GRPM vs. FDVV

Last updated Jul 22, 2026

GRPM (Invesco S&P MidCap 400® GARP ETF) and FDVV (Fidelity High Dividend ETF) are both exchange-traded funds - GRPM is a Mid Cap Blend Equities fund tracking the S&P MidCap 400® GARP Index, while FDVV is a Large Cap Blend Equities fund tracking the Fidelity Core Dividend Index. Both are passively managed. Over the past 5 years, GRPM returned 9.22%/yr vs 14.20%/yr for FDVV. Their correlation of 0.84 suggests significant overlap in exposure. GRPM charges 0.35%/yr vs 0.29%/yr for FDVV.

Performance

GRPM vs. FDVV - Performance Comparison

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

Returns By Period

In the year-to-date period, GRPM achieves a 10.42% return, which is significantly lower than FDVV's 11.33% 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%

FDVV

• 1D: 0.52%
• 1M: 2.46%
• 6M: 11.47%
• YTD: 11.33%
• 1Y: 19.79%
• 3Y*: 18.46%
• 5Y*: 14.20%
• 10Y*: —
• ALL TIME*: 13.66%

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

GRPM vs. FDVV - 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%
FDVV Fidelity High Dividend ETF	11.33%	17.08%	21.81%	18.00%	-4.21%	29.24%	2.80%	24.07%	-1.26%	14.00%

Correlation

The correlation between GRPM and FDVV is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.84

The correlation between GRPM and FDVV shifts across timeframes, from 0.69 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

GRPM vs. FDVV - Sectors Allocation Comparison

Sectors	GRPM	FDVV
Financial Services	23.3%	18.5%
Technology	20.8%	28.1%
Healthcare	19.0%	3.3%
Consumer Cyclical	13.1%	13.4%
Industrials	12.3%	3.2%
Energy	5.0%	-
Basic Materials	3.8%	-
Consumer Defensive	2.6%	11.0%
Communication Services	-	3.4%
Real Estate	-	10.0%
Utilities	-	9.1%

Return for Risk

GRPM vs. FDVV — Risk / Return Rank

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

GRPM

GRPM Risk / Return Rank: 54
GRPM Sharpe Ratio Rank: 47
GRPM Sortino Ratio Rank: 50
GRPM Omega Ratio Rank: 44
GRPM Calmar Ratio Rank: 69
GRPM Martin Ratio Rank: 59

FDVV

FDVV Risk / Return Rank: 74
FDVV Sharpe Ratio Rank: 81
FDVV Sortino Ratio Rank: 81
FDVV Omega Ratio Rank: 81
FDVV Calmar Ratio Rank: 58
FDVV Martin Ratio Rank: 67

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.

GRPM vs. FDVV - 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 High Dividend ETF (FDVV). 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	FDVV	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.95	-0.71
Sortino ratio: Return per unit of downside risk	1.87	2.74	-0.87
Omega ratio: Gain probability vs. loss probability	1.22	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	2.57	2.14	+0.43
Martin ratio: Return relative to average drawdown	7.52	8.78	-1.26

GRPM vs. FDVV - Sharpe Ratio Comparison

The current GRPM Sharpe Ratio is 1.25, which is lower than the FDVV Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of GRPM and FDVV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GRPM vs. FDVV - Drawdown Comparison

The maximum GRPM drawdown since its inception was -43.12%, which is greater than FDVV's maximum drawdown of -40.25%. Use the drawdown chart below to compare losses from any high point for GRPM and FDVV.

Drawdown Indicators

	GRPM	FDVV	Difference
Max Drawdown Largest peak-to-trough decline	-43.12%	-40.25%	-2.87%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-9.30%	+1.68%
Max Drawdown (3Y) Largest decline over 3 years	-28.09%	-15.90%	-12.19%
Max Drawdown (5Y) Largest decline over 5 years	-28.09%	-20.18%	-7.91%
Max Drawdown (10Y) Largest decline over 10 years	-43.12%	—	—
Current Drawdown Current decline from peak	-1.10%	-0.91%	-0.19%
Average Drawdown Average peak-to-trough decline	-5.67%	-3.77%	-1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.26%	+0.33%

Volatility

GRPM vs. FDVV - Volatility Comparison

Invesco S&P MidCap 400® GARP ETF (GRPM) has a higher volatility of 3.28% compared to Fidelity High Dividend ETF (FDVV) at 2.36%. This indicates that GRPM's price experiences larger fluctuations and is considered to be riskier than FDVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRPM	FDVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	2.36%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	8.36%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	10.17%	+5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.78%	14.67%	+6.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.18%	16.92%	+5.26%

GRPM vs. FDVV - Expense Ratio Comparison

GRPM has a 0.35% expense ratio, which is higher than FDVV's 0.29% expense ratio.

Dividends

GRPM vs. FDVV - Dividend Comparison

GRPM's dividend yield for the trailing twelve months is around 0.72%, less than FDVV's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDVV Fidelity High Dividend ETF	2.79%	2.89%	2.94%	3.77%	3.44%	2.70%	3.19%	3.93%	4.05%	3.66%	1.04%	0.00%
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

Can I hold both GRPM and FDVV in my portfolio?

GRPM and FDVV have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRPM or FDVV?

GRPM has higher volatility (3.28%) compared to FDVV (2.36%). In terms of maximum drawdown, GRPM dropped -43.12% vs FDVV's -40.25%.

Which ETF is better, GRPM or FDVV?

On 5-year performance, FDVV leads with 14.20% vs 9.22% for GRPM. On fees, FDVV is cheaper at 0.29% per year. On volatility, FDVV has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GRPM or FDVV?

Over the 5-year period, FDVV has performed better with a 14.20% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GRPM or FDVV?

FDVV is cheaper with a 0.29% expense ratio, compared with 0.35% for GRPM.

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

FDVV has the higher dividend yield at 2.79%, compared with 0.72% for GRPM.

What is the main difference between GRPM and FDVV?

GRPM is categorized as Mid Cap Blend Equities, while FDVV is Large Cap Blend Equities. GRPM tracks S&P MidCap 400® GARP Index, while FDVV tracks Fidelity Core Dividend Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.35% for GRPM and 0.29% for FDVV.

Which has better risk-adjusted returns?

FDVV currently has the higher Sharpe Ratio (1.95 vs 1.25), 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.