Harbor Human Capital Factor US Large Cap ETF (HAPI) Performance
HAPI total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +11.5% since Dec 31, 2025
- 1 year
- +13.6% total return
- 3 years
- +22.8% a year
- Since first price
- +22.8% a year since 2022
HAPI trailing returns vs SPY, QQQ, AGG
| Period | HAPI total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.3% | −0.3% | −1.0% | −5.0% | +0.9% |
| 3 months | +4.2% | +4.2% | +3.2% | +1.9% | −0.4% |
| 6 months | +7.0% | +7.0% | +7.8% | +8.4% | −1.5% |
| YTD | +11.5% | +11.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +13.6% | +12.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +85.1%+22.8%/yr | +80.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionOct 13, 2022 | +128.9%+22.8%/yr | +123.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: HAPI vs SPY
From Oct 13, 2022: HAPI grew to $22,890, SPY to $21,871.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HAPI returns by calendar year
3 of 3 full years positive. Best 2023 (+30.3%), worst 2025 (+16.3%). 2026 is year to date.
HAPI annual returns table
| Year | HAPI | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +11.5% | −8.1% | +12.3% | +15.1% | −1.0% |
| 2025 | +16.3% | −19.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +27.6% | −9.4% | +24.9% | +25.6% | +1.3% |
| 2023 | +30.3% | −9.3% | +26.2% | +54.9% | +5.7% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
HAPI largest drawdowns
Now 2.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 19, 2025 | −19.5% | Apr 8, 2025 | Jun 26, 2025 | 48 days | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
HAPI risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | +22.4% | +21.7% |
| Volatility (annualized) | 12.1% | 12.6% |
| Sharpe ratio | 1.39 | 1.28 |
| Sortino ratio | 2.65 | 2.34 |
| Best month | +8.9% | +8.9% |
| Worst month | −6.8% | −6.8% |
| Best 12 months | +41.5% | +41.5% |
| Worst 12 months | +8.0% | +8.0% |
| Positive months | 72% | 70% |
| Beta vs S&P 500 | 0.95 | — |
| Correlation with S&P 500 | 0.97 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
HAPI rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 37 | +8.0% | +18.3% | +41.5% | 100% |
| 3-year (a year) | 13 | +19.6% | +22.4% | +24.6% | 100% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
HAPI performance overview
Harbor Human Capital Factor US Large Cap ETF (HAPI) returned +13.6% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned +22.8% a year, turning $10,000 into about $22,890. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −19.5%, from Feb 19, 2025 to Apr 8, 2025, and it took 3 months to get back to the old high. HAPI finished 3 of its 3 full calendar years with a gain; the best year was 2023 (+30.3%) and the worst 2025 (+16.3%). Volatility has been 12.6% a year.
Related: HAPI chart, HAPI holdings, HAPI dividends, HAPI valuation. See the HAPI overview for the latest quote and fund facts.
HAPI performance FAQ
What is the HAPI return over the past year?
HAPI returned +13.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 12.6%.
How much would $10,000 invested in HAPI be worth?
$10,000 invested in HAPI at its first recorded close on October 13, 2022 would be worth about $22,890 on October 23, 2026 with distributions reinvested.
What was the worst year for HAPI?
The worst calendar year was 2025, with a total return of +16.3%. The best was 2023 at +30.3%.
What is the biggest drawdown of HAPI?
The largest peak-to-trough decline was −19.5% between February 19, 2025 and April 8, 2025. It recovered to the old high on June 26, 2025, 3 months after the bottom.
How volatile is HAPI?
Over the past 3 years HAPI had an annualized volatility of 12.1% and a Sharpe ratio of 1.39 (excess return over 1–3 month T-bills per unit of risk).