WINN vs. SMLL

Last updated Jun 24, 2026

WINN (Harbor Long-Term Growers ETF) and SMLL (Harbor Active Small Cap ETF) are both exchange-traded funds - WINN is a Large Cap Growth Equities fund actively managed by Harbor, while SMLL is a Small Cap Blend Equities fund actively managed by Harbor. Both are actively managed. Over the past year, WINN returned 13.47% vs 0.27% for SMLL. A 0.54 correlation means they provide meaningful diversification when combined. WINN charges 0.57%/yr vs 0.80%/yr for SMLL.

Performance

WINN vs. SMLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Long-Term Growers ETF (WINN) and Harbor Active Small Cap ETF (SMLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WINN achieves a 1.85% return, which is significantly lower than SMLL's 3.14% return.

WINN

• 1D: -1.46%
• 1M: -3.12%
• YTD: 1.85%
• 6M: 0.70%
• 1Y: 13.47%
• 3Y*: 20.32%
• 5Y*: —
• 10Y*: —

SMLL

• 1D: -0.14%
• 1M: 0.98%
• YTD: 3.14%
• 6M: 1.21%
• 1Y: 0.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WINN vs. SMLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WINN Harbor Long-Term Growers ETF	1.85%	14.31%	9.50%
SMLL Harbor Active Small Cap ETF	3.14%	-6.31%	11.18%

Correlation

The correlation between WINN and SMLL is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	0.54

The correlation between WINN and SMLL has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

WINN vs. SMLL - Sectors Allocation Comparison

Sectors	WINN	SMLL
Technology	52.8%	16.6%
Communication Services	14.1%	-
Consumer Cyclical	12.0%	9.8%
Industrials	6.5%	29.1%
Healthcare	6.1%	5.4%
Financial Services	3.7%	20.8%
Consumer Defensive	2.5%	0.9%
Utilities	2.2%	0.5%
Real Estate	0.4%	4.4%
Basic Materials	-	6.2%
Energy	-	6.3%

Return for Risk

WINN vs. SMLL — Risk / Return Rank

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

WINN

WINN Risk / Return Rank: 22
WINN Sharpe Ratio Rank: 24
WINN Sortino Ratio Rank: 23
WINN Omega Ratio Rank: 22
WINN Calmar Ratio Rank: 18
WINN Martin Ratio Rank: 20

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.

WINN vs. SMLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Long-Term Growers ETF (WINN) and Harbor Active Small Cap ETF (SMLL). 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.

	WINN	SMLL	Difference
Sharpe ratio: Return per unit of total volatility	0.79	0.02	+0.78
Sortino ratio: Return per unit of downside risk	1.18	0.15	+1.03
Omega ratio: Gain probability vs. loss probability	1.15	1.02	+0.13
Calmar ratio: Return relative to maximum drawdown	0.75	0.02	+0.73
Martin ratio: Return relative to average drawdown	2.29	0.04	+2.26

WINN vs. SMLL - Sharpe Ratio Comparison

The current WINN Sharpe Ratio is 0.79, which is higher than the SMLL Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of WINN and SMLL, 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

WINN vs. SMLL - Drawdown Comparison

The maximum WINN drawdown since its inception was -32.07%, which is greater than SMLL's maximum drawdown of -23.56%. Use the drawdown chart below to compare losses from any high point for WINN and SMLL.

Drawdown Indicators

	WINN	SMLL	Difference
Max Drawdown Largest peak-to-trough decline	-32.07%	-23.56%	-8.51%
Max Drawdown (1Y) Largest decline over 1 year	-18.06%	-15.53%	-2.53%
Max Drawdown (3Y) Largest decline over 3 years	-23.66%	—	—
Current Drawdown Current decline from peak	-6.85%	-10.35%	+3.50%
Average Drawdown Average peak-to-trough decline	-9.03%	-8.74%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.89%	7.73%	-1.84%

Volatility

WINN vs. SMLL - Volatility Comparison

Harbor Long-Term Growers ETF (WINN) has a higher volatility of 6.77% compared to Harbor Active Small Cap ETF (SMLL) at 4.33%. This indicates that WINN's price experiences larger fluctuations and is considered to be riskier than SMLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WINN	SMLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	4.33%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	11.88%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	17.49%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.79%	20.25%	+3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.79%	20.25%	+3.54%

WINN vs. SMLL - Expense Ratio Comparison

WINN has a 0.57% expense ratio, which is lower than SMLL's 0.80% expense ratio.

Dividends

WINN vs. SMLL - Dividend Comparison

WINN has not paid dividends to shareholders, while SMLL's dividend yield for the trailing twelve months is around 2.30%.

Position	TTM	2025	2024	2023	2022
SMLL Harbor Active Small Cap ETF	2.30%	2.37%	0.52%	0.00%	0.00%
WINN Harbor Long-Term Growers ETF	0.00%	0.00%	0.00%	0.06%	0.06%

Frequently Asked Questions

Can I hold both WINN and SMLL in my portfolio?

WINN and SMLL have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WINN or SMLL?

WINN has higher volatility (6.77%) compared to SMLL (4.33%). In terms of maximum drawdown, WINN dropped -32.07% vs SMLL's -23.56%.

Which ETF is better, WINN or SMLL?

On 1-year performance, WINN leads with 13.47% vs 0.27% for SMLL. On fees, WINN is cheaper at 0.57% per year. On volatility, SMLL has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WINN or SMLL?

Over the 1-year period, WINN has performed better with a 13.47% return vs 0.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WINN or SMLL?

WINN is cheaper with a 0.57% expense ratio, compared with 0.80% for SMLL.

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

SMLL has the higher dividend yield at 2.30%, compared with 0.00% for WINN.

What is the main difference between WINN and SMLL?

WINN is categorized as Large Cap Growth Equities, while SMLL is Small Cap Blend Equities. Their fees differ too: 0.57% for WINN and 0.80% for SMLL.

Which has better risk-adjusted returns?

WINN currently has the higher Sharpe Ratio (0.79 vs 0.02), 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.