GRPZ vs. ESML

Last updated Jun 4, 2026

GRPZ (Invesco S&P Smallcap 600 GARP ETF) and ESML (iShares ESG Aware MSCI USA Small-Cap ETF) are both Small Cap Growth Equities funds - GRPZ tracks the S&P SmallCap 600 GARP Index while ESML tracks the MSCI USA Small Cap Extended ESG Focus Index. Both are passively managed. Over the past year, GRPZ returned 21.80% vs 34.21% for ESML. Their correlation of 0.91 suggests significant overlap in exposure. GRPZ charges 0.35%/yr vs 0.17%/yr for ESML.

Performance

GRPZ vs. ESML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P Smallcap 600 GARP ETF (GRPZ) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRPZ achieves a 10.84% return, which is significantly lower than ESML's 16.26% return.

GRPZ

• 1D: -0.67%
• 1M: -1.04%
• YTD: 10.84%
• 6M: 8.51%
• 1Y: 21.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ESML

• 1D: -0.47%
• 1M: 3.86%
• YTD: 16.26%
• 6M: 15.99%
• 1Y: 34.21%
• 3Y*: 17.27%
• 5Y*: 7.18%
• 10Y*: —

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

GRPZ vs. ESML - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GRPZ Invesco S&P Smallcap 600 GARP ETF	10.84%	3.09%	4.27%
ESML iShares ESG Aware MSCI USA Small-Cap ETF	16.26%	10.62%	6.01%

Correlation

The correlation between GRPZ and ESML is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 28, 2024	0.91

The correlation between GRPZ and ESML has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

GRPZ vs. ESML - Sectors Allocation Comparison

Sectors	GRPZ	ESML
Financial Services	28.0%	14.4%
Industrials	16.3%	19.3%
Healthcare	14.4%	12.6%
Energy	13.0%	5.9%
Consumer Cyclical	12.0%	11.3%
Technology	7.9%	17.5%
Consumer Defensive	5.3%	3.7%
Basic Materials	2.2%	3.9%
Communication Services	0.9%	2.2%
Real Estate	-	6.5%
Utilities	-	2.7%

Return for Risk

GRPZ vs. ESML — Risk / Return Rank

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

GRPZ

GRPZ Risk / Return Rank: 39
GRPZ Sharpe Ratio Rank: 35
GRPZ Sortino Ratio Rank: 38
GRPZ Omega Ratio Rank: 32
GRPZ Calmar Ratio Rank: 47
GRPZ Martin Ratio Rank: 41

ESML

ESML Risk / Return Rank: 66
ESML Sharpe Ratio Rank: 61
ESML Sortino Ratio Rank: 62
ESML Omega Ratio Rank: 57
ESML Calmar Ratio Rank: 75
ESML Martin Ratio Rank: 74

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.

GRPZ vs. ESML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Smallcap 600 GARP ETF (GRPZ) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). 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.

	GRPZ	ESML	Difference
Sharpe ratio: Return per unit of total volatility	1.24	2.07	-0.83
Sortino ratio: Return per unit of downside risk	1.96	2.95	-0.99
Omega ratio: Gain probability vs. loss probability	1.22	1.35	-0.14
Calmar ratio: Return relative to maximum drawdown	2.30	3.80	-1.51
Martin ratio: Return relative to average drawdown	6.59	14.00	-7.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GRPZ vs. ESML - Sharpe Ratio Comparison

The current GRPZ Sharpe Ratio is 1.24, which is lower than the ESML Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of GRPZ and ESML, 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

	GRPZ	ESML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	2.07	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.46	-0.06

Drawdowns

GRPZ vs. ESML - Drawdown Comparison

The maximum GRPZ drawdown since its inception was -27.87%, smaller than the maximum ESML drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for GRPZ and ESML.

Drawdown Indicators

	GRPZ	ESML	Difference
Max Drawdown Largest peak-to-trough decline	-27.87%	-41.97%	+14.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.53%	-9.04%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.61%	—
Current Drawdown Current decline from peak	-3.57%	-0.47%	-3.10%
Average Drawdown Average peak-to-trough decline	-7.00%	-8.97%	+1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	2.45%	+0.87%

Volatility

GRPZ vs. ESML - Volatility Comparison

Invesco S&P Smallcap 600 GARP ETF (GRPZ) has a higher volatility of 4.72% compared to iShares ESG Aware MSCI USA Small-Cap ETF (ESML) at 4.25%. This indicates that GRPZ's price experiences larger fluctuations and is considered to be riskier than ESML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRPZ	ESML	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	4.25%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	11.85%	11.67%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	17.70%	16.66%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	21.23%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.17%	23.40%	-2.23%

GRPZ vs. ESML - Expense Ratio Comparison

GRPZ has a 0.35% expense ratio, which is higher than ESML's 0.17% expense ratio.

Dividends

GRPZ vs. ESML - Dividend Comparison

GRPZ's dividend yield for the trailing twelve months is around 0.91%, less than ESML's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ESML iShares ESG Aware MSCI USA Small-Cap ETF	0.95%	1.08%	1.22%	1.31%	1.46%	0.94%	0.99%	1.10%	1.07%
GRPZ Invesco S&P Smallcap 600 GARP ETF	0.91%	0.97%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GRPZ and ESML in my portfolio?

GRPZ and ESML have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRPZ or ESML?

GRPZ has higher volatility (4.72%) compared to ESML (4.25%). In terms of maximum drawdown, GRPZ dropped -27.87% vs ESML's -41.97%.

Which ETF is better, GRPZ or ESML?

On 1-year performance, ESML leads with 34.21% vs 21.80% for GRPZ. On fees, ESML is cheaper at 0.17% per year. On volatility, ESML has been the lower-risk option at 4.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GRPZ or ESML?

Over the 1-year period, ESML has performed better with a 34.21% return vs 21.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GRPZ or ESML?

ESML is cheaper with a 0.17% expense ratio, compared with 0.35% for GRPZ.

Which ETF pays a higher dividend yield, GRPZ or ESML?

ESML has the higher dividend yield at 0.95%, compared with 0.91% for GRPZ.

What is the main difference between GRPZ and ESML?

GRPZ tracks S&P SmallCap 600 GARP Index, while ESML tracks MSCI USA Small Cap Extended ESG Focus Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for GRPZ and 0.17% for ESML.

Which has better risk-adjusted returns?

ESML currently has the higher Sharpe Ratio (2.07 vs 1.24), 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.