Harbor Human Capital Factor US Small Cap ETF (HAPS) Valuation
HAPS valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 96.5 trailing earnings
- Forward P/E
- 10.8 analyst estimates
- Price / sales
- 0.91
- Price / book
- 2.06
- EV / EBITDA
- 11.5
- Earnings yield
- 1.04% inverse of P/E
- Dividend yield
- 1.63% of the holdings
- Return on equity
- 2.1% combined
- Net margin
- 0.9% combined
- Beta
- 1.08 weighted, vs S&P 500
HAPS valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| HAPS | 96.5 | 10.8 | 0.91 | 2.06 | 1.63% | 2.1% | 0.9% | 25.3% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
HAPS valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 17.8% | 14.2 | 9.0 | 1.63 | 1.22 | 2.62% | 8.7% |
| Healthcare | 17.0% | n/m | 8.5 | 1.77 | 3.48 | 0.10% | −23.4% |
| Technology | 16.3% | n/m | 12.9 | 0.99 | 3.02 | 0.38% | −1.0% |
| Industrials | 11.8% | 35.6 | 10.8 | 0.55 | 2.40 | 2.04% | 6.7% |
| Consumer Cyclical | 7.2% | 15.5 | 9.4 | 0.42 | 1.64 | 1.61% | 10.6% |
| Real Estate | 5.7% | 35.4 | 40.9 | 2.94 | 1.31 | 5.57% | 3.7% |
| Energy | 5.6% | n/m | 9.3 | 0.37 | 2.73 | 1.88% | −6.3% |
| Basic Materials | 4.8% | n/m | 10.5 | 0.59 | 2.93 | 1.89% | −9.0% |
| Consumer Defensive | 2.9% | 40.1 | 13.4 | 2.02 | 3.31 | 0.00% | 8.2% |
| Communication Services | 2.6% | 61.5 | 12.0 | 1.88 | 2.34 | 0.60% | 3.8% |
| Utilities | 2.6% | 20.1 | 17.9 | 2.29 | 1.69 | 3.39% | 8.4% |
| Services | 0.6% | 14.2 | 15.3 | 1.60 | 2.99 | 2.71% | 21.0% |
| Financials | 0.3% | 16.2 | — | 4.22 | 1.27 | 1.94% | 7.8% |
HAPS earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How HAPS weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
HAPS largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| TWST | Twist Bioscience Corporation | 2.35% | — | — | 20.4 | — | −4.11% |
| PSCH | Invesco S&P SmallCap Health Care ETF | 2.11% | — | — | — | — | — |
| MGY | Magnolia Oil & Gas Corporation | 2.06% | 11.1 | 9.2 | 4.7 | 2.60% | 19.27% |
| PECO | Phillips Edison & Company, Inc. | 2.00% | 33.5 | 65.8 | 7.2 | 3.61% | 6.22% |
| KYMR | Kymera Therapeutics, Inc. | 2.00% | — | — | 82.1 | — | −6.46% |
| OGN | Organon & Co. | 1.94% | 17.6 | 5.1 | 0.6 | 0.58% | 11.47% |
| AVT | Avnet, Inc. | 1.84% | 23.3 | 7.1 | 0.3 | 1.64% | 8.21% |
| APLE | Apple Hospitality REIT, Inc. | 1.82% | 23.0 | 23.5 | 2.8 | 5.63% | 8.23% |
| SXT | Sensient Technologies Corporation | 1.77% | 36.0 | 22.7 | 3.3 | 1.23% | 5.12% |
| ATRC | AtriCure, Inc. | 1.45% | 267.0 | 232.6 | 5.0 | — | 0.56% |
| FROG | JFrog Ltd. | 1.42% | — | 81.3 | 17.3 | — | −0.65% |
| HWC | Hancock Whitney Corporation | 1.21% | 14.3 | 10.1 | 4.1 | 2.74% | 8.84% |
| GATX | GATX Corporation | 1.18% | 16.4 | 19.1 | 2.8 | 1.60% | 7.52% |
| CC | The Chemours Company | 1.18% | — | 7.3 | 0.3 | 2.75% | −19.49% |
| AUB | Atlantic Union Bankshares Corporation | 1.18% | 11.3 | 9.1 | 3.6 | 3.88% | 10.88% |
| AROC | Archrock, Inc. | 1.18% | 15.9 | 14.3 | 3.4 | 3.11% | 7.70% |
| IVT | InvenTrust Properties Corp. | 1.17% | 158.3 | 250.0 | 7.4 | 3.33% | 0.77% |
| TNL | Travel + Leisure Co. | 1.15% | 17.6 | 7.6 | 1.0 | 3.72% | 6.78% |
| TARS | Tarsus Pharmaceuticals, Inc. | 1.15% | — | 68.0 | 5.3 | — | −1.89% |
| AGIO | Agios Pharmaceuticals, Inc. | 1.09% | — | 2.5 | 19.0 | — | −25.30% |
| RDN | Radian Group Inc. | 1.06% | 8.4 | 6.3 | 2.7 | 3.00% | 13.16% |
| LAUR | Laureate Education, Inc. | 1.05% | 17.6 | 15.3 | 2.9 | — | 6.24% |
| KOS | Kosmos Energy Ltd. | 0.99% | — | 4.7 | 1.0 | — | −41.51% |
| CNO | CNO Financial Group, Inc. | 0.96% | 18.9 | 9.7 | 1.1 | 1.32% | 5.29% |
| ABG | Asbury Automotive Group, Inc. | 0.95% | 6.4 | 6.4 | 0.2 | — | 15.31% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About HAPS valuation
Adding up its 176 holdings with company data, HAPS trades at 96.5 times trailing earnings and 10.8 times analysts' forward estimates, with a price-to-book ratio of 2.06 and a dividend yield of 1.63%. Its earnings yield of 1.04% is 4.29 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 19.4% of the fund and earn 47.9% of its combined profit. By sector, Communication Services is the most expensive at 61.5 times earnings and Financial Services the cheapest at 14.2. Companies that lost money over the past year are 25.3% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 93.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: HAPS chart, HAPS performance, HAPS holdings, HAPS dividends.
HAPS valuation FAQ
What is the P/E ratio of HAPS?
Based on its holdings, HAPS has a trailing P/E of 96.5 and a forward P/E of 10.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of HAPS?
The trailing earnings yield is 1.04% (1 ÷ P/E) and the forward earnings yield 9.23%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is HAPS more expensive than the S&P 500?
HAPS trades at 96.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 10.8 and 19.9.
What is the price-to-book ratio of HAPS?
The holdings of HAPS trade at 2.06 times book value, with a combined return on equity of 2.1%.
Which sector in HAPS has the highest P/E?
Communication Services has the highest P/E at 61.5 and Financial Services the lowest at 14.2.