MMSC vs. GRPZ

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) and Invesco S&P Smallcap 600 GARP ETF (GRPZ).

MMSC and GRPZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MMSC is an actively managed fund by First Trust. It was launched on Oct 13, 2021. 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.

Performance

MMSC vs. GRPZ - Performance Comparison

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

MMSC vs. GRPZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	-0.98%	15.45%	6.96%
GRPZ Invesco S&P Smallcap 600 GARP ETF	3.13%	3.09%	4.27%

Returns By Period

In the year-to-date period, MMSC achieves a -0.98% return, which is significantly lower than GRPZ's 3.13% return.

MMSC

• 1D: 4.82%
• 1M: -6.15%
• YTD: -0.98%
• 6M: 1.92%
• 1Y: 30.40%
• 3Y*: 16.41%
• 5Y*: —
• 10Y*: —

GRPZ

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

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

MMSC vs. GRPZ - Expense Ratio Comparison

MMSC has a 0.95% expense ratio, which is higher than GRPZ's 0.35% expense ratio.

MMSC

First Trust Multi-Manager Small Cap Opportunities ETF

GRPZ

Invesco S&P Smallcap 600 GARP ETF

Return for Risk

MMSC vs. GRPZ — Risk / Return Rank

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

MMSC

MMSC Risk / Return Rank: 68
MMSC Sharpe Ratio Rank: 65
MMSC Sortino Ratio Rank: 67
MMSC Omega Ratio Rank: 61
MMSC Calmar Ratio Rank: 77
MMSC Martin Ratio Rank: 70

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

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.

MMSC vs. GRPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) and Invesco S&P Smallcap 600 GARP ETF (GRPZ). 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.

	MMSC	GRPZ	Difference
Sharpe ratio Return per unit of total volatility	1.16	0.78	+0.37
Sortino ratio Return per unit of downside risk	1.70	1.28	+0.42
Omega ratio Gain probability vs. loss probability	1.23	1.16	+0.06
Calmar ratio Return relative to maximum drawdown	2.05	1.24	+0.81
Martin ratio Return relative to average drawdown	7.28	4.40	+2.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMSC vs. GRPZ - Sharpe Ratio Comparison

The current MMSC Sharpe Ratio is 1.16, which is higher than the GRPZ Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of MMSC and GRPZ, 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

	MMSC	GRPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	0.78	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.25	-0.11

Correlation

The correlation between MMSC and GRPZ is 0.77, 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

MMSC vs. GRPZ - Dividend Comparison

MMSC has not paid dividends to shareholders, while GRPZ's dividend yield for the trailing twelve months is around 0.98%.

	TTM	2025	2024
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	0.00%	0.00%	0.41%
GRPZ Invesco S&P Smallcap 600 GARP ETF	0.98%	0.97%	0.73%

Drawdowns

MMSC vs. GRPZ - Drawdown Comparison

The maximum MMSC drawdown since its inception was -40.82%, which is greater than GRPZ's maximum drawdown of -27.87%. Use the drawdown chart below to compare losses from any high point for MMSC and GRPZ.

Drawdown Indicators

	MMSC	GRPZ	Difference
Max Drawdown Largest peak-to-trough decline	-40.82%	-27.87%	-12.95%
Max Drawdown (1Y) Largest decline over 1 year	-14.17%	-14.12%	-0.05%
Current Drawdown Current decline from peak	-9.96%	-6.84%	-3.12%
Average Drawdown Average peak-to-trough decline	-19.44%	-7.42%	-12.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	3.98%	0.00%

Volatility

MMSC vs. GRPZ - Volatility Comparison

First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) has a higher volatility of 10.00% compared to Invesco S&P Smallcap 600 GARP ETF (GRPZ) at 5.70%. This indicates that MMSC's price experiences larger fluctuations and is considered to be riskier than GRPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMSC	GRPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.00%	5.70%	+4.30%
Volatility (6M) Calculated over the trailing 6-month period	18.07%	12.71%	+5.36%
Volatility (1Y) Calculated over the trailing 1-year period	26.46%	22.51%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.54%	21.59%	+2.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.54%	21.59%	+2.95%