GRPM vs. LSAF

Last updated Aug 2, 2026

GRPM (Invesco S&P MidCap 400® GARP ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both Mid Cap Blend Equities funds - GRPM tracks the S&P MidCap 400® GARP Index while LSAF tracks the AlphaFactor US Core Equity Index. Both are passively managed. Over the past 5 years, GRPM returned 9.29%/yr vs 10.90%/yr for LSAF. Their correlation of 0.89 means they have usually moved in the same direction. GRPM charges 0.35%/yr vs 0.75%/yr for LSAF.

Performance

GRPM vs. LSAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400® GARP ETF (GRPM) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRPM achieves a 13.17% return, which is significantly lower than LSAF's 19.96% return.

GRPM

• 1D: -0.35%
• 1M: 2.06%
• 6M: 11.71%
• YTD: 13.17%
• 1Y: 21.04%
• 3Y*: 13.73%
• 5Y*: 9.29%
• 10Y*: 11.33%
• ALL TIME*: 11.48%

LSAF

• 1D: -0.55%
• 1M: 2.49%
• 6M: 17.23%
• YTD: 19.96%
• 1Y: 30.03%
• 3Y*: 18.58%
• 5Y*: 10.90%
• 10Y*: —
• ALL TIME*: 11.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GRPM Invesco S&P MidCap 400® GARP ETF	$1.43M	$1.18M	$1.33M
LSAF LeaderShares AlphaFactor US Core Equity ETF	$265.84K	$205.64K	$201.86K

GRPM vs. LSAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GRPM Invesco S&P MidCap 400® GARP ETF	13.17%	7.81%	15.67%	18.79%	-11.63%	26.35%	15.60%	23.05%	-17.52%
LSAF LeaderShares AlphaFactor US Core Equity ETF	19.96%	12.01%	18.09%	15.48%	-13.12%	22.75%	6.92%	28.35%	-15.47%

Correlation

The correlation between GRPM and LSAF is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018	0.89

The correlation between GRPM and LSAF has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

GRPM vs. LSAF - Sectors Allocation Comparison

Sectors	GRPM	LSAF
Financial Services	23.3%	16.2%
Technology	20.8%	15.4%
Healthcare	19.0%	7.8%
Consumer Cyclical	13.1%	19.9%
Industrials	12.3%	10.7%
Energy	5.0%	3.3%
Basic Materials	3.8%	5.8%
Consumer Defensive	2.6%	4.1%
Communication Services	-	4.7%
Real Estate	-	2.1%
Utilities	-	0.9%

Return for Risk

GRPM vs. LSAF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GRPM

GRPM Risk / Return Rank: 58
GRPM Sharpe Ratio Rank: 53
GRPM Sortino Ratio Rank: 53
GRPM Omega Ratio Rank: 49
GRPM Calmar Ratio Rank: 74
GRPM Martin Ratio Rank: 64

LSAF

LSAF Risk / Return Rank: 88
LSAF Sharpe Ratio Rank: 85
LSAF Sortino Ratio Rank: 87
LSAF Omega Ratio Rank: 82
LSAF Calmar Ratio Rank: 93
LSAF Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GRPM vs. LSAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400® GARP ETF (GRPM) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). 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	LSAF	Difference
Sharpe ratio: Return per unit of total volatility	1.26	2.03	-0.77
Sortino ratio: Return per unit of downside risk	1.88	2.98	-1.10
Omega ratio: Gain probability vs. loss probability	1.22	1.35	-0.13
Calmar ratio: Return relative to maximum drawdown	2.58	4.41	-1.83
Martin ratio: Return relative to average drawdown	7.67	14.86	-7.19

GRPM vs. LSAF - Sharpe Ratio Comparison

The current GRPM Sharpe Ratio is 1.26, which is lower than the LSAF Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of GRPM and LSAF, 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. LSAF - Drawdown Comparison

The maximum GRPM drawdown since its inception was -43.12%, roughly equal to the maximum LSAF drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for GRPM and LSAF.

Drawdown Indicators

	GRPM	LSAF	Difference
Max Drawdown Largest peak-to-trough decline	-43.12%	-41.67%	-1.45%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-6.58%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	-28.09%	-20.26%	-7.83%
Max Drawdown (5Y) Largest decline over 5 years	-28.09%	-24.94%	-3.15%
Max Drawdown (10Y) Largest decline over 10 years	-43.12%	—	—
Current Drawdown Current decline from peak	-1.19%	-1.48%	+0.29%
Average Drawdown Average peak-to-trough decline	-5.66%	-6.21%	+0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	1.95%	+0.61%

Volatility

GRPM vs. LSAF - Volatility Comparison

Invesco S&P MidCap 400® GARP ETF (GRPM) and LeaderShares AlphaFactor US Core Equity ETF (LSAF) have volatilities of 4.04% and 4.21%, 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

	GRPM	LSAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	4.21%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	10.49%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	14.36%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.80%	18.38%	+2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.19%	21.73%	+0.46%

GRPM vs. LSAF - Expense Ratio Comparison

GRPM has a 0.35% expense ratio, which is lower than LSAF's 0.75% expense ratio.

Dividends

GRPM vs. LSAF - Dividend Comparison

GRPM's dividend yield for the trailing twelve months is around 0.70%, more than LSAF's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRPM Invesco S&P MidCap 400® GARP ETF	0.70%	1.19%	0.95%	0.96%	1.28%	0.92%	1.16%	1.25%	1.50%	1.14%	1.00%	1.43%
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.57%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GRPM and LSAF in my portfolio?

GRPM and LSAF have a correlation of 0.84, 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 LSAF?

LSAF has higher volatility (4.21%) compared to GRPM (4.04%). In terms of maximum drawdown, GRPM dropped -43.12% vs LSAF's -41.67%.

Which ETF is better, GRPM or LSAF?

On 5-year performance, LSAF leads with 10.90% vs 9.29% for GRPM. On fees, GRPM is cheaper at 0.35% per year. On volatility, GRPM has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GRPM or LSAF?

Over the 5-year period, LSAF has performed better with a 10.90% return vs 9.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GRPM or LSAF?

GRPM is cheaper with a 0.35% expense ratio, compared with 0.75% for LSAF.

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

GRPM has the higher dividend yield at 0.70%, compared with 0.57% for LSAF.

What is the main difference between GRPM and LSAF?

GRPM tracks S&P MidCap 400® GARP Index, while LSAF tracks AlphaFactor US Core Equity Index. They also come from different issuers: Invesco and Redwood. Their fees differ too: 0.35% for GRPM and 0.75% for LSAF.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.03 vs 1.26), 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.