HAPI vs SPY
Harbor Human Capital Factor US Large Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, HAPI or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. HAPI led over the full window, SPY over 1Y and 3Y. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.2%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | HAPI | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $501M | $804.7B |
| Dividend Yield | 0.77% | 0.98% |
| Holdings | 157 | 505 |
| YTD Return | +10.70% | +10.96%Best |
| 1Y Return | +15.03% | +15.52%Best |
| 3Y Return (annualized) | +20.65% | +20.73%Best |
| 5Y Return (annualized) | - | +12.53% |
| Volatility (annualized) | 12.7%Best | 13.0% |
| Max Drawdown | -19.5% | -18.8%Best |
| $10,000 over 3.9 years | $22,612Best | $21,537 |
| Top 10 Weight | 42.2% | 37.8%Best |
| Fund Family | Harbor Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Oct 12, 2022 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3.9 years row, are measured over the window both funds cover: Oct 13, 2022 to Sep 16, 2026 (3.9 years).
HAPI vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3.9 years both funds cover.
HAPI vs SPY Performance
Harbor Human Capital Factor US Large Cap ETF (HAPI) is an ETF from Harbor Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HAPI returned +15.03% while SPY returned +15.52%. Year to date, HAPI is up 10.70% versus a gain of 10.96% for SPY.
Over three years, HAPI compounded at +20.65% per year against +20.73% for SPY. Across the full 4-year window we track, HAPI has the edge at +23.27% annualized vs +21.74%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.0% compared with 12.7% for HAPI. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -19.5% for HAPI and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
HAPI charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, HAPI currently yields 0.77% against 0.98% for SPY.
Holdings Overlap
95.5% of HAPI's money is in holdings SPY also owns. 53.8% of SPY's money is in holdings HAPI also owns.
Most of HAPI is already inside SPY. Owning both mostly buys the same companies twice.
137 positions in common, counted across the 156 positions we hold weights for in HAPI and 504 in SPY, against full books of 157 and 505.
What only one of them owns
Our book lists 361 positions for SPY that do not appear in our book for HAPI (45.6% of the fund), and 16 for HAPI that do not appear in SPY (4.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in HAPI | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 5.29% | 8.01% | 2.72% |
| AAPLApple, Inc | 5.66% | 7.26% | 1.60% |
| MSFTMicrosoft Corp | 5.56% | 5.66% | 0.10% |
| AMZNAmazon.Com Inc | 5.71% | 3.79% | 1.92% |
| GOOGLAlphabet Inc,class A | 4.88% | 2.99% | 1.89% |
| METAMeta Platforms Inc | 4.02% | 1.93% | 2.09% |
| JPMJpmorgan Chase | 3.19% | 1.45% | 1.74% |
| LLYEli Lilly & Co. | 2.38% | 1.40% | 0.98% |
| CSCOCisco Systems Inc. - Ordinary Shares | 3.02% | 0.66% | 2.36% |
| NFLXNetflix, Inc. | 2.49% | 0.52% | 1.97% |
95.5% of HAPI is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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Frequently Asked Questions
Which is cheaper, HAPI or SPY?
HAPI has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, HAPI or SPY?
Over the past year HAPI returned +15.03% vs +15.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), HAPI annualized +23.27% vs +21.74% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HAPI or SPY?
SPY has been the more volatile fund at 13.0% annualized versus 12.7% for HAPI. Worst drawdown: HAPI -19.5% vs SPY -18.8%.
Should I hold both HAPI and SPY?
HAPI and SPY have a monthly-return correlation of 0.98, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between HAPI and SPY?
95.5% of HAPI's money is in holdings SPY also owns. 53.8% of SPY's is in holdings HAPI also owns. They hold 137 positions in common, counted across the 156 positions we hold weights for in HAPI and 504 in SPY.
Which pays a higher dividend, HAPI or SPY?
HAPI yields 0.77% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than HAPI?
SPY has a lower expense ratio. HAPI led over the full window, SPY over 1Y and 3Y. The two have moved almost in lockstep, correlation 0.98. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.