GRPZ vs. FESM

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P Smallcap 600 GARP ETF (GRPZ) and Fidelity Enhanced Small Cap ETF (FESM).

GRPZ and FESM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GRPZ is a passively managed fund by Invesco that tracks the performance of the S&P SmallCap 600 GARP Index. It was launched on Mar 25, 2024. FESM is an actively managed fund by Fidelity. It was launched on Dec 20, 2007.

Performance

GRPZ vs. FESM - Performance Comparison

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

GRPZ vs. FESM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GRPZ Invesco S&P Smallcap 600 GARP ETF	3.13%	3.09%	4.27%
FESM Fidelity Enhanced Small Cap ETF	0.82%	17.88%	9.23%

Returns By Period

In the year-to-date period, GRPZ achieves a 3.13% return, which is significantly higher than FESM's 0.82% return.

GRPZ

• 1D: 2.47%
• 1M: -3.38%
• YTD: 3.13%
• 6M: 2.96%
• 1Y: 17.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FESM

• 1D: 3.29%
• 1M: -4.77%
• YTD: 0.82%
• 6M: 4.42%
• 1Y: 29.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GRPZ vs. FESM - Expense Ratio Comparison

GRPZ has a 0.35% expense ratio, which is higher than FESM's 0.28% expense ratio.

GRPZ

Invesco S&P Smallcap 600 GARP ETF

FESM

Fidelity Enhanced Small Cap ETF

Return for Risk

GRPZ vs. FESM — Risk / Return Rank

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

GRPZ

GRPZ Risk / Return Rank: 44
GRPZ Sharpe Ratio Rank: 42
GRPZ Sortino Ratio Rank: 47
GRPZ Omega Ratio Rank: 40
GRPZ Calmar Ratio Rank: 48
GRPZ Martin Ratio Rank: 46

FESM

FESM Risk / Return Rank: 76
FESM Sharpe Ratio Rank: 75
FESM Sortino Ratio Rank: 76
FESM Omega Ratio Rank: 69
FESM Calmar Ratio Rank: 82
FESM Martin Ratio Rank: 80

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. FESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Smallcap 600 GARP ETF (GRPZ) and Fidelity Enhanced Small Cap ETF (FESM). 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	FESM	Difference
Sharpe ratio Return per unit of total volatility	0.78	1.30	-0.52
Sortino ratio Return per unit of downside risk	1.28	1.87	-0.59
Omega ratio Gain probability vs. loss probability	1.16	1.24	-0.08
Calmar ratio Return relative to maximum drawdown	1.24	2.19	-0.95
Martin ratio Return relative to average drawdown	4.40	8.40	-4.00
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. FESM - Sharpe Ratio Comparison

The current GRPZ Sharpe Ratio is 0.78, which is lower than the FESM Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of GRPZ and FESM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GRPZ	FESM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	1.30	-0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.96	-0.71

Correlation

The correlation between GRPZ and FESM is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GRPZ vs. FESM - Dividend Comparison

GRPZ's dividend yield for the trailing twelve months is around 0.98%, more than FESM's 0.63% yield.

	TTM	2025	2024	2023
GRPZ Invesco S&P Smallcap 600 GARP ETF	0.98%	0.97%	0.73%	0.00%
FESM Fidelity Enhanced Small Cap ETF	0.63%	0.82%	1.08%	0.06%

Drawdowns

GRPZ vs. FESM - Drawdown Comparison

The maximum GRPZ drawdown since its inception was -27.87%, roughly equal to the maximum FESM drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for GRPZ and FESM.

Drawdown Indicators

	GRPZ	FESM	Difference
Max Drawdown Largest peak-to-trough decline	-27.87%	-26.93%	-0.94%
Max Drawdown (1Y) Largest decline over 1 year	-14.12%	-13.54%	-0.58%
Current Drawdown Current decline from peak	-6.84%	-7.23%	+0.39%
Average Drawdown Average peak-to-trough decline	-7.42%	-5.04%	-2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	3.53%	+0.45%

Volatility

GRPZ vs. FESM - Volatility Comparison

The current volatility for Invesco S&P Smallcap 600 GARP ETF (GRPZ) is 5.70%, while Fidelity Enhanced Small Cap ETF (FESM) has a volatility of 7.40%. This indicates that GRPZ experiences smaller price fluctuations and is considered to be less risky than FESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRPZ	FESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.70%	7.40%	-1.70%
Volatility (6M) Calculated over the trailing 6-month period	12.71%	14.26%	-1.55%
Volatility (1Y) Calculated over the trailing 1-year period	22.51%	22.98%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.59%	21.49%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.59%	21.49%	+0.10%