HAPS vs SPY
Harbor Human Capital Factor US Small Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, HAPS or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. HAPS led over 1Y, SPY over 3Y and the full window. HAPS is less concentrated, with 19.1% of the fund in its ten largest positions against 37.8%.
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 | HAPS | SPY |
|---|---|---|
| Expense Ratio | 0.61% | 0.09%Best |
| AUM | $173M | $804.7B |
| Dividend Yield | 0.46% | 0.98% |
| Holdings | 196 | 505 |
| YTD Return | +17.95%Best | +12.09% |
| 1Y Return | +17.63%Best | +16.29% |
| 3Y Return (annualized) | +14.81% | +21.20%Best |
| 5Y Return (annualized) | - | +13.37% |
| Volatility (annualized) | 19.4% | 12.6%Best |
| Max Drawdown | -27.4% | -18.8%Best |
| $10,000 over 3.4 years | $14,930 | $19,071Best |
| Top 10 Weight | 19.1%Best | 37.8% |
| Fund Family | Harbor Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Mar 27, 2023 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3.4 years row, are measured over the window both funds cover: Apr 13, 2023 to Sep 18, 2026 (3.4 years).
HAPS 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 3.4 years both funds cover.
HAPS vs SPY Performance
Harbor Human Capital Factor US Small Cap ETF (HAPS) 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 HAPS returned +17.63% while SPY returned +16.29%. Year to date, HAPS is up 17.95% versus a gain of 12.09% for SPY.
Over three years, HAPS compounded at +14.81% per year against +21.20% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HAPS has been the more volatile fund, with annualized monthly volatility of 19.4% compared with 12.6% for SPY. 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 -27.4% for HAPS 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 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HAPS charges 0.61% per year while SPY charges 0.09%. On a $10,000 position that is $61 vs $9 annually, a gap of $52 per year that compounds over a long holding period. On income, HAPS currently yields 0.46% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 192 holdings in HAPS and 504 in SPY, totalling 100.0% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 192 positions we hold weights for in HAPS and 504 in SPY, against full books of 196 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for HAPS (99.3% of the fund), and 187 for HAPS that do not appear in SPY (98.4%).
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.
You are not choosing between two funds in isolation.
Whichever of HAPS and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HAPS or SPY?
HAPS has an expense ratio of 0.61% while SPY charges 0.09%. SPY is the cheaper option, by $52 a year on a $10,000 investment.
Which performed better, HAPS or SPY?
Over the past year HAPS returned +17.63% vs +16.29% for SPY, so HAPS leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HAPS or SPY?
HAPS has been the more volatile fund at 19.4% annualized versus 12.6% for SPY. Worst drawdown: HAPS -27.4% vs SPY -18.8%.
Should I hold both HAPS and SPY?
HAPS and SPY have a monthly-return correlation of 0.77, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, HAPS or SPY?
HAPS yields 0.46% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than HAPS?
SPY has a lower expense ratio. HAPS led over 1Y, SPY over 3Y and the full window. HAPS is less concentrated, with 19.1% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.