INVN vs. GRNJ

Last updated Aug 2, 2026

INVN (Alger Russell Innovation ETF) and GRNJ (Fundstrat Granny Shots US Small- & Mid-Cap ETF) are both Mid Cap Blend Equities funds. INVN is passively managed, while GRNJ is actively managed. Their 0.18 correlation means their historical movements had little consistent relationship. INVN charges 0.55%/yr vs 0.75%/yr for GRNJ.

Performance

INVN vs. GRNJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Russell Innovation ETF (INVN) and Fundstrat Granny Shots US Small- & Mid-Cap ETF (GRNJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with INVN having a 9.96% return and GRNJ slightly higher at 10.37%.

INVN

• 1D: -0.50%
• 1M: 7.03%
• 6M: 18.92%
• YTD: 9.96%
• 1Y: 24.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.69%

GRNJ

• 1D: -0.25%
• 1M: -7.05%
• 6M: 4.52%
• YTD: 10.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
GRNJ Fundstrat Granny Shots US Small- & Mid-Cap ETF	$4.46M	$7.36M	$6.27M
INVN Alger Russell Innovation ETF	$258.38K	$157.49K	$106.45K

INVN vs. GRNJ - Yearly Performance Comparison

	2026 (YTD)	2025
INVN Alger Russell Innovation ETF	9.96%	4.83%
GRNJ Fundstrat Granny Shots US Small- & Mid-Cap ETF	10.37%	6.02%

Correlation

The correlation between INVN and GRNJ is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.18

Return for Risk

INVN vs. GRNJ — Risk / Return Rank

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

INVN

INVN Risk / Return Rank: 37
INVN Sharpe Ratio Rank: 39
INVN Sortino Ratio Rank: 41
INVN Omega Ratio Rank: 39
INVN Calmar Ratio Rank: 33
INVN Martin Ratio Rank: 31

GRNJ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

INVN vs. GRNJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Russell Innovation ETF (INVN) and Fundstrat Granny Shots US Small- & Mid-Cap ETF (GRNJ). 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	GRNJ	Difference
Sharpe ratio: Return per unit of total volatility	0.99	—	—
Sortino ratio: Return per unit of downside risk	1.52	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.14	—	—
Martin ratio: Return relative to average drawdown	2.88	—	—

Drawdowns

INVN vs. GRNJ - Drawdown Comparison

The maximum INVN drawdown since its inception was -26.01%, which is greater than GRNJ's maximum drawdown of -17.45%. Use the drawdown chart below to compare losses from any high point for INVN and GRNJ.

Drawdown Indicators

	INVN	GRNJ	Difference
Max Drawdown Largest peak-to-trough decline	-26.01%	-17.45%	-8.56%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	—	—
Current Drawdown Current decline from peak	-2.22%	-13.50%	+11.28%
Average Drawdown Average peak-to-trough decline	-7.36%	-4.94%	-2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.06%	—	—

Volatility

Volatility by Period

	INVN	GRNJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.77%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.55%	30.96%	-7.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.39%	30.96%	-6.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.39%	30.96%	-6.57%

INVN vs. GRNJ - Expense Ratio Comparison

INVN has a 0.55% expense ratio, which is lower than GRNJ's 0.75% expense ratio.

Dividends

INVN vs. GRNJ - Dividend Comparison

INVN's dividend yield for the trailing twelve months is around 0.26%, while GRNJ has not paid dividends to shareholders.

Position	TTM	2025
GRNJ Fundstrat Granny Shots US Small- & Mid-Cap ETF	0.00%	0.00%
INVN Alger Russell Innovation ETF	0.26%	0.29%

Frequently Asked Questions

Can I hold both INVN and GRNJ in my portfolio?

INVN and GRNJ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INVN or GRNJ?

On fees, INVN is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INVN or GRNJ?

INVN is cheaper with a 0.55% expense ratio, compared with 0.75% for GRNJ.

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

INVN has the higher dividend yield at 0.26%, compared with 0.00% for GRNJ.

What is the main difference between INVN and GRNJ?

They also come from different issuers: Alger and Fundstrat. Their fees differ too: 0.55% for INVN and 0.75% for GRNJ.