SMLL vs. ASCE

Last updated Jun 5, 2026

SMLL (Harbor Active Small Cap ETF) and ASCE (Allspring SMID Core ETF) are both Small Cap Blend Equities funds. Both are actively managed. A 0.76 correlation means they provide meaningful diversification when combined. SMLL charges 0.80%/yr vs 0.38%/yr for ASCE.

Performance

SMLL vs. ASCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Active Small Cap ETF (SMLL) and Allspring SMID Core ETF (ASCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLL achieves a 3.16% return, which is significantly lower than ASCE's 24.00% return.

SMLL

• 1D: 1.29%
• 1M: 0.19%
• YTD: 3.16%
• 6M: 2.75%
• 1Y: -0.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ASCE

• 1D: 1.43%
• 1M: 3.23%
• YTD: 24.00%
• 6M: 21.99%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMLL vs. ASCE - Yearly Performance Comparison

	2026 (YTD)	2025
SMLL Harbor Active Small Cap ETF	3.16%	-7.00%
ASCE Allspring SMID Core ETF	24.00%	8.61%

Correlation

The correlation between SMLL and ASCE is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.76

Return for Risk

SMLL vs. ASCE — Risk / Return Rank

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

SMLL

SMLL Risk / Return Rank: 9
SMLL Sharpe Ratio Rank: 9
SMLL Sortino Ratio Rank: 9
SMLL Omega Ratio Rank: 9
SMLL Calmar Ratio Rank: 9
SMLL Martin Ratio Rank: 9

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.

SMLL vs. ASCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Active Small Cap ETF (SMLL) and Allspring SMID Core ETF (ASCE). 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.

	SMLL	ASCE	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	—	—
Sortino ratio: Return per unit of downside risk	0.12	—	—
Omega ratio: Gain probability vs. loss probability	1.01	—	—
Calmar ratio: Return relative to maximum drawdown	-0.00	—	—
Martin ratio: Return relative to average drawdown	-0.01	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SMLL	ASCE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	2.02	-1.82

Drawdowns

SMLL vs. ASCE - Drawdown Comparison

The maximum SMLL drawdown since its inception was -23.56%, which is greater than ASCE's maximum drawdown of -9.22%. Use the drawdown chart below to compare losses from any high point for SMLL and ASCE.

Drawdown Indicators

	SMLL	ASCE	Difference
Max Drawdown Largest peak-to-trough decline	-23.56%	-9.22%	-14.34%
Max Drawdown (1Y) Largest decline over 1 year	-15.53%	—	—
Current Drawdown Current decline from peak	-10.33%	0.00%	-10.33%
Average Drawdown Average peak-to-trough decline	-8.71%	-2.09%	-6.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.61%	—	—

Volatility

Volatility by Period

	SMLL	ASCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.87%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.42%	19.26%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.39%	19.26%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.39%	19.26%	+1.13%

SMLL vs. ASCE - Expense Ratio Comparison

SMLL has a 0.80% expense ratio, which is higher than ASCE's 0.38% expense ratio.

Dividends

SMLL vs. ASCE - Dividend Comparison

SMLL's dividend yield for the trailing twelve months is around 2.30%, more than ASCE's 0.17% yield.

Position	TTM	2025	2024
ASCE Allspring SMID Core ETF	0.17%	0.22%	0.00%
SMLL Harbor Active Small Cap ETF	2.30%	2.37%	0.52%

Frequently Asked Questions

Can I hold both SMLL and ASCE in my portfolio?

SMLL and ASCE have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMLL or ASCE?

On fees, ASCE is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMLL or ASCE?

ASCE is cheaper with a 0.38% expense ratio, compared with 0.80% for SMLL.

Which ETF pays a higher dividend yield, SMLL or ASCE?

SMLL has the higher dividend yield at 2.30%, compared with 0.17% for ASCE.

What is the main difference between SMLL and ASCE?

They also come from different issuers: Harbor and Allspring. Their fees differ too: 0.80% for SMLL and 0.38% for ASCE.