Harbor Human Capital Factor US Small Cap ETF (HAPS) Performance
HAPS total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +18.9% since Dec 31, 2025
- 1 year
- +19.1% total return
- 3 years
- +18.7% a year
- Since first price
- +12.3% a year since 2023
HAPS trailing returns vs SPY, QQQ, AGG
| Period | HAPS total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.4% | +1.4% | −1.0% | −5.0% | +0.9% |
| 3 months | +1.3% | +1.3% | +3.2% | +1.9% | −0.4% |
| 6 months | +11.2% | +11.2% | +7.8% | +8.4% | −1.5% |
| YTD | +18.9% | +18.9% | +12.3% | +15.1% | −1.0% |
| 1 year | +19.1% | +18.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +67.4%+18.7%/yr | +64.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionApr 13, 2023 | +50.8%+12.3%/yr | +48.2% | — | — | — |
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: HAPS vs SPY
From Apr 13, 2023: HAPS grew to $15,079, SPY to $19,197.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HAPS returns by calendar year
2 of 2 full years positive. Best 2025 (+8.4%), worst 2024 (+4.1%). 2026 is year to date.
HAPS annual returns table
| Year | HAPS | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +18.9% | −10.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +8.4% | −22.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +4.1% | −9.9% | +24.9% | +25.6% | +1.3% |
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.
HAPS largest drawdowns
Now 3.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 11, 2024 | −27.4% | Apr 8, 2025 | Dec 10, 2025 | 5 months | 1.1 years |
| Jul 31, 2023 | −19.4% | Oct 27, 2023 | Dec 14, 2023 | 3 months | 4 months |
| Jan 22, 2026 | −10.0% | Mar 20, 2026 | Apr 13, 2026 | 57 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
HAPS risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +15.2% | +12.7% |
| Volatility (annualized) | 19.3% | 19.5% |
| Sharpe ratio | 0.60 | 0.48 |
| Sortino ratio | 1.06 | 0.82 |
| Best month | +11.9% | +11.9% |
| Worst month | −8.3% | −8.3% |
| Best 12 months | +33.4% | +33.4% |
| Worst 12 months | −4.5% | −4.5% |
| Positive months | 61% | 59% |
| Beta vs S&P 500 | 1.14 | — |
| Correlation with S&P 500 | 0.74 | — |
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.
HAPS rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 31 | −4.5% | +8.4% | +33.4% | 84% |
| 3-year (a year) | 7 | +11.3% | +13.7% | +18.9% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
HAPS performance overview
Harbor Human Capital Factor US Small Cap ETF (HAPS) returned +19.1% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +12.3% a year, turning $10,000 into about $15,079. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −27.4%, from Nov 11, 2024 to Apr 8, 2025, and it took 8 months to get back to the old high. Volatility has been 19.5% a year.
Related: HAPS chart, HAPS holdings, HAPS dividends, HAPS valuation. See the HAPS overview for the latest quote and fund facts.
HAPS performance FAQ
What is the HAPS return over the past year?
HAPS returned +19.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 18.4%.
How much would $10,000 invested in HAPS be worth?
$10,000 invested in HAPS at its first recorded close on April 13, 2023 would be worth about $15,079 on October 23, 2026 with distributions reinvested.
What was the worst year for HAPS?
The worst calendar year was 2024, with a total return of +4.1%. The best was 2025 at +8.4%.
What is the biggest drawdown of HAPS?
The largest peak-to-trough decline was −27.4% between November 11, 2024 and April 8, 2025. It recovered to the old high on December 10, 2025, 8 months after the bottom.
How volatile is HAPS?
Over the past 3 years HAPS had an annualized volatility of 19.3% and a Sharpe ratio of 0.60 (excess return over 1–3 month T-bills per unit of risk).