FFLC vs. GRPM

Last updated Jun 9, 2026

FFLC (Fidelity Fundamental Large Cap Core ETF) and GRPM (Invesco S&P MidCap 400® GARP ETF) are both exchange-traded funds - FFLC is a Large Cap Blend Equities fund actively managed by Fidelity, while GRPM is a Mid Cap Blend Equities fund tracking the S&P MidCap 400® GARP Index. FFLC is actively managed, while GRPM is passively managed. Over the past 5 years, FFLC returned 15.52%/yr vs 7.56%/yr for GRPM. Their correlation of 0.83 suggests significant overlap in exposure. FFLC charges 0.38%/yr vs 0.35%/yr for GRPM.

Performance

FFLC vs. GRPM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Large Cap Core ETF (FFLC) 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, FFLC achieves a 8.51% return, which is significantly higher than GRPM's 7.01% return.

FFLC

• 1D: 0.33%
• 1M: -0.24%
• YTD: 8.51%
• 6M: 9.11%
• 1Y: 23.62%
• 3Y*: 22.38%
• 5Y*: 15.52%
• 10Y*: —

GRPM

• 1D: 0.52%
• 1M: 1.82%
• YTD: 7.01%
• 6M: 6.96%
• 1Y: 21.75%
• 3Y*: 14.21%
• 5Y*: 7.56%
• 10Y*: 10.98%

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

FFLC vs. GRPM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FFLC Fidelity Fundamental Large Cap Core ETF	8.51%	17.67%	27.89%	25.07%	-0.04%	24.53%	18.76%
GRPM Invesco S&P MidCap 400® GARP ETF	7.01%	7.81%	15.67%	18.79%	-11.63%	26.35%	27.00%

Correlation

The correlation between FFLC and GRPM is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 5, 2020	0.83

The correlation between FFLC and GRPM shifts across timeframes, from 0.66 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

FFLC vs. GRPM - Sectors Allocation Comparison

Sectors	FFLC	GRPM
Technology	32.4%	15.8%
Communication Services	11.9%	-
Financial Services	11.1%	30.6%
Industrials	10.8%	9.4%
Consumer Cyclical	10.4%	11.4%
Healthcare	8.2%	11.4%
Consumer Defensive	4.7%	6.5%
Energy	4.6%	15.0%
Utilities	2.5%	-
Basic Materials	1.8%	-
Real Estate	1.1%	-

Return for Risk

FFLC vs. GRPM — Risk / Return Rank

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

FFLC

FFLC Risk / Return Rank: 59
FFLC Sharpe Ratio Rank: 60
FFLC Sortino Ratio Rank: 58
FFLC Omega Ratio Rank: 59
FFLC Calmar Ratio Rank: 53
FFLC Martin Ratio Rank: 64

GRPM

GRPM Risk / Return Rank: 49
GRPM Sharpe Ratio Rank: 42
GRPM Sortino Ratio Rank: 45
GRPM Omega Ratio Rank: 40
GRPM Calmar Ratio Rank: 64
GRPM Martin Ratio Rank: 53

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.

FFLC vs. GRPM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Large Cap Core ETF (FFLC) 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.

	FFLC	GRPM	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.36	+0.45
Sortino ratio: Return per unit of downside risk	2.47	2.01	+0.47
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.09
Calmar ratio: Return relative to maximum drawdown	2.38	2.87	-0.49
Martin ratio: Return relative to average drawdown	10.72	8.47	+2.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFLC vs. GRPM - Sharpe Ratio Comparison

The current FFLC Sharpe Ratio is 1.81, which is higher than the GRPM Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of FFLC 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

	FFLC	GRPM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	1.36	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.36	+0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.54	+0.60

Drawdowns

FFLC vs. GRPM - Drawdown Comparison

The maximum FFLC drawdown since its inception was -19.72%, smaller than the maximum GRPM drawdown of -43.12%. Use the drawdown chart below to compare losses from any high point for FFLC and GRPM.

Drawdown Indicators

	FFLC	GRPM	Difference
Max Drawdown Largest peak-to-trough decline	-19.72%	-43.12%	+23.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-7.62%	-2.36%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	-28.09%	+8.37%
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	-28.09%	+8.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.12%	—
Current Drawdown Current decline from peak	-2.38%	-1.17%	-1.21%
Average Drawdown Average peak-to-trough decline	-2.99%	-5.71%	+2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	2.57%	-0.36%

Volatility

FFLC vs. GRPM - Volatility Comparison

Fidelity Fundamental Large Cap Core ETF (FFLC) and Invesco S&P MidCap 400® GARP ETF (GRPM) have volatilities of 3.95% and 3.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFLC	GRPM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	3.79%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	10.52%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	13.11%	16.10%	-2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.97%	20.91%	-3.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	22.26%	-4.59%

FFLC vs. GRPM - Expense Ratio Comparison

FFLC has a 0.38% expense ratio, which is higher than GRPM's 0.35% expense ratio.

Dividends

FFLC vs. GRPM - Dividend Comparison

FFLC's dividend yield for the trailing twelve months is around 1.01%, more than GRPM's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFLC Fidelity Fundamental Large Cap Core ETF	1.01%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%
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 FFLC and GRPM in my portfolio?

FFLC and GRPM have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFLC or GRPM?

FFLC has higher volatility (3.95%) compared to GRPM (3.79%). In terms of maximum drawdown, FFLC dropped -19.72% vs GRPM's -43.12%.

Which ETF is better, FFLC or GRPM?

On 5-year performance, FFLC leads with 15.52% vs 7.56% for GRPM. On fees, GRPM is cheaper at 0.35% per year. On volatility, GRPM has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFLC or GRPM?

Over the 5-year period, FFLC has performed better with a 15.52% return vs 7.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFLC or GRPM?

GRPM is cheaper with a 0.35% expense ratio, compared with 0.38% for FFLC.

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

FFLC has the higher dividend yield at 1.01%, compared with 0.96% for GRPM.

What is the main difference between FFLC and GRPM?

FFLC is categorized as Large Cap Blend Equities, while GRPM is Mid Cap Blend Equities. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.38% for FFLC and 0.35% for GRPM.

Which has better risk-adjusted returns?

FFLC currently has the higher Sharpe Ratio (1.81 vs 1.36), 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.