TUSA vs. GRPM

Last updated Jun 26, 2026

TUSA (First Trust Total US Market AlphaDEX ETF) and GRPM (Invesco S&P MidCap 400® GARP ETF) are both Mid Cap Blend Equities funds - TUSA tracks the NASDAQ AlphaDEX Total US Market Index while GRPM tracks the S&P MidCap 400® GARP Index. Both are passively managed. Over the past 10 years, TUSA returned 11.65%/yr vs 11.62%/yr for GRPM. A 0.70 correlation means they provide meaningful diversification when combined. TUSA charges 0.70%/yr vs 0.35%/yr for GRPM.

Performance

TUSA vs. GRPM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Total US Market AlphaDEX ETF (TUSA) and Invesco S&P MidCap 400® GARP ETF (GRPM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TUSA achieves a 8.91% return, which is significantly higher than GRPM's 6.42% return. Both investments have delivered pretty close results over the past 10 years, with TUSA having a 11.65% annualized return and GRPM not far behind at 11.62%.

TUSA

• 1D: 0.98%
• 1M: 1.82%
• YTD: 8.91%
• 6M: 7.64%
• 1Y: 21.34%
• 3Y*: 16.39%
• 5Y*: 6.87%
• 10Y*: 11.65%

GRPM

• 1D: -0.27%
• 1M: -0.27%
• YTD: 6.42%
• 6M: 4.66%
• 1Y: 20.06%
• 3Y*: 14.24%
• 5Y*: 7.63%
• 10Y*: 11.62%

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

TUSA vs. GRPM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TUSA First Trust Total US Market AlphaDEX ETF	8.91%	13.64%	11.12%	11.75%	-13.54%	24.79%	14.16%	24.29%	-10.35%	20.07%
GRPM Invesco S&P MidCap 400® GARP ETF	6.42%	7.81%	15.67%	18.79%	-11.63%	26.35%	15.60%	23.05%	-12.45%	13.05%

Correlation

The correlation between TUSA and GRPM is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010	0.70

The correlation between TUSA and GRPM shifts across timeframes, from 0.70 (all time) to 0.83 (5 years), reflecting how their relationship changes across market environments.

TUSA vs. GRPM - Sectors Allocation Comparison

Sectors	TUSA	GRPM
Financial Services	31.9%	29.7%
Industrials	19.8%	10.8%
Consumer Cyclical	16.0%	11.3%
Basic Materials	14.1%	-
Utilities	7.5%	-
Technology	6.1%	16.9%
Consumer Defensive	4.1%	5.7%
Real Estate	2.1%	-
Healthcare	2.0%	12.2%
Communication Services	2.0%	-
Energy	1.9%	13.4%

Return for Risk

TUSA vs. GRPM — Risk / Return Rank

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

TUSA

TUSA Risk / Return Rank: 58
TUSA Sharpe Ratio Rank: 55
TUSA Sortino Ratio Rank: 58
TUSA Omega Ratio Rank: 51
TUSA Calmar Ratio Rank: 73
TUSA Martin Ratio Rank: 54

GRPM

GRPM Risk / Return Rank: 46
GRPM Sharpe Ratio Rank: 39
GRPM Sortino Ratio Rank: 40
GRPM Omega Ratio Rank: 36
GRPM Calmar Ratio Rank: 62
GRPM Martin Ratio Rank: 51

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.

TUSA vs. GRPM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Total US Market AlphaDEX ETF (TUSA) and Invesco S&P MidCap 400® GARP ETF (GRPM). 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.

	TUSA	GRPM	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.25	+0.39
Sortino ratio: Return per unit of downside risk	2.45	1.87	+0.58
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	3.26	2.64	+0.62
Martin ratio: Return relative to average drawdown	8.28	7.72	+0.56

TUSA vs. GRPM - Sharpe Ratio Comparison

The current TUSA Sharpe Ratio is 1.64, which is higher than the GRPM Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of TUSA and GRPM, 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

TUSA vs. GRPM - Drawdown Comparison

The maximum TUSA drawdown since its inception was -56.53%, which is greater than GRPM's maximum drawdown of -43.12%. Use the drawdown chart below to compare losses from any high point for TUSA and GRPM.

Drawdown Indicators

	TUSA	GRPM	Difference
Max Drawdown Largest peak-to-trough decline	-56.53%	-43.12%	-13.41%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-7.62%	+1.05%
Max Drawdown (3Y) Largest decline over 3 years	-18.04%	-28.09%	+10.05%
Max Drawdown (5Y) Largest decline over 5 years	-23.35%	-28.09%	+4.74%
Max Drawdown (10Y) Largest decline over 10 years	-42.47%	-43.12%	+0.65%
Current Drawdown Current decline from peak	-2.33%	-2.23%	-0.10%
Average Drawdown Average peak-to-trough decline	-9.85%	-5.69%	-4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.60%	-0.02%

Volatility

TUSA vs. GRPM - Volatility Comparison

The current volatility for First Trust Total US Market AlphaDEX ETF (TUSA) is 3.24%, while Invesco S&P MidCap 400® GARP ETF (GRPM) has a volatility of 3.63%. This indicates that TUSA experiences smaller price fluctuations and is considered to be less risky than GRPM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TUSA	GRPM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	3.63%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	8.72%	10.35%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	16.11%	-3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.64%	20.87%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.12%	22.21%	-2.09%

TUSA vs. GRPM - Expense Ratio Comparison

TUSA has a 0.70% expense ratio, which is higher than GRPM's 0.35% expense ratio.

Dividends

TUSA vs. GRPM - Dividend Comparison

TUSA's dividend yield for the trailing twelve months is around 1.94%, more than GRPM's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRPM Invesco S&P MidCap 400® GARP ETF	0.75%	1.19%	0.95%	0.96%	1.28%	0.92%	1.16%	1.25%	1.50%	1.14%	1.00%	1.43%
TUSA First Trust Total US Market AlphaDEX ETF	1.94%	1.59%	2.05%	2.15%	2.31%	0.72%	0.99%	1.13%	1.14%	0.79%	1.24%	0.95%

Frequently Asked Questions

Can I hold both TUSA and GRPM in my portfolio?

TUSA and GRPM have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TUSA or GRPM?

GRPM has higher volatility (3.63%) compared to TUSA (3.24%). In terms of maximum drawdown, TUSA dropped -56.53% vs GRPM's -43.12%.

Which ETF is better, TUSA or GRPM?

On 10-year performance, TUSA leads with 11.65% vs 11.62% for GRPM. On fees, GRPM is cheaper at 0.35% per year. On volatility, TUSA has been the lower-risk option at 3.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TUSA or GRPM?

Over the 10-year period, TUSA has performed better with a 11.65% return vs 11.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUSA or GRPM?

GRPM is cheaper with a 0.35% expense ratio, compared with 0.70% for TUSA.

Which ETF pays a higher dividend yield, TUSA or GRPM?

TUSA has the higher dividend yield at 1.94%, compared with 0.75% for GRPM.

What is the main difference between TUSA and GRPM?

TUSA tracks NASDAQ AlphaDEX Total US Market Index, while GRPM tracks S&P MidCap 400® GARP Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.70% for TUSA and 0.35% for GRPM.

Which has better risk-adjusted returns?

TUSA currently has the higher Sharpe Ratio (1.64 vs 1.25), 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.