EQWL vs. GRPM

Last updated Jun 5, 2026

EQWL (Invesco S&P 100 Equal Weight ETF) and GRPM (Invesco S&P MidCap 400® GARP ETF) are both exchange-traded funds - EQWL is a Large Cap Blend Equities fund tracking the S&P 100 Equal Weight Index, while GRPM is a Mid Cap Blend Equities fund tracking the S&P MidCap 400® GARP Index. Both are passively managed. Over the past 10 years, EQWL returned 14.47%/yr vs 10.99%/yr for GRPM. Their correlation of 0.80 suggests significant overlap in exposure. EQWL charges 0.25%/yr vs 0.35%/yr for GRPM.

Performance

EQWL vs. GRPM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 100 Equal Weight ETF (EQWL) and Invesco S&P MidCap 400® GARP ETF (GRPM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EQWL achieves a 9.48% return, which is significantly higher than GRPM's 7.11% return. Over the past 10 years, EQWL has outperformed GRPM with an annualized return of 14.47%, while GRPM has yielded a comparatively lower 10.99% annualized return.

EQWL

• 1D: 0.68%
• 1M: 4.61%
• YTD: 9.48%
• 6M: 10.19%
• 1Y: 22.95%
• 3Y*: 20.06%
• 5Y*: 11.94%
• 10Y*: 14.47%

GRPM

• 1D: -0.11%
• 1M: 2.30%
• YTD: 7.11%
• 6M: 6.51%
• 1Y: 21.90%
• 3Y*: 14.94%
• 5Y*: 7.66%
• 10Y*: 10.99%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EQWL vs. GRPM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EQWL Invesco S&P 100 Equal Weight ETF	9.48%	17.61%	19.11%	19.48%	-11.46%	28.29%	13.94%	29.54%	-6.30%	24.41%
GRPM Invesco S&P MidCap 400® GARP ETF	7.11%	7.81%	15.67%	18.79%	-11.63%	26.35%	15.60%	23.05%	-12.45%	13.05%

Correlation

The correlation between EQWL and GRPM is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010	0.80

The correlation between EQWL and GRPM has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

EQWL vs. GRPM - Sectors Allocation Comparison

Sectors	EQWL	GRPM
Technology	22.8%	16.6%
Financial Services	15.6%	29.9%
Healthcare	14.0%	12.3%
Industrials	13.7%	10.0%
Consumer Defensive	8.9%	5.8%
Consumer Cyclical	8.5%	9.7%
Communication Services	7.6%	-
Energy	3.0%	15.8%
Utilities	3.0%	-
Real Estate	2.0%	-
Basic Materials	1.0%	-

Return for Risk

EQWL vs. GRPM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EQWL

EQWL Risk / Return Rank: 67
EQWL Sharpe Ratio Rank: 69
EQWL Sortino Ratio Rank: 70
EQWL Omega Ratio Rank: 66
EQWL Calmar Ratio Rank: 61
EQWL Martin Ratio Rank: 69

GRPM

GRPM Risk / Return Rank: 44
GRPM Sharpe Ratio Rank: 38
GRPM Sortino Ratio Rank: 39
GRPM Omega Ratio Rank: 36
GRPM Calmar Ratio Rank: 58
GRPM Martin Ratio Rank: 50

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EQWL vs. GRPM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 100 Equal Weight ETF (EQWL) and Invesco S&P MidCap 400® GARP ETF (GRPM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	EQWL	GRPM	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.37	+0.85
Sortino ratio: Return per unit of downside risk	3.12	2.04	+1.08
Omega ratio: Gain probability vs. loss probability	1.39	1.24	+0.16
Calmar ratio: Return relative to maximum drawdown	2.97	2.89	+0.08
Martin ratio: Return relative to average drawdown	12.52	8.54	+3.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EQWL vs. GRPM - Sharpe Ratio Comparison

The current EQWL Sharpe Ratio is 2.22, which is higher than the GRPM Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of EQWL and GRPM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EQWL	GRPM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	1.37	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.37	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.50	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.55	+0.05

Drawdowns

EQWL vs. GRPM - Drawdown Comparison

The maximum EQWL drawdown since its inception was -49.36%, which is greater than GRPM's maximum drawdown of -43.12%. Use the drawdown chart below to compare losses from any high point for EQWL and GRPM.

Drawdown Indicators

	EQWL	GRPM	Difference
Max Drawdown Largest peak-to-trough decline	-49.36%	-43.12%	-6.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-7.62%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-28.09%	+13.14%
Max Drawdown (5Y) Largest decline over 5 years	-22.99%	-28.09%	+5.10%
Max Drawdown (10Y) Largest decline over 10 years	-34.30%	-43.12%	+8.82%
Current Drawdown Current decline from peak	0.00%	-0.11%	+0.11%
Average Drawdown Average peak-to-trough decline	-6.70%	-5.71%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	2.57%	-0.73%

Volatility

EQWL vs. GRPM - Volatility Comparison

The current volatility for Invesco S&P 100 Equal Weight ETF (EQWL) is 2.61%, while Invesco S&P MidCap 400® GARP ETF (GRPM) has a volatility of 3.82%. This indicates that EQWL experiences smaller price fluctuations and is considered to be less risky than GRPM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQWL	GRPM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	3.82%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	10.44%	-2.75%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	16.13%	-5.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.98%	20.90%	-5.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	22.25%	-5.46%

EQWL vs. GRPM - Expense Ratio Comparison

EQWL has a 0.25% expense ratio, which is lower than GRPM's 0.35% expense ratio.

Dividends

EQWL vs. GRPM - Dividend Comparison

EQWL's dividend yield for the trailing twelve months is around 1.53%, more than GRPM's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQWL Invesco S&P 100 Equal Weight ETF	1.53%	1.67%	1.86%	1.97%	2.12%	1.65%	2.01%	2.04%	2.23%	1.27%	2.01%	2.03%
GRPM Invesco S&P MidCap 400® GARP ETF	0.96%	1.19%	0.95%	0.96%	1.28%	0.92%	1.16%	1.25%	1.50%	1.14%	1.00%	1.43%

Frequently Asked Questions

Can I hold both EQWL and GRPM in my portfolio?

EQWL and GRPM have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQWL or GRPM?

GRPM has higher volatility (3.82%) compared to EQWL (2.61%). In terms of maximum drawdown, EQWL dropped -49.36% vs GRPM's -43.12%.

Which ETF is better, EQWL or GRPM?

On 10-year performance, EQWL leads with 14.47% vs 10.99% for GRPM. On fees, EQWL is cheaper at 0.25% per year. On volatility, EQWL has been the lower-risk option at 2.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EQWL or GRPM?

Over the 10-year period, EQWL has performed better with a 14.47% return vs 10.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EQWL or GRPM?

EQWL is cheaper with a 0.25% expense ratio, compared with 0.35% for GRPM.

Which ETF pays a higher dividend yield, EQWL or GRPM?

EQWL has the higher dividend yield at 1.53%, compared with 0.96% for GRPM.

What is the main difference between EQWL and GRPM?

EQWL is categorized as Large Cap Blend Equities, while GRPM is Mid Cap Blend Equities. EQWL tracks S&P 100 Equal Weight Index, while GRPM tracks S&P MidCap 400® GARP Index. Their fees differ too: 0.25% for EQWL and 0.35% for GRPM.

Which has better risk-adjusted returns?

EQWL currently has the higher Sharpe Ratio (2.22 vs 1.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.