INVN vs. FDLS

Last updated Jul 12, 2026

INVN (Alger Russell Innovation ETF) and FDLS (Inspire Fidelis Multi Factor ETF) are both Mid Cap Blend Equities funds - INVN tracks the Alger Russell Innovation Index while FDLS tracks the WI Fidelis Multi-Cap, Multi-Factor Index - Benchmark TR Gross. Both are passively managed. Over the past year, INVN returned 16.49% vs 34.48% for FDLS. A 0.59 correlation means they provide meaningful diversification when combined. INVN charges 0.55%/yr vs 0.76%/yr for FDLS.

Performance

INVN vs. FDLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Russell Innovation ETF (INVN) and Inspire Fidelis Multi Factor ETF (FDLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INVN achieves a 3.83% return, which is significantly lower than FDLS's 19.16% return.

INVN

• 1D: -0.47%
• 1M: 6.82%
• 6M: 2.09%
• YTD: 3.83%
• 1Y: 16.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDLS

• 1D: 0.12%
• 1M: 2.07%
• 6M: 15.07%
• YTD: 19.16%
• 1Y: 34.48%
• 3Y*: 19.06%
• 5Y*: —
• 10Y*: —

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

INVN vs. FDLS - Yearly Performance Comparison

	2026 (YTD)	2025
INVN Alger Russell Innovation ETF	3.83%	6.56%
FDLS Inspire Fidelis Multi Factor ETF	19.16%	19.17%

Correlation

The correlation between INVN and FDLS is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.59

The correlation between INVN and FDLS shifts across timeframes, from 0.48 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

Return for Risk

INVN vs. FDLS — Risk / Return Rank

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

INVN

INVN Risk / Return Rank: 21
INVN Sharpe Ratio Rank: 23
INVN Sortino Ratio Rank: 22
INVN Omega Ratio Rank: 21
INVN Calmar Ratio Rank: 20
INVN Martin Ratio Rank: 19

FDLS

FDLS Risk / Return Rank: 79
FDLS Sharpe Ratio Rank: 77
FDLS Sortino Ratio Rank: 78
FDLS Omega Ratio Rank: 73
FDLS Calmar Ratio Rank: 82
FDLS Martin Ratio Rank: 85

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.

INVN vs. FDLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Russell Innovation ETF (INVN) and Inspire Fidelis Multi Factor ETF (FDLS). 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.

	INVN	FDLS	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.96	-1.32
Sortino ratio: Return per unit of downside risk	1.04	2.78	-1.73
Omega ratio: Gain probability vs. loss probability	1.12	1.34	-0.22
Calmar ratio: Return relative to maximum drawdown	0.70	3.50	-2.79
Martin ratio: Return relative to average drawdown	1.78	13.85	-12.08

INVN vs. FDLS - Sharpe Ratio Comparison

The current INVN Sharpe Ratio is 0.65, which is lower than the FDLS Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of INVN and FDLS, 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

INVN vs. FDLS - Drawdown Comparison

The maximum INVN drawdown since its inception was -26.01%, which is greater than FDLS's maximum drawdown of -23.32%. Use the drawdown chart below to compare losses from any high point for INVN and FDLS.

Drawdown Indicators

	INVN	FDLS	Difference
Max Drawdown Largest peak-to-trough decline	-26.01%	-23.32%	-2.69%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	-9.55%	-10.84%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.32%	—
Current Drawdown Current decline from peak	-2.04%	0.00%	-2.04%
Average Drawdown Average peak-to-trough decline	-7.59%	-3.81%	-3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.07%	2.41%	+5.66%

Volatility

INVN vs. FDLS - Volatility Comparison

Alger Russell Innovation ETF (INVN) has a higher volatility of 6.96% compared to Inspire Fidelis Multi Factor ETF (FDLS) at 4.15%. This indicates that INVN's price experiences larger fluctuations and is considered to be riskier than FDLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INVN	FDLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	4.15%	+2.81%
Volatility (6M) Calculated over the trailing 6-month period	18.57%	12.75%	+5.82%
Volatility (1Y) Calculated over the trailing 1-year period	22.23%	17.00%	+5.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.86%	18.98%	+4.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.86%	18.98%	+4.88%

INVN vs. FDLS - Expense Ratio Comparison

INVN has a 0.55% expense ratio, which is lower than FDLS's 0.76% expense ratio.

Dividends

INVN vs. FDLS - Dividend Comparison

INVN's dividend yield for the trailing twelve months is around 0.28%, less than FDLS's 0.80% yield.

Position	TTM	2025	2024	2023	2022
FDLS Inspire Fidelis Multi Factor ETF	0.80%	0.86%	7.26%	0.97%	0.31%
INVN Alger Russell Innovation ETF	0.28%	0.29%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INVN and FDLS in my portfolio?

INVN and FDLS have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INVN or FDLS?

INVN has higher volatility (6.96%) compared to FDLS (4.15%). In terms of maximum drawdown, INVN dropped -26.01% vs FDLS's -23.32%.

Which ETF is better, INVN or FDLS?

On 1-year performance, FDLS leads with 34.48% vs 16.49% for INVN. On fees, INVN is cheaper at 0.55% per year. On volatility, FDLS has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INVN or FDLS?

Over the 1-year period, FDLS has performed better with a 34.48% return vs 16.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INVN or FDLS?

INVN is cheaper with a 0.55% expense ratio, compared with 0.76% for FDLS.

Which ETF pays a higher dividend yield, INVN or FDLS?

FDLS has the higher dividend yield at 0.80%, compared with 0.28% for INVN.

What is the main difference between INVN and FDLS?

INVN tracks Alger Russell Innovation Index, while FDLS tracks WI Fidelis Multi-Cap, Multi-Factor Index - Benchmark TR Gross. They also come from different issuers: Alger and Inspire. Their fees differ too: 0.55% for INVN and 0.76% for FDLS.

Which has better risk-adjusted returns?

FDLS currently has the higher Sharpe Ratio (1.96 vs 0.65), 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.