GRPM vs. FBND
GRPM (Invesco S&P MidCap 400® GARP ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - GRPM is a Mid Cap Blend Equities fund tracking the S&P MidCap 400® GARP Index, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. GRPM is passively managed, while FBND is actively managed. Over the past 10 years, GRPM returned 10.95%/yr vs 2.31%/yr for FBND. At a 0.06 correlation, their price movements are largely independent. GRPM charges 0.35%/yr vs 0.36%/yr for FBND.
Performance
GRPM vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, GRPM achieves a 10.42% return, which is significantly higher than FBND's 0.12% return. Over the past 10 years, GRPM has outperformed FBND with an annualized return of 10.95%, while FBND has yielded a comparatively lower 2.31% annualized return.
GRPM
- 1D
- -0.12%
- 1M
- 3.96%
- 6M
- 8.89%
- YTD
- 10.42%
- 1Y
- 19.46%
- 3Y*
- 13.07%
- 5Y*
- 9.22%
- 10Y*
- 10.95%
- ALL TIME*
- 11.32%
FBND
- 1D
- -0.15%
- 1M
- -0.75%
- 6M
- 0.31%
- YTD
- 0.12%
- 1Y
- 3.63%
- 3Y*
- 4.40%
- 5Y*
- 0.45%
- 10Y*
- 2.31%
- ALL TIME*
- 2.52%
GRPM vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GRPM Invesco S&P MidCap 400® GARP ETF | 10.42% | 7.81% | 15.67% | 18.79% | -11.63% | 26.35% | 15.60% | 23.05% | -12.45% | 13.05% |
FBND Fidelity Total Bond ETF | 0.12% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 3.52% |
Correlation
The correlation between GRPM and FBND is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014 | 0.06 |
Over the past year, GRPM and FBND have become more correlated (0.27) than their long-term average of 0.06, meaning their price movements have been converging.
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Return for Risk
GRPM vs. FBND — Risk / Return Rank
GRPM
FBND
GRPM vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400® GARP ETF (GRPM) and Fidelity Total Bond ETF (FBND). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GRPM | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.17 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 1.37 | +1.20 |
| Martin ratioReturn relative to average drawdown | 7.52 | 3.70 | +3.82 |
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Drawdowns
GRPM vs. FBND - Drawdown Comparison
The maximum GRPM drawdown since its inception was -43.12%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for GRPM and FBND.
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Drawdown Indicators
| GRPM | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.12% | -17.25% | -25.87% |
Max Drawdown (1Y)Largest decline over 1 year | -7.62% | -2.66% | -4.96% |
Max Drawdown (3Y)Largest decline over 3 years | -28.09% | -5.61% | -22.48% |
Max Drawdown (5Y)Largest decline over 5 years | -28.09% | -17.25% | -10.84% |
Max Drawdown (10Y)Largest decline over 10 years | -43.12% | -17.25% | -25.87% |
Current DrawdownCurrent decline from peak | -1.10% | -1.80% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -5.67% | -3.33% | -2.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 0.98% | +1.61% |
Volatility
GRPM vs. FBND - Volatility Comparison
Invesco S&P MidCap 400® GARP ETF (GRPM) has a higher volatility of 3.28% compared to Fidelity Total Bond ETF (FBND) at 1.03%. This indicates that GRPM's price experiences larger fluctuations and is considered to be riskier than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GRPM | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 1.03% | +2.25% |
Volatility (6M)Calculated over the trailing 6-month period | 10.47% | 2.92% | +7.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.73% | 3.80% | +11.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.78% | 5.93% | +14.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.18% | 6.10% | +16.08% |
GRPM vs. FBND - Expense Ratio Comparison
GRPM has a 0.35% expense ratio, which is lower than FBND's 0.36% expense ratio.
Dividends
GRPM vs. FBND - Dividend Comparison
GRPM's dividend yield for the trailing twelve months is around 0.72%, less than FBND's 4.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.72% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
GRPM Invesco S&P MidCap 400® GARP ETF | 0.72% | 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
GRPM and FBND have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GRPM has higher volatility (3.28%) compared to FBND (1.03%). In terms of maximum drawdown, GRPM dropped -43.12% vs FBND's -17.25%.
On 10-year performance, GRPM leads with 10.95% vs 2.31% for FBND. On fees, GRPM is cheaper at 0.35% per year. On volatility, FBND has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GRPM has performed better with a 10.95% return vs 2.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GRPM is cheaper with a 0.35% expense ratio, compared with 0.36% for FBND.
FBND has the higher dividend yield at 4.72%, compared with 0.72% for GRPM.
GRPM is categorized as Mid Cap Blend Equities, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.35% for GRPM and 0.36% for FBND.
GRPM currently has the higher Sharpe Ratio (1.25 vs 0.96), 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.
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