max Drawdown Largest peak-to-trough decline	-55.97%	-27.44%	-28.53%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-10.01%	-1.30%
Max Drawdown (3Y) Largest decline over 3 years	-29.29%	-27.44%	-1.85%
Max Drawdown (5Y) Largest decline over 5 years	-29.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.33%	—	—
Current Drawdown Current decline from peak	-0.24%	-0.83%	+0.59%
Average Drawdown Average peak-to-trough decline	-9.19%	-5.94%	-3.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	2.94%	+0.56%

Volatility

RWJ vs. HAPS - Volatility Comparison

Invesco S&P SmallCap 600 Revenue ETF (RWJ) has a higher volatility of 4.62% compared to Harbor Human Capital Factor US Small Cap ETF (HAPS) at 3.85%. This indicates that RWJ's price experiences larger fluctuations and is considered to be riskier than HAPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWJ	HAPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	3.85%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	12.40%	11.93%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	19.07%	16.93%	+2.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.59%	20.65%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.06%	20.65%	+5.41%

RWJ vs. HAPS - Expense Ratio Comparison

RWJ has a 0.39% expense ratio, which is lower than HAPS's 0.60% expense ratio.

Dividends

RWJ vs. HAPS - Dividend Comparison

RWJ's dividend yield for the trailing twelve months is around 1.01%, more than HAPS's 0.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAPS Harbor Human Capital Factor US Small Cap ETF	0.48%	0.57%	0.72%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RWJ Invesco S&P SmallCap 600 Revenue ETF	1.01%	1.11%	1.15%	1.34%	1.02%	0.61%	0.89%	1.22%	1.44%	1.11%	0.60%	0.74%

Frequently Asked Questions

Can I hold both RWJ and HAPS in my portfolio?

With a correlation of 0.91, RWJ and HAPS 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, RWJ or HAPS?

RWJ has higher volatility (4.62%) compared to HAPS (3.85%). In terms of maximum drawdown, RWJ dropped -55.97% vs HAPS's -27.44%.

Which ETF is better, RWJ or HAPS?

On 3-year performance, RWJ leads with 17.06% vs 12.51% for HAPS. On fees, RWJ is cheaper at 0.39% per year. On volatility, HAPS has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWJ or HAPS?

Over the 3-year period, RWJ has performed better with a 17.06% return vs 12.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWJ or HAPS?

RWJ is cheaper with a 0.39% expense ratio, compared with 0.60% for HAPS.

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

RWJ has the higher dividend yield at 1.01%, compared with 0.48% for HAPS.

What is the main difference between RWJ and HAPS?

RWJ is categorized as Small Cap Value Equities, while HAPS is Small Cap Blend Equities. RWJ tracks S&P SmallCap 600 Revenue-Weighted Index, while HAPS tracks Human Capital Factor Small Cap Index - Benchmark TR Gross. They also come from different issuers: Invesco and Harbor. Their fees differ too: 0.39% for RWJ and 0.60% for HAPS.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (1.76 vs 1.75), 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.